Company No:
Contents
| DIRECTORS | K. Higashida (Appointed 01 April 2024, Resigned 01 April 2025) |
| H. Mishima (Resigned 01 April 2024) | |
| H. Okada | |
| H. Sakamoto | |
| T. Shinohara (Appointed 01 April 2025) | |
| K. Takahiro (Appointed 01 April 2024) | |
| S. Yamazaki (Resigned 01 April 2024) |
| REGISTERED OFFICE | The St Botolph Building |
| 138 Houndsditch | |
| London | |
| EC3A 7BT | |
| United Kingdom |
| COMPANY NUMBER | 01183719 (England and Wales) |
| AUDITOR | BKL Audit LLP |
| Statutory Auditor | |
| First Floor | |
| 5 Fleet Place | |
| London | |
| EC4M 7RD |
The directors present their annual report and financial statements for the year ended 31 December 2024.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
|
|
(Appointed 01 April 2024, Resigned 01 April 2025) |
|
|
(Resigned 01 April 2024) |
|
|
|
|
|
|
|
|
(Appointed 01 April 2025) |
|
|
(Appointed 01 April 2024) |
|
|
(Resigned 01 April 2024) |
Future developments
The directors are satisfied that the company has sufficient resources to enable it to continue as a going concern for the foreseeable future and consequently have adopted the going concern basis in preparing these annual report and financial statements.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Results and dividends
The results for the year are set out on page 8. Within the statement of comprehensive income of the company are the results for the branch in Amsterdam.
Approved by the Board of Directors and signed on its behalf by:
|
H Okada
Director |
Report on the audit of the financial statements
We have audited the financial statements of TM Claims Service Europe Limited for the financial year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the accounting policies, and the related notes 1 to 18, including 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 of TM Claims Service Europe Limited (the ‘Company’):
* 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 financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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 Auditor's 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.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 regards.
Report on other legal and regulatory requirements
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit;
* The directors were not entitled to take advantage of the small companies exemption in preparing the directors report and from the requirement to prepare a strategic report.
As explained more fully in the Directors' Responsibilities Statement, 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.
Auditor’s 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 auditor's 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 the irregularities, including fraud, is detailed below:
Capability of the audit detecting irregularities, including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, health and safety regulations and anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:
· Discussions with the directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud
· Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations
· Identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an auditor’s 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.
For and on behalf of
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Turnover | 3 |
|
|
|
| Administrative expenses | (
|
(
|
||
| Operating profit |
|
|
||
| Interest receivable and similar income | 4 |
|
|
|
| Interest payable and similar expenses | 4 | (
|
(
|
|
| Profit before taxation |
|
|
||
| Tax on profit | 7 | (
|
(
|
|
| Profit for the financial year |
|
|
||
| Other items of other comprehensive income | (
|
(
|
||
| Other comprehensive loss | (93,671) | (40,278) | ||
| Total comprehensive income |
|
|
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 10 |
|
|
|
| 10,689 | 4,807 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 11 |
|
|
|
| - due after more than one year | 11 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 4,393,596 | 3,913,864 | |||
| Creditors: amounts falling due within one year | 12 | (
|
(
|
|
| Net current assets | 3,761,985 | 3,259,256 | ||
| Total assets less current liabilities | 3,772,674 | 3,264,063 | ||
| Net assets | 3,772,674 | 3,264,063 | ||
| Capital and reserves | 14 | |||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds | 3,772,674 | 3,264,063 |
The financial statements of TM Claims Service Europe Limited (registered number:
|
H Okada
Director |
| Called-up share capital | Profit and loss account | Total | |||
| £ | £ | £ | |||
| At 01 January 2023 |
|
|
|
||
| Profit for the financial year |
|
|
|
||
| Other comprehensive income - currency translation differences |
|
(
|
(
|
||
| Total comprehensive income |
|
|
|
||
| At 31 December 2023 |
|
|
|
||
| At 01 January 2024 |
|
|
|
||
| Profit for the financial year |
|
|
|
||
| Other comprehensive income - currency translation differences |
|
(
|
(
|
||
| Total comprehensive income |
|
|
|
||
| At 31 December 2024 |
|
|
|
||
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
TM Claims Service Europe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The St Botolph Building, 138 Houndsditch, London, EC3A 7BT, United Kingdom.
