Company registration number 11732511 (England and Wales)
EAGLE 2018 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
EAGLE 2018 LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
EAGLE 2018 LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
100,000
100,000
Current assets
Debtors
7
18,743
18,743
Net current assets
18,743
18,743
Net assets
118,743
118,743
Capital and reserves
Called up share capital
8
507
507
Profit and loss reserves
118,236
118,236
Total equity
118,743
118,743
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
M Roncalli
Director
Company Registration No. 11732511
EAGLE 2018 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
507
(1,027,613)
(1,027,106)
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,145,849
1,145,849
Balance at 30 June 2023
507
118,236
118,743
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
Balance at 30 June 2024
507
118,236
118,743
EAGLE 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Eagle 2018 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Bevis Marks, London, United Kingdom, EC3A 7JB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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. This takes into consideration the fact that the company has a profitable trading subsidiary, that has been assessed as a going concern, and thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
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.
1.4
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.
EAGLE 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
EAGLE 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,500
6,155
Audit fees were borne by the company's trading subsidiary.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100,000
100,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 & 30 June 2024
100,000
Carrying amount
At 30 June 2024
100,000
At 30 June 2023
100,000
EAGLE 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
iprism Underwriting Agency Limited
18 Bevis Marks, London, EC3A 7JB
Ordinary
100.00
-
Metier Trading Limited
18 Bevis Marks, London, EC3A 7JB
Ordinary
-
100.00
S K Underwriting
18 Bevis Marks, London, EC3A 7JB
Ordinary
-
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
18,743
18,743
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
507,125
507,125
507
507
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities
The company has provided a floating charge over its assets as security for a loan facility granted to it's parent, iprism Holdings Limtied.
11
Related party transactions
As the Company is a wholly owned subsidiary of iprism Holdings Limited, advantage has been taken of the exemption given by FRS 102.33 Related Party Disclosures to not disclose transactions with it or any other wholly owned group entity.
EAGLE 2018 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
12
Events after the reporting date
On 20 October 2024, iprism Underwriting Agency Limited declared a final dividend of £878,000, in respect to the financial year ending 2024, payable to Eagle 2018 Limited. In turn, the same dividend was decalred from Eagle 2018 Limited to iprism Holdings Limited. As the dividend was declared after the financial year-end, it has not been recognized as income in these financial statements. The dividend will be accounted for in the subsequent financial period when it becomes receivable.
13
Parent company
The immediate and ultimate parent undertaking of the company is iprism Holdings Limited (registration number 13540363 - England and Wales). Their registered office address is 18 Bevis Marks, London, United Kingdom, EC3A 7JB.