Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-06-01falseNo description of principal activity53false 14139998 2023-06-01 2023-12-31 14139998 2022-05-30 2023-05-31 14139998 2023-12-31 14139998 2023-05-31 14139998 2022-05-30 14139998 c:PriorPeriodIncreaseDecrease 2023-06-01 2023-12-31 14139998 1 2023-06-01 2023-12-31 14139998 d:CompanySecretary1 2023-06-01 2023-12-31 14139998 d:Director1 2023-06-01 2023-12-31 14139998 d:Director2 2023-06-01 2023-12-31 14139998 d:Director3 2023-06-01 2023-12-31 14139998 d:Director4 2023-06-01 2023-12-31 14139998 d:Director5 2023-06-01 2023-12-31 14139998 d:RegisteredOffice 2023-06-01 2023-12-31 14139998 c:ComputerEquipment 2023-06-01 2023-12-31 14139998 c:ComputerEquipment 2023-12-31 14139998 c:ComputerEquipment 2023-05-31 14139998 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-06-01 2023-12-31 14139998 c:CurrentFinancialInstruments 2023-12-31 14139998 c:CurrentFinancialInstruments 2023-05-31 14139998 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 14139998 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 14139998 c:ShareCapital 2023-12-31 14139998 c:ShareCapital 2022-05-30 2023-05-31 14139998 c:ShareCapital 2023-05-31 14139998 c:ShareCapital 2022-05-30 14139998 c:SharePremium 2023-06-01 2023-12-31 14139998 c:SharePremium 2023-12-31 14139998 c:SharePremium c:PriorPeriodIncreaseDecrease 2023-06-01 2023-12-31 14139998 c:SharePremium 2022-05-30 2023-05-31 14139998 c:SharePremium 2023-05-31 14139998 c:SharePremium 2022-05-30 14139998 c:RetainedEarningsAccumulatedLosses 2023-06-01 2023-12-31 14139998 c:RetainedEarningsAccumulatedLosses 2023-12-31 14139998 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-06-01 2023-12-31 14139998 c:RetainedEarningsAccumulatedLosses 2022-05-30 2023-05-31 14139998 c:RetainedEarningsAccumulatedLosses 2023-05-31 14139998 c:RetainedEarningsAccumulatedLosses 2022-05-30 14139998 d:OrdinaryShareClass1 2023-06-01 2023-12-31 14139998 d:OrdinaryShareClass1 2023-12-31 14139998 d:OrdinaryShareClass1 2023-05-31 14139998 d:OrdinaryShareClass2 2023-06-01 2023-12-31 14139998 d:OrdinaryShareClass2 2023-12-31 14139998 d:OrdinaryShareClass2 2023-05-31 14139998 d:FRS102 2023-06-01 2023-12-31 14139998 d:Audited 2023-06-01 2023-12-31 14139998 d:FullAccounts 2023-06-01 2023-12-31 14139998 d:PrivateLimitedCompanyLtd 2023-06-01 2023-12-31 14139998 c:WithinOneYear 2023-12-31 14139998 c:WithinOneYear 2023-05-31 14139998 6 2023-06-01 2023-12-31 14139998 e:PoundSterling 2023-06-01 2023-12-31 14139998 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-06-01 2023-12-31 14139998 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-05-31 14139998 c:PreviouslyStatedAmount 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14139998










SOLERTIA MGA LTD










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
SOLERTIA MGA LTD
 
 
COMPANY INFORMATION


Directors
C S Butcher 
N J D Campbell 
S Isbister 
A McDonald 
V Oratore 




Company secretary
V Oratore



Registered number
14139998



Registered office
Octagon Point
5 Cheapside

London

England

EC2V 6AA




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
SOLERTIA MGA LTD
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 16


 
SOLERTIA MGA LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements of Solertia MGA Limited for the period ended 31 December 2023.
The comparatives represent the results for the period from 30 May 2022 (date of incorporation) to 31 May 2023.

Directors' responsibilities statement

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 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 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 for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the period were:

C S Butcher 
N J D Campbell 
S Isbister 
A McDonald 
V Oratore 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
SOLERTIA MGA LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Auditors

The auditorsHaysmacintyre LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
V Oratore
Director

Date: 11 September 2024

Page 2

 
SOLERTIA MGA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLERTIA MGA LTD
 

Opinion


We have audited the financial statements of Solertia MGA Ltd (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 period 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 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 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.


Page 3

 
SOLERTIA MGA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLERTIA MGA LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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:


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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
SOLERTIA MGA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLERTIA MGA LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.


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 Auditors' 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud


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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to company and tax law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
Inspecting correspondence with regulators, and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud;
Evaluating management's controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 5

 
SOLERTIA MGA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOLERTIA MGA LTD (CONTINUED)




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 Auditors' Report.


Other matters 
 

For the period ended 31 May 2023, the company qualified as small, and the directors took advantage of the exemption in section 477 of Companies Act 2006. Therefore the prior period financial statements were not subject to audit.


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 2006Our 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 Auditors' 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.





