Registration number:
Concept Special Risks Holdings Ltd
for the Year Ended 31 May 2024
Concept Special Risks Holdings Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Concept Special Risks Holdings Ltd
(Registration number: 08383302)
Balance Sheet as at 31 May 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Net assets |
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Capital and Reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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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
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Concept Special Risks Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Audit report
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
(As restated) |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Concept Special Risks Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 May 2024
Debtors |
Current |
Note |
2024 |
2023 |
Amounts owed by related parties |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,696 |
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2,696 |
Related party transactions |
Income and receivables from related parties
2024 |
Subsidiary |
Amounts receivable from related party |
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2023 |
Subsidiary |
Amounts receivable from related party |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is