Company Registration No. 05104119 (England and Wales)
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LB GROUP
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
Mr N. H. Topche
Mr C. G. Harman
Mr R. Hayes
Secretary
Ms N Watson
Company number
05104119
Registered office
1 Vicarage Lane
Stratford
London
England
E15 4HF
Auditor
LB Group Limited (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
Business address
Fourth Floor
153 Fenchurch Street
London
Greater London
UK
EC3M 6BB
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The group acts as insurance underwriting agents and Resolution Underwriting Partnership Limited is one of the main operating companies. The company is authorised and regulated by the Financial Conduct Authority and is an approved Lloyd’s coverholder. The bulk of the company’s activities are conducted through its Appointed Representatives.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C. G. Harman
Chairman
Mr R. C. Hayes
Mr N. H. Topche
Results and dividends

The result for the period, after taxation, amounted to a loss of £19,295 (2022: profit £793). The directors do not propose any dividend for the period.

Financial instruments
Treasury operations and financial instruments

The company has various financial assets and liabilities, such as trade receivables and trade payables, arising directly from its operations. These assets and operating cash arising are actively managed to avoid unnecessary currency exposure. The company has not undertaken hedging activity but may do so if such arrangements appear to be a suitable solution to minimising any currency exposures, especially for earnings in currencies other than sterling.

Liquidity risk

The company manages its own cash and borrowings to maximise interest income and minimise interest expense, whilst ensuring that sufficient liquid resources are available to meet operating needs. The company does not hold client money while insurers’ funds are held with approved banks in currencies appropriate to the settlement requirements of the business.

Interest rate risk

The company could become exposed to interest rate risk on bank deposits if interest rates recover.

Foreign currency risk

The company’s principal foreign currency exposure risk potential could arise from income earned on trading operations with customers and suppliers in non sterling currency. Current and anticipated insurance business is predominantly denominated in sterling.

Credit risk

The company acts as an agent for insurers; while suitable vetting arrangements are operated to verify the credit worthiness of insurance brokers from whom business predominantly comes, the risk of non-payment rests largely with others. Investment of cash surpluses are made with banks which are considered by the Board to have adequate credit ratings to achieve the prudential standards applicable in our business.

Auditor

LB Group Limited (Chelmsford) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C. G. Harman
Director
Date:
22 August 2024
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The Directors are responsible for preparing 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 prepared 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 (FRS 102).

 

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:

 

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.

 

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
- 4 -
Opinion

We have audited the financial statements of Resolution Underwriting Partnership Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 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 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 our audit:

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
- 5 -
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 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:

 

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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.

Auditor's 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.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
- 6 -

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.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
- 7 -

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 an auditor’s report 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.

Michael Warman
Senior Statutory Auditor
For and on behalf of LB Group Limited (Chelmsford)
22 August 2024
Chartered Accountants
Statutory Auditor
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Note
2023
2022
£
£
Turnover
217,605
79,959
Administrative expenses
(212,585)
(78,074)
Operating profit
5,020
1,885
Interest receivable and similar income from group companies
-
0
30
Interest payable and similar expenses
(896)
(1,122)
Exceptional item
5
(23,419)
-
(Loss)/profit before taxation
(19,295)
793
Taxation
-
0
-
0
(Loss)/profit for the financial year
(19,295)
793
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
8
1,213,443
1,406,524
Cash at bank and in hand
1,628
2,814
1,215,071
1,409,338
Creditors: amounts falling due within one year
9
(370,517)
(535,476)
Net current assets
844,554
873,862
Creditors: amounts falling due after more than one year
10
(768,281)
(778,294)
Net assets
76,273
95,568
Capital and reserves
Called up share capital
11
250,000
250,000
Profit and loss reserves
(173,727)
(154,432)
Total equity
76,273
95,568

These 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 22 August 2024 and are signed on its behalf by:
Mr C. G. Harman
Director
Company registration number 05104119 (England and Wales)
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
250,000
(155,225)
94,775
Year ended 31 December 2022:
Profit and total comprehensive income
-
793
793
Balance at 31 December 2022
250,000
(154,432)
95,568
Year ended 31 December 2023:
Loss and total comprehensive income
-
(19,295)
(19,295)
Balance at 31 December 2023
250,000
(173,727)
76,273
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Resolution Underwriting Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Vicarage Lane, Stratford, London, England, E15 4HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company is a managing general agent (“MGA”) underwriting insurance on behalf of major insurance companies and Lloyd’s syndicates (“Carriers”). The business of insurance underwriting is conducted through Appointed Representatives (“AR(s)”) of the Company, for which it acts as the regulated entity.

