Silverfin false false true 31/12/2024 01/01/2024 31/12/2024 K. Higashida 01/04/2025 01/04/2024 H. Mishima 01/04/2024 01/04/2020 H. Okada 01/04/2022 H. Sakamoto 01/04/2023 T. Shinohara 01/04/2025 K. Takahiro 01/04/2024 S. Yamazaki 01/04/2024 01/04/2021 H Okada 03 July 2025 no description of principal activity 01183719 2024-12-31 01183719 bus:Director1 2024-12-31 01183719 bus:Director2 2024-12-31 01183719 bus:Director3 2024-12-31 01183719 bus:Director4 2024-12-31 01183719 bus:Director5 2024-12-31 01183719 bus:Director6 2024-12-31 01183719 bus:Director7 2024-12-31 01183719 2023-12-31 01183719 core:CurrentFinancialInstruments 2024-12-31 01183719 core:CurrentFinancialInstruments 2023-12-31 01183719 core:Non-currentFinancialInstruments 2024-12-31 01183719 core:Non-currentFinancialInstruments 2023-12-31 01183719 core:ShareCapital 2024-12-31 01183719 core:ShareCapital 2023-12-31 01183719 core:RetainedEarningsAccumulatedLosses 2024-12-31 01183719 core:RetainedEarningsAccumulatedLosses 2023-12-31 01183719 core:ShareCapital 2022-12-31 01183719 core:RetainedEarningsAccumulatedLosses 2022-12-31 01183719 2022-12-31 01183719 core:ComputerSoftware 2023-12-31 01183719 core:ComputerSoftware 2024-12-31 01183719 core:FurnitureFittings 2023-12-31 01183719 core:ComputerEquipment 2023-12-31 01183719 core:FurnitureFittings 2024-12-31 01183719 core:ComputerEquipment 2024-12-31 01183719 core:OtherDeferredTax 2024-12-31 01183719 core:OtherDeferredTax 2023-12-31 01183719 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-12-31 01183719 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-12-31 01183719 bus:OrdinaryShareClass1 2024-12-31 01183719 core:WithinOneYear 2024-12-31 01183719 core:WithinOneYear 2023-12-31 01183719 core:BetweenOneFiveYears 2024-12-31 01183719 core:BetweenOneFiveYears 2023-12-31 01183719 2024-01-01 2024-12-31 01183719 bus:FullAccounts 2024-01-01 2024-12-31 01183719 bus:FRS102 2024-01-01 2024-12-31 01183719 bus:Audited 2024-01-01 2024-12-31 01183719 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01183719 bus:Director1 2024-01-01 2024-12-31 01183719 bus:Director2 2024-01-01 2024-12-31 01183719 bus:Director3 2024-01-01 2024-12-31 01183719 bus:Director4 2024-01-01 2024-12-31 01183719 bus:Director5 2024-01-01 2024-12-31 01183719 bus:Director6 2024-01-01 2024-12-31 01183719 bus:Director7 2024-01-01 2024-12-31 01183719 bus:Director8 2024-01-01 2024-12-31 01183719 2023-01-01 2023-12-31 01183719 2 2024-01-01 2024-12-31 01183719 2 2023-01-01 2023-12-31 01183719 core:ShareCapital 2023-01-01 2023-12-31 01183719 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01183719 core:ShareCapital 1 2023-01-01 2023-12-31 01183719 core:RetainedEarningsAccumulatedLosses 1 2023-01-01 2023-12-31 01183719 1 2023-01-01 2023-12-31 01183719 core:ShareCapital 2024-01-01 2024-12-31 01183719 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01183719 core:ShareCapital 1 2024-01-01 2024-12-31 01183719 core:RetainedEarningsAccumulatedLosses 1 2024-01-01 2024-12-31 01183719 1 2024-01-01 2024-12-31 01183719 core:ComputerSoftware core:TopRangeValue 2024-01-01 2024-12-31 01183719 core:FurnitureFittings core:TopRangeValue 2024-01-01 2024-12-31 01183719 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 01183719 core:ComputerSoftware 2024-01-01 2024-12-31 01183719 core:FurnitureFittings 2024-01-01 2024-12-31 01183719 core:ComputerEquipment 2024-01-01 2024-12-31 01183719 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01183719 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01183719 (England and Wales)

TM CLAIMS SERVICE EUROPE LIMITED

Annual Report and Financial Statements
For the financial year ended 31 December 2024

TM CLAIMS SERVICE EUROPE LIMITED

Annual Report and Financial Statements

For the financial year ended 31 December 2024

Contents

TM CLAIMS SERVICE EUROPE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
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
TM CLAIMS SERVICE EUROPE LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2024

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:

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)

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

03 July 2025

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TM CLAIMS SERVICE EUROPE LIMITED

For the financial year ended 31 December 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TM CLAIMS SERVICE EUROPE LIMITED (continued)

For the financial year ended 31 December 2024

Report on the audit of the financial statements

Opinion

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.

Other information

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit;
* 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.

Responsibilities of directors

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.

Deon van Tonder - ACA (Senior Statutory Auditor)
For and on behalf of
BKL Audit LLP
Chartered Accountants and Statutory Auditor

First Floor
5 Fleet Place
London
EC4M 7RD

04 July 2025

TM CLAIMS SERVICE EUROPE LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 December 2024
Note 2024 2023
£ £
Turnover 3 3,592,691 3,332,396
Administrative expenses ( 2,796,173) ( 2,693,606)
Operating profit 796,518 638,790
Interest receivable and similar income 4 6,083 3,654
Interest payable and similar expenses 4 ( 902) ( 2)
Profit before taxation 801,699 642,442
Tax on profit 7 ( 199,417) ( 163,433)
Profit for the financial year 602,282 479,009
Other items of other comprehensive income ( 93,671) ( 40,278)
Other comprehensive loss (93,671) (40,278)
Total comprehensive income 508,611 438,731

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

TM CLAIMS SERVICE EUROPE LIMITED

BALANCE SHEET

As at 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 10 10,689 4,807
10,689 4,807
Current assets
Debtors
- due within one year 11 284,593 318,301
- due after more than one year 11 41,611 47,760
Cash at bank and in hand 4,067,392 3,547,803
4,393,596 3,913,864
Creditors: amounts falling due within one year 12 ( 631,611) ( 654,608)
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 12,500 12,500
Profit and loss account 3,760,174 3,251,563
Total shareholder's funds 3,772,674 3,264,063

The financial statements of TM Claims Service Europe Limited (registered number: 01183719) were approved and authorised for issue by the Board of Directors on 03 July 2025. They were signed on its behalf by:

H Okada
Director
TM CLAIMS SERVICE EUROPE LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2024
Called-up share capital Profit and loss account Total
£ £ £
At 01 January 2023 12,500 2,812,832 2,825,332
Profit for the financial year 0 479,009 479,009
Other comprehensive income - currency translation differences 0 ( 40,278) ( 40,278)
Total comprehensive income 0 438,731 438,731
At 31 December 2023 12,500 3,251,563 3,264,063
At 01 January 2024 12,500 3,251,563 3,264,063
Profit for the financial year 0 602,282 602,282
Other comprehensive income - currency translation differences 0 ( 93,671) ( 93,671)
Total comprehensive income 0 508,611 508,611
At 31 December 2024 12,500 3,760,174 3,772,674
TM CLAIMS SERVICE EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
TM CLAIMS SERVICE EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

Employee benefits

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.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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

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.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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 4 years straight line
Tangible fixed assets

Tangible fixed assets are are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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 6 years straight line
Computer equipment 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

3. Turnover

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

4. Interest receivable and interest payable

2024 2023
£ £
Interest receivable and similar income 6,083 3,654
Interest payable and similar expenses ( 902) ( 2)
5,181 3,652

5. Staff number and costs

2024 2023
Number Number
The average monthly number of employees (including directors) was:
Administration 23 22
Management 4 4
27 26

Their aggregate remuneration comprised:

2024 2023
£ £
Wages and salaries 1,265,005 1,181,191
Social security costs 117,895 98,759
Other retirement benefit costs (note 16) 88,417 67,588
1,471,317 1,347,538

6. Directors' remuneration

The remuneration of the directors borne by the company was £76,929 (2023: £79,325). Other directors remuneration is borne by other group companies.

7. Tax on profit

2024 2023
£ £
Current tax on profit
UK corporation tax 94,547 12,559
Foreign tax 98,721 104,727
Total current tax 193,268 117,286
Deferred tax
Origination and reversal of timing differences 6,149 46,147
Total deferred tax 6,149 46,147
Total tax on profit 199,417 163,433
Tax reconciliation

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%) 200,425 150,974
Effects of:
Expenses not deductible for tax purposes 2,334 ( 111)
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

8. Operating profit/(loss) for the year is stated after charging/(crediting)

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

9. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2024 341,353 341,353
Disposals ( 15,090) ( 15,090)
At 31 December 2024 326,263 326,263
Accumulated amortisation
At 01 January 2024 341,353 341,353
Disposals ( 15,090) ( 15,090)
At 31 December 2024 326,263 326,263
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

Amortisation of intangible fixed assets is included in administrative expenses.

10. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 January 2024 223,671 32,564 256,235
Additions 8,273 640 8,913
Disposals ( 14,688) ( 2,172) ( 16,860)
At 31 December 2024 217,256 31,032 248,288
Accumulated depreciation
At 01 January 2024 221,309 30,119 251,428
Charge for the financial year 1,739 1,292 3,031
Disposals ( 14,688) ( 2,172) ( 16,860)
At 31 December 2024 208,360 29,239 237,599
Net book value
At 31 December 2024 8,896 1,793 10,689
At 31 December 2023 2,362 2,445 4,807

11. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 20,055 127,351
Amounts owed by Group undertakings (note 17) 214,899 130,513
VAT recoverable 18,557 19,917
Corporation tax 7,548 7,548
Other debtors 78 0
Prepayments and accrued income 23,456 32,972
284,593 318,301
Debtors: amounts falling due after more than one year
Deferred tax asset 41,611 47,760

12. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,001 54,366
Amounts owed to Group undertakings (note 17) 258,363 294,783
Taxation and social security 170,459 165,113
Accruals 156,818 138,360
Other creditors 1,970 1,986
631,611 654,608

13. Deferred tax

2024 2023
£ £
At the beginning of financial year 47,760 93,907
Charged to the Profit and Loss Account ( 6,149) ( 46,147)
At the end of financial year 41,611 47,760

The deferred taxation balance is made up as follows:

2024 2023
£ £
Other timing differences 3,933 0
Decelerated capital allowances 37,678 47,760
41,611 47,760

14. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
12,500 Ordinary shares of £ 1.00 each 12,500 12,500
Presented as follows:
Called-up share capital presented as equity 12,500 12,500

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

15. Financial commitments

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 65,638 65,897
between one and five years 65,072 96,843
130,710 162,740

16. Retirement benefit obligations

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.

17. Related party transactions

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.

18. Controlling party

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.