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Registered number: 04255878









ROCK INSURANCE SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ROCK INSURANCE SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
S Endacott (resigned 8 February 2025)
A J Martin (resigned 4 March 2025)
A Millington 
M T Humphreys 
J Kearney 




Registered number
04255878



Registered office
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





 
ROCK INSURANCE SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 34


 
ROCK INSURANCE SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group during the financial year ended 31 December 2024, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The directors consider the results reflect the strong performance of the Company throughout the year and has been well placed to take advantage of the increased demand for travel insurance following international travel returning to pre-pandemic levels.
The Company continued its integration into the Staysure Group, which has enabled the Company to continue and accelerate its strong growth, and deliver cost savings through the group operating model, a trend which it expects to continue in the future.
The Company has invested significantly in its technology and operational headcount during the period and has realigned its structure to support and deliver growth strategies. As part of this strategy the company outsourced it call centre operations during 2023 and are now seeing the full year benefit driving significant savings alongside strong service levels.

The key performance indicators used by the directors to monitor the progress of the Company are set out below:-

2024
2023
£
£
Key performance indicators
Turnover

12,141,857

12,751,878

Gross profit

10,774,956

10,889,544

Gross profit as a percentage of turnover

88.74%

85.40%

Operating profit/(loss)

1,824,009

536,527

Operating profit/(loss) as a percentage of turnover

15.02%

4.21%

Profit/(loss) on ordinary activities before taxation

1,980,853

745,866

Profit/(loss) on ordinary activities as a percentage of turnover

16.31%

5.85%

Earnings before interest, taxation, depreciation and amortisation (EBITDA)

2,586,460

1,117,126

EBITDA as a percentage of turnover

21.30%

8.76%


Page 1

 
ROCK INSURANCE SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The following risk factors may affect the Company's operating results and its financial position. 
 
The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company.
 
The Company operates in a highly competitive market featuring innovation in insurance products and the methods by which they are marketed, as well as price pressures. The Company seeks to constantly invest in its brand to increase public awareness as well as offer a wide selection of products from a wide range of suppliers at competitive prices to maintain its market position and protect against erosion of its market share. The Company also monitors competitor activity closely.
 
The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk and continues to invest significantly in IT security as part of its overall strategy.
The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company. These include:
- acts of terrorism, particularly in key tourist destinations
- epidemics in key tourist destinations which threaten the health of tourists
- wars or other international uncertainty which affects air travel
- natural disasters in key tourist destinations
- detrimental weather conditions, both in the UK and key tourist destinations
- changes in customer behaviour and preferences
- increase in government taxes
These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by offering products in a wide range of destinations and has put in place robust plans to protect the Company's position.


This report was approved by the board on 23 April 2025 and signed on its behalf.



J Kearney
Director

Page 2

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The Company's principal activity during the year continued to be that of a travel insurance intermediary and insurance technology provider offering embedded insurance services.

Results and dividends

The profit for the year, after taxation, amounted to £1,615,932 (2023 - £814,752).

No dividends will be distributed for the year ended 31 December 2024.

Page 3

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year were:

S Endacott (resigned 8 February 2025)
A J Martin (resigned 4 March 2025)
A Millington 
M T Humphreys 
J Kearney 

Research and development activities

The Company's growth requires investment in innovative technology and the ability to deliver fast, innovative and effective search results for consumers in a market that has seen significant technological advances in recent years. During the year the Company continued to make significant investment into software development to enable it to be positioned to service and take advantage of additional demand from consumers.

Matters covered in the Strategic Report

The directors have disclosed additional performance data for the Company in the strategic report which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 April 2025 and signed on its behalf.
 





J Kearney
Director

Page 4

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCK INSURANCE SERVICES LIMITED
 

Opinion


We have audited the financial statements of Rock Insurance Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 5

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCK INSURANCE SERVICES LIMITED (CONTINUED)


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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 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:


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 6

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCK INSURANCE SERVICES LIMITED (CONTINUED)


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.


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.

Page 7

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCK INSURANCE SERVICES LIMITED (CONTINUED)



Page 8

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROCK INSURANCE SERVICES LIMITED (CONTINUED)


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 9

 
ROCK INSURANCE SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,141,857
12,751,878

Cost of sales
  
(1,366,901)
(1,862,334)

Gross profit
  
10,774,956
10,889,544

Administrative expenses
  
(9,234,313)
(10,120,127)

Exceptional administrative expenses
  
(403,181)
(961,377)

Other operating income
 5 
686,547
728,487

Operating profit
 6 
1,824,009
536,527

Income from fixed assets investments
  
-
132,000

Interest receivable and similar income
 11 
167,295
86,772

Interest payable and similar expenses
 12 
(10,451)
(9,433)

Profit before tax
  
1,980,853
745,866

Tax on profit
 13 
(364,921)
68,886

Profit for the financial year
  
1,615,932
814,752

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,615,932
814,752

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
ROCK INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 04255878

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
2,015,667
1,577,814

Tangible assets
 16 
128,235
173,085

Investments
 17 
430
430

  
2,144,332
1,751,329

Current assets
  

Debtors: amounts falling due within one year
 18 
4,939,284
3,482,562

Cash at bank and in hand
 19 
4,855,768
6,073,437

  
9,795,052
9,555,999

Creditors: amounts falling due within one year
 20 
(7,670,765)
(8,643,655)

Net current assets
  
 
 
2,124,287
 
 
912,344

Total assets less current liabilities
  
4,268,619
2,663,673

Creditors: amounts falling due after more than one year
 21 
(61,665)
(72,651)

  

Net assets
  
4,206,954
2,591,022


Capital and reserves
  

Called up share capital 
 23 
200
200

Profit and loss account
 24 
4,206,754
2,590,822

  
4,206,954
2,591,022


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 16 to 34 form part of these financial statements.

Page 11

 
ROCK INSURANCE 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
200
1,776,070
1,776,270


Comprehensive income for the year

Profit for the year
-
814,752
814,752



At 1 January 2024
200
2,590,822
2,591,022


Comprehensive income for the year

Profit for the year
-
1,615,932
1,615,932


At 31 December 2024
200
4,206,754
4,206,954


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
ROCK INSURANCE SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,615,932
814,752

Adjustments for:

Amortisation of intangible assets
697,651
500,638

Depreciation of tangible assets
64,800
79,961

Investment income received
(167,295)
(218,772)

Taxation charge
364,921
(68,886)

(Increase) in debtors
(851,549)
(540,188)

(Increase) in amounts owed by groups
(749,328)
(935,643)

Decrease in amounts owed by associates
10,186
117,979

(Decrease)/increase in creditors
(1,113,801)
1,811,058

(Decrease)/increase in amounts owed to groups
(87,602)
-

Corporation tax received
-
59,868

Net cash generated from operating activities

(216,085)
1,620,767


Cash flows from investing activities

Purchase of intangible fixed assets
(1,135,504)
(1,181,312)

Purchase of tangible fixed assets
(19,950)
(176,047)

Interest received
167,295
86,772

Income from investments
-
132,000

Net cash from investing activities

(988,159)
(1,138,587)
Page 13

 
ROCK INSURANCE SERVICES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(13,425)
85,835

Net cash used in financing activities
(13,425)
85,835

Net (decrease)/increase in cash and cash equivalents
(1,217,669)
568,015

Cash and cash equivalents at beginning of year
6,073,437
5,505,422

Cash and cash equivalents at the end of year
4,855,768
6,073,437


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,855,768
6,073,437


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
ROCK INSURANCE SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

6,073,437

(1,217,669)

4,855,768

Finance leases

(85,835)

13,425

(72,410)


5,987,602
(1,204,244)
4,783,358

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
ROCK INSURANCE 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.
Rock Insurance Services Limited is a private company limited by shares and incorporated in England under registered number 04255878. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is:
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 (see note 3).

