Company registration number 05073971 (England and Wales)
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
COMPANY INFORMATION
Directors
C Evans
M Donnelly
D J Haram
D J Whalley
Secretary
D J Whalley
Company number
05073971
Registered office
12 Princes Parade
Princes Dock
Liverpool
L3 1BG
Auditor
Lonsdale & Marsh
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
Bankers
HSBC
60 Queen Victoria Street
London
EC4N 4TR
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Review of the business
The business has performed well in the year in line with budgeted expectations. On 1 January 2025 the Griffiths & Armour group, including Griffiths & Armour (Holdings) Limited and all of its subsidiaries (of which this company is one) was sold to Aon UK Limited. The sale ensures the long-term continuity of the Griffiths & Armour propositions for clients and colleagues, as well as expanding the opportunities for both via Aon’s capabilities.
An important step in the integration with Aon will be the transfer of operations from their legacy Griffiths & Armour entities into Aon UK Limited, and this is expected to be done in early 2026.
Principal risks and uncertainties
The macro principal risks and uncertainties facing the trade of the business continue to be those presented by the wider economy, client merger and acquisition activity and the fluctuations of the insurance market cycle. These risks have been significantly mitigated by becoming part of the Aon group.
Development and performance
The directors are of the opinion that the financial position of the company is strong as at the balance sheet date and remain confident of further growth of the company up to the point at which its operations transfer into Aon UK Limited.
Key performance indicators
The company uses a range of financial and non-financial key performance indicators in pursuit of excellence in client service and best business practice. Revenue and expenditure are monitored monthly and compared with both agreed budgets and prior year amounts, and variances are analysed.
Revenue
As shown in the Statement of Comprehensive Income revenue for the year was £1.18m, which is materially unchanged from the annualised turnover achieved in the 16m period ended March 2024.
Financial position at the reporting date
The company’s net assets at the reporting date were £732k, decreased from 2024’s £1.52m because a £1m dividend was paid in the year. Cash at bank also decreased to £897k from 2024’s £1.6m as a result.
Section 172 statement
For the year ended 31 March 2025 the major decision by the company and its parent to be acquired by Aon UK Limited was taken precisely to safeguard the long-term future of the business and its proposition to employees, clients and markets. The vision is to continue the Griffiths & Armour brand and operations within Aon, maintaining and enhancing through access to Aon’s greater resources, our reputation and the highest standards of business conduct.
D J Whalley
Director
16 July 2025
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company continued to be that of a Lloyd's insurance broker.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,000,000. 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:
C Evans
M Donnelly
D J Haram
D J Whalley
Other than going concern
As stated in note 20, the immediate parent company is Griffiths & Armour (Holdings) Limited. On 1 January 2025 the Griffiths & Armour Group, including Griffiths & Armour (Holdings) Limited and all subsidiaries, was acquired by Aon UK Limited. It is anticipated that the operations, together with the assets and liabilities of Griffiths & Armour Global Risks Limited will eventually be transferred into the operations of Aon UK Limited. It is expected that this will take place in early 2026. Subsequent to the transfer Griffiths & Armour Global Risks Limited will cease to trade. As a result the financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. At the year end the company's assets were trade debtors, amounts owed by group undertakings, prepayments and cash at bank which are deemed fully recoverable and therefore no adjustment is required. Additionally, the financial statements do not include any provision for the future costs of terminating the business of the company except to the extent they were committed to at the balance sheet date.
Events after the balance sheet date
Apart from the expected transfer of operations to Aon UK Limited there are no other matters or circumstances which have arisen since 31 March 2025 which have significantly affected, or may affect the company's operations, the results of those operations or the company's state of affairs in future years.
Future developments
Information on likely future developments of the company are disclosed above.
