SANCTUARY INSURANCE BROKERS LIMITED
COMPANY INFORMATION
Directors
Mr N W J Andrews
Mr R L Hearn
Mr P S Wells
Ms BJ Curtis
(Appointed 28 January 2025)
Secretary
Mr P S Wells
Company number
05050608
Registered office
1st Floor, Landmark House
69 Leadenhall Street
London
United Kingdom
EC3A 2BG
Auditor
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
SANCTUARY INSURANCE BROKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 10
Income statement
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
SANCTUARY INSURANCE BROKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present the strategic report for the year ended 31 December 2024.

 

The principal activity of the company is that of an insurance broker.

Review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

Sanctuary Insurance Brokers Limited is registered to act as a Lloyds Broker operating as an insurance broker.

 

Sanctuary Insurance Brokers Limited is a fully wholly owned subsidiary of Kastor Holdings Limited, part of the ZIM Integrated Shipping Services Ltd group.

 

The company operates as an equal opportunities employer. Regardless of religion, ethnic origin or physical disability, suitable training and career development enables an employee to progress within the company and the group.

 

We have continued our focus on rebuilding and transforming Sanctuary in 2024. Our expanded team of brokers has introduced a larger network of clients and new lines of business, alongside our existing business lines. These initiatives mean that the 2024 income increased by 47% compared with 2023. This principal strategy has allowed us, where possible, to re-invest additional incomes back into the business allowing us to create a structure for profitable and streamlined business in the future.

 

BREXIT Disclosure

After considering all options following BREXIT, we have partnered with a fully accredited broker in Dublin. This allows us access to the European Market and the ability to provide a full service to all clients.

 

The results indicate that the company made a profit of £191,064 compared to a profit of £82,742 in 2023.

Principal risks and uncertainties

The principal risks and uncertainties include the identification and assessment of new business opportunities and the monitoring of the impact of lost business, effect of exchange rate differences and control of expenses.

 

The company continued, within the given time scales, to meet the Financial Conduct Authority targets and deadlines. The cost in time, effort and additional expenses, continues to be absorbed in the day to day running of the company.

 

The company has systems in place, whereby all Insurance Carriers are approved by the company prior to any risk being placed with them, and approved security is regularly revisited, likewise due diligence is conducted on all new clients. In accordance with the regulations, Terms of Business Agreements are in place with Insurance Carriers.

 

The company's financial position is such that there are more than sufficient reserves available to finance current operations and any expansion opportunities which may arise. The company has interest bearing accounts and currently does not need financing facilities.

Key performance indicators

The key financial performance indicators (KPIs) are reviewed on a regular basis and include the following:

 

Comparison of actual income to budget

Review of new and lost business

Levels of overhead expenses

Cash flow positions during the year

- 1 -
SANCTUARY INSURANCE BROKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

On behalf of the board

Mr N W J Andrews
Director
5 February 2025
- 2 -
SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

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

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

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 R Woollgar
(Resigned 22 April 2024)
Mr N W J Andrews
Mr C Edwards
(Resigned 8 January 2025)
Mr R L Hearn
Mr P S Wells
Ms BJ Curtis
(Appointed 28 January 2025)
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the Confederation of British Industry's Prompt Payers Code (copies are available from the CBI, 78 Cannon Street, London EC4N 6HN).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 30 days purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

The auditor, Lawrence Grant LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

- 3 -
SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

- 4 -
SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Risk management

The company's exposure and policies relating to financial risk, price risk, credit risk, liquidity risk and cash flow risk are disclosed below:

 

Financial risk management

The company's activities expose it to a variety of financial risks: liquidity risk, market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), and credit risk.

 

Risk management is carried out by the Finance Director under policies approved by the board of directors. The board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

 

Liquidity risk

The ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short, medium and long term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate

reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cashflows, and by matching the maturity profiles of financial assets and liabilities.

 

An analysis of the company's financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date is detailed below. The amounts disclosed are the contractual undiscounted cashflows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

 

At 31 December 2024:

 

Payable within one month or on demand

Social security and other taxes - £9,860 (2023: £19,164)

 

Payable in more than one month but not exceeding 12 months

Insurance broking creditors - £722,160 (2023: £537,467)

Trade creditors - £17,821 (2023: £21,447)

Other payables - £38,597 (2023: £44,375)

Accruals and deferred income - £87,864 (2023: £64,591)

 

Interest rate risk

Cash and cash equivalents are exposed to interest rate risk. Deposits at banks attract a variable average interest rate of 0.1%.