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  necessitated that Company management and the directors continue to constantly review the Company’s financial position as well as forecasts, and plan mitigation actions in order to neutralise the potential 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, Company management and the directors have a reasonable expectation that the Company 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 Company 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 16

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 17

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 18

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Software development
-
25%
straight line
Website copyright
-
25%
straight line

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 19

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 20

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 21

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the Company's accounting policies
The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.

Page 22

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Travel insurance intermediary services
12,141,857
12,751,878


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Research and development expenditure credit
75,000
120,000

Sundry income
611,547
608,487

686,547
728,487



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
71
652


7.


Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 23

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

2024
2023
£
£

Wages and salaries
1,788,441
3,601,524

Social security costs
325,121
363,266

Cost of defined contribution scheme
99,611
94,633

2,213,173
4,059,423


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


        2024
        2023
            No.
            No.







Sales
35
51



Administration
14
20



Technical
5
7

54
78


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
551,939
539,141

Company contributions to defined contribution pension schemes
30,437
24,990

582,376
564,131


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £584,363 (2023 - £222,965).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,000 (2023 - £15,000).

The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

Page 24

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Income from investments

2024
2023
£
£

Dividend received from Inter Companies
-
(132,000)

-
(132,000)







11.


Interest receivable

2024
2023
£
£


Other interest receivable
167,295
86,772

167,295
86,772


12.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
10,451
9,433

10,451
9,433

Page 25

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
230,952
3,168


230,952
3,168


Total current tax
230,952
3,168

Deferred tax


Origination and reversal of timing differences
133,969
(72,054)

Total deferred tax
133,969
(72,054)


Tax on profit
364,921
(68,886)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,980,853
745,866


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25 % (2023 - 23.5%)
495,213
175,279

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
178,779
84,434

Capital allowances for year in excess of depreciation
(252,660)
(256,545)

Utilisation of tax losses
(162,822)
-

Movement in defered taxes
133,969
(72,054)

Group relief
(27,558)
-

Total tax charge for the year
364,921
(68,886)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.
Page 26

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
13.Taxation (continued)




Page 27

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Exceptional items

2024
2023
£
£


Call centre outsourcing costs
-
269,200

IT infrastructure investment
-
692,177

Redundancy and restructuring costs
403,181
-

403,181
961,377


15.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2024
4,285,432
2,160
4,287,592


Additions
1,135,504
-
1,135,504


Disposals
(2,183,491)
-
(2,183,491)



At 31 December 2024

3,237,445
2,160
3,239,605



Amortisation


At 1 January 2024
2,707,618
2,160
2,709,778


Charge for the year on owned assets
697,651
-
697,651


On disposals
(2,183,491)
-
(2,183,491)



At 31 December 2024

1,221,778
2,160
1,223,938



Net book value



At 31 December 2024
2,015,667
-
2,015,667



At 31 December 2023
1,577,814
-
1,577,814



Page 28

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
112,817
190,896
550,853
854,566


Additions
-
2,994
16,956
19,950



At 31 December 2024

112,817
193,890
567,809
874,516



Depreciation


At 1 January 2024
19,000
189,890
472,591
681,481


Charge for the year on owned assets
17,051
759
46,990
64,800



At 31 December 2024

36,051
190,649
519,581
746,281



Net book value



At 31 December 2024
76,766
3,241
48,228
128,235



At 31 December 2023
93,817
1,006
78,262
173,085


17.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2024
380
50
430



At 31 December 2024
380
50
430




Page 29

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The aggregate of the share capital and reserves as at 31 December 2024 and of the profit or loss for the year ended on that date for the associate undertaking were as follows:

Aggregate of share capital and reserves
Profit/(loss)
£
£
MGA Cover Services Limited

