IRIS Accounts Production v23.4.0.336 09993810 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true false true true false false true false A Ordinary 0 G Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099938102022-12-31099938102023-12-31099938102023-01-012023-12-31099938102021-12-31099938102022-01-012022-12-31099938102022-12-3109993810ns15:EnglandWales2023-01-012023-12-3109993810ns14:PoundSterling2023-01-012023-12-3109993810ns10:Director12023-01-012023-12-3109993810ns10:Consolidated2023-12-3109993810ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3109993810ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109993810ns10:Consolidatedns10:SmallEntities2023-01-012023-12-3109993810ns10:Consolidatedns10:Audited2023-01-012023-12-3109993810ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109993810ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109993810ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109993810ns10:SmallCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3109993810ns10:FullAccounts2023-01-012023-12-3109993810ns10:OrdinaryShareClass12023-01-012023-12-3109993810ns10:OrdinaryShareClass32023-01-012023-12-3109993810ns10:Consolidated2023-01-012023-12-3109993810ns10:Director22023-01-012023-12-3109993810ns10:Director32023-01-012023-12-3109993810ns10:Director42023-01-012023-12-3109993810ns10:Director52023-01-012023-12-3109993810ns10:CompanySecretary12023-01-012023-12-3109993810ns10:RegisteredOffice2023-01-012023-12-3109993810ns10:Consolidated2022-01-012022-12-3109993810ns5:CurrentFinancialInstruments2023-12-3109993810ns5:CurrentFinancialInstruments2022-12-3109993810ns5:ShareCapital2023-12-3109993810ns5:ShareCapital2022-12-3109993810ns5:SharePremium2023-12-3109993810ns5:SharePremium2022-12-3109993810ns5:FurtherSpecificReserve2ComponentTotalEquity2023-12-3109993810ns5:FurtherSpecificReserve2ComponentTotalEquity2022-12-3109993810ns5:RetainedEarningsAccumulatedLosses2023-12-3109993810ns5:RetainedEarningsAccumulatedLosses2022-12-3109993810ns5:ShareCapital2021-12-3109993810ns5:RetainedEarningsAccumulatedLosses2021-12-3109993810ns5:SharePremium2021-12-3109993810ns5:FurtherSpecificReserve2ComponentTotalEquity2021-12-3109993810ns5:ShareCapital2022-01-012022-12-3109993810ns5:SharePremium2022-01-012022-12-3109993810ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109993810ns5:FurtherSpecificReserve2ComponentTotalEquity2022-01-012022-12-3109993810ns5:ShareCapital2023-01-012023-12-3109993810ns5:SharePremium2023-01-012023-12-3109993810ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109993810ns5:FurtherSpecificReserve2ComponentTotalEquity2023-01-012023-12-3109993810ns5:FurnitureFittings2022-12-3109993810ns5:ComputerEquipment2022-12-3109993810ns5:FurnitureFittings2023-01-012023-12-3109993810ns5:ComputerEquipment2023-01-012023-12-3109993810ns5:FurnitureFittings2023-12-3109993810ns5:ComputerEquipment2023-12-3109993810ns5:FurnitureFittings2022-12-3109993810ns5:ComputerEquipment2022-12-3109993810ns5:CostValuation2022-12-3109993810ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-12-3109993810ns5:AdditionsToInvestments2023-12-3109993810ns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2023-12-3109993810ns5:RevaluationsIncreaseDecreaseInInvestments2023-12-3109993810ns5:UnlistedNon-exchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2023-12-3109993810ns5:CostValuation2023-12-3109993810ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-12-3109993810ns5:UnlistedNon-exchangeTraded2023-12-3109993810ns5:UnlistedNon-exchangeTraded2022-12-3109993810ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109993810ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109993810ns5:DeferredTaxation2022-12-3109993810ns5:DeferredTaxation2023-01-012023-12-3109993810ns5:DeferredTaxation2023-12-3109993810ns10:OrdinaryShareClass12023-12-3109993810ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 09993810 (England and Wales)















Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2023

for

Insurtech Gateway Limited

Insurtech Gateway Limited (Registered number: 09993810)

Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Notes to the Consolidated Financial Statements 13


Insurtech Gateway Limited

Company Information
for the Year Ended 31st December 2023







Directors: S A Brittain
R M M Chattock
R Lumley
J Moxley
T Bradley





Secretary: D Preiskel





Registered office: Arquen House
4-6 Spicer Street
St. Albans
Hertfordshire
AL3 4PQ





Registered number: 09993810 (England and Wales)





Auditors: Blick Rothenberg Audit LLP
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Insurtech Gateway Limited (Registered number: 09993810)

Report of the Directors
for the Year Ended 31st December 2023


The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2023.

Principal activity
The principal activity of the Group in the year under review was that of an insurance technology focused investment company, holding it's own investments, as well as providing advisory services to Gateway Fund GP Ltd ("the GP"), Gateway Seed II (GP) LLP and Gateway Seed II (Scot) Ltd.

Directors
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

S A Brittain
R M M Chattock
R Lumley
J Moxley
T Bradley

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Blick Rothenberg Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





R M M Chattock - Director


1st August 2024

Insurtech Gateway Limited (Registered number: 09993810)

Statement of Directors' Responsibilities
for the Year Ended 31st December 2023


The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Insurtech Gateway Limited


Opinion
We have audited the financial statements of Insurtech Gateway Limited (the 'Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise Consolidated Income Statement, the Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in equity and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the Group's and Company's affairs as at 31 December 2023 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Insurtech Gateway Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Insurtech Gateway Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non- compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company's policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006 and applicable tax legislation.

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Insurtech Gateway Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Onisiforos Chourres (Senior Statutory Auditor)
for and on behalf of Blick Rothenberg Audit LLP
16 Great Queen Street
Covent Garden
London
WC2B 5AH

1st August 2024

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Income Statement
for the Year Ended 31st December 2023

31/12/23 31/12/22
£    £   

Turnover 810,837 620,607

Cost of sales 99,000 -
Gross profit 711,837 620,607

Administrative expenses 1,506,118 1,930,712
(794,281 ) (1,310,105 )

Gain/loss on revaluation of investments (1,891,836 ) (1,185,506 )
Operating loss (2,686,117 ) (2,495,611 )

Interest receivable and similar income 1,438 302
(2,684,679 ) (2,495,309 )

Interest payable and similar expenses 4,682 103
Loss before taxation (2,689,361 ) (2,495,412 )

Tax on loss (779,800 ) (131,192 )
Loss for the financial year (1,909,561 ) (2,364,220 )

Loss attributable to:
Owners of the parent (1,909,561 ) (2,364,220 )

Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Balance Sheet
31st December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 7 4,198 4,112
Investments 8
Interest in associate 1,351,507 909,116
Other investments 11,571,258 13,263,373
12,926,963 14,176,601

Current assets
Debtors 9 227,085 221,353
Cash at bank 893,928 2,310,828
1,121,013 2,532,181
Creditors
Amounts falling due within one year 10 204,154 245,215
Net current assets 916,859 2,286,966
Total assets less current liabilities 13,843,822 16,463,567

Provisions for liabilities 11 608,658 1,388,459
Net assets 13,235,164 15,075,108

Capital and reserves
Called up share capital 12 18,172 16,725
Share premium 8,923,198 8,923,198
Share based payments 394,611 326,442
Retained earnings 3,899,183 5,808,743
Shareholders' funds 13,235,164 15,075,108

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2024 and were signed on its behalf by:





R M M Chattock - Director


Insurtech Gateway Limited (Registered number: 09993810)

Company Balance Sheet
31st December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 7 4,198 4,112
Investments 8 12,977,665 14,227,388
12,981,863 14,231,500

Current assets
Debtors 9 83,758 169,371
Cash at bank 145,137 2,105,879
228,895 2,275,250
Creditors
Amounts falling due within one year 10 179,410 222,722
Net current assets 49,485 2,052,528
Total assets less current liabilities 13,031,348 16,284,028

