REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
YACHTINSURE LIMITED |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
YACHTINSURE LIMITED |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
YACHTINSURE LIMITED |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
S Markley |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Yachtinsure Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have reviewed the cashflows to the period to 31st March 2026. Based on the results, the directors believe the company has sufficient resources to continue as a going concern for the foreseeable future and as such consider the going concern basis for the preparation of the financial statements to be appropriate. |
Revenue recognition |
Revenue represents brokerage earned in the ordinary course of business. |
Brokerage income is recognised at the date of inception of the insurance, or at the renewal date for renewals. Brokerage relating to additional and return premiums is recognised at the date of debiting or crediting. |
Profit commission is recognised when the company has the right to consideration and the amount can be reasonably ascertained. |
Tangible fixed assets |
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment | 33% on cost |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current or deferred taxation assets and liabilities are not discounted. |
a) Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
b) Deferred tax |
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
The financial statements are presented in sterling which is also the the functional currency of the company. |
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period. |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. |
Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme, where the amounts charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments. |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Insurance debtors and creditors |
The company acts as an agent in broking the insurable risks of its clients and, generally, is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the company's legal relationship with clients and underwriters and since in practice premium and claim monies are usually accounted for by insurance intermediaries, it has followed generally accepted accounting practice by showing cash, debtors and creditors relating to insurance business as assets and liabilities of the company itself. |
In the ordinary course of insurance broking business, settlement is required to be made with certain markets, market settlement bureaux or insurance intermediaries on the basis of the net balance due to the market, bureau or intermediary in question, rather than the amounts due to or from the individual third parties it represents. |
However, under the Financial Reporting Standard 102, assets and liabilities may not be offset unless net settlement is legally enforceable, and therefore insurance debtors and creditors are shown gross within these financial statements. |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, loans to fellow group companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, DE19801, USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 401 E Las Olas Blvd, Suite 1400, Ft Lauderdale, FL 33301, USA |
Nature of business: |
% |
Class of shares: | holding |
Yachtinsure Services Inc is a 100% subsidiary of Yachtinsure US Holdings Inc. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
International Risk Solutions Limited |
Parent undertaking |
During the year International Risk Solutions Limited paid expenses on behalf of the company and made recharges of £272,108 (2023: £284,020). At the balance sheet date the company owed £75,500 (2023 was owed: £108,825) by its parent undertaking. The amount is unsecured and interest free, and there is no fixed date for repayment. |
International Risk Underwriting Services Limited |
Fellow subsidiary |
During the year the company paid expenses on behalf of International Risk Underwriting Services Limited of £14,714 (2023: £5,667). At the balance sheet date the company was owed £20,608 (2023: £5,667) in respect of the above. The amount is unsecured and interest free, and there is no fixed date for repayment. |
IRSUS Inc |
Fellow subsidiary |
During the year the company paid expenses on behalf of IRSUS Inc. of £5,467 (2023: £12,564). At the balance sheet date the company was owed £18,533 (2023: £12,564) in respect of the above. The amount is unsecured and interest free, and there is no fixed date for repayment. |
YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |