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Registered number: 06606974
AUL Assurance Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—13
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The company was licenced by the Bank of England to operate as a life assurance company in March 2022 but has not yet commenced operations.
Review of the Business
The company has not written any business in the period to the date of these financial statements but holds the minimum amount of regulatory capital required by its licence and is at an advanced stage of negotiation for the investment of additional capital which will enable it to commence activities.  The company holds sufficient cash to meet its current liabilities without breaching its regulatory capital requirement.
Section 172(1) Statement
The directors acknowledge their obligation to act in good faith and promote the best interests of the company, its members and key stakeholders whilst at the same time meeting their wider social environmental and governance objectives and commitments.
On behalf of the board
Mr Simon Johnson
Director
13 August 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:
Mr Simon Johnson
Ms Jane Kennedy
Mr Craig Scarr
Mr Graham Singleton
Mr Gower Wisdom Appointed 29/11/2024
Mr Paul Hately Resigned 30/11/2024
Mr Andrew Chamberlain Resigned 10/05/2025
Changes in Directors after the Balance Sheet date
After 31 December 2024 but before the date of signing these accounts Mr Andrew Chamberlain ceased to be a director on his death.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, PKF Littlejohn LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Simon Johnson
Director
13 August 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of AUL Assurance Ltd for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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.
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.
Material Uncertainty related to Going Concern
We draw attention to note 2.2 in the financial statements, which explains that the company has not yet commenced trading and is currently dependent on financial support from its parent company to meet ongoing costs and regulatory capital requirements. While the parent company has historically provided this support and is in discussions with potential capital providers, no agreement has yet been finalised. As stated in note 2.2, these conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 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 the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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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 or 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 offinancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
- We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, and experience of the sector
- We determined the principal laws and regulations relevant to the company in this regard to be those arising from PRA Rules, and the Companies Act 2006.
- We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to enquiries of management, and a review of directors' board minutes.
- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals and preliminary and final analytical review.
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 regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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 for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.
Page 5
Page 6
James Wilkinson (Senior Statutory Auditor)
for and on behalf of PKF Littlejohn LLP , Statutory Auditor
13 August 2025
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
Administrative expenses (151,219 ) (61,256 )
OPERATING LOSS (151,219 ) (61,256 )
Other interest receivable and similar income 5 166,484 105,770
PROFIT BEFORE TAXATION 15,265 44,514
Tax on Profit 6 (974 ) -
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 14,291 44,514
The notes on pages 11 to 13 form part of these financial statements.
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Page 8
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 14,291 44,514
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 14,291 44,514
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Page 9
Balance Sheet
Registered number: 06606974
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 7 193,189 204,394
Cash at bank and in hand 3,069,686 3,062,933
3,262,875 3,267,327
Creditors: Amounts Falling Due Within One Year 8 (34,974 ) (53,717 )
NET CURRENT ASSETS (LIABILITIES) 3,227,901 3,213,610
TOTAL ASSETS LESS CURRENT LIABILITIES 3,227,901 3,213,610
NET ASSETS 3,227,901 3,213,610
CAPITAL AND RESERVES
Called up share capital 9 3,224,500 3,224,500
Other reserves 15,356,996 15,356,996
Profit and Loss Account (15,353,595 ) (15,367,886 )
SHAREHOLDERS' FUNDS 3,227,901 3,213,610
On behalf of the board
Mr Simon Johnson
Director
13 August 2025
The notes on pages 11 to 13 form part of these financial statements.
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Page 10
Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 31 December 2022 3,224,500 15,356,996 (15,412,400 ) 3,169,096
Profit for the year and total comprehensive income - - 44,514 44,514
As at 31 December 2023 and 1 January 2024 3,224,500 15,356,996 (15,367,886 ) 3,213,610
Profit for the year and total comprehensive income - - 14,291 14,291
As at 31 December 2024 3,224,500 15,356,996 (15,353,595 ) 3,227,901
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Notes to the Financial Statements
1. General Information
AUL Assurance Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06606974 . The registered office is St Lawrence Lodge, 37 Chamberlain Street, Wells, Somerset, BA5 2PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.  The financial statements have been porepared under the historical cost convention.
