REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
INTERNATIONAL RISK SOLUTIONS LIMITED |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 March 2024 |
for |
INTERNATIONAL RISK SOLUTIONS LIMITED |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
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 |
INTERNATIONAL RISK SOLUTIONS LIMITED |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
S Markley |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
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 | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
International Risk Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors of the company have reviewed cash flow forecasts and budgets for the period to 31 March 2026 and based on these along with the forecast increase in group brokerage, the directors are of the opinion that it is appropriate for the company to prepare accounts on a going concern basis. |
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 |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
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 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. |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
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 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. |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
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 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 decolonised 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. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
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 |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 | 154,835 |
Additions | 6,444 |
Disposals | ( |
) | (1,333 | ) |
At 31 March 2024 | 159,946 |
NET BOOK VALUE |
At 31 March 2024 | 159,946 |
At 31 March 2023 | 154,835 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 33 Creechurch Lane, London, EC3A 5EB |
Nature of business: |
% |
Class of shares: | holding |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: 33 Creechurch Lane, London, EC3A 5EB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 48 Wall Street, Suite 1100, New York 10005, USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 33 Creechurch Lane, London, EC3A 5EB |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: 48 Wall Street, Suite 1100, New York 10005, USA |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 3 Zenonos Sozou Street, Limassol, 3105, Cyprus |
Nature of business: |
% |
Class of shares: | holding |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: Park Place, Third Floor, 55 Par La Ville Road, Hamilton HM11 |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 48 Wall Street, Suite 1100, New York 10005, USA |
Nature of business: |
% |
Class of shares: | holding |
Associated company |
Registered office: 33 Creechurch Lane, London, EC3A 5EB |
Nature of business: |
% |
Class of shares: | holding |
During the year the company sold its £1,333 ordinary shareholding in St Benedicts Limited. This represented 10% of the total issued, allotted and paid up share capital. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 102,235 | - |
Accruals |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 655,000 | 655,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The amount loaned is unsecured but ranks as a preferential creditor, interest is charged at 2.25% above the BOE base rate and there is no fixed date for repayment. |
INTERNATIONAL RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 03978143) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
13. | RELATED PARTY DISCLOSURES |
Yachtinsure Limited |
During the year the company paid expenses on behalf of Yachtinsure Limited; a subsidiary, and made recharges of £272,108 (2023: £284,020). At the balance sheet date the amount owed to the company was £75,500 (2023: owed by £154,608). The amount is unsecured, interest free and there is no fixed date for repayment. |
International Risk Underwriting Services Limited |
During the year the company paid expenses on behalf of International Risk Underwriting Services Limited; a subsidiary, and made recharges of £196,331 (2023: £19,542). At the balance sheet date the amount owed to the company was £128,773 (2023: £214,929). The amount is unsecured, interest free and there is no fixed date for repayment. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |