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REGISTERED NUMBER: 04332604 (England and Wales)


















STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CIA INSURANCE SERVICES LIMITED

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


CIA INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Compton
S N Gough
D J Heathfield
S J Quilter
M Reeve
R Wayman





REGISTERED OFFICE: Boughton Leigh House
Brownsover Road
Rugby
Warwickshire
CV21 1AW





REGISTERED NUMBER: 04332604 (England and Wales)





AUDITORS: TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The acquisition of the business by Assured Partners International in December 2023 provides a platform for further growth of CIA, with the support and benefits of the wider group. The existing management team all remain in place and are excited about future development of the business.

The financial results for the year ended 31 December 2023 reflected an increase in turnover of 4% compared to 2022.

Despite continuing rises in insurance premium rates, we increased our high levels of retaining existing business during the year. We also saw new business income increase, despite a reduction in advertising spend, via the refinement of existing online advertising campaigns.

The 2024 forecasts reflect a further increase in turnover compared to 2023, due to maintaining high retention rates whilst premium levels continue to increase. New business levels are also forecast to increase, with further investment and improvements to our online marketing campaigns.

The company's key financial performance indicators during the year are:
Turnover - £16,783,687 (2022 - £16,150,175)
Loss before tax for the financial year - £38,703,814 (2022 - profit before tax of £4,987,982)

During the financial year ended 31 December 2023, the group has been in discussions with HMRC regarding the historic tax position. In 2024 a contract settlement has been offered by the company and accepted by HMRC. This closes all current and historic tax enquiries. Payments have been made in line with this which have been included in exceptional items. The settlement payment has been made following a capital contribution from the group's new parent company.

As part of the acquisition, Assured Partners International introduced £48,750,000 by way of a capital contribution with no intent for repayment.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks identified by the directors are credit risk and liquidity risk.

ON BEHALF OF THE BOARD:





R Wayman - Director


15 August 2024

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of insurance and re-insurance brokers.

DIVIDENDS
During the year an interim dividend was paid of £230,501. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £230,501.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

E J Blundell - resigned 1 December 2023
L C Callaby - resigned 1 December 2023
J Compton - appointed 1 December 2023
S N Gough - appointed 1 December 2023
D J Heathfield - appointed 1 December 2023
S J Quilter - appointed 1 December 2023
M Reeve - appointed 1 December 2023
R Wayman - appointed 1 December 2023

FINANCIAL INSTRUMENTS
The business' principal financial instruments comprise bank balances, insurance debtors, insurance creditors and other creditors. The main purpose of these instruments is to finance the business' operations.

Debtors are managed in respect of credit risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STRATEGIC REPORT
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013, the company has prepared a Strategic Report, which includes information that would have previously been included in the Directors' Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company 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.


CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TGFP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Wayman - Director


15 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CIA INSURANCE SERVICES LIMITED


Opinion
We have audited the financial statements of CIA Insurance Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CIA INSURANCE SERVICES 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 where 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 pages three and four, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered how irregularities, including fraud, can be detected in this business and how they may occur. We are aware there are always opportunities to manipulate the accounts, in particular by increasing or decreasing profits and window dressing by making the balance sheet look stronger than it may in reality be.

To mitigate these risks we have reviewed journals made during the year ensuring they are authorised and
approved at the appropriate level. We have also reviewed any transactions outside of the business, and we have carried out a detailed analytical review of income and expenses highlighting any variances and
obtaining reasons from Senior Management as to the reasons why. Materiality has been set at a level we
feel more comfortable to include a greater range of testing to enable us to detect irregularities.

In respect of non- compliance with laws and regulations we have carried out the following enquiries:

Review minutes of meetings of those charged with governance.

Enquiry of management, those charged with governance and the Companies solicitors around actual and
potential litigation and claims.

Reviewing the financial statements disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.

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
CIA INSURANCE SERVICES 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.