Provisions for liabilities 11 608,658 1,388,459
Net assets 12,422,690 14,895,569

Capital and reserves
Called up share capital 12 18,172 16,725
Share premium 8,923,198 8,923,198
Share based payments 394,611 326,442
Retained earnings 3,086,709 5,629,204
Shareholders' funds 12,422,690 14,895,569

Company's loss for the financial year (2,542,495 ) (2,540,551 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2024 and were signed on its behalf by:





R M M Chattock - Director


Insurtech Gateway Limited (Registered number: 09993810)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up Share
share Retained Share based Total
capital earnings premium payments equity
£    £    £    £    £   
Balance at 1st January 2022 (22,893 ) 8,172,963 5,353,879 295,626 13,799,575

Changes in equity
Deficit for the year - (2,364,220 ) - - (2,364,220 )
Other comprehensive income - - - 30,816 30,816
Total comprehensive income - (2,364,220 ) - 30,816 (2,333,404 )
Issue of share capital 39,618 - 3,569,319 - 3,608,937
Total transactions with owners,
recognised directly in equity

39,618

-

3,569,319

-

3,608,937
Balance at 31st December 2022 16,725 5,808,743 8,923,198 326,442 15,075,108

Changes in equity
Deficit for the year - (1,909,561 ) - - (1,909,561 )
Other comprehensive income - - - 68,169 68,169
Total comprehensive income - (1,909,561 ) - 68,169 (1,841,392 )
Issue of share capital 1,447 - - - 1,447
Total transactions with owners,
recognised directly in equity

1,447

-

-

-

1,447
Balance at 31st December 2023 18,172 3,899,182 8,923,198 394,611 13,235,163

Insurtech Gateway Limited (Registered number: 09993810)

Company Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up Share
share Retained Share based Total
capital earnings premium payments equity
£    £    £    £    £   
Balance at 1st January 2022 12,107 8,169,755 5,353,879 295,626 13,831,367

Changes in equity
Issue of share capital 4,618 - 3,569,319 - 3,573,937
Total comprehensive income - (2,540,551 ) - 30,816 (2,509,735 )
Balance at 31st December 2022 16,725 5,629,204 8,923,198 326,442 14,895,569

Changes in equity
Issue of share capital 1,447 - - - 1,447
Total comprehensive income - (2,542,495 ) - 68,169 (2,474,326 )
Balance at 31st December 2023 18,172 3,086,709 8,923,198 394,611 12,422,690

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2023


1. Statutory information

Insurtech Gateway Limited is a private company, limited by shares, registered in England and Wales under the Companies Act 2006. The address of its registered office and principal place of business is Arquen House, 4-6 Spicer Street, St. Albans, Hertfordshire, AL3 4PQ. The principal activity of the company in the year under review was that of an insurance focused technology and compliance incubator.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section lA "Small Entities" and the Companies Act 2006. A consolidated statement of cash flows has not been prepared in this report. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Accounting policies consistent with those of the parent are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries, associates and carried interest partnerships
Investments in subsidiaries are measured at cost.

Investments in unlisted company shares and associates whose fair value can be reliably determined, are remeasured at fair value, dependent on available market information at each balance sheet date. Changes in fair value are recognised in the profit or loss for the period. Where fair value cannot be reliably determined, such investments are stated at historic cost less impairment.

Where the Company has an associate that is held as part of an investment portfolio, the associate is measured at fair value with changes In fair value recognised in profit or loss in the consolidated financial statements, rather than applying the equity method of accounting.

Investments in carried interest partnership are measured at fair value. Further details are given in note 3. Changes in fair value are recognised in profit or loss and are included in other gains/(losses) on the revaluation of investments within the income statement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover consists of fund management fees and services provided to portfolio companies and has been in the form of cash and non-cash consideration such as sweat equity.

The company receives shares from portfolio investment companies for certain services that it carries out. The directors consider that the fair value of these shares cannot be determined at the time when it is agreed that the services will be carried out. As such, turnover is recognised based on the value of the services provided by reference to similar internal transactions.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:
Computer equipment - 33% straight line
Office equipment - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. Accounting policies - continued
Current and deferred taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them, and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
Where share options are awarded to employees, the fair value of the options is charged to the income statement over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. Accounting policies - continued

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the group will continue in operational existence for a period of at least 12 months from the date the statement of financial position is signed.

