COVERYS EUROPEAN HOLDINGS LIMITED

Company Registration Number:
11875294 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

COVERYS EUROPEAN HOLDINGS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

COVERYS EUROPEAN HOLDINGS LIMITED

Directors' report period ended 31 December 2023

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

Principal activities of the company

The Company was incorporated on 11 March 2019 and commenced trading then. The Company is a subsidiary of Coverys UK Holding Co. Limited. The Company’s principal activity has been to invest in specialty managing general agencies (MGAs). Going forward, the Company’s principal activity will be to make investments and provide loans to other group companies. In November 2023, the Company disposed of its investments in Coverys Ireland Holdings Limited, Joseph G Brady (Insurances) Limited, and Coverys MGA (UK) Limited as part of a wider Group restructuring. These entities have remained within the Coverys Group.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Michael Bell
Todd Colin Mills
Joseph G Murphy
Michael J Casella
Doug F F Robare
Steven A Spano


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
2 July 2024

And signed on behalf of the board by:
Name: Steven A Spano
Status: Director

COVERYS EUROPEAN HOLDINGS LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 0 0
Cost of sales: ( 3,637,619 ) ( 9,509,176 )
Gross profit(or loss): (3,637,619) (9,509,176)
Operating profit(or loss): (3,637,619) (9,509,176)
Profit(or loss) before tax: (3,637,619) (9,509,176)
Profit(or loss) for the financial year: (3,637,619) (9,509,176)

COVERYS EUROPEAN HOLDINGS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 5,029,292 16,627,648
Total fixed assets: 5,029,292 16,627,648
Current assets
Debtors: 4 102,278 369,127
Cash at bank and in hand: 549,322 540,406
Total current assets: 651,600 909,533
Creditors: amounts falling due within one year: 5 ( 1,753,410 ) ( 2,050,174 )
Net current assets (liabilities): (1,101,810) (1,140,641)
Total assets less current liabilities: 3,927,482 15,487,007
Total net assets (liabilities): 3,927,482 15,487,007
Capital and reserves
Called up share capital: 1 1
Other reserves: 38,644,646 34,944,646
Profit and loss account: (34,717,165 ) (19,457,640 )
Total Shareholders' funds: 3,927,482 15,487,007

The notes form part of these financial statements

COVERYS EUROPEAN HOLDINGS LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 2 July 2024
and signed on behalf of the board by:

Name: Steven A Spano
Status: Director

The notes form part of these financial statements

COVERYS EUROPEAN HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover consists of commissions and fees in subsidiary operating companies recognised as earned.

    Other accounting policies

    Basis of preparation of Financial Statements Financial reporting standard 102 reduced disclosure exemptions Going concern Cash and cash equivalents Admin Expenses Financial instruments Foreign currency translation Finance costs Dividends Interest income Share capital Capital Contribution Taxation Valuation of Investments

COVERYS EUROPEAN HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

COVERYS EUROPEAN HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Fixed assets investments note

The value of investments is determined on a cost less impairment basis. An impairment review is performed at the end of each reporting date in accordance with FRS 102 Section 27 – Impairment of Assets other than inventories. Impairment indicators were not identified in 2023 (2022: £4,889,707).

COVERYS EUROPEAN HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Other debtors 102,278 369,127
Total 102,278 369,127

COVERYS EUROPEAN HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Accruals and deferred income 381,325 484,933
Other creditors 1,372,085 1,565,241
Total 1,753,410 2,050,174