BENJAMIN R REYNOLDS BSc(Hons) FCA (Senior Statutory Auditor)
for and on behalf of TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

22 August 2024

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 16,783,687 16,150,175

Cost of sales 3,068,530 2,841,843
GROSS PROFIT 13,715,157 13,308,332

Administrative expenses 6,431,806 7,526,448
OPERATING PROFIT 5 7,283,351 5,781,884

Exceptional items 6 46,116,631 -
(38,833,280 ) 5,781,884

Income from fixed asset investments (415 ) (1,278 )
Interest receivable and similar income 7 129,881 11,888
129,466 10,610
(38,703,814 ) 5,792,494

Interest payable and similar expenses 8 - 804,512
(LOSS)/PROFIT BEFORE TAXATION (38,703,814 ) 4,987,982

Tax on (loss)/profit 9 8,119,767 6,199,727
LOSS FOR THE FINANCIAL YEAR (46,823,581 ) (1,211,745 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(46,823,581

)

(1,211,745

)

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 275,608 312,413
275,608 312,413

CURRENT ASSETS
Debtors 13 2,263,472 6,932,559
Investments 14 - 33,639
Cash at bank and in hand 14,332,169 9,470,886
16,595,641 16,437,084
CREDITORS
Amounts falling due within one year 15 14,047,354 15,910,249
NET CURRENT ASSETS 2,548,287 526,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,823,895

839,248

PROVISIONS FOR LIABILITIES 17 58,229 -
NET ASSETS 2,765,666 839,248

CAPITAL AND RESERVES
Called up and paid share capital 18 230,500 230,500
Capital redemption reserve 19 230,500 -
Retained earnings 19 2,304,666 608,748
SHAREHOLDERS' FUNDS 2,765,666 839,248

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





R Wayman - Director


CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
and paid Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 230,500 1,820,493 - 2,050,993

Changes in equity
Total comprehensive income - (1,211,745 ) - (1,211,745 )
Balance at 31 December 2022 230,500 608,748 - 839,248

Changes in equity
Increase in share capital 230,500 - - 230,500
Reduction in share capital (230,500 ) - 230,500 -
Dividends - (230,501 ) - (230,501 )
Total comprehensive income - (46,823,581 ) - (46,823,581 )
Capital contribution - 48,750,000 - 48,750,000
Balance at 31 December 2023 230,500 2,304,666 230,500 2,765,666

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

CIA Insurance Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company, and rounded to the nearest £1.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions. The company has taken advantage of the following available exemptions:

1 - the requirement to prepare a statement of cash flows;
2 - financial instruments disclosures, including categories of financial instruments; and
3 - the disclosure of key management personnel remuneration in total.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned members of the group.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. For the year under review there were no specific areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates had a material bearing on the financial statements.

Going concern
The financial statements have been prepared on the going concern basis. The directors, having made due and careful inquiry into the budgets for the next 12 months, have made an informed judgement, at the time of approving these financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover represents commissions and fees received in respect of insurance services provided in the ordinary course of the company's activities. Turnover is recognised in the period to which the income relates.

Intangible assets
Separately acquired computer software is shown at historical cost.

Computer software has a finite useful life and is carried at cost less accumulated amortisation and any accumulated impairment losses.

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. Computer software is being amortised over its estimated useful life of four years or eleven years.

Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 15% on reducing balance

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the date of the statement of financial position.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently at amortised cost using the effective interest method.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Clients' accounts
The company operates, what are called in the industry, client accounts. The company has entered into risk transfer agreements with the insurers which means that the insurers take on the risk of the policy from the date of purchase by the customer. Therefore, the cash held by the company in the client account is held in trust for the insurers and is not monies held on behalf of the company's customers.

Current asset investments
Investments are recorded in the statement of financial position at market value, with any gains or losses realised through profit or loss.

3. TURNOVER

Turnover for the year from continuing operations all arose in the UK and related to the provision of services.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,052,802 2,473,557
Social security costs 274,226 217,505
Other pension costs 151,613 139,731
3,478,641 2,830,793

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Management 16 17
Support 79 77
97 96

2023 2022
£    £   
Directors' remuneration 379,777 16,120
Directors' pension contributions to money purchase schemes 1,331 182

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 262,500
Accrued pension at 31 December 2023 599

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 27,733 18,774
Other operating leases 87,000 84,000
Depreciation - owned assets 56,366 63,581
Computer software amortisation - 149
Auditors' remuneration 18,000 9,900

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (46,116,631 ) -

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


The group has been in negotiation with HMRC regarding a dispute about it's historic tax position. In 2024 a contract settlement has been offered by the group and accepted by HMRC, which closes all current and historic tax enquiries. Payments have been made in line with this which have been included in exceptional items. The settlement payment has been made following a capital contribution from the group's new parent company.