The directors have reviewed the forecast for the group for a period beyond one year from the date of approval of these financial statements. From this review the directors believe that there will be sufficient cash reserves to meet daily obligations throughout this period.

Based on this review the directors have concluded that the company will have sufficient cash reserves to meet daily obligations and external liabilities as they fall due and that the going concern basis of preparation is therefore appropriate.

3. Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:

Investments
The most critical estimates, assumptions and judgements relate to the determination of carrying value of investments at fair value through the profit and loss account, the company follows the International Private Equity and Venture Capital Valuation Guidelines 2018, applying the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstances of the investment drives the valuation methodology.

All investments have been valued on the basis of recent funding rounds and have been calibrated in line with IPEV guidelines, including but not limited to the performance of the company, changes in the market and upcoming funding rounds (where applicable). The calibration was performed taking into account market movements and company performance measured by financial and non-financial milestones. In some instances, discount factors (adjustment for calibration) where applied as key judgements when arriving at the fair value of the investment.

Carried interest partnerships
The Company has an investment in a carried interest partnership, and have been valued based on the theoretical carried interest position at the balance sheet date based on the underlying Net Asset Value of the Gateway Fund LP ('the fund') and applying a discount factor of 25% due to:

1. Uncertainty around the timing of the proceeds from distributions - the fund is a 2019 vintage fund and there is still uncertainty around when we can reasonably expect the distributions to be made and carried interest to be realised.

2. Macroeconomic factors - recognising the challenging market and the impact that the difficult fundraising environment has on the portfolio companies and its subsequent impact on the fair value of the investments.

Sweat equity
As detailed in the turnover policy, the company receives shares from portfolio investment companies for certain services that it carries out. The directors' consider that the fair value of these shares cannot be determined at the time when it is agreed that the services will be carried out. As such, turnover is recognised based on the value of the services provided. The directors' determine the value of these services by reference to similar internal transactions. As such, there is inherent judgement & estimation uncertainty in the amounts recognised.

4. Employees and directors

The average number of employees during the year was 8 (2022 - 9 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


5. Auditor's remuneration

The auditor's remuneration for year ending 31 December 2023 is £48,500 (2022: £40,000)

6. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


7. Tangible fixed assets

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1st January 2023 474 19,883 20,357
Additions - 3,382 3,382
Disposals (182 ) (4,964 ) (5,146 )
At 31st December 2023 292 18,301 18,593
Depreciation
At 1st January 2023 295 15,950 16,245
Charge for year 118 3,167 3,285
Eliminated on disposal (171 ) (4,964 ) (5,135 )
At 31st December 2023 242 14,153 14,395
Net book value
At 31st December 2023 50 4,148 4,198
At 31st December 2022 179 3,933 4,112

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


7. Tangible fixed assets - continued

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1st January 2023 474 19,883 20,357
Additions - 3,382 3,382
Disposals (182 ) (4,964 ) (5,146 )
At 31st December 2023 292 18,301 18,593
Depreciation
At 1st January 2023 295 15,950 16,245
Charge for year 118 3,167 3,285
Eliminated on disposal (171 ) (4,964 ) (5,135 )
At 31st December 2023 242 14,153 14,395
Net book value
At 31st December 2023 50 4,148 4,198
At 31st December 2022 179 3,933 4,112

8. Fixed asset investments

Group
Interest
in Other
associate investments Totals
£    £    £   
Cost or valuation
At 1st January 2023 909,116 13,263,373 14,172,489
Additions 127,409 514,706 642,115
Revaluations 314,982 (2,206,821 ) (1,891,839 )
At 31st December 2023 1,351,507 11,571,258 12,922,765
Net book value
At 31st December 2023 1,351,507 11,571,258 12,922,765
At 31st December 2022 909,116 13,263,373 14,172,489

Other investments include Investment in a Carry Partnership, the fair value of which has been determined to be of £0 (2022 : £523,598)