Auditor
In accordance with the company's articles, a resolution appointing the auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
On behalf of the board
D J Whalley
Director
16 July 2025
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
- 4 -
Opinion
We have audited the financial statements of Griffiths & Armour Global Risks Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw your attention to note 1.3 to the financial statements which explains that the company's operations, assets and liabilities are expected to be transferred to Aon UK Limited in early 2026. Therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as disclosed in note 1.3. Our opinion is not modified in respect of this matter.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those which relate to Financial Conduct Authority regulations and those laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
the engagement partner ensured the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
discussions with senior management;
identified laws and regulations were communicated within the audit team who remained alert to instances of non-compliance throughout the audit.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including override of controls) and addressed the risk through:
making enquires of those charged with governance as to their knowledge of actual, suspected and alleged instances of fraud;
considering the internal controls in place to mitigate the risks of fraud.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED (CONTINUED)
- 6 -
In response to the risk of irregularities and non-compliance with laws and regulations, we designed our audit procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reviewing the minutes of meetings of those charged with governance;
reviewing the minutes for any issues regarding FCA compliance;
reviewing for any transactions undertaken with related parties such as directors;
discussions with management about any known or suspected instances of non-compliance with laws and regulations;
testing of journals;
analytical review to identify unusual transactions;
checking expenses are bona fide transactions of the company.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Elaine Frances McElroy (Senior Statutory Auditor)
For and on behalf of Lonsdale & Marsh, Statutory Auditor
Chartered Accountants
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
16 July 2025
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Year
Period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Turnover
3
1,178,699
1,523,107
Administrative expenses
(1,060,451)
(1,225,856)
Operating profit
4
118,248
297,251
Interest receivable and similar income
8
165,644
67,642
Interest payable and similar expenses
9
(1,669)
(1,096)
Profit before taxation
282,223
363,797
Tax on profit
10
(73,935)
(80,832)
Profit for the financial year
208,288
282,965
Other comprehensive income
Actuarial gain on defined benefit pension schemes
5,000
Tax relating to other comprehensive income
(1,750)
Total comprehensive income for the year
208,288
286,215
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
13
108,884
36,955
Non-Statutory Trust client bank
14
1,231,340
2,691,040
Cash at bank and in hand
897,445
1,637,455
2,237,669
4,365,450
Creditors: amounts falling due within one year
15
(1,505,189)
(2,841,258)
Net current assets
732,480
1,524,192
Capital and reserves
Called up share capital
17
500,000
500,000
Profit and loss reserves
232,480
1,024,192
Total equity
732,480
1,524,192
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
M Donnelly
D J Whalley
Director
Director
Company registration number 05073971 (England and Wales)
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
500,000
737,977
1,237,977
Period ended 31 March 2024:
Profit
-
282,965
282,965
Other comprehensive income:
Actuarial gains on defined benefit plans
-
5,000
5,000
Tax relating to other comprehensive income
-
(1,750)
(1,750)
Total comprehensive income
-
286,215
286,215
Balance at 31 March 2024
500,000
1,024,192
1,524,192
Year ended 31 March 2025:
Profit and total comprehensive income
-
208,288
208,288
Dividends
11
-
(1,000,000)
(1,000,000)
Balance at 31 March 2025
500,000
232,480
732,480
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information
Griffiths & Armour Global Risks Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Princes Parade, Princes Dock, Liverpool, L3 1BG.
1.1
Reporting period
These financial statements are for the year ended 31 March 2025. The previous financial statements were for the 16 month period to 31 March 2024. The change in the accounting reference date from 30 November 2023 was made to align the company's accounting reference date with that of its parent company and fellow subsidiary undertakings. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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. 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; basis of determining fair values; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Griffiths & Armour (Holdings) Limited. These consolidated financial statements are available from Companies House.