 

The company manages interest rate risk by monitoring interest rates on a regular basis.

 

Sensitivity analysis

At 31 December 2024, if interest rates relevant to the current account at that date had been 1.0% lower/higher, with all other variables held constant, net profit of the company for the year would have been £2,627 lower/higher, arising mainly as a result of lower/higher interest income on cash deposits at banks.

- 5 -
SANCTUARY INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Credit risk

Credit risk consists mainly of cash and cash equivalents, trade debtors and receivables from related entities. The company only deposits cash with major banks with high quality credit standing.

 

The company does not consider significant credit risk to arise from its receivables from related entities.

 

The counter parties include high net worth companies and highly regulated entities. Historically, the default rate has been zero.

 

The company's maximum exposure to credit risk at 31 December 2024 is represented by the carrying amounts of cash and cash equivalents at that date.

2024

£

Financial instrument

Trade debtors                 262,595

VAT recoverable                  97

Amounts owed by group             250,701

Prepayments                  18,209

Deposits                 722,160

Cash and cash equivalents      282,677

 

Foreign exchange risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, US Dollar and Pound Sterling. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities.

 

Price risk

The company did not hold any major investments during the year ended 31 December 2024 and is therefore not exposed to price risk.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N W J Andrews
Director
5 February 2025
- 6 -
SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED
Opinion

We have audited the financial statements of Sanctuary Insurance Brokers Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 UK adopted international accounting standards.

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.

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:

- 7 -
SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)
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 strategic report or 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.

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.

- 8 -
SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)

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:

 

 

 

 

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.

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.

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.

- 9 -
SANCTUARY INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANCTUARY INSURANCE BROKERS LIMITED (CONTINUED)
P G Levy (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
6 February 2025
- 10 -
SANCTUARY INSURANCE BROKERS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
Revenue
4
1,239,956
842,673
Gross profit
1,239,956
842,673
Other operating income
-
35,553
Administrative expenses
(1,052,101)
(795,601)
Operating profit
5
187,855
82,625
Investment revenues
8
3,153
5,084
Profit before taxation
191,008
87,709
Income tax (income)/expense
9
56
(4,967)
Profit and total comprehensive income for the year
191,064
82,742
- 11 -
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
Current assets
Trade and other receivables
10
1,302,107
1,039,192
Cash and cash equivalents
282,677
140,329
1,584,784
1,179,521
Current liabilities
Trade and other payables
12
908,837
694,582
Net current assets
675,947
484,939
Non-current liabilities
Deferred tax liabilities
13
256
312
Net assets
675,691
484,627
Equity
Called up share capital
15
75,000
75,000
Retained earnings
600,691
409,627
Total equity
675,691
484,627

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
Mr N W J Andrews
Director
Company registration number 05050608 (England and Wales)
- 12 -
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
75,000
326,885
401,885
Year ended 31 December 2023:
Profit and total comprehensive income
-
82,742
82,742
Balance at 31 December 2023
75,000
409,627
484,627
Year ended 31 December 2024:
Profit and total comprehensive income
-
191,064
191,064
Balance at 31 December 2024
75,000
600,691
675,691
- 13 -
SANCTUARY INSURANCE BROKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
139,195
(283,749)
Net cash inflow/(outflow) from operating activities
139,195
(283,749)
Investing activities
Interest received
3,153
5,084
Net cash generated from investing activities
3,153
5,084
Net increase/(decrease) in cash and cash equivalents
142,348
(278,665)
Cash and cash equivalents at beginning of year
140,329
418,994
Cash and cash equivalents at end of year
282,677
140,329
- 14 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Company information

Sanctuary Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Landmark House, 69 Leadenhall Street, London, United Kingdom, EC3A 2BG. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

 

The accounting policies adopted by the company for all periods presented are in compliance with the IFRS's that are effective for the year.

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

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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
Revenue

Revenue is measured as per the revenue recognition model under IFRS 15. Management identifies the commission contracts with the underwriters, entity's performance obligations in respect of the insurance agreements, commission rates agreed with the underwriters. allocation of the commission income to the written insurance agreements and portion of the revenue attributable to the satisfaction of claims.

 

Management recognizes the commission income when the specific performance obligations are satisfied at the fair value of the consideration received or receivable that represents the amounts receivable for the performance obligations satisfied in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax.

 

Revenue represents commissions receivable and brokerage fees earned less commissions payable. Part of the revenue is recognized at the time of satisfaction of the performance obligations in respect of the writing of the insurance contracts and issuance of the debit notes. Such performance obligation is considered as satisfied when the insurance contract has been approved by the underwriters.

