Company registration number 11309258 (England and Wales)
AMPHITRITE UNDERWRITING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
AMPHITRITE UNDERWRITING LIMITED
COMPANY INFORMATION
Directors
Mr K Tampakakis
Mr D J Boutcher
Mr J Gibbs
Mr DJ Harris
(Appointed 1 January 2024)
Company number
11309258
Registered office
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
Auditor
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
AMPHITRITE UNDERWRITING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
AMPHITRITE UNDERWRITING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of insurance underwriting.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Tampakakis
Mr D S Keane
(Resigned 23 February 2024)
Mr D J Boutcher
Mr J Gibbs
Mr DJ Harris
(Appointed 1 January 2024)
Auditor

Lawrence Grant LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

AMPHITRITE UNDERWRITING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
On behalf of the board
Mr K Tampakakis
Director
29 January 2025
AMPHITRITE UNDERWRITING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPHITRITE UNDERWRITING LIMITED
- 3 -
Opinion

We have audited the financial statements of Amphitrite Underwriting Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

 

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

AMPHITRITE UNDERWRITING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPHITRITE UNDERWRITING LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

AMPHITRITE UNDERWRITING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPHITRITE UNDERWRITING LIMITED (CONTINUED)
- 5 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

 

 

- Companies Act 2006

- FRS102

- Tax legislation

- Employment Legislation

- Health and Safety at Work

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

 

 

The areas that we identified as being susceptible to misstatement through fraud were:

 

 

We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional

concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

AMPHITRITE UNDERWRITING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMPHITRITE UNDERWRITING LIMITED (CONTINUED)
- 6 -

Other matters

The financial statements for the year ended 30 April 2022, forming the corresponding figures of the financial statements for the year ended 30 April 2023, are unaudited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

V R Thayalan (Senior Statutory Auditor)
For and on behalf of Lawrence Grant LLP, Statutory Auditor
Chartered Accountants
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom
30 January 2025
AMPHITRITE UNDERWRITING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
5,853,465
4,084,787
Cost of sales
(157,491)
(174,812)
Gross profit
5,695,974
3,909,975
Administrative expenses
(3,255,709)
(1,500,254)
Operating profit
3
2,440,265
2,409,721
Interest receivable and similar income
6
16,063
494
Interest payable and similar expenses
7
(30,396)
-
0
Profit before taxation
2,425,932
2,410,215
Tax on profit
8
(661,359)
(491,120)
Profit for the financial year
1,764,573
1,919,095

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AMPHITRITE UNDERWRITING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
1,764,573
1,919,095
Other comprehensive income
-
-
Total comprehensive income for the year
1,764,573
1,919,095
AMPHITRITE UNDERWRITING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
90,909
-
0
Tangible assets
11
107,982
63,062
Investments
12
855
874
199,746
63,936
Current assets
Debtors
14
2,428,560
1,624,124
Cash at bank and in hand
2,274,334
2,527,772
4,702,894
4,151,896
Creditors: amounts falling due within one year
15
(1,417,690)
(1,097,468)
Net current assets
3,285,204
3,054,428
Total assets less current liabilities
3,484,950
3,118,364
Provisions for liabilities
Deferred tax liability
16
21,603
15,766
(21,603)
(15,766)
Net assets
3,463,347
3,102,598
Capital and reserves
Called up share capital
18
100
100
Share premium account
799,985
799,985
Profit and loss reserves
2,663,262
2,302,513
Total equity
3,463,347
3,102,598
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr K Tampakakis
Director
Company registration number 11309258 (England and Wales)
AMPHITRITE UNDERWRITING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
100
799,985
1,829,596
2,629,681
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
1,919,095
1,919,095
Dividends
9
-
-
(1,446,178)
(1,446,178)
Balance at 30 April 2023
100
799,985
2,302,513
3,102,598
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
1,764,573
1,764,573
Dividends
9
-
-
(1,403,824)
(1,403,824)
Balance at 30 April 2024
100
799,985
2,663,262
3,463,347
AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Amphitrite Underwriting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex, United Kingdom, HA1 1BE.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business including recognition of accrued income in the period it relates to. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company recognises profit commissions on an accrual basis, wherein commissions are recorded based on the best estimates of the amounts the company expects to receive. These estimates are reviewed on an annual basis to evaluate their accuracy, and any necessary adjustments are reflected in the financial statements.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% Straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold land and buildings
Straight line over 5 years
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified 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.