The Company is a wholly owned subsidiary of Resolution Underwriting Holdings Limited (“RUHL”).

As a regulated entity, the Company is required to report its regulatory capital surplus or deficit to the UK Financial Conduct Authority (“FCA”) quarterly to confirm the solvency position of the Company. The Company has a capital surplus at the year-end and this position is monitored regularly through the review of monthly management accounts and the assessment of future profit and loss, and cash flow forecasts.

The directors have considered the outlook for the Company, which they consider to be positive and the budgets prepared for the periods to 31 December 2025 have been prepared on a prudent basis and indicate that no further funding will be required by other group entities from RUPL.

Based on the budgets, the Directors have considered the outlook for the Company and believe that the Company will be profitable during these periods. Accordingly, the financial statements of the Company as at 31 December 2023 have been prepared on a going concern basis. Additionally, the Company has received confirmation from its parent company RUHL that it will continue to support the Company’s operations for the foreseeable future.

The directors are confident about the Company's prospects but, notwithstanding the prudent forecasts, they recognise that the success or otherwise of it being able to meet its forecasts is inevitably uncertain.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

The Company generates revenue principally from commissions, profit commissions and fees associated with underwriting and administering insurance contracts.

Brokerage, commission and fees not due until after the year end are recognised on the inception of the insurance contracts concerned, which is when the underwriting services have been substantially completed. Adjustments to commission and fees are recognised when they can be ascertained with reasonable certainty, which is normally when the amounts concerned are advised or confirmed by the relevant third parties.

Profit commissions are receivable based upon the underwriting performance of certain schemes. They are recognised when the Company can be certain that the commission will be paid and the amount can be reasonably accurately ascertained.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Insurance assets and liabilities

In accordance with the Statement of Accounting Principles, the company recognises insurance debtors and fiduciary cash balances only to the extent that the company has a material economic interest in those balances. Accordingly, where insurance debtors and fiduciary cash are not recognised in the company's balance sheet, insurance creditors relating to those insurance debtors and fiduciary cash are also not included in the company's balance sheet. The net amount that will be receivable by the company from the fiduciary accounts, representing only that element of the insurance debtors and fiduciary cash that is commissions, fees or interest due to the company, is shown under debtors.

1.10

Taxation

Current tax, including UK corporation tax, is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There were no critical accounting judgements that would have a significant effect on the amounts recognised in the Company's financial statements or key sources of estimation uncertainty at the balance sheet date that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year other than those discussed below:

 

Provision for commission adjustment

 

Dependent on loss ratios, commission earned from a capacity provider during 2023 may have to be refunded. Until such time as the loss ratios can be ascertained with reasonable certainty the full amount of this potential refund has been provided for. The directors use their experience in arriving at the best estimate in such matters.

 

The company would pass the obligation to refund this commission to its Appointed Representative.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,176
12,000
For other services
All other non-audit services
8,131
7,908
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
5
Exceptional item

There is uncertainty surrounding the future profitability and cash flow generation of the Company’s fellow group company, Trinity General Agency LLC (TGALLC), which writes motor insurance business in Texas USA. As such the Director’s have decided to make a provision of £23,419 against its outstanding loans with TGALLC as at 31 December 2023.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
6
Fixed asset investments

The company owns 10,000 shares at a par value of £0.000001 in Holdsure Limited, representing 100% of the share capital.

7
Bank balances

In addition to the bank balance shown on the balance sheet there is a balance of £222,196 (2022: £500,147) held in a separate bank account maintained for insurer monies. This balance is considered to be monies where the benefit does not belong to the company and is therefore excluded from the balance sheet.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
642,553
420,135
Amounts due from group undertakings
566,433
758,624
Other debtors
4,457
227,765
1,213,443
1,406,524
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,013
9,768
Trade creditors
29,463
43,035
Amounts owed to group undertakings
98,376
275,222
Deferred income
178,110
133,990
Other creditors
38,647
38,661
Accruals and deferred income
15,908
34,800
370,517
535,476

Loans due within one year includes bank loans of £10,013 (2022: £9,768) from the government business bounce back loan scheme.