 

Portion of the commission income is attributable to the settlement of the claims and where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

 

Interest is recognized, in the statement of profit and loss, using the effective interest rate method.

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

- 15 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

- 16 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

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

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

- 17 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

1.9
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 inventories or non-current assets.

 

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

 

The expected cost of bonus payments is recognised as an expense when there is a legal or constructive obligation to make such payments as a result of past performance.

 

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.

1.10
Retirement benefits

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

1.11
Foreign exchange

In the company's financial statements, a foreign currency transaction is recorded, on initial recognition in Pound Sterling, by applying to the foreign currency amount the spot exchange rate between the functional currency and foreign currency at the date of the transaction.

 

At each statement of financial position date:

- foreign currency monetary items are translated using the closing rate;

- non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and

- non monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

 

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period are recognised in profit or loss in the period in which they arise.

 

Cash flows in the company arising from transactions in a foreign currency are recorded in Pound Sterling by applying to the foreign currency amount the exchange rate between the Pound Sterling and the foreign currency at the date of the cash flow.

- 18 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

 

The following amendments are effective for the period beginning 1 January 2024:

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases)

 

On 22 September 2022, the IASB issued amendments to IFRS 16 —Lease Liability in a Sale and Leaseback (the Amendments).

 

Prior to the Amendments, IFRS 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the Amendments require a seller-lessee to determine ‘lease payments’ or ‘revised lease payments’ in a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee.

 

These amendments had no effect on the financial statements of the company.

Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants (Amendments to IAS 1)

 

The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants.

 

The amendments clarify the following:

 

These amendments have no effect on the classification or disclosure of any items in the financial statements of the company.

Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures)

 

On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.

 

The amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments also provide guidance on characteristics of supplier finance arrangements.

 

These amendments have no effect on the disclosures of any items in the financial statements of the company.

- 19 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies
(Continued)

New standards, interpretations and amendments not yet effective

 

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the company has decided not to adopt early.

 

 

The following amendments are effective for the period beginning 1 January 2025:

 

 

The following amendments are effective for the annual reporting period beginning 1 January 2026:

 

 

The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:

 

 

The company is currently assessing the impact of these new accounting standards and amendments.

 

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

 

The company does not expect to be eligible to apply IFRS 19.

- 20 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

The following are the critical judgements, that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

 

Revenue recognition

 

Revenue represents commissions receivable and brokerage fees earned less commissions payable. It is recognised at the time of issue of premium debit notes. These are issued once the insurance contract has been approved by the underwriters. Where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

 

Revenue comprises the amounts for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax. Revenues earned by the company are recognised on the following bases:

 

Sale of goods and services

Sales of goods and services are recognised when significant risks and rewards of ownership of the goods and services have been transferred to the customer, which is usually when the company has sold goods or provided services to the customer, the customer has accepted the goods and services and collectability of the related receivable is reasonably assured.

 

Finance income

Finance income includes interest which is recognised based on an accruals basis.

 

Finance costs

Interest expense and other borrowing costs are charged to the statement of profit or loss as incurred.

4
Revenue

Segmental reporting

The revenue and profit before taxation are attributable to the one principal activity of the company. The analysis of revenue by geographical market is given below:

- 21 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Revenue
(Continued)
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
848,298
782,927
Europe
17,933
8,005
Americas
222,238
49,044
Rest of the World
151,487
2,697
1,239,956
842,673
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
13,986
(2,140)
Fees payable to the company's auditor for the audit of the company's financial statements
20,700
20,025
6
Employees

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

2024
2023
Number
Number
Management
3
5
Insurance brokers
3
2
Claims and administration
5
4
Total
11
11

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
639,652
510,391
Social security costs
82,919
62,078
Pension costs
52,307
50,174
774,878
622,643
- 22 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
130,382
120,964
Company pension contributions to defined contribution schemes
25,300
22,000
155,682
142,964

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

The company's key management personnel are considered to be the directors.

