REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Corniche Underwriting Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2024 |
for |
Corniche Underwriting Ltd |
Corniche Underwriting Ltd (Registered number: 11176774) |
Contents of the Financial Statements |
for the year ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Corniche Underwriting Ltd |
Company Information |
for the year ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors & |
Chartered Accountants |
1-2 Charterhouse Mews |
London |
EC1M 6BB |
Corniche Underwriting Ltd (Registered number: 11176774) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Corniche Underwriting Ltd (Registered number: 11176774) |
Notes to the Financial Statements |
for the year ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Corniche Underwriting Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Presentational Currency |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £. |
Going Concern |
The directors are confident that the Company has adequate resources to continue its operational existence for the foreseeable future and meet its ongoing financial obligations. |
Therefore the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover is recognised in respect of commission received from insurance underwriting services to users during the year. Turnover is recognised to the extent that it is probable the economic benefits will flow to the Company and can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Office equipment - 33% Straight line |
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. |
Corniche Underwriting Ltd (Registered number: 11176774) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are |
presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
Pension costs and other post-retirement benefits |
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 Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
Corniche Underwriting Ltd (Registered number: 11176774) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Fixed asset Investments in subsidiary undertakings are recognised at cost. |
Trade and other debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Trade and other creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
31.1.24 | 31.1.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
12,000 |
8,250 |
Corniche Underwriting Ltd (Registered number: 11176774) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
Investments in subsidiaries: | Shareholding | 2024 | 2023 |
£ | £ |
SE Consultants Limited | 100% | 3,488,047 | - |
Corniche Underwriting EU Limited | 100% | 85 | 85 |
Total Investments | 3,488,132 | 85 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corniche Underwriting Ltd (Registered number: 11176774) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Contained within other creditors is an amount of £385,000 pertaining to a legal settlement. This amount has been confirmed and settled in the 2025 financial year. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £3,171,300 were paid to the directors . |
At the balance sheet date, included within other debtors is the amount of £5,040 (2023: £6,290) due from Mr G Grundy and J Norman, directors of the company. |
11. | COMMITMENTS UNDER OPERATING LEASES |
At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: |
2024 | 2023 |
£ | £ |
Not later than 1 year | Nil | 58,000 |
Total | Nil | 58,000 |