1,824

(12,663)



Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Rock Cover Services Limited
135 High Street, Crawley, West Sussex, RH10 1DQ
Insurance intermediary
Ordinary
100%
Rock (SFC) Cover Services Limited
135 High Street, Crawley, West Sussex, RH10 1DQ
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Rock Cover Services Limited
254
(14,868)

Rock (SFC) Cover Services Limited
-
-


Associate


The following was an associate of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

MGA Cover Services Limited
135 High Street, Crawley, West Sussex, RH10 1DQ
Managing general agency
Ordinary
50%

Page 30

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Debtors

2024
2023
£
£


Trade debtors
2,102,322
1,399,795

Amounts owed by group undertakings
1,147,668
398,340

Amounts owed by joint ventures and associated undertakings
-
10,186

Other debtors
593,133
650,554

Prepayments and accrued income
1,043,353
836,910

Deferred taxation
52,808
186,777

4,939,284
3,482,562



19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,855,768
6,073,437

4,855,768
6,073,437



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,436,479
7,472,276

Amounts owed to group undertakings
121,316
208,918

Corporation tax
230,952
3,168

Other taxation and social security
80,947
224,183

Obligations under finance lease and hire purchase contracts
10,745
13,184

Other creditors
143,335
148,257

Accruals and deferred income
646,991
573,669

7,670,765
8,643,655


Page 31

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
61,665
72,651

61,665
72,651



22.


Deferred taxation




2024


£






At beginning of year
186,777


Charged to profit or loss
(133,969)



At end of year
52,808

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
52,808
20,586

Tax losses carried forward
-
166,191

52,808
186,777


23.


Share capital

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



102 (2023 - 102) A Ordinary shares of £1.00 each
102
102
98 (2023 - 98) B Ordinary shares of £1.00 each
98
98

200

200

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


Page 32

 
ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Reserves

Profit and loss account

The profit and loss account represents the net distributable reserves of the group at the date of the financial position.


25.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £99,611 (2023: £94,633). Outstanding contributions amounted to £12,335 (2023: £17,256) at the year end.


26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
97,421
97,421

Later than 1 year and not later than 5 years
280,283
377,704

377,704
475,125


27.


Related party transactions

Ticorp Limited - a business which is also part of the Staysure Group, which Rock Insurance Services Limited became a part of on 7 July 2021. The inter-company balance due to the related party at the year end amounted to £119,130 (2023: £43,864). Call centre and staff costs payable to Ticorp Limited during the year amounted to £546,033 (2023: £295,034). 
Ticorp Limited was also given a loan of £500,000 during the year. This loan was interest free and repaybale on demand. Amount due from the related party £500,000 (2023: £Nil) , included in debtors due within one year.
Howserv Limited - a business which is also part of the Staysure Group, which Rock Insurance Services Limited became a part of on 7 July 2021. The inter-company balance from the related party at the year end amounted to £20,431 (2023:£45,929 due to the related party). Call centre and staff costs payable to Howserv Limited during the year amounted to £137,223 (2023: £2,534,349).
Payingtoomuch Holidays Limited - a business which is also part of the Staysure Group, which Rock Insurance Services Limited became a part of on 7 July 2021. The inter-company balance due from the related party at the year end amounted to £107,255 (2023: £77,013 due to the related party). Gross insurance premiums receivable during the year from Payingtoomuch Holidays Limited amounted to £1,917,272 (2023: £1,449,902).
Staysure Group Limited - a business which is the ultimate parent of the Staysure Group, which Rock Insurance Services Limited became a part of on 7 July 2021. The inter-company balance due to the
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ROCK INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.Related party transactions (continued)



28.


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 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.


29.


Debenture charge

A debenture charge was registered on 5 February 2018 in favour of Clydesdale Bank Plc.
A further debenture charge was registered on 7 July 2021 in favour of Mr S Endacott, a company director.

 
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