Bernadette King (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

11 September 2024
Page 6

 
SOLERTIA MGA LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Period ended
31 December
As restated Period ended
31 May
2023
2023
£
£

  

Turnover
  
1,086,589
70,322

Administrative expenses
  
(1,448,990)
(947,307)

Operating loss
  
(362,401)
(876,985)

Loss for the financial period
  
(362,401)
(876,985)

There was no other comprehensive income for the period ended 31 December 2023 (year ended 31 May 2023: £nil).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
SOLERTIA MGA LTD
REGISTERED NUMBER: 14139998

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
As restated 31 May
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,098
2,334

Investments
 5 
101,122
101,122

  
104,220
103,456

Current assets
  

Debtors
 6 
330,901
78,829

Cash at bank and in hand
 7 
494,523
554,148

  
825,424
632,977

Creditors: amounts falling due within one year
 8 
(593,955)
(38,343)

Net current assets
  
 
 
231,469
 
 
594,634

Total assets less current liabilities
  
335,689
698,090

Net assets
  
335,689
698,090


Capital and reserves
  

Called up share capital 
 9 
100
100

Share premium account
 10 
1,574,975
1,574,975

Profit and loss account
  
(1,239,386)
(876,985)

  
335,689
698,090


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
V Oratore
Director

Date: 11 September 2024

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
SOLERTIA MGA LTD
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 30 May 2022
75
-
-
75



Loss for the period
-
-
(876,985)
(876,985)

Shares issued during the period
25
1,574,975
-
1,575,000



At 1 June 2023 (as previously stated)
100
1,574,975
(865,400)
709,675

Prior year adjustment - correction of error
-
-
(11,585)
(11,585)


At 1 June 2023 (as restated)
100
1,574,975
(876,985)
698,090



Loss for the period
-
-
(362,401)
(362,401)


At 31 December 2023
100
1,574,975
(1,239,386)
335,689


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Solertia MGA Ltd is a private company, limited by shares, and registered in England and Wales. The Company's registered number is 14139998 and registered office address is Octagon Point, 5 Cheapside, London, England, EC2V 6AA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Based on predicted revenue and expenses for the next twelve months the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

 
2.3

Revenue

The company generates revenue principally from commisions and fees associated with underwrite and administering insurance contracts
Revenue from commissons and fees from insurance contracts is recognised at the later of the policy inception date or when the underwriting serives have been substantially completed. Adjusmtents to commisions 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. 

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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.

Page 10

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment
-
20%
straight line basis

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 profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2023: 3).

Page 11

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets







Computer equipment

£



Cost


At 1 June 2023
3,112


Additions
1,369



At 31 December 2023

4,481



Depreciation


At 1 June 2023
778


Charge for the period
605



At 31 December 2023

1,383



Net book value



At 31 December 2023
3,098



At 31 May 2023
2,334


5.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 June 2023
101,122



At 31 December 2023
101,122

Page 12

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Debtors

31 December
As restated 31 May
2023
2023
£
£

Trade debtors
293,128
22,015

Amounts owed by group undertakings
11,980
11,980

Other debtors
12,400
12,425

Prepayments and accrued income
13,393
32,409

330,901
78,829



7.


Cash

31 December
31 May
2023
2023
£
£

Cash at bank and in hand
494,523
554,148

494,523
554,148



8.


Creditors: amounts falling due within one year

31 December
As restated 31 May
2023
2023
£
£

Trade creditors
31,315
33,600

Other creditors
6,363
1,443

Accruals
556,277
3,300

593,955
38,343


Page 13

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Share capital

31 December
31 May
2023
2023
£
£
Allotted, called up and fully paid



75 (2023: 75) Ordinary shares of £1.00 each
75
75
25 (2023: 25) Preference shares of £1.00 each
25
25

100

100



10.


Reserves

Share premium account

The share premium account represents the accumulated proceeds from the allotment of shares in excess
of the shares' nominal value.

Profit and loss account

The profit and loss account relates to retained current and prior year losses.


11.


Prior period adjustment

On preparing the financial statements for the period ended 31 December 2023, errors were identified in the unaudited financial statements as previously issued for the period ended 31 May 2023. The comparative figures in these financial statements have therefore been restated to include a £33,600 increase in prior year admin expenditure and trade creditors, along with a £22,015 increase in prior period income and trade debtors. 
The error related to expenditure invoices and income contracts which relate to the prior period that were incorrectly accounted for the the current period.
 
Page 14

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.Prior period adjustment (continued)

As part of this restatement, changes were made to the presentation and disclosures in the financial statements to accurately reflect this. The impact of this restatement on the prior year is as follows:
ole7ad4.png
 


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund during the period and amounted to £2,311 (year ended 31 May 2023: £nil). £nil contributions were payable to the fund at 31 December 2023 (31 May 2023: £nil).


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
31 May
2023
2023
£
£


Not later than 1 year
67,704
27,280

67,704
27,280

Page 15

 
SOLERTIA MGA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

14.


Related party transactions

In the period ended 31 December 2023, the Company recognised income of £958,032 (year ended 31 May 2023: £nil) generated through acting as agent for Sirius Point Bermuda Insurance Company ('Sirius Point'). Sirius Point is a related party due to its ownership of shares in the Company.
At 31 December 2023, the Company was owed £284,329 (year ended 31 May 2023: £nil) by Sirius Point. This amount is included in trade debtors.
At 31 December 2023, the Company was due £11,980 (year ended 31 May 2023: £11,980) from Solertia MGA (Stockholm) AB,  a subsidiary undertaking.
At 31 December 2023, the Company owed £857 (year ended 31 May 2023: £nil) to Solertia Capital Advisors Limited, a related party through its common ownership.


15.


Post balance sheet events

On 10 May 2024 the company signed a one year lease, ending on 31 May 2025, with annual lease commitments of £133,200.

Page 16