Company Registration No. 08397254 (England and Wales)
MILESTONE RISK SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
MILESTONE RISK SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MILESTONE RISK SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
100,000
Current assets
Debtors
7
15,973
17,118
Cash at bank and in hand
1,004,417
4,883
1,020,390
22,001
Creditors: amounts falling due within one year
8
(562,610)
(17,001)
Net current assets
457,780
5,000
Net assets
557,780
5,000
Capital and reserves
Called up share capital
9
1,000,000
200
Profit and loss reserves
(442,220)
4,800
Total equity
557,780
5,000
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Mr M D Horlock
Director
Company registration number 08397254 (England and Wales)
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Milestone Risk Solutions Limited (formerly Trilogy Managing General Agents Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 34 Lime Street, London, EC3M 7AT.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The Company is a managing general agent and Lloyd’s coverholder underwriting insurance on behalf of major insurance companies and Lloyd’s syndicates (“Carriers”).
As a regulated entity, the Company is required to report its regulatory capital surplus or deficit to the UK Financial Conduct Authority (“FCA”) quarterly to confirm its solvency position. The Company has a capital surplus at the year-end and this position is monitored regularly through the review of monthly management accounts and the assessment of future profit and loss, and cash flow forecasts.
The Company has received confirmation from its owners that they will continue to support the Company’s ability to meet its future liabilities as they fall due. As such the financial statements of the Company as at 31 December 2024 have been prepared on a going concern basis.
1.3
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.
1.5
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.
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.
1.6
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.
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
1
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100,000
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
100,000
At 31 December 2024
100,000
Carrying amount
At 31 December 2024
100,000
At 31 December 2023
-
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Momentum Risk Solutions UK Limited
England and Wales
Ordinary
100.00
Chedid RE UK Limited
England and Wales
Ordinary
100.00
6
Bank balances
In addition to the bank balance shown on the balance sheet there is a balance of £5 (2023: £Nil) held in a separate bank account maintained for client monies. This balance is considered to be monies where the benefit does not belong to the company and is therefore excluded from the balance sheet.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
480
Prepayments and accrued income
15,493
17,118
15,973
17,118
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12
Trade creditors
3,750
Other creditors
100,000
Amounts due to other group undertakings
406,343
5,677
Accruals and deferred income
52,505
11,324
562,610
17,001
Amounts due to group undertakings are interest free and repayable on demand.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £10 each (2023: £1 each)
100,000
140
1,000,000
140
A Ordinary shares of £1 each
0
60
60
100,000
200
1,000,000
200
On 12 March 2024 the £1 A Ordinary shares were reclassified as £1 Ordinary shares. On the same date the 200 £1 Ordinary shares were reclassified as £10 Ordinary shares and a further 99,800 Ordinary shares of £10 were issued and fully paid.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Richard Lane
Statutory Auditor:
Affinia (Stratford)
Date of audit report:
1 August 2025
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
51,054
48,588
MILESTONE RISK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
12
Related party transactions
As at 31 December 2024 £406,343 (2023: £5,677) was owed to the parent company, Chedid Europe Insurance & Reinsurance Brokerage Limited. This balance is interest free and repayable on demand.
13
Events after the reporting date
Although trading has not fully commenced at year end, material steps have been taken post year end toward revenue generation and underwriting activity:
Draft binder agreements have been negotiated, existing contractual leads have been identified and Chedid Re UK Ltd and Momentum Risk Solutions UK Ltd have been registered as Appointed Representatives (ARs) through the Financial Conduct Authority (FCA).
Although not yet operational, these entities are expected to begin trading shortly and support the overall group business model.
The activities undertaken post year end thus reflects commercial intent and steps toward revenue generation and underwriting activity.
14
Parent company
The parent company is Chedid Europe Insurance & Reinsurance Brokerage Limited, a company domiciled in Cyprus. The address of the registered office is Platinum Crest, Loizou Askani 18, Limassol, 3110, Cyprus. This company is controlled by Chedid Capital S.A.L. (Holding) a company incorporated in the Lebanon.
The ultimate controlling party of Chedid Capital S.A.L. (Holding) is F G Chedid.