Registration number:
ITC Compliance GRP Limited
for the Year Ended 31 December 2023
ITC Compliance GRP Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
ITC Compliance GRP Limited
Company Information
Directors |
Mr Richard Kahlbaugh Mr Sanjay Vara Mr Ed Pena Mr Michael Vrban |
Company secretary |
Mr John Short |
Registered office |
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Accountants |
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ITC Compliance GRP Limited
(Registration number: 09318123)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Total equity |
100 |
100 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
ITC Compliance GRP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
On 1 April 2022 the company was acquired by Fortegra Europe Limited, a company whose registered address is at 20 Fenchurch Street, London, EC3M 3BY. To align the company’s reporting period with that of Fortegra Europe Limited, the company changed the end of its reporting period from 31 July to 31 December. Amounts presented for the comparative 2022 reporting period are for a 17 month period.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
ITC Compliance GRP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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ITC Compliance GRP Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
The company owns 100% of the issued share capital in ITC Compliance Limited and Connect Administration Limited.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from
preparing consolidated accounts and has not done so, therefore the accounts show information
about the company as an individual entity.
Related party transactions |
The company is under the control of Fortegra Europe Limited who own 100% of the issued share capital.
Advantage has been taken of the exemption in FRS 102 to not disclose transactions with companies that are owned 100% by Fortegra Europe Limited.
The ultimate parent company is Tiptree Inc, a State of Maryland corporation, who indirectly own 73.2% of the share capital.
Other than those disclosed above, no further transactions with related parties were were undertaken which are required to be disclosed under FRS102.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is Tiptree Inc. The financial statements are available upon request from 660 Steamboat Road, 2nd Floor, Greenwich, Connecticut 06830.