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REGISTERED NUMBER: 08864405 (England and Wales)











Financial Statements

for the Year Ended 31 July 2024

for

Ark Insurance Group Limited

Ark Insurance Group Limited (Registered number: 08864405)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ark Insurance Group Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: R Gow
L Scannell
A Hollier
D Gilbert





REGISTERED OFFICE: Leofric House
Binley Road
Coventry
CV3 1JN





REGISTERED NUMBER: 08864405 (England and Wales)





AUDITORS: Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

Ark Insurance Group Limited (Registered number: 08864405)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 176,230 212,428
Tangible assets 5 44,109 57,300
220,339 269,728

CURRENT ASSETS
Debtors 6 1,772,302 2,346,605
Cash at bank 7 1,161,405 2,543,003
2,933,707 4,889,608
CREDITORS
Amounts falling due within one year 8 2,703,184 4,320,733
NET CURRENT ASSETS 230,523 568,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

450,862

838,603

CREDITORS
Amounts falling due after more than one
year

9

(36,363

)

(75,492

)

PROVISIONS FOR LIABILITIES 13 (14,739 ) (36,434 )
NET ASSETS 399,760 726,677

CAPITAL AND RESERVES
Called up share capital 14 50,000 50,000
Retained earnings 15 349,760 676,677
SHAREHOLDERS' FUNDS 399,760 726,677

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





R Gow - Director


Ark Insurance Group Limited (Registered number: 08864405)

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

1. STATUTORY INFORMATION

Ark Insurance Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises net retained earnings from brokerage commission and fees.

Income relating to insurance broking is recognised when the policy has been incepted, completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when the consideration due is confirmed by the third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 4 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 August 2023 516,697
Additions 47,700
At 31 July 2024 564,397
AMORTISATION
At 1 August 2023 304,269
Amortisation for year 83,898
At 31 July 2024 388,167
NET BOOK VALUE
At 31 July 2024 176,230
At 31 July 2023 212,428

Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 7,543 91,306 26,854 125,703
Additions 3,924 - 1,568 5,492
At 31 July 2024 11,467 91,306 28,422 131,195
DEPRECIATION
At 1 August 2023 861 47,952 19,590 68,403
Charge for year 1,535 10,839 6,309 18,683
At 31 July 2024 2,396 58,791 25,899 87,086
NET BOOK VALUE
At 31 July 2024 9,071 32,515 2,523 44,109
At 31 July 2023 6,682 43,354 7,264 57,300

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 58,691
Reclassification/transfer (58,691 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 34,447
Charge for year 6,061
Reclassification/transfer (40,508 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 24,244

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Insurance debtors 1,121,001 1,735,294
Amounts owed by group undertakings 336,430 94,936
Other debtors 21,221 19,177
Unearned commission 241,758 456,286
Tax 12,331 -
Prepayments 39,561 40,912
1,772,302 2,346,605

Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. CASH AT BANK
31.7.24 31.7.23
£    £   
Cash and cash equivalents 180,734 794,877
Client bank account 980,671 1,748,126
1,161,405 2,543,003

The company holds restricted client account cash balances in respect of its insurance activities. This cash is held in client money bank accounts and cannot be used for the company's working capital purposes.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts (see note 10) 36,364 33,599
Hire purchase contracts (see note 11) - 11,054
Insurance creditors 1,860,958 3,174,591
Trade creditors 109,587 8,594
Amounts owed to group undertakings 39,517 39,454
Tax - 122,733
Social security and other taxes 11,135 15,677
Other creditors 1,909 5,841
Unearned commission 240,713 308,829
Accrued expenses 403,001 600,361
2,703,184 4,320,733

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans (see note 10) 36,363 75,492

10. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 36,364 33,599

Amounts falling due between one and two years:
Bank loans - 1-2 years 36,363 34,438

Amounts falling due between two and five years:
Bank loans - 2-5 years - 41,054

Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year - 11,054

12. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 72,727 109,091
Hire purchase contracts - 11,054
72,727 120,145

An unlimited debenture is in place in respect of the fixed and floating charge over the assets of the company, in respect of the bank loans.

13. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances 14,739 30,621
Other timing differences - 5,813
14,739 36,434

Deferred
tax
£   
Balance at 1 August 2023 36,434
Credit to Statement of Income and Retained Earnings during year (21,695 )
Balance at 31 July 2024 14,739

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
50,000 Ordinary £1 50,000 50,000

Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

15. RESERVES
Retained
earnings
£   

At 1 August 2023 676,677
Profit for the year 173,083
Dividends (500,000 )
At 31 July 2024 349,760

16. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

C A Christou FCCA MAE (Senior Statutory Auditor)
for and on behalf of Leigh Christou Ltd

17. CAPITAL COMMITMENTS
31.7.24 31.7.23
£    £   
Contracted but not provided for in the
financial statements - 36,000

18. RELATED PARTY DISCLOSURES

In accordance with FRS 102 Section 1A, the company only discloses transactions with related parties, including group companies, where they are not undertaken under normal market conditions.

19. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors liability is limited to a maximum of twenty five times the fee relating to the audit engagement.

The directors approved the agreement on 17 October 2024.

20. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by R Gow by virtue of her shareholding in the issued ordinary share capital of the ultimate parent company, ITUS Group Limited.

The registered office of ITUS Group Limited is Leofric House, Binley Road, Coventry, West Midlands, England, CV3 1JN.

Ark Insurance Group Limited (Registered number: 08864405)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

21. INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable for amounts arising from such transactions. Notwithstanding the legal relationships with clients and insurers, insurance brokers are entitled to retain investment income on any cashflows arising from insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the company and should therefore not be recognised until the cash is received. Accordingly, the balance sheet reflects only insurance trust cash, with the corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and refunds or claims to clients prior to collection and these advances are also reflected as part of insurance broking receivables. Net insurance balances set out below therefore represent such advances made, together with fees and commissions earned on insurance transactions and either uncollected or not withdrawn from insurance trust bank accounts at the balance sheet date.

2024 2023
£    £   
Insurance broking receivables 1,121,001 1,735,294
Insurance trust accounts 980,671 1,748,126
Insurance broking payable (2,101,672 ) (3,483,420 )

NIL NIL