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 129,881 11,888

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on tax enquiry - 804,512

9. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 2,112,299 1,537,638
Tax liability on settlement 5,949,239 4,662,089
Total current tax 8,061,538 6,199,727

Deferred tax 58,229 -
Tax on (loss)/profit 8,119,767 6,199,727

UK corporation tax has been charged at 23.52% (2022 - 19%).

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (38,703,814 ) 4,987,982
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

(9,103,137

)

947,717

Effects of:
Expenses not deductible for tax purposes 369,731 580,777
Depreciation in excess of capital allowances - 8,901

Franked investment income - (289 )
Tax due in relation to tax enquiry settlement 180,239 10,431,089
Fair value (gains) / losses - 532
Underwriting of tax liability 5,769,000 (5,769,000 )
Exceptional items in relation to HMRC settlement 10,846,632 -
Movement in deferred tax not recognised 66,151 -
Remeasurement of deferred tax for changes in tax rates (469 ) -
Group relief (8,380 ) -
Total tax charge 8,119,767 6,199,727

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 23.52% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 230,501 -

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 150,583
Disposals (150,583 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 150,583
Eliminated on disposal (150,583 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

12. TANGIBLE FIXED ASSETS
Improvements
to Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 49,448 45,476 909,867 1,004,791
Additions - - 19,561 19,561
At 31 December 2023 49,448 45,476 929,428 1,024,352
DEPRECIATION
At 1 January 2023 29,670 36,985 625,723 692,378
Charge for year 4,945 8,491 42,930 56,366
At 31 December 2023 34,615 45,476 668,653 748,744
NET BOOK VALUE
At 31 December 2023 14,833 - 260,775 275,608
At 31 December 2022 19,778 8,491 284,144 312,413

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Insurance debtors 367,956 314,885
Amounts owed by group undertakings 1,673,814 789,812
Other debtors 168,877 1,925,420
Directors' current accounts - 3,826,852
Prepayments and accrued income 52,825 75,590
2,263,472 6,932,559

14. CURRENT ASSET INVESTMENTS

During the year the current asset investments were disposed of at market value. The market value of investments at the year end is £nil (2022 - £34,680).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 88,187 88,266
Insurance creditors 2,879,814 2,785,631
Tax 1,058,300 12,773,239
Social security and other taxes 733,388 117,930
Other creditors 7,881,046 101
Accruals and deferred income 1,406,619 145,082
14,047,354 15,910,249

16. SECURED DEBTS

There is security over the borrowings of the company by way of a fixed and floating charge over all assets.

The above charge was satisfied on 6 March 2023.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 58,229 -

Deferred
tax
£   
Charge to Statement of Comprehensive Income during year 58,229
Balance at 31 December 2023 58,229

CIA INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 04332604)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. CALLED UP AND PAID SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
230,500 Ordinary £1 230,500 230,500

230,500 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

19. RESERVES

Share capital represents the number of shares issued at nominal price.

Capital redemption reserve represents the nominal value of share capital bought back by the company.

The profit and loss account represents accumulated comprehensive income for the year and prior periods, after deduction of dividends paid.

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £151,613 (2022 - £139,731).
There were no contributions outstanding as payable to the scheme at the current or prior year ends.

21. ULTIMATE PARENT COMPANY

The immediate parent company is L.E.M Limited, incorporated in England and Wales, which is the parent of the smallest group preparing consolidated financial statements that include the company.

As of 1 December 2023, the ultimate parent company is AssuredPartners Group LP, LLC, a company registered in the United States of America.

The parent of the largest group preparing consolidated financial statements for the year ended 31 December 2023 that include the company is that headed by AssuredPartners Inc, whose registered address is 450 Orange Avenue, 4th Floor, Florida 32801, United States.

22. CASH AT BANK AND IN HAND

Included within cash at bank in the balance sheet is £4,560,935 (2022 - £3,786,427) of cash held in the company's client account which is held on trust on behalf of the insurance companies. This money is paid to insurance creditors after the balance sheet date.