2.2. Going Concern Disclosure
The company has not yet commenced trading but currently holds sufficient cash to meetl its existing liabilities.  Pre-trading expenses and regulatory capital have been funded by the parent company. The directors have prepared the accounts on a going concern basis on the assumption that the parent company will continue to provide financial support to meet ongoing costs and to provide the additional capital required for the company to commence trading.  The directors understand that the parent company is in discussions with potential capital providers.  However, until any agreement is finalised, there remains material uncertainty over the parent's ability to to continue providing  financvial support, which may cast significant doubt on the company's ability to continue as a going concern. The directors do not consider that the valuation of the company's assets and liabilities is affected by the uncertainty over the company's going concern position.
2.3. Significant judgements and estimations
The company made a loan to its parent company in the previous financial year.  The parent company's ability to repay the loan is dependent on its ability to continue to raise additional capital but the directors have carried out an assessment of the loan's recoverability based on information received from the directors of the parent company and consider that it is likely to be repaid in full and that no provision for impairment is required.
The directors have prepared the accounts on a going concern basis on the assumption that the parent company will continue to provide financial support to meet ongoing costs and to provide the additional capital required for the company to commence trading, as further described in Note 2.2 above.
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. 
Debt instruments due for payment within one year are included at the orignal cash transaction value subject to any provision for impairment.
2.6. Interest Receivable
Bank and other interest receivable is accounted for on an earnings basis.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Other reserves
Other reserves represent costs charged to the company in prior periods repayment of which was subsequently waived by the parent company.
3. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 30,000 23,442
4. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
5. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest income 156,582 102,217
Other interest income 9,902 3,553
166,484 105,770
6. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 19.0% 19.0% 974 -
Total tax charge for the period 974 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax 15,265 44,514
Tax on profit at 19% (UK standard rate) 2,900 8,457
Expenses not deductible for tax purposes 143 -
Tax losses utilised (2,069 ) (8,457 )
Total tax charge for the period 974 -
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 192,428 203,375
Other debtors 761 1,019
193,189 204,394
Amounts owed by group undertakings includes a loan of £200,000 made to the parent company in the previous financial period.  The parent company's ability to repay the loan is dependent on its ability to continue to raise additional capital but the directors have carried out an assessment of the loan's recoverability based on information received from the directors of the parent company and consider that it is likely to be repaid in full and that no provision for impairment is required.
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 974 -
Accruals and deferred income 34,000 53,717
34,974 53,717
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
3,224,500 Ordinary Shares of £ 1.00 each 3,224,500 3,224,500
10. Related Party Disclosures
During the year all staff costs and overheads, amounting to £858,064 (2023 - £1,346,792), were met by the company's parent company, AUL Underwriting Agency Ltd.  The company incurred management service charges of £104,464 to the parent company during the year (2023 - £20,000).  The management charges were made as a contribution towards the staff costs incurred by the parent company in respect of employees providing services to the company. The contribution was limited to the amount available from the company's income, net of other expenses, which did not adversely affect its capital requrements.
The company made a loan of £200,000 to its parent company in the previous financial period on which interest of £9,902 (2023 - £3,553) arose during the year.  The loan remained unpaid at the year end date. There were amounts due to the parent company in respect of unpaid managment charges and other expenses in the sum of £7,572 (2023 - £178 expnsnes owed to parent company and £3,553 interest due from parent company). The net balance due from the parent company at the year end date was £192,428 (2023 - £203,375).
11. Controlling Parties
The company's immediate and ultimate parent undertaking is AUL Underwriting Agency Ltd, a company registered in England & Wales whose registered office is at 37 Chamberlain Street, Wells BA5 2PQ.
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