1.3
Going concern
As stated in note 20, the immediate parent company is Griffiths & Armour (Holdings) Limited. On 1 January 2025 the Griffiths & Armour Group, including Griffiths & Armour (Holdings) Limited and all subsidiaries, was acquired by Aon UK Limited. It is anticipated that the operations, together with the assets and liabilities of Griffiths & Armour Global Risks Limited will eventually be transferred into the operations of Aon UK Limited. It is expected that this will take place in early 2026. Subsequent to the transfer Griffiths & Armour Global Risks Limited will cease to trade. As a result the financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. At the year end the company's assets were trade debtors, amounts owed by group undertakings, prepayments and cash at bank which are deemed fully recoverable and therefore no adjustment is required. Additionally, the financial statements do not include any provision for the future costs of terminating the business of the company except to the extent they were committed to at the balance sheet date.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Turnover
Turnover represents commission and fee income. Commission income is recognised on inception of the risk. Fee income is recognised on the basis of services provided. Where there is an expectation of future servicing requirements an element of income relating to the policy is deferred to cover the associated contractual obligation.
1.5
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:
Plant and machinery
20% - 33 1/3% straight line
Fixtures, fittings & equipment
20% 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
The 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.
1.7
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.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.8
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.
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.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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 period. 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 periods 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.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.11
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.
If material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
If relevant, 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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.13
Foreign exchange
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.
1.14
Insurance broking receivables and payables
Insurance brokers act as agents in placing the insurable risks of their clients with insurers and, as such, are not liable as principals for amounts arising from such transactions. In recognition of this relationship, debtors from insurance broking transactions are not included as an asset of the company. Other than the amount receivable for fees and commissions earned on a transaction, no recognition of the insurance broking transaction occurs until the company receives cash in respect of premiums or claims, at which time a corresponding liability is established in favour of the insurer of the client.
In certain circumstances the company advances premiums, refunds or claims to insurance underwriters or clients prior to collection. These advances are reflected in the balance sheet as part of trade receivables.
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.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2025
2024
£
£
Turnover analysed by class of business
Commissions receivable
1,178,699
1,523,107
2025
2024
£
£
Other revenue
Interest income
165,644
67,642
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
2,307
1,295
Depreciation of owned tangible fixed assets
-
1,427
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,200
10,200
For other services
Other assurance services
9,600
9,600
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Professional and technical
9
9
Administration
2
2
Total
11
11
Their aggregate remuneration comprised
£
£
Wages and salaries
697,442
687,235
Social security costs
83,469
82,134
Pension costs
106,659
80,071
887,570
849,440
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
7
Directors' remuneration
No remuneration was paid to the directors.
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
165,644
67,642
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
1,669
1,096
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
73,935
81,103
Deferred tax
Origination and reversal of timing differences
(271)
Total tax charge
73,935
80,832
The actual charge 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:
2025
2024
£
£
Profit before taxation
282,223
363,797
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
70,556
90,949
Tax effect of expenses that are not deductible in determining taxable profit
3,379
(4,974)
Effect of change in corporation tax rate
(5,143)
Taxation charge for the year
73,935
80,832
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2025
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
-
1,750
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
11
Dividends
2025
2024
£
£
Interim paid
1,000,000
12
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2024
29,113
28,442
57,555
Disposals
(29,113)
(28,442)
(57,555)
At 31 March 2025
Depreciation and impairment
At 1 April 2024
29,113
28,442
57,555
Eliminated in respect of disposals
(29,113)
(28,442)
(57,555)
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
64,814
12,080
Amounts owed by group undertakings
38,056
19,158
Prepayments and accrued income
6,014
5,717
108,884
36,955
14
Client Money
The Financial Conduct Authority (FCA) have established a set of rules for UK insurance intermediaries to follow when handling Client Money called the Client Assets Sourcebook (CASS 5). CASS 5 requires that Client Money be held in either a statutory or non-statutory trust for the benefit of the related clients and insurers, and as such these monies are not the property of the broker. The monies so held and the related debtors and creditors would not therefore form part of the broker's net assets in the event of a winding-up and would not be available to its general creditors. The company is licensed by the FCA (No. 312048) to act as an insurance intermediary and has elected to hold Client Money in a non-statutory trust.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Client Money creditors
1,202,208
2,673,329
Amounts due to group undertakings
8,879
Amounts due to undertakings in which the company has a participating interest
59,516
21,825
Corporation tax
43,379
10,546
Other taxation and social security
23,634
25,787
Other creditors
40,264
Accruals and deferred income
136,188
100,892
1,505,189
2,841,258
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,659
80,071
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.
