Company Registration No. 10942687 (England and Wales)
CHC Insurance Services Limited
Annual report and unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
CHC Insurance Services Limited
Contents
Page
Directors' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 11
CHC Insurance Services Limited
Directors' report
For the year ended 31 March 2025

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 insurance broking and risk advisory.

Director note

In the period, the group has built on its established market presence, competing directly with and winning against the largest market players.

Our Broking team is building a well-earned reputation for solving difficult problems and bringing innovative solutions to clients.

Our Managing General Agent subsidiary, Samphire Risk, has grown strongly. Samphire has built upon a sizable renewal book and continued to broaden and refine product offerings, while differentiate itself through superior customer service.

Advisory capability remains a key differentiator for our insurance business - the small team punches above its weight in both thought leadership and delivery.

The group has navigated an extended period of uncertainty with the founder and CEO moving on early in the period and the fundraise efforts only coming to an end with the close of the latest funding round in November 2024. Major cost-cutting, including necessary redundancies, leaves the business lean and focused, and well placed to capitalise quickly and profitably on growth opportunities that present themselves.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Steven Harris
Christopher Holt
(Retired 31 May 2024)
Rupert Prichard
Charles Raw
Rafi Arafat Khan
(Appointed 26 September 2024)
Jeremy Smith
(Appointed 26 September 2024)
Julian Vero
(Appointed 26 September 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
..............................
Julian Vero
Director
Date:
31 July 2025
2025-08-26
1
CHC Insurance Services Limited
Statement of financial position
As at 31 March 2025
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
58,985
137,319
Tangible assets
5
8,047
18,214
Investments
6
1
1
67,033
155,534
Current assets
Debtors
7
2,144,338
2,222,851
Cash at bank and in hand
429,590
127,642
2,573,928
2,350,493
Creditors: amounts falling due within one year
8
(206,095)
(245,375)
Net current assets
2,367,833
2,105,118
Total assets less current liabilities
2,434,866
2,260,652
Creditors: amounts falling due after more than one year
9
(22,783)
(27,500)
Net assets
2,412,083
2,233,152
Capital and reserves
Called up share capital
3,161
2,747
Share premium account
7,886,598
6,378,000
Other reserves
58,214
21,012
Profit and loss reserves
(5,535,890)
(4,168,607)
Total equity
2,412,083
2,233,152

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

2
CHC Insurance Services Limited
Statement of financial position (continued)
As at 31 March 2025
The financial statements were approved by the board of directors and authorised for issue on
31 July 2025
2025-08-26
and are signed on its behalf by:
..............................
Julian Vero
Director
Company Registration No. 10942687
3
CHC Insurance Services Limited
Statement of financial position (continued)
As at 31 March 2025
31 March 2025
1
Critical accounting 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.

2
Accounting policