Company registration number NI647377 (Northern Ireland)
WF RISK GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WF RISK GROUP LIMITED
COMPANY INFORMATION
Directors
Mr C R Willis
Mr M A Willis
Mr R W Willis
Mr S J Willis
Company number
NI647377
Registered office
Newsletter Building
55-59 Donegall Street
Belfast
BT1 2FH
Auditor
GMcG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Business address
Newsletter Building
55-59 Donegall Street
Belfast
BT1 2FH
Bankers
Danske Bank
Belfast Finance Centre
PO Box 183
Donegall Square West
Belfast
BT1 6GE
Solicitors
Davidson McDonnell
Longbridge House
24 Waring Street
Belfast
BT1 2DX
Ferguson & Co Solicitors
7th Floor, Causeway Tower
9 James Street South
Belfast
BT2 8DN
WF RISK GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
WF RISK GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year-end. Our review is consistent with the size and noncomplex nature of the business and is written in the context of the risks and uncertainties we face.

 

The company returned profits before tax of £2,236,115 (2023 - £1,562,954) derived mainly from dividends received from subsidiary undertakings. Net assets at the year end were £985,269 (2023 - £491,122).

Principal Risks and Uncertainties

The principal risks identified are risks that impact the trading subsidiaries.

 

Regulatory & Compliance Risk

There is the risk of financial loss, regulatory sanctions or reputational damage as a result of non-compliance with applicable laws and regulations. The company's subsidiary undertakings are regulated by the Financial Conduct Authority and therefore subject to their rules and regulations including regulations in respect of client money handling and the minimum capital requirement, The company manages this risk through an established control framework which is led by the in house Compliance Officer and supported by third party risk consultants. Further significant investment has been made in appropriate IT systems and staff training to ensure the company fulfils all of its compliance and regulatory duties.

 

Financial Risk

There is the risk that the financial performance of the company will deteriorate and will become unprofitable. Performance of the company and its subsidiaries are affected by the general economic environment as well as sectorial factors impacting the worldwide insurance market. Financial performance is also dependent on customer retention and the ability of the business to achieve its new business targets on an annual basis. These risks are mitigated by the implementation of detailed revenue budgets which are subject to ongoing monitoring throughout the year. The Board monitor performance on an ongoing basis and implement new policies and initiatives on a timely basis where corrective action is required.

 

Operational Risk

There is the risk that operational issues in respect of human error, fraud, loss of key personnel, failure of IT systems, inadequate internal control or other operational issues may adversely impact the performance of the business. These risks are mitigated by the implementation of formal employee policies and procedure manuals and also adequate IT controls and procedures including disaster recovery plan. The company employ on a full time basis qualified IT personnel and Employment Law specialists.

 

Credit Risk

There is risk that a counterparty to a financial transaction will be unable to pay amounts when they fall due. The risk is mitigated through the implementation of a strong credit control framework. All credit funds are held in banks with strong credit ratings which are reviewed annually by the company.

Development and performance

The directors are committed to long term creation of shareholder value by increasing market share through continually seeking to expand its business and increase it's expertise via acquisitions.

On behalf of the board

Mr R W Willis
Director
27 June 2025
WF RISK GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,741,968. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C R Willis
Mr M A Willis
Mr R W Willis
Mr S J Willis
Auditor

GMcG LISBURN were appointed as auditor to the company and are deemed to be reappointed under section 487 (2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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:

 

 

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.

WF RISK GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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.

On behalf of the board
Mr R W Willis
Director
27 June 2025
WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of WF Risk Group Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, 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:

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.

WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED (CONTINUED)
- 5 -

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 regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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.

WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED (CONTINUED)
- 6 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED (CONTINUED)
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in relation to related party balances and transactions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED (CONTINUED)
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

WF RISK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WF RISK GROUP LIMITED (CONTINUED)
- 9 -

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.