Defined benefit schemes
The company provided retirement benefits for qualifying employees, in which Griffiths & Armour partnership was the principal employer and Griffiths and Armour Global Risks Limited was a participating employer.
In accordance with a Deed of Amendment and Substitution, dated 2 November 2024, the principal and participating employer, as noted above, were changed to Griffiths and Armour (Holdings) Limited.
As from 2 November 2024 the leaving employers were released from all obligations under the pension trust deed, ceased to participate in and be employers of the pension plan and ceased contributions which may be payable to the pension plan.
In accordance with the requirements of Financial Reporting Standard 102 an actuarial valuation has been undertaken as at 31 March 2025 and the relevant disclosures will be made in the financial statements of Griffiths & Armour (Holdings) Limited, the principal employer as at 31 March 2025.
The comparative figures for the defined benefit pension scheme attributable to Griffiths & Armour Global Risks Limited only are noted below. In accordance with Financial Reporting Standard 102 the defined benefit pension asset was not recognised in the financial statements as it was unlikely that the company would be able to recover the surplus through reduced contributions in the future or through refunds from the pension scheme.
2025
2024
Key assumptions
%
%
Discount rate
-
4.80
Expected rate of increase of pensions in payment
-
2.85
Expected rate of salary increases
-
n/a
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Retirement benefit schemes
(Continued)
- 19 -
Mortality assumptions
2025
2024
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
-
87
- Females
-
89
Retiring in 20 years
- Males
-
88
- Females
-
91
Amounts recognised in other comprehensive income
2025
2024
Costs/(income):
£
£
Actual return on scheme assets
-
(4,000)
Less: calculated interest element
-
10,000
Return on scheme assets excluding interest income
-
6,000
Actuarial changes related to obligations
-
(29,000)
Effect of changes in the amount of surplus that is not recoverable
-
18,000
Total income
-
(5,000)
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2025
2024
Liabilities/(assets):
£
£
Present value of defined benefit obligations
-
166,000
Fair value of plan assets
-
(184,000)
Deficit/(surplus) in scheme
-
(18,000)
Restriction on scheme assets
-
18,000
Total liability recognised
-
-
2025
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2024
166,000
Transferred to new principal employer
(166,000)
At 31 March 2025
-
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Retirement benefit schemes
(Continued)
- 20 -
2025
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
-
-
2025
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2024
184,000
Transferred to new principal employer
(184,000)
At 31 March 2025
-
The actual return on plan assets was £0 (2024 - £4,000).
2025
2024
Fair value of plan assets
£
£
Group Pension Contract
-
184,000
-
184,000
17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
All shares are allotted, issued and fully paid. The company has one class of ordinary share.
The holder of the ordinary shares is entitled to full voting rights and to participate in dividends and the proceeds in the event of a winding up of the company.
18
Events after the reporting date
Apart from the expected transfer of operations to Aon UK Limited, as disclosed in the Directors' Report, there are no other matters or circumstances which have arisen since 31 March 2025 which have significantly affected, or may affect the company's operations, the results of those operations or the company's state of affairs in future years.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
19
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Commission and fees
Reimbursement of expenses
2025
2024
2025
2024
£
£
£
£
Evolin Broking Limited
-
99,996
16,899
158,227
Griffiths & Armour
749,998
895,938
201,443
205,934
The following amounts were outstanding at the reporting end date:
2025
2024
Amounts due to related parties
£
£
Evolin Broking Limited
-
8,879
Griffiths & Armour
59,516
21,825
Griffiths & Armour is a partnership in which C Evans (director), M Donnelly (director), D J Haram (director) and D J Whalley (director) were partners until 1 January 2025.
