Company registration number 6383801 (England and Wales)
KBIS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KBIS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
10,000
10,000
Current assets
-
-
Creditors: amounts falling due within one year
3
(24,066)
(24,066)
Net current liabilities
(24,066)
(24,066)
Net liabilities
(14,066)
(14,066)
Capital and reserves
Called up share capital
4
10,000
10,000
Profit and loss reserves
(24,066)
(24,066)
Total equity
(14,066)
(14,066)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 20 September 2024 and are signed on its behalf by:
Mr J J Hanly
Director
Company registration number 6383801 (England and Wales)
KBIS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

KBIS Holdings Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, One America Square, 17 Crosswall, London, EC3N 2LB.

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.

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.

The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group.

 

KBIS Holdings Limited is a wholly owned subsidiary of Miles Smith Insurance Solutions Limited and the results of KBIS Holdings Limited are included in the consolidated financial statements of Specialist Risk Investments Limited which are available from Companies House.

1.2
Going concern

The Company has net liabilities at the balance sheet date of £14,066 (2022: £14,066). The Company's liabilities are primarily with group entities, which continue to support the Company. Consequently, the directors have adopted the going concern basis in the preparation of the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries 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.

1.4
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.

KBIS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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, except for short-term payables when the recognition of interest would be immaterial.

1.5

Profit and loss account

The Company has not traded during the year. During this time the Company received no income and incurred no expenditure and therefore no profit and loss account is presented in these financial statements.

2
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10,000
10,000

In the opinion of the directors, the aggregate value of the Company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

3
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
21,804
18,504
Accruals and deferred income
2,262
5,562
24,066
24,066
4
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
KBIS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Ultimate controlling party

The directors consider Saturn Jersey Topco Limited, a company incorporated in the Channel Islands, to be the Company's ultimate parent undertaking. The directors consider Specialist Risk Insurance Solutions Limited, whose registered office is 1 America Square, 17 Crosswall, London, EC3N 2LB, to be the Company's immediate parent undertaking.

 

The ultimate controllers of this Company is HGGC IV, L.P. a fund which is managed by HGGC, a company incorporated in the United States of America. The address of HGGC is 1950 University Avenue, Palo Alto, California, 94303.

 

The parent company of the largest Group to include the Company within its consolidated financial statements is Saturn Jersey Topco Limited, incorporated in the Channel Islands, and the smallest group is Specialist Risk Investments Limited, incorporated in England and Wales. Copies of these financial statements are available on the Companies House website.

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