Armour Risk Management Limited
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 07111972 (England and Wales)
Armour Risk Management Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Armour Risk Management Limited
Balance Sheet
As at 31 December 2024
31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
274,734
364,799
Creditors: amounts falling due within one year
5
(1,274,171)
(1,254,591)
Net current liabilities
(999,437)
(889,792)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(999,537)
(889,892)
Total equity
(999,437)
(889,792)

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 12 August 2025 and are signed on its behalf by:
J A Rotman
Director
Company Registration No. 07111972
Armour Risk Management Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information

Armour Risk Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.

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 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.

1.2
Going concern

The company ceased trading on 30 June 2021 and the intention is for the company to be liquidated as soon as the outstanding litigation over cases brought by former policyholders of Elite Insurance Company Limited are closed. Further details of the claims are included in note 9.

 

This is proposed to be a solvent liquidation. The director has therefore determined that the going concern basis is no longer appropriate and these statements have been prepared on a basis other than going concern.

 

The adoption of a basis of preparation other than going concern has not resulted in any changes to the recognition and measurement of assets, liabilities, income or expenses included within the financial statements. No provisions have been recognised as a result of adopting a basis of preparation other than going concern.

1.3
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.

1.4
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.

Armour Risk Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
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.

1.5
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.

1.6
Provisions

(i) Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligations.

 

(ii) Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the profitability of an outflow of resources is remote.

 

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

1.7
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.

1.8

Irrecoverable VAT

Irrecoverable value added tax is expended through the income statement.

Armour Risk Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 4
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.

 

The company is currently engaged in litigation and is required to make an estimate of future liabilities for these cases based on a combination of legal advice, past experience of similar cases and management assessment of the risks and probabilities of payments required to settle the cases.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0

No staff were employed by the company after the company ceased trading on 30 June 2021.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
62,150
Other debtors
274,734
302,649
274,734
364,799
Armour Risk Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,105,556
1,105,556
Accruals and deferred income
168,615
149,035
1,274,171
1,254,591

At 31 December 2024, amount owed to group undertakings includes a £1,106k (2023: £1,106k) loan facility with Armour Group Limited which is repayable on demand.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 1.2 of the financial statements which explains that the company has ceased trading and the director intends to liquidate the company after the resolution of on-going litigation. Further details of the claims are included in note 9. The director does not consider it to be 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. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
Armour Risk Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
8
Related party transactions

At year end, the company has a loan from Armour Group Limited, its ultimate parent company of £1,105,556 (2023: £1,105,556).

9
Parent company

The company is a 100% subsidiary of Armour Risk Services (Bermuda) Limited; a company incorporated in Bermuda and considered to be its parent company. Armour Risk Services (Bermuda) Limited, is itself owned by Armour Group Limited, a company incorporated in Bermuda and the director considers this company to be the ultimate parent company.

 

Aquiline Holdings GP (Offshore) Limited, an entity controlled by Mr. J W Greenberg is the ultimate controlling party by virtue of their shareholding in the ultimate parent company.

10
Litigation

The company is currently engaged in litigation over cases brought by former policyholders of Elite Insurance Company Limited. Based on the information received to date, the director's view is that none of these cases have merit however, the timing of resolution of these cases is uncertain being dependent on the French judicial process. The company has made provisions for costs and potential liabilities based on the advice provided and experience of closing past cases.

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