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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

These financial statements for the year ended 30 April 2024 are the first financial statements of Amphitrite Underwriting Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
5,853,465
4,084,787
AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Turnover analysed by geographical market
UK
5,853,465
4,084,787
2024
2023
£
£
Other revenue
Interest income
16,063
494
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,725
12,427
Depreciation of owned tangible fixed assets
31,651
22,421
Amortisation of intangible assets
17,511
-
Operating lease charges
177,035
175,334
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
15
10

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,122,386
570,240
Social security costs
134,600
65,580
Pension costs
12,373
6,370
1,269,359
642,190
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
82,500
45,000
AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,576
48
Other interest income
487
446
Total income
16,063
494
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,576
48
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
30,396
-
0
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
655,522
482,161
Deferred tax
Origination and reversal of timing differences
5,837
8,959
Total tax charge
661,359
491,120
AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,425,932
2,410,215
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
606,483
457,941
Tax effect of expenses that are not deductible in determining taxable profit
54,164
19,695
Tax effect of income not taxable in determining taxable profit
(13,038)
(11,933)
Effect of change in corporation tax rate
-
0
12,198
Depreciation on assets not qualifying for tax allowances
7,913
4,260
Deferred tax adjustments in respect of prior years
5,837
8,959
Taxation charge for the year
661,359
491,120
9
Dividends
2024
2023
£
£
Interim paid
1,403,824
1,446,178
10
Intangible fixed assets
Software
£
Cost
At 1 May 2023
-
0
Additions
108,420
At 30 April 2024
108,420
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
17,511
At 30 April 2024
17,511
Carrying amount
At 30 April 2024
90,909
At 30 April 2023
-
0

More information on impairment movements in the year is given in note .

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
11
Tangible fixed assets
Short leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2023
-
0
12,736
39,137
68,425
120,298
Additions
24,419
-
0
32,390
19,762
76,571
At 30 April 2024
24,419
12,736
71,527
88,187
196,869
Depreciation and impairment
At 1 May 2023
-
0
9,798
19,310
28,128
57,236
Depreciation charged in the year
2,849
734
8,011
20,057
31,651
At 30 April 2024
2,849
10,532
27,321
48,185
88,887
Carrying amount
At 30 April 2024
21,570
2,204
44,206
40,002
107,982
At 30 April 2023
-
0
2,938
19,827
40,297
63,062
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
855
874
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
874
Valuation changes
(19)
At 30 April 2024
855
Carrying amount
At 30 April 2024
855
At 30 April 2023
874
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Subsidiaries
(Continued)
- 19 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Amphitrite Underwriting Re(Insurance) Agency Europa Limited
Cyprus
Ordinary Shares
100.00
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
874
-
0
Amounts owed by group undertakings
36,091
11,127
Other debtors
1,883
27,236
Prepayments and accrued income
2,389,712
1,585,761
2,428,560
1,624,124
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
-
0
14
Trade creditors
216,930
129,403
Amounts owed to group undertakings
204,175
9,382
Corporation tax
577,897
640,230
Other creditors
258,138
207,976
Accruals and deferred income
160,550
110,463
1,417,690
1,097,468
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
21,603
15,766
AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Liability at 1 May 2023
15,766
Charge to profit or loss
5,837
Liability at 30 April 2024
21,603

The deferred tax liability set out above is expected to reverse in future and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,373
6,370

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
85
100
85
85
B Ordinary Shares of £1 each
15
15
15
15
100
115
100
100

Both the A Ordinary Shares and the B Ordinary Shares carry voting rights.

 

The B Ordinary Shares are redeemable in certain circumstances.

 

Any profits distributed by the company shall be distributed as follows:

a) as to an agreed initial amount, between the A Ordinary Shareholders only; and

b) as to any further amounts distributed, between the shareholders in proportion to their holdings.

AMPHITRITE UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
191,747
43,833
Between two and five years
655,135
-
0
846,882
43,833
20
Related party transactions

As at the year end date, the company owed £204,175 (2023 - £9,382) to its parent company, Salamander Holding Limited, a company incorporated in England and Wales in which Mr. K Tampakakis and Mr. D Boutcher are directors.

 

As at the year end date, the company was owed £36,091 (2023 - 11,127) by its subsidiary company, Amphitrite Underwriting Re(Insurance) Agency Europa Limited, a company incorporated in Cyprus in which Mr. K Tampakakis is a director.

 

As at the year end date, the company owed £253,412 (2023 - £202,313) to Arch Intermediaries Group Limited, a connected company incorporated in England and Wales having 15% shareholding in the company.

21
Ultimate controlling party

The controlling party is Salamander Holdings Limited, a company incorporated in England and Wales.

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