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


8. Fixed asset investments - continued

Group
Company
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
Cost or valuation
At 1st January 2023 55,000 909,116 13,263,273 14,227,389
Additions - 127,409 514,706 642,115
Revaluations - 314,982 (2,206,821 ) (1,891,839 )
At 31st December 2023 55,000 1,351,507 11,571,158 12,977,665
Net book value
At 31st December 2023 55,000 1,351,507 11,571,158 12,977,665
At 31st December 2022 55,000 909,116 13,263,273 14,227,389

Other investments include Investment in a Carry Partnership, the fair value of which has been determined to be of £0 (2022 : £523,598)


9. Debtors: amounts falling due within one year

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade debtors 61,500 42,143 - 4,143
Amounts owed by group undertakings - - 26,771 93,946
Other debtors 140,981 137,020 34,890 30,829
Accrued income - 1,099 - -
Prepayments 24,604 41,091 22,097 40,453
227,085 221,353 83,758 169,371

10. Creditors: amounts falling due within one year

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Trade creditors 31,806 40,122 21,071 32,922
Social security and other taxes 50,666 137,651 49,847 137,655
Other creditors 100 110 - -
Accrued expenses 121,582 67,332 108,492 52,145
204,154 245,215 179,410 222,722

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


11. Provisions for liabilities

Group Company
31/12/23 31/12/22 31/12/23 31/12/22
£    £    £    £   
Deferred tax 608,658 1,388,459 608,658 1,388,459

Group
Deferred
tax
£   
Balance at 1st January 2023 1,388,459
Provided during year (779,801 )
Balance at 31st December 2023 608,658

Company
Deferred
tax
£   
Balance at 1st January 2023 1,388,459
Provided during year (779,801 )
Balance at 31st December 2023 608,658

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
15,644,835 A Ordinary .001 15,645 15,645
2,527,126 G Ordinary .001 2,527 1,080
18,172 16,725

The Ordinary A Shares are non-redeemable, entitled to one vote per share, 80% of any approved dividend distribution and a 80% return on capital (including on a winding up).

The Ordinary G Shares are non-redeemable, do not carry voting rights and have a right to shares in dividends if certain financial hurdles are met.

On 3rd July 2023, 1,337,001 Ordinary G shares were issued with a nominal value of £0.001 each and on 18th September 2023, 111,111 Ordinary G shares were issued with a nominal value of £0.001 each.

13. Financial commitments

As at 31 December 2023, the financial commitment to Gateway Fund 1 was £159,386.73 until February 2029 and Gateway Seed II was £782,483 until June 2032.

14. Ultimate controlling party

In the opinion of the directors, there is no single ultimate controlling party of the group.

Insurtech Gateway Limited (Registered number: 09993810)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


15. Subsidiaries and related undertakings

During the year, the following entities are formed as a part of group:

Name Address of registered office Nature of business Interest

Gateway Platform Services Limited
Arquen House, 4-6 Spicer Street, St
Albans, AL3 4PQ
Activities of insurance
agents and brokers

100%


Gateway Fund GP Limited
PO Box 286, Floor 2, Trafalgar Court, Les
Banques St Peter Port, Guernsey, GY1
4LY
Managers of funds,
investments, and
securities


100%

Gateway seed II (GP) LLP
Arquen House, 4-6 Spicer Street, St
Albans, AL3 4PQ

Holding Company

100%

Gateway Seed II Scot Ltd
4th Floor, 115 George Street, Edinburgh,
EH2 4JN

Holding Company

100%

Gateway Seed II SLP LP
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ

Holding Company

100%

The following entity is an associate and therefore not consolidated.

Name Address of registered office Nature of business Interest

Insurtech Gateway Australia Pty Ltd

Lvl 5, 11 York St, Sydney, NSW 2000
Activities of insurance
agents and brokers

30%

16. Related party disclosures

The company has taken advantage of the exemption under paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned subsidiaries of the company.

17. Subsequent events

In the opinion of the Directors, there are no significant events subsequent to the year-end that are deemed necessary to be adjusted or disclosed in financial statements.