REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
Caspian Assured Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
Caspian Assured Ltd |
Caspian Assured Ltd (Registered number: 07011592) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Profit and Loss Account | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Caspian Assured Ltd |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Ebenezer House |
Ryecroft |
Newcastle |
Staffordshire |
ST5 2BE |
Caspian Assured Ltd (Registered number: 07011592) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
Caspian Assured Limited is an award-winning financial services intermediary authorised by the Financial Conduct Authority ("FCA"), who specialise in finding and advising consumers on the best life insurance policies. |
Performance for the year saw an increase in turnover of 16.1%, increasing to £9.8m from £8.4m in 2023. |
Gross profit margin decreased during the period from 49.7% in 2023 to 47.5% in 2024 due to movement in reclassification of costs. |
It is a fundamental objective to maintain a sustainable growth plan, and the company took the time to focus on organic growth. |
KEY PERFORMANCE INDICATORS |
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin. |
2024 | 2023 |
Turnover growth | 16.1% | 17.4% |
Gross profit | 47.5% | 49.7% |
Net profit | 4.6% | 1.3% |
It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board. |
The directors are happy with the company's performance against those indicators |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are certain risks, which could materially and adversely impact the company's results compared to expectation. A summary of the key risks is set out below. |
REGULATORY RISK |
The possibility of not adhering to regulations set by the FCA and other regulatory authorities could result in customer harm and adversely affect Caspian Assured Limited, including incurring costs for redress, facing regulatory actions (such as investigations, fines, or even loss of operating authorisation), as well as suffering reputational damage. This risk is mitigated by the company's comprehensive risk management framework and its internal compliance function. The company fosters a strong compliance culture by hiring experienced and knowledgeable professionals responsible for ensuring and monitoring compliance across the business. |
OPERATIONAL RISKS |
Caspian Assured Limited relies heavily on robust information technology (IT) systems to manage its daily functions. There is a potential operational risk that a failure in these systems, whether individually or collectively, could cause significant downtime, resulting in customer dissatisfaction, revenue loss, and damage to the company's reputation. A data breach, ransomware attack, or other cyber incidents compromising personal data could harm customers, incur fines, generate negative publicity, and erode customer trust. To counteract these risks, the company's in-house IT team has developed a secure IT infrastructure and systems, which undergo regular testing and have disaster recovery and incident response plans in place. |
SUPPLIER RISKS |
Caspians suppliers include major insurance companies who are key to the business being able to operate. As a result, this risk is managed through relationship management and the monitoring of day-to-day operational activities. |
ECONOMIC & MARKET RISK |
Cost of living pressure could impact on customer policy cancellations. The directors and management team closely monitor customer cancellations rates to understand any changes in customer behaviour. Caspian is always focused on delivering a high-quality service to its customers which enables Caspian to be competitive in the event of adverse economic conditions in the UK economy. |
LIQUIDITY RISK |
The company forecasts its future cash position to ensure it covers future obligations in line with the business's strategic direction. |
Caspian Assured Ltd (Registered number: 07011592) |
Strategic Report |
for the Year Ended 30 September 2024 |
FUTURE DEVELOPMENTS |
The directors are keen to expand the core business, through organic sustainable growth & exploring new corporate partnerships both underpinned by Caspian Assured Limited's solid operational foundations. |
The business continues to invest in research and development for people and technology which enable Caspian to compete in increasingly competitive markets whilst ensuring good customer outcomes remain at the forefront of what the business does. |
ON BEHALF OF THE BOARD: |
Caspian Assured Ltd (Registered number: 07011592) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of life insurance brokerage. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £72,000. |
RESEARCH AND DEVELOPMENT |
The research and development activities of the company have been outlined within the Strategic Report on page 3. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties of the company have been outlined within the Strategic Report on page 3. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Caspian Assured Ltd (Registered number: 07011592) |
Report of the Directors |
for the Year Ended 30 September 2024 |
AUDITORS |
The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Caspian Assured Ltd |
Opinion |
We have audited the financial statements of Caspian Assured Ltd (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 30 September 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Report of the Independent Auditors to the Members of |
Caspian Assured Ltd |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Caspian Assured Ltd |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the life insurance industry; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, other industry specific accreditations and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Caspian Assured Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Ebenezer House |
Ryecroft |
Newcastle |
Staffordshire |
ST5 2BE |
Caspian Assured Ltd (Registered number: 07011592) |
Profit and Loss Account |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
921,184 | 621,165 |
Other operating income | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
929,738 | 624,200 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Caspian Assured Ltd (Registered number: 07011592) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Caspian Assured Ltd (Registered number: 07011592) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2024 |
Caspian Assured Ltd (Registered number: 07011592) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 406,569 | 2,773,951 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 271,389 |
Cash and cash equivalents at end of year | 2 | 543,593 | 238,101 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 477,678 | 513,513 |
Finance income | (9,431 | ) | (3,035 | ) |
1,080,815 | 732,309 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 543,593 | 238,101 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 238,101 | 271,389 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 238,101 | 305,492 | 543,593 |
238,101 | 543,593 |
Total | 238,101 | 305,492 | 543,593 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Caspian Assured Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below. |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The critical judgments that the directors have made in the process of applying the company's accounting policies and key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. |
Turnover |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
Commission turnover is recognised when a product is put on risk with product providers and the policy has commenced. This is the point at which Caspian obtain the right to the consideration in exchange for the performance of its services. |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and shown net of commission clawbacks. As an intermediary there are instances where the company may have to repay parts of the initial turnover received in the event of a policy being cancelled by the customer ("clawback"). Uncertainties attached to future consumer behaviour and broader economic variables are also considered when calculating the provision. |
Recoverability of accrued income |
Accrued income is recognized for commission owed to the company relating to on risk products where the policy has commenced but invoices have not been issued. |
The company establishes a provision for accrued income that is estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the accrued income and past experience of recoverability.. |
Other income streams are recognised in the period to which they relate. |
All turnover in the financial statements have been derived in the UK. |
Tangible Assets |
Determining residual values of tangible assets |
Judgement is applied by management when determining the residual values for fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. |
Estimated useful life of tangible assets |
The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales | 33 | 29 |
Admin Staff | 28 | 32 |
Marketing and Telesales | 31 | 26 |
Directors | 4 | 3 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 30 September 2024 is as follows: |
2024 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest payable |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Prior period tax adjustments | (157,072 | ) | (141,392 | ) |
Total current tax | ( |
) | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) | ( |
) |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Corporation tax charge rate difference | - | (6,553 | ) |
Deferred tax | (12,028 | ) | 9,004 |
Total tax credit | (37,636 | ) | (86,735 | ) |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
11. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Prepayments and accrued income |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 742,038 | 335,468 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Shareholders loan | 3,990,453 | 3,990,453 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
These financial commitments represent the total amount of payments remaining on leases ending in or before 2027. |
15. | SECURED DEBTS |
2024 | 2023 |
£ | £ |
Related party loan due within one year | 600,000 | 500,824 |
Related party loan due over one year | 5,806,883 | 5,810,292 |
6,406,883 | 6,311,116 |
The loan is secured over fixed and floating charges over the company and contains a negative pledge. |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 1,187 | 963 |
87,621 | 99,649 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( |
) |
Balance at 30 September 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 5 | 5 |
B Ordinary | £1 | 76 | 76 |
C Ordinary | £1 | 19 | 19 |
100 | 100 |
Caspian Assured Ltd (Registered number: 07011592) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2023 | 1,549,795 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 September 2024 | 1,967,491 |
19. | RELATED PARTY DISCLOSURES |
At the year end, the company owed a related party a total of £6,406,883 (2023: £6,311,116), who are related by common familiar control. The amount is secured and the breakdown is disclosed on note 15. |
During the financial year, the company incurred costs to a total of £198,828 (2023: £158,470) in management charges to related party, who are related by common familiar control. |
20. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors, who are the majority shareholders. |
The ultimate controlling party by shareholding is O G Rayner. |