The principal activities of the company are the provisions of the claims handling, loss prevention and general management services.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The company has a branch in The Netherlands which has a functional currency of €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
· Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
· Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Tokio Marine Holdings Inc. These consolidated financial statements are available from its registered office, 1-2-1 Marunouchi, Chiyoda-ku, Tokyo, 100-0005, Japan.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue represents the value of fees receivable for the financial year. Fees receivable are calculated on a claim by claim basis or on an incurred cost basis and are recognised based on claims cases completed or on costs incurred during the financial year.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Amortisation is recognised so as to write off cost or valuation of assets less their residual values over their useful lives on the following basis:
| Computer software |
|
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
| Fixtures and fittings |
|
| Computer equipment |
|
The Company as lessee
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts owed to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2024 | 2023 | ||
| £ | £ | ||
| Claims handling fees | 2,321,294 | 2,008,658 | |
| Service fees | 1,271,397 | 1,323,738 | |
| 3,592,691 | 3,332,396 |
Breakdown by geographical market:
An analysis of the Company's turnover by geographical market is set out below.
| 2024 | 2023 | ||
| £ | £ | ||
| UK | 1,437,022 | 1,218,313 | |
| Netherlands | 2,155,669 | 2,114,083 | |
| 3,592,691 | 3,332,396 |
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable and similar income |
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| 5,181 | 3,652 |
| 2024 | 2023 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Administration |
|
|
|
| Management |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2024 | 2023 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs (note 16) |
|
|
|
| 1,471,317 | 1,347,538 |
| 2024 | 2023 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
|
|
| Foreign tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Total deferred tax |
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK:
| 2024 | 2023 | ||
| £ | £ | ||
| Profit before taxation | 801,699 | 642,442 | |
| Tax on profit at standard UK corporation tax rate of 25.00% (2023: 23.50%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
(
|
|
| Other taxation differences | 0 | (321) | |
| Taxation charge for the year | 0 | 2,769 | |
| Foreign taxation effects | (3,342) | 10,122 | |
| Total tax charge for year | 199,417 | 163,433 |
| 2024 | 2023 | ||
| £ | £ | ||
| Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss | (82,071) | (17,851) | |
| Fees payable to the company's auditor for the audit of the company's financial statements | 43,076 | 42,000 | |
| Depreciation of owned tangible fixed assets | 3,032 | 2,060 | |
| Amortisation of intangible assets | 0 | 1,763 | |
| Operating lease charges | 75,853 | 67,386 |
| Computer software | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
|
|
|
| Disposals | (
|
(
|
|
| At 31 December 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2024 |
|
|
|
| Disposals | (
|
(
|
|
| At 31 December 2024 |
|
|
|
| Net book value | |||
| At 31 December 2024 |
|
|
|
| At 31 December 2023 |
|
|
| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2024 |
|
|
|
||
| Additions |
|
|
|
||
| Disposals | (
|
(
|
(
|
||
| At 31 December 2024 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 January 2024 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| Disposals | (
|
(
|
(
|
||
| At 31 December 2024 |
|
|
|
||
| Net book value | |||||
| At 31 December 2024 |
|
|
|
||
| At 31 December 2023 |
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings (note 17) |
|
|
|
| VAT recoverable |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
||
| Debtors: amounts falling due after more than one year | |||
| Deferred tax asset |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings (note 17) |
|
|
|
| Taxation and social security |
|
|
|
| Accruals |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
|
|
|
| Charged to the Profit and Loss Account | (
|
(
|
|
| At the end of financial year |
|
|
The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Other timing differences |
|
|
|
| Decelerated capital allowances |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 12,500 | 12,500 |
Commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases,
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
|
|
|
Defined contribution schemes
The Company operates a defined contribution retirement benefit scheme for all qualifying employees. The total expense charged to profit or loss in the year ended 31 December 2024 was £88,417 (2023: £67,588).
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The Company enters into transactions with its related parties in the normal course of business.
The company has taken advantage of the exemption available in accordance with Section 33.1A of Financial Reporting Standard 102 whereby it has not disclosed transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking within the group to which it is party to the transactions.
The immediate parent company is Tokio Marine & Nichido Fire Insurance Co. Ltd. The Ultimate parent company and controlling party is Tokio Marine Holdings, Inc. incorporated in Japan. This is also the parent company of the largest group of undertakings for which the group accounts have been drawn up & of which the company is a member.