Griffiths & Armour Global Risks Limited is a wholly owned subsidiary of Griffiths & Armour (Holdings) Limited which had joint control over Evolin Holdings Limited, until 30 October 2024, which wholly owns subsidiary company Evolin Broking Limited.
C Evans, M Donnelly, D J Haram and D J Whalley are directors of Griffiths & Armour Global Risks Limited and directors of Griffiths & Armour (Holdings) Limited.
M Donnelly and D J Whalley were directors of Evolin Holdings Limited and Evolin Broking Limited until their resignation on 30 October 2024 and 16 December 2024 respectively.
In respect of group transactions the company has taken advantage of the exemption available in FRS 102 paragraph 33.1A whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
20
Ultimate controlling party
At the end of the reporting period the company's immediate parent undertaking was Griffiths & Armour (Holdings) Limited, a company incorporated in England and Wales.
The ultimate parent undertaking and controlling party as at 31 March 2025 was Aon plc, a company incorporated and registered in the Republic of Ireland.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Aon plc
Smallest group
Griffiths & Armour (Holdings) Limited
Copies of the group financial statements for Griffiths & Armour (Holdings) Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ and from the company's registered office at 12 Princes Parade, Princes Dock, Liverpool, L3 1BG.
Copies of the group financial statements of Aon plc are available from the company's registered office at 15 George's Quay, Dublin 2, D02 VR98, Ireland.
GRIFFITHS & ARMOUR GLOBAL RISKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
21
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities, assist with the preparation of the financial statements and to provide tax advice and to represent us, as necessary, at tax tribunals.
2025-03-312024-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200C EvansM DonnellyD J HaramD J WhalleyD J Whalley050739712024-04-012025-03-3105073971bus:Director12024-04-012025-03-3105073971bus:Director22024-04-012025-03-3105073971bus:Director32024-04-012025-03-3105073971bus:CompanySecretaryDirector12024-04-012025-03-3105073971bus:CompanySecretary12024-04-012025-03-3105073971bus:Director42024-04-012025-03-3105073971bus:RegisteredOffice2024-04-012025-03-3105073971bus:Agent12024-04-012025-03-31050739712025-03-31050739712022-12-012024-03-3105073971core:RetainedEarningsAccumulatedLosses2022-12-012024-03-3105073971core:RetainedEarningsAccumulatedLosses2024-04-012025-03-3105073971core:RevenueReservesInvestmentFundsOnly2022-12-012024-03-31050739712024-03-3105073971core:ShareCapital2025-03-3105073971core:ShareCapital2024-03-3105073971core:RetainedEarningsAccumulatedLosses2025-03-3105073971core:RetainedEarningsAccumulatedLosses2024-03-3105073971core:ShareCapital2022-11-3005073971core:RetainedEarningsAccumulatedLosses2022-11-3005073971core:ShareCapitalOrdinaryShareClass12025-03-3105073971core:ShareCapitalOrdinaryShareClass12024-03-3105073971core:PlantMachinery2024-04-012025-03-3105073971core:FurnitureFittings2024-04-012025-03-3105073971core:UKTax2024-04-012025-03-3105073971core:UKTax2022-12-012024-03-3105073971core:PlantMachinery2024-03-3105073971core:FurnitureFittings2024-03-31050739712024-03-3105073971core:PlantMachinery2025-03-3105073971core:FurnitureFittings2025-03-3105073971core:PlantMachinery2024-03-3105073971core:FurnitureFittings2024-03-3105073971core:CurrentFinancialInstruments2025-03-3105073971core:CurrentFinancialInstruments2024-03-3105073971bus:OrdinaryShareClass12024-04-012025-03-3105073971bus:OrdinaryShareClass12025-03-3105073971bus:OrdinaryShareClass12024-03-3105073971bus:PrivateLimitedCompanyLtd2024-04-012025-03-3105073971bus:FRS1022024-04-012025-03-3105073971bus:Audited2024-04-012025-03-3105073971bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP