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Registration number: 00952756

Concept Special Risks Ltd

Filleted Financial Statements

for the Period from 1 June 2024 to 31 December 2024

 

Concept Special Risks Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Concept Special Risks Ltd

(Registration number: 00952756)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

31 May
2024
£

           

Fixed assets

   

 

Tangible assets

4

 

31,933

 

46,509

Current assets

   

 

Debtors

5

8,498,619

 

10,238,209

 

Cash at bank and in hand

 

15,047,840

 

16,044,320

 

 

23,546,459

 

26,282,529

 

Creditors: Amounts falling due within one year

6

(13,873,861)

 

(17,538,211)

 

Net current assets

   

9,672,598

 

8,744,318

Total assets less current liabilities

   

9,704,531

 

8,790,827

Provisions for liabilities

 

(7,983)

 

(11,627)

Net assets

   

9,696,548

 

8,779,200

Capital and reserves

   

 

Called up share capital

7

1,059

 

1,059

 

Share premium reserve

382,341

 

382,341

 

Retained earnings

9,313,148

 

8,395,800

 

Shareholders' funds

   

9,696,548

 

8,779,200

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2025 and signed on its behalf by:
 

.........................................
M G Calvert
Director

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unity House
2 Station Court
Station Road
Guiseley
LS20 8EY

These financial statements were authorised for issue by the Board on 12 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 including the disclosure and presentation requirements of Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Disclosure of long or short period

The accounting period has been shortened to align the company with the wider group, therefore the comparatives are not entirely comparable.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 12 August 2025 was Mark Wilcock FCA, who signed for and on behalf of Watson Buckle Limited.

Revenue recognition

Turnover represents management fees, profit commission, insurance commissions earned and exchange differences arising thereon, all of which are derived from the sole activity of acting as an underwriting agent.

Management fees and profit commission are accounted for on an accruals basis in accordance with the terms of the agency agreement when a reliable estimate can be determined.

Insurance commissions are taken to turnover in full at the later of the binding contract date or the renewal or commencement of the policy and are accounted for on an accruals basis.

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.33% straight line basis

Office equipment

33.33% straight line basis

Leasehold improvements

over the remaining lease term

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividends and other distributions to the Group’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the profit and loss account and satatement of retained earnings.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 28 (2024 - 28).

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

4

Tangible assets

Computer equipment
 £

Office equipment
 £

Leasehold improvements
£

Total
£

Cost

At 1 June 2024

93,478

54,600

47,560

195,638

Additions

2,959

423

-

3,382

Disposals

(32,836)

(21,595)

-

(54,431)

At 31 December 2024

63,601

33,428

47,560

144,589

Depreciation

At 1 June 2024

63,783

53,362

31,984

149,129

Charge for the period

11,087

781

6,090

17,958

Eliminated on disposal

(32,836)

(21,595)

-

(54,431)

At 31 December 2024

42,034

32,548

38,074

112,656

Carrying amount

At 31 December 2024

21,567

880

9,486

31,933

At 31 May 2024

29,695

1,238

15,576

46,509

5

Debtors

31 December
2024
£

31 May
2024
£

Amounts owed by related parties

491,356

43,906

Other debtors

14,476

15,781

Prepayments

330,462

799,640

Client Debtors

7,475,081

9,378,882

Corporation tax asset

187,244

-

8,498,619

10,238,209

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

31 December
2024
£

31 May
2024
£

Due within one year

Trade creditors

51,183

48,171

Amounts owed to group undertakings

195

105

Taxation and social security

88,602

102,566

Accruals and deferred income

475,807

507,240

Insurer Creditors

13,258,074

16,880,129

13,873,861

17,538,211

7

Share capital

Allotted, called up and fully paid shares

31 December
2024

31 May
2024

No.

£

No.

£

Ordinary A of £1 each

900

900

900

900

Ordinary B of £1 each

159

159

159

159

1,059

1,059

1,059

1,059

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £99,167 (2024 - £119,583). This financial commitment is in respect of an operating lease.

 

Concept Special Risks Ltd

Notes to the Financial Statements for the Period from 1 June 2024 to 31 December 2024

9

Related party transactions

Income and receivables from related parties

31 December 2024

Parent
£

Amounts receivable from related party

491,356

31 May 2024

Parent
£

Key management
£

Amounts receivable from related party

43,906

48

Expenditure with and payables to related parties

31 December 2024

Parent
£

Amounts payable to related party

195

31 May 2024

Parent
£

Amounts payable to related party

105

10

Parent and ultimate parent undertaking

The company's immediate parent is Recreational Charter Insurance Services Limited, incorporated in England & Wales. The registered address of Recreational Charter Insurance Services is Unity House, 2 Station Court, Station Road, Guiseley, West Yorkshire, LS20 8EY.

 The ultimate parent undertaking and ultimate controlling party is United Risk Global LLC, a company incorporated in United States of America.