 

Amounts owed to group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.

RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19,908
29,921
Amounts owed to group undertakings
748,373
748,373
768,281
778,294

As at 31 December 2023, subordinated loans of £748,373 (2022: £748,373) were due to the parent company, Resolution Underwriting Holdings Limited.

 

These amounts can only be repaid dependent upon the regulatory solvency position of the company. Of this, £440,000 (2022: £440,000) could be payable within one year if the company's solvency position permitted.

Loans due after one year includes bank loans of £19,908 (2022: £29,921) from the government business bounce back loan scheme.

11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
250,000 Ordinary shares of £1 each
250,000
250,000
250,000
250,000
RESOLUTION UNDERWRITING PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Related party transactions

Mr C G Harman and Mr R C Hayes are also directors in Falcon MGA Services Limited, an Appointed Representative of the company and a subsidiary of the parent company, Resolution Underwriting Holdings Limited. During the year, the Company incurred commission of £201,083 (2022: £86,286) relating to this agreement. As at 31 December 2023, the Company owed £98,376 (2022: £25,748) to Falcon MGA Services Limited in respect of this agreement. In addition, a trade debt of £111,479 (2022: £28,609) is due from Falcon MGA Services on 31 December 2023.

 

Mr C G Harman is also a director in Milestone Risk Solutions Limited, formerly Trilogy Managing General Agents Limited, an Authorised Representative of the Company and who were a subsidiary of the parent company Resolution Underwriting Holdings Limited up until 15 June 2023. During the year, the Company incurred commission of £Nil (2022: £168,754) relating to this agreement. As at 31 December 2023 the Company owed £Nil (2022: £249,475) to Milestone Risk Solutions Limited in respect of this agreement.

 

Mr R C Hayes is also a director of Anansi Technology Limited an Authorised Representative of the Company. During the year the Company earned commission from the agreement of £25,000 (2022: £25,000). As at 31 December 2023 the Company owed £1,654 (2022: £1,654) in respect of this agreement.

 

Mr C G Harman, Mr N H Topche and Mr R C Hayes are also directors in Resolution Group Services Limited and Trinity General Agency Holdings Inc, both of which are fellow subsidiaries of the parent company, Resolution Underwriting Holdings Limited.

 

As at 31 December 2023, the Company was owed £176,837 (2022: £338,587) by Resolution Group Services Limited and £23,419 (2022: £7,700) by Trinity General Agency Holdings Inc. As a result of the recent trading performance of Trinity General Agency LLC and the potential restructuring of that entity the £23,419 loan has been fully impaired as disclosed in note 5 (2022: nil impairment).

 

Mr C G Harman, Mr N H Topche and Mr R C Hayes are also directors in Trilogy Underwriting Limited which was a fellow subsidiary of the parent company, Resolution Underwriting Holdings Limited, on 31 December 2023.

 

As at 31 December 2023, the Company was owed £531,074 (2022: £391,525) by Trilogy Underwriting Limited.

 

Interest was not charged on these loans.

 

13
Parent company

The company is wholly owned and controlled by Resolution Underwriting Holdings Limited, a company incorporated and domiciled in England. The address of the registered office is 1 Vicarage Lane, London E15 4HF.

 

As at 31 December 2023, the company owed £748,373 (2022: £748,373) to Resolution Underwriting Holdings Limited. This amount relates to subordinated loans to the company.

 

As at 31 December 2023, the company was owed £383,501 (2022: £315,941) by Resolution Underwriting Holdings Limited. There were no interest or repayment terms on this balance.

 

Mr C G Harman, Mr R C Hayes and Mr N H Topche are also directors in Resolution Underwriting Holdings Limited.

 

The interest at a base rate plus 3.5% on £308,373 of the subordinated debt has been waived in 2023 and 2022 and the remaining debt of £440,000 (2022: £440,000) is non-interest bearing.

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