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REGISTERED NUMBER: 06779208 (England and Wales)















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: M A Birkett
S Markley





REGISTERED OFFICE: 33 Creechurch Lane
London
EC3A 5EB





REGISTERED NUMBER: 06779208 (England and Wales)





AUDITORS: Thorne Lancaster Parker
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 3,759 16,232
Investments 5 - -
3,759 16,232

CURRENT ASSETS
Debtors 6 268,125 458,149
Cash at bank and in hand 38,947 117,865
307,072 576,014
CREDITORS
Amounts falling due within one year 7 (98,557 ) (17,013 )
NET CURRENT ASSETS 208,515 559,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

212,274

575,233

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings 9 212,074 575,033
SHAREHOLDERS' FUNDS 212,274 575,233

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





M A Birkett - Director


YACHTINSURE LIMITED (REGISTERED NUMBER: 06779208)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Yachtinsure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 4 (2023 - 4 ) .

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 99,317
Additions 2,013
At 31 March 2024 101,330
DEPRECIATION
At 1 April 2023 83,085
Charge for year 14,486
At 31 March 2024 97,571
NET BOOK VALUE
At 31 March 2024 3,759
At 31 March 2023 16,232

5. FIXED ASSET INVESTMENTS

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Yachtinsure US Holdings Inc.
Registered office: Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, DE19801, USA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Yachtinsure Services Inc.
Registered office: 401 E Las Olas Blvd, Suite 1400, Ft Lauderdale, FL 33301, USA
Nature of business: Holds insurance licences
%
Class of shares: holding
Ordinary 100.00

Yachtinsure Services Inc is a 100% subsidiary of Yachtinsure US Holdings Inc.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 122,430 311,490
Amounts owed by group undertakings 39,141 127,056
Other debtors 16,208 10,698
Tax 84,511 -
Prepayments 5,835 8,905
268,125 458,149

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 75,500 -
Social security and other taxes 4,040 5,645
Other creditors 733 733
Accruals 18,284 10,635
98,557 17,013

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

9. RESERVES
Retained
earnings
£   

At 1 April 2023 575,033
Deficit for the year (362,959 )
At 31 March 2024 212,074

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Usher (Senior Statutory Auditor)
for and on behalf of Thorne Lancaster Parker

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 M A Birkett.