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REGISTERED NUMBER: 09913313 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 December 2024

for


The Fiducia MGA Company Limited



The Fiducia MGA Company Limited (Registered number: 09913313)








Contents of the Financial Statements

for the Year Ended 31 December 2024





Page




Balance Sheet  

1




Notes to the Financial Statements  

3




Chartered Certified Accountants' Report  

8




The Fiducia MGA Company Limited (Registered number: 09913313)



Balance Sheet

31 December 2024



31.12.24

31.12.23



Notes

£   

£   

£   


FIXED ASSETS

Tangible assets

4

22,826


17,940



Investments

5

16,662


16,662



39,488


34,602




CURRENT ASSETS

Debtors

6

4,638,672


3,653,451



Cash at bank and in hand

3,193,580


2,200,270



7,832,252


5,853,721



CREDITORS

Amounts falling due within one year

7

6,398,033


4,543,491



NET CURRENT ASSETS

1,434,219


1,310,230



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,473,707


1,344,832




CREDITORS

Amounts falling due after more than one

year

8

(266,000

)

(724,000

)



PROVISIONS FOR LIABILITIES


(3,576

)

-




SUBORDINATED LOAN

11

(275,000

)

(275,000

)


NET ASSETS

929,131


345,832




CAPITAL AND RESERVES

Called up share capital

25


25



Share premium

680,778


680,778



Retained earnings

248,328


(334,971

)


SHAREHOLDERS' FUNDS

929,131


345,832




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.



The Fiducia MGA Company Limited (Registered number: 09913313)



Balance Sheet - continued

31 December 2024



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 Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:






G J J Sheehy - Director




The Fiducia MGA Company Limited (Registered number: 09913313)



Notes to the Financial Statements

for the Year Ended 31 December 2024


1.

STATUTORY INFORMATION



The Fiducia MGA Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:



Registered number:

09913313



Registered office:

20 Park Place


Leeds


West Yorkshire


LS1 2SJ


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.    



Significant judgements and estimates

The company has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.


Turnover and revenue recognition


General commission:


The company is vested with underwriting authority from both Lloyd's market insurers and Insurance Companies and the company's turnover represents the company's right to receive commission from both Lloyd's market insurers from insurable risks placed with those market insurers under either a binding authority or a line slip.



The company obtains the right to receive general commission from both Lloyd's market insurers and Insurance Companies at an agreed percentile rate of the gross/net premium written on the inception date of the policy and therefore recognizes income at the point at which the insurance product goes on risk.



Profit commission:


The company writes business with both Lloyd's market insurers and Insurance Companies under binding authorities or line slips for an agreed underwriting year of account.



The company accrues the right, under the binding agreements in place, to receive a share of the net underwriting profits of the insurers for an underwriting year of account ("Profit commission") which is calculated based on the performance of the book of business so written under the binding agreement (net premium less claims incurred).The profit commission earned is due for payment 13 months following the end of the underwriting year of account to which it relates.



There is considerable estimation uncertainty in relation to the company recognizing this income stream and the corresponding financial asset. The profit commission, whilst based on the net premium underwritten (which is known) is contingent upon (a) the final loss ratio for the book of business which cannot be determined until at least 12 months following the end of the underwriting year, and (b) the level of agreed underwriters expenses and costs. Profit commission generally therefore cannot be reliably measured.



The company discloses in its financial statements details of this contingent asset (where material), and recognizes profit commission as income and a financial asset only when receipt of such in the following accounting period becomes virtually certain.



The Fiducia MGA Company Limited (Registered number: 09913313)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


2.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Fixtures and fittings

-

20% on cost


Computer equipment

-

33% on cost


Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments


Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.



Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest. Finance expenses are recognised immediately in the profit and loss.



Operating lease payments are recognised as an expense on a straight line basis over the lease term.



The Fiducia MGA Company Limited (Registered number: 09913313)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


2.

ACCOUNTING POLICIES - continued



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.


Insurance contracts


Client money bank accounts:


An insurance intermediary has sufficient interest in the risks and rewards associated with monies held on trust and therefore such assets held by the company meet the recognition criteria for an asset under FRS 102.



Insurance debtors:


Generally debtors represent general commission and profit share commission receivable as there exists a contractual right to receive such commission from the insurer.



Premium debt net of commission is not recognised in the company's financial statements as in general there exists no contractual right to receive the net premium as intermediaries act in the capacity of agent between the insured and the insurer. The exception to this is where the insurance contract is governed by the Marine Insurance Act 1906, in which case the premium debt net of commission is recognised.



Insurance creditors:


A financial liability to the insurer is recognised in the financial statements to the extent that it represents (a) funded premium held in client money bank accounts net of the commission due to the company and (b) the net premium due from brokers under insurance contracts governed by the Marine Insurance Act 1906.



