Recreational Charter Insurance Services Limited 05914385 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of providing IT software programming and consultancy services Digita Accounts Production Advanced 6.30.9574.0 true false false 05914385 2023-06-01 2024-05-31 05914385 2024-05-31 05914385 bus:OrdinaryShareClass1 2024-05-31 05914385 core:RetainedEarningsAccumulatedLosses 2024-05-31 05914385 core:ShareCapital 2024-05-31 05914385 core:CostValuation 2024-05-31 05914385 bus:SmallEntities 2023-06-01 2024-05-31 05914385 bus:Audited 2023-06-01 2024-05-31 05914385 bus:FilletedAccounts 2023-06-01 2024-05-31 05914385 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05914385 bus:RegisteredOffice 2023-06-01 2024-05-31 05914385 bus:Director1 2023-06-01 2024-05-31 05914385 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 05914385 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05914385 1 2023-06-01 2024-05-31 05914385 countries:EnglandWales 2023-06-01 2024-05-31 05914385 2022-06-01 2023-05-31 05914385 2023-05-31 05914385 bus:OrdinaryShareClass1 2023-05-31 05914385 core:RetainedEarningsAccumulatedLosses 2023-05-31 05914385 core:ShareCapital 2023-05-31 05914385 core:CostValuation 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05914385

Recreational Charter Insurance Services Limited

Filleted Financial Statements

for the Year Ended 31 May 2024

 

Recreational Charter Insurance Services Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Recreational Charter Insurance Services Limited

(Registration number: 05914385)
Balance Sheet as at 31 May 2024

Note

2024
£

(As restated)

2023
£

           

Fixed assets

   

 

Investments

4

 

2,321,486

 

2,321,486

Capital and reserves

   

 

Called up share capital

5

2,500

 

2,500

 

Retained earnings

2,318,986

 

2,318,986

 

Shareholders' funds

   

2,321,486

 

2,321,486

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 February 2025 and signed on its behalf by:
 

.........................................
M G Calvert
Director

 

Recreational Charter Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unity House
2 Station Court
Station Road
Guiseley
LS20 8EY

These financial statements were authorised for issue by the Board on 19 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 from preparing consolidated financial statements on the grounds that the group is small.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 February 2025 was Gillian McLoughlin FCA, who signed for and on behalf of Watson Buckle Limited.

 

Recreational Charter Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Prior period errors

Being the reversal of the impairment of investments, on the basis that there is no indication that the investment is impaired in either the prior or current year.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Investments provision bfwd

-

1,921,486

-

Impairment of provision P&L

-

(1,921,486)

-

   

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Recreational Charter Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Recreational Charter Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Investments

2024
£

(As restated)

2023
£

Investments in subsidiaries

2,321,486

2,321,486

Subsidiaries

£

Cost

At 1 June 2023

2,321,486

At 31 May 2024

2,321,486

Carrying amount

At 31 May 2024

2,321,486

At 31 May 2023

2,321,486

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,500

2,500

2,500

2,500

       

6

Parent and ultimate parent undertaking

The company's immediate parent is Concept Special Risks Holdings Ltd, incorporated in England and Wales. The registered address of Concept Special Risks Holdings Ltd is Unity House, 2 Station Court, Station Road, Guiseley, West Yorkshire, LS20 8EY.

 The ultimate parent is Applied Underwriters Inc, incorporated in United States of America.