Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01falseA travel insurance intermediary33truefalse 11937227 2024-01-01 2024-12-31 11937227 2023-01-01 2023-12-31 11937227 2024-12-31 11937227 2023-12-31 11937227 2023-01-01 11937227 c:Director1 2024-01-01 2024-12-31 11937227 c:Director1 2024-12-31 11937227 c:Director2 2024-01-01 2024-12-31 11937227 c:Director3 2024-01-01 2024-12-31 11937227 c:RegisteredOffice 2024-01-01 2024-12-31 11937227 d:CurrentFinancialInstruments 2024-12-31 11937227 d:CurrentFinancialInstruments 2023-12-31 11937227 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11937227 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11937227 d:ShareCapital 2024-12-31 11937227 d:ShareCapital 2023-12-31 11937227 d:ShareCapital 2023-01-01 11937227 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11937227 d:RetainedEarningsAccumulatedLosses 2024-12-31 11937227 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11937227 d:RetainedEarningsAccumulatedLosses 2023-12-31 11937227 d:RetainedEarningsAccumulatedLosses 2023-01-01 11937227 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11937227 c:OrdinaryShareClass1 2024-12-31 11937227 c:OrdinaryShareClass1 2023-12-31 11937227 c:OrdinaryShareClass2 2024-01-01 2024-12-31 11937227 c:OrdinaryShareClass2 2024-12-31 11937227 c:OrdinaryShareClass2 2023-12-31 11937227 c:OrdinaryShareClass3 2024-01-01 2024-12-31 11937227 c:OrdinaryShareClass3 2024-12-31 11937227 c:OrdinaryShareClass3 2023-12-31 11937227 c:FRS102 2024-01-01 2024-12-31 11937227 c:Audited 2024-01-01 2024-12-31 11937227 c:FullAccounts 2024-01-01 2024-12-31 11937227 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11937227 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11937227 2 2024-01-01 2024-12-31 11937227 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11937227









TIGON COVER SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
TIGON COVER SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
A J Martin (resigned 28 March 2025)
A J Millington 
J Kearney 




Registered number
11937227



Registered office
Suite 3a
135 High Street

Crawley

West Sussex

RH10 1DQ




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA





 
TIGON COVER SERVICES LIMITED
 

CONTENTS



Page
Independent Auditors' Report
1 - 4
Statement of Financial Position
5
Statement of Changes in Equity
6
Notes to the Financial Statements
7 - 10


 
TIGON COVER SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGON COVER SERVICES LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Tigon Cover Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 1

 
TIGON COVER SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGON COVER SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.


Page 2

 
TIGON COVER SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGON COVER SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditors' 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 Auditors' 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:

- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with its regulator, the Financial Conduct Authority ("FCA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.

 
Page 3

 
TIGON COVER SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGON COVER SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006




A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Ms N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

23 April 2025
Page 4

 
TIGON COVER SERVICES LIMITED
REGISTERED NUMBER: 11937227

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors
  
172,253
30,561

Cash at bank and in hand
 4 
35,496
210,073

  
207,749
240,634

Creditors: amounts falling due within one year
 5 
(172,016)
(265,275)

Net current assets/(liabilities)
  
 
 
35,733
 
 
(24,641)

Total assets less current liabilities
  
35,733
(24,641)

  

Net assets/(liabilities)
  
35,733
(24,641)


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
  
34,733
(25,641)

  
35,733
(24,641)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2025.




................................................
J Kearney
Director

The notes on pages 7 to 10 form part of these financial statements.

Page 5

 
TIGON COVER SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,000
(34,637)
(33,637)


Comprehensive income for the year

Profit for the year
-
108,996
108,996


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)



At 1 January 2024
1,000
(25,641)
(24,641)


Comprehensive income for the year

Profit for the year
-
60,374
60,374


At 31 December 2024
1,000
34,733
35,733


The notes on pages 7 to 10 form part of these financial statements.

Page 6

 
TIGON COVER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

As disclosed in the Directors' Report, the principal activity of the Company in the period under review was that of a travel insurance intermediary.
Tigon Cover Services Limited is a private company limited by shares and incorporated in England under registered number 11937227. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is:
Suite 3a
135 High Street 
Crawley
West Sussex
RH10 1DQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The cost of living crisis, has continued to affect the Company's trading, profitability and liquidity albeit to a lesser extent than previous years. It has also necessitated that Group management and the directors continue to constantly review the Group’s financial position as well as forecasts, and plan mitigation actions in order to neutralise the financial impact from any significant downturn in trading. This work has also enabled them to assess and plan for the potential impact of any capital requirements that might be required by its regulators.
The Directors also continue to monitor requirements in respect of debt service and covenants and have obtained confirmation of the support of their bankers for a period of at least 12 months from the approval of the financial statements.
Based on the above and the sensitised forecasts and budgets, Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong performance seen so far at the start of 2025, which has seen a significant upside in demand. The Group  has been well placed to meet and service the additional volume.
As a result, and with the Company continuing to receive the full support of its group and shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

Page 7

 
TIGON COVER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover includes revenue earned from sales of insurance products to mainly travel clients and is recognised on a date of booking basis.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
TIGON COVER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


4.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
35,496
210,073

35,496
210,073



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
152,016
133,743

Amounts owed to group undertakings
20,000
106,358

Corporation tax
-
16,174

Accruals and deferred income
-
9,000

172,016
265,275



6.


Deferred taxation


7.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



350 (2023 - 350) A Ordinary shares of £1.00 each
350
350
75 (2023 - 75) B Ordinary shares of £1.00 each
75
75
575 (2023 - 575) Ordinary shares of £1.00 each
575
575

1,000

1,000

Page 9

 
TIGON COVER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.Share capital (continued)


The A, B and standard Ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.



8.


Related party transactions

Rock Services Holdings Limited - parent company holding 100% of the issued share capital in the Company. The Inter-company balance due to the related party at the year end (included in creditors due within 1 year) amounted to £20,000 (2023 - £106,358 ).
Rock Insurance Services Limited - a company which is under control of the same parent company, Rock Services Holdings Limited, being 100% owned by it. The inter-company balance due to the related party at the year end (included within debtors due within 1 year) amounted to £1,932 (2023 - £17,561).


9.


Controlling party

The Company is a 100% owned subsidiary of Rock Services Holdings Limited, a company incorporated in England and Wales, whose registered office is situated at 135 High Street, Crawley, West Sussex, England, RH10 1DQ. 
Wimbledon Topco Wimbledon Topco Limited, a company incorporated in Gibraltar, whose registered office is situated at Suite 23, Portland House, Glacis Road, Gibraltar, GX11 AA, Gibraltar is the ultimate parent undertaking in the group. 
The ultimate controlling party is Mr R Howsam, due to his majority shareholding in the ultimate holding company of the group.


10.


Debenture charge

A debenture charge was registered on 7 July 2021 in favour of Mr S Endacott.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 23 April 2025 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.

 
Page 10