Mr Stephen Houston FCA (Senior Statutory Auditor)
For and on behalf of GMcG LISBURN, Statutory Auditor
Chartered Accountants
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
27 June 2025
WF RISK GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Administrative expenses
(22,686)
(82,303)
Other operating income
13,804
13,400
Operating loss
3
(8,882)
(68,903)
Interest receivable and similar income
5
2,386,698
1,792,300
Interest payable and similar expenses
6
(141,701)
(160,443)
Profit before taxation
2,236,115
1,562,954
Tax on profit
8
-
0
20
Profit for the financial year
2,236,115
1,562,974

The income statement has been prepared on the basis that all operations are continuing operations.

WF RISK GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
10
380,000
380,000
Investments
11
4,450,841
2,753,458
4,830,841
3,133,458
Current assets
Debtors
13
1,483,357
1,516,835
Cash at bank and in hand
12,868
14,366
1,496,225
1,531,201
Creditors: amounts falling due within one year
14
(4,516,756)
(3,021,553)
Net current liabilities
(3,020,531)
(1,490,352)
Total assets less current liabilities
1,810,310
1,643,106
Creditors: amounts falling due after more than one year
15
(825,041)
(1,151,984)
Net assets
985,269
491,122
Capital and reserves
Called up share capital
18
200
200
Profit and loss reserves
19
985,069
490,922
Total equity
985,269
491,122

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr R W Willis
Director
Company registration number NI647377 (Northern Ireland)
WF RISK GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
200
458,916
459,116
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,562,974
1,562,974
Dividends
7
-
(1,530,968)
(1,530,968)
Balance at 31 December 2023
200
490,922
491,122
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,236,115
2,236,115
Dividends
7
-
(1,741,968)
(1,741,968)
Balance at 31 December 2024
200
985,069
985,269
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

WF Risk Group Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Newsletter Building, 55-59 Donegall Street, Belfast, BT1 2FH.

1.1
Accounting convention

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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. 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:

 

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

WF Risk Group Limited is a wholly owned subsidiary of WF Risk Group (Holdings) Ltd and the results of WF Risk Group Limited are included in the consolidated financial statements of WF Risk Group (Holdings) Ltd, the ultimate parent company which are available from Newsletter Building, 55-59, Donegall Street, Belfast, BT1 2FH.

1.2
Going concern

Atruet 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.

WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 14 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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
25% 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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash at bank and in hand

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.

1.7
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

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.

WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Derecognition of financial assets

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 income statement 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 income statement, 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.

WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 17 -
1.10
Employee 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

Investment properties

Fair value is determined annually and derived from the current market rents and investment property yields for comparable real estate. Valuation involves some estimation uncertainty but is based on periodic advice from independent valuers.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(23,800)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
3,781
3,600
Depreciation of owned tangible fixed assets
-
80
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
4
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
130
-
0
Interest receivable from group companies
15,300
15,300
Total interest revenue
15,430
15,300
Income from fixed asset investments
Income from shares in group undertakings
2,371,268
1,777,000
Total income
2,386,698
1,792,300
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
141,701
160,443
7
Dividends
2024
2023
£
£
Interim paid
1,741,968
1,530,968
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(20)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,236,115
1,562,954
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
559,029
390,739
Tax effect of expenses that are not deductible in determining taxable profit
94
47
Unutilised tax losses carried forward
-
0
50,343
Effect of change in corporation tax rate
-
0
3,171
Group relief
33,694
-
0
Deferred tax adjustments in respect of prior years
-
0
(20)
Dividend income
(592,817)
(444,300)
Taxation charge/(credit) for the year
-
(20)
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024 and 31 December 2024
1,298
Depreciation and impairment
At 1 January 2024 and 31 December 2024
1,298
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
10
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
380,000
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Investment property (Continued)
- 20 -

Investment property comprises of 2 apartments in Belfast city centre. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence for similar properties.

11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
4,450,841
2,753,458
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,753,458
Additions
1,697,383
At 31 December 2024
4,450,841
Carrying amount
At 31 December 2024
4,450,841
At 31 December 2023
2,753,458
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Willis & Company (Insurance Brokers) Limited
a)
Ordinary
100.00
-
Willis Employment Services Limited
a)
Ordinary
100.00
-
Kennett Holdings Limited
b)
Ordinary
100.00
-
Willis & Company (Financial Services) Limited
a)
Ordinary
100.00
-
Kennett Insurance Brokers Ireland DAC
c)
Ordinary
100.00
-
Arden UW Limited
a)
Ordinary
80.00
-
Kennett Insurance Brokers Limited
b)
Ordinary
0
100.00
Arden Insurance Brokers Limited
b)
Ordinary
0
100.00
Generation Underwriting Management Limited
d)
Ordianry
0
80.00
Compass Insurance Brokers
e)
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

a)
55-59 Donegal Street, Belfast, BT1 2FH, Northern Ireland
b)
Owen Avenue, Priory Park, Hessle, East Yorkshire, HU13 9PD, England
c)
The Wilde, 53 Merrion Square South, Dublin, D02 PR63, Ireland
d)
The Granger Suite Eldon House, Regent Centre, Newcastle Upon Tyne, NE3 3PF
e)
The Wilde, 53 Merrion Square South, Dublin, D02 PR63, Ireland
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,327,288
1,364,498
Other debtors
143,820
142,200
Prepayments and accrued income
12,249
10,137
1,483,357
1,516,835
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
864,311
721,190
Trade creditors
1,200
5,597
Amounts owed to group undertakings
3,242,440
2,248,202
Other creditors
374,180
10,737
Accruals and deferred income
34,625
35,827
4,516,756
3,021,553
WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
625,682
1,151,984
Other creditors
199,359
-
0
825,041
1,151,984

 

16
Loans and overdrafts
2024
2023
£
£
Bank loans
1,489,993
1,873,174
Payable within one year
864,311
721,190
Payable after one year
625,682
1,151,984

The company's bank loans are repayable quarterly at an interest rate of Bank of England base rate plus 2.75%. These loans have a repayment range of 2-4 years.

17
Secured liabilities

The bank facilities are secured on the investment properties held by the company together with an all monies composite guarantee in favour to Danske bank provided by company and the following group undertakings: WF Risk Group (Holdings) Ltd, Willis & Company (Insurance Brokers) Limited, Willis Employment Services Limited, Kennett Holdings Limited, Kennett Insurance Brokers Limited, Arden Insurance Brokers Limited and Generation Underwriting Management Limited.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
188
188
188
188
B ordinary shares of £1 each
2
2
2
2
C ordinary shares of £1 each
2
2
2
2
D ordinary shares of £1 each
2
2
2
2
E ordinary shares of £1 each
2
2
2
2
F ordinary shares of £1 each
2
2
2
2
G ordinary shares of £1 each
2
2
2
2
200
200
200
200

The company has seven classes of ordinary share. Each share entitles the owner to one vote at general meetings of the company but carries no right to a fixed income. Upon a winding up ordinary shareholders rank below unsecured creditors.

 

WF RISK GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
19
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
490,922
458,916
Adjusted balance
490,922
458,916
Profit for the year
2,236,115
1,562,974
Dividends declared and paid in the year
(1,741,968)
(1,530,968)
At the end of the year
985,069
490,922
20
Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions between group companies, where all subsidiaries are wholly owned in accordance with FRS102.

 

Arden UW Ltd

The company owns 80% of the issued share capital in Arden UW Ltd. At the year end Arden UW Ltd owed the company £569,925 (2023 - £594,235) and interest of £15,300 (2023 - £15,300) was charged to Arden UW Ltd by the company.

21
Ultimate controlling party

The company's parent company is WF Risk Group (Holdings) Ltd, a company incorporated in Northern Ireland. WF Risk Group (Holdings) Ltd has included the company's results in its group financial statements, copies of which are available from its registered office at Newsletter Building, 55-59 Donegall Street, Belfast, Northern Ireland, BT1 2FH.

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