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Registration number: 08383302

Concept Special Risks Holdings Ltd

Filleted Financial Statements

for the Year Ended 31 May 2024

 

Concept Special Risks Holdings Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Concept Special Risks Holdings Ltd

(Registration number: 08383302)
Balance Sheet as at 31 May 2024

Note

2024
£

(As restated)

2023
£

           

Fixed assets

   

 

Investments

4

 

540,000

 

540,000

Current assets

   

 

Debtors

5

195

 

105

 

Cash at bank and in hand

 

217

 

72

 

   

412

 

177

Net assets

   

540,412

 

540,177

Capital and Reserves

   

 

Called up share capital

6

2,696

 

2,696

 

Capital redemption reserve

898

 

898

 

Retained earnings

536,818

 

536,583

 

Shareholders' funds

   

540,412

 

540,177

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

 

Concept Special Risks Holdings Ltd

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.

 

Concept Special Risks Holdings Ltd

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

-

140,000

-

Impairment of provision P&L

-

(140,000)

-

   

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

 

Concept Special Risks Holdings Ltd

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.

 

3

Staff numbers

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

4

Investments

2024
£

(As restated)

2023
£

Investments in subsidiaries

540,000

540,000

Subsidiaries

£

Cost

At 1 June 2023

540,000

Carrying amount

At 31 May 2024

540,000

At 31 May 2023

540,000

 

Concept Special Risks Holdings Ltd

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

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7

195

105

   

195

105

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.001 each

2,695,813

2,696

2,695,813

2,696

         

7

Related party transactions

Income and receivables from related parties

2024

Subsidiary
£

Amounts receivable from related party

195

2023

Subsidiary
£

Amounts receivable from related party

105

8

Parent and ultimate parent undertaking

The company's immediate parent is Applied Financial Lines Limited, incorporated in England and Wales. The registered address of Applied Financial Lines is St Botolph Building, 138 Houndsditch, London, EC3A 7AR.

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