Employee benefits


Short term employee benefits such as the entitlement to holiday pay are recognised as an expense in the period in which they are accrued.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 23 (2023 - 23 ) .


4.

TANGIBLE FIXED ASSETS


Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2024

25,921


56,814


82,735




Additions

4,062


12,221


16,283




Disposals

-


(3,580

)

(3,580

)



At 31 December 2024

29,983


65,455


95,438




DEPRECIATION


At 1 January 2024

25,921


38,874


64,795




Charge for year

204


11,193


11,397




Eliminated on disposal

-


(3,580

)

(3,580

)



At 31 December 2024

26,125


46,487


72,612




NET BOOK VALUE


At 31 December 2024

3,858


18,968


22,826




At 31 December 2023

-


17,940


17,940





The Fiducia MGA Company Limited (Registered number: 09913313)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


5.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 January 2024


and 31 December 2024

16,662




NET BOOK VALUE


At 31 December 2024

16,662




At 31 December 2023

16,662




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.24


31.12.23

£   

£   



Trade debtors

4,276,403


3,161,057




Profit commission

266,714


334,298




Other debtors

11,815


884




Deferred tax asset

-


75,476




Prepayments

83,740


81,736



4,638,672


3,653,451




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.24


31.12.23

£   

£   



Trade creditors

5,666,609


3,938,590




Taxation and social security

247,128


40,911




Other creditors

484,296


563,990



6,398,033


4,543,491




8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.12.24


31.12.23

£   

£   



Other creditors

266,000


724,000




9.

LOANS



An analysis of the maturity of loans is given below:



31.12.24


31.12.23

£   

£   



Amounts falling due within one year or on demand:


Other loans

458,000


482,000





Amounts falling due between two and five years:


Other loans - 2-5 years

266,000


724,000





The Fiducia MGA Company Limited (Registered number: 09913313)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


9.

LOANS - continued


The company entered into an agreement with its provider of loan finance on 5 February 2020. The quantum and timing of future repayments of loan debt are contingent upon the company's reported annual profit after tax. Quarterly loan repayments commenced in September 2021, with the final repayment date for the borrowings scheduled for no later than June 2026.

The amount repayable within 12 months of the balance sheet date is known with certainty as at 31 December 2024 year end this is derived from the reported profits in both 2023 and 2024. In addition the final repayment date is no later than June 2026 and therefore the remaining debt falls due for payment in 2 to 5 years.

10.

SECURED DEBTS



The following secured debts are included within creditors:



31.12.24


31.12.23

£   

£   



Other loans

724,000


1,206,000





The loan to the company is secured by way of a debenture in favour of the lender incorporating a fixed and floating charge over all of the assets of the company.



Hire purchase liabilities are secured against the assets to which they relate.


11.

SUBORDINATED LOAN


On 24 May 2023, B.P.Marsh & Company Limited provided the company with a subordinated loan of £275,000. The loan is unsecured and bears interest at 4% per annum above Bank of England base rate, or a rate of 10%, whichever is the higher. The loan is subordinated to all other creditors of the company and cannot be repaid without the prior written consent of the Financial Conduct Authority.

12.

SUBSEQUENT EVENTS


Profit commission
Where profit commissions, which had accrued at the financial reporting date, have been received in the post balance sheet period or where the quantum of the profit commission is now known with reasonable certainty, and the inflow of economic benefits is virtually certain then these have been recognised as assets at the financial reporting date [see note: Debtors].

13.

CONTINGENT ASSET



Contingent assets at the reporting period end represent probable inflows of economic benefits in respect of profit sharing arrangements in relation to its underwriting activities. Such contingent assets are considered to be probable on the 24 month anniversary of the inception date of the binding authority under which such profit sharing arrangements accrue. The expected quantum of the inflow of economic benefits is contingent upon the future underwriting outgoings of the underwriter, in particular the quantum of incurred claims.



The company's best estimate of the expected inflow of economic benefits, on binding authority periods where at the financial reporting date, 12 months have elapsed from binder inception, and based on the most probable claims loss ratio, is £924,140  [2023: £572,106].


Chartered Certified Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

The Fiducia MGA Company Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Fiducia MGA Company Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.  


This report is made solely to the Board of Directors of The Fiducia MGA Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Fiducia MGA Company Limited and state those matters that we have agreed to state to the Board of Directors of The Fiducia MGA Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at    

https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.


To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.  


It is your duty to ensure that The Fiducia MGA Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Fiducia MGA Company Limited. You consider that The Fiducia MGA Company Limited is exempt from the statutory audit requirement for the year.    


We have not been instructed to carry out an audit or a review of the financial statements of The Fiducia MGA Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.  







Frank W Dobby & Co Limited

Chartered Certified Accountants

55 Fountain Street

Morley

Leeds

West Yorkshire

LS27 0AA



15 May 2025