8
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
3,153
5,084
Income above relates to assets held at amortised cost, unless stated otherwise.
9
Income tax expense
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
(56)
4,967
- 23 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Income tax expense
(Continued)

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
191,008
87,709
Expected tax charge based on a corporation tax rate of 25.00% (2023: 25.00%)
47,752
21,927
Effect of expenses not deductible in determining taxable profit
5,228
3,242
Utilisation of tax losses not previously recognised
-
0
(5,745)
Group relief
(52,924)
(19,355)
Capital allowances in excess of depreciation
(56)
(69)
Deferred tax
(56)
4,967
Taxation (credit)/charge for the year
(56)
4,967
10
Trade and other receivables
2024
2023
£
£
Trade receivables
262,594
227,136
VAT recoverable
97
-
0
Amount owed by parent undertaking
200,012
200,000
Amounts owed by fellow group undertakings
91,326
50,701
Other receivables
729,869
540,602
Prepayments
18,209
20,753
1,302,107
1,039,192

Included in other receivables are deposits of £722,160 (2023: £537,467) which relate to funds held in non statutory client money trust bank accounts. The funds in these accounts cannot be used for office purposes. In accordance with the Financial Conduct Authority regulations, the company must withdraw, within twenty five business days, any brokerage income which is included in those funds.

11
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

- 24 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Trade and other payables
2024
2023
£
£
Trade payables
735,336
558,914
Amounts owed to fellow group undertakings
37,180
7,538
Accruals
87,864
64,591
Social security and other taxation
9,860
19,164
Other payables
38,597
44,375
908,837
694,582

Trade payables and accruals principally comprise amounts outstanding for trade purchases, insurance broking creditors and ongoing costs. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

Other receivables and trade creditors include £722,160 (2023 £537,467) held in insurers’ trust bank accounts, which is not available to the Company for working capital purposes.

13
Deferred taxation
Liabilities
2024
2023
£
£
Deferred tax balances
256
312

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Tax losses
Total
£
£
£
Asset at 1 January 2023
(289)
(4,366)
(4,655)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
601
4,366
4,967
Liability at 1 January 2024
312
-
0
312
Deferred tax movements in current year
Charge/(credit) to profit or loss
(56)
-
(56)
Liability at 31 December 2024
256
-
0
256
- 25 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,307
50,174

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. Contributions totalling £2,472 (2023: £Nil) were payable to the schemes at the balance sheet date.

 

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,000
75,000
75,000
75,000
16
Capital risk management

The company is not subject to any externally imposed capital requirements.

17
Related party transactions

1. Transactions with the immediate parent company, Kastor Holdings Limited, were as follows:

 

a. As at the year end, a loan of £200,012 (2023: £200,000) was due from the immediate parent company and is included in amount owed by parent undertaking in trade and other receivables.

b. There were no income or expense transactions with Kastor Holdings Limited.

 

2. Transactions with fellow group companies (in the Kastor Holdings Limited group) were as follows:

 

a. Fees receivable being consultancy income of £Nil (2023: £35,553) were earned from a fellow group company during the year.

b. Management fees of £8,200 (2023: £3,470) were paid to a fellow group company during the year.

c. An amount of £91,326 (2023: £50,701) was receivable from these companies at the year end and is included in amounts owed by fellow group undertakings in trade and other receivables.

d. An amount of £37,180 (2023: £7,538) was payable to a fellow group company at the year end and is included in amounts owed to fellow group undertakings in trade and other payables.

e. During the year an amount of £139,456 (2023: £Nil) was recharged to other group companies in respect of staffing and overhead costs.

f. During the year an amount of £89,864 (2023: £Nil) was paid to other group companies in respect of staffing and overhead costs.

- 26 -
SANCTUARY INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Controlling party

For the year under review, the immediate parent undertaking was Kastor Holdings Limited, a company registered in the United Kingdom.

 

The ultimate parent company was Zim Integrated Shipping Services Ltd, a company registered in Israel.

 

The smallest group for which Sanctuary Insurance Brokers Limited is a member for which group financial statements are prepared is Kastor Holdings Limited, whose copies can be obtained from 69 Leadenhall Street, City of London, London, England, EC3A 2BG.

 

The largest group for which Sanctuary Insurance Brokers Limited is a member for which group financial statements are prepared is Zim Integrated Shipping Services Ltd, whose copies can be obtained from 9 Andrei Sakharov Street, P.O. Box 15067, Matam, Haifa 3190500, Israel.

 

19
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year before taxation
191,008
87,709
Adjustments for:
Investment income
(3,153)
(5,084)
Movements in working capital:
Increase in trade and other receivables
(262,818)
(634,579)
Increase in trade and other payables
214,158
268,205
Cash generated from/(absorbed by) operations
139,195
(283,749)
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
140,329
142,348
282,677
1 January 2023
Cash flows
31 December 2023
Prior year:
£
£
£
Cash at bank and in hand
418,994
(278,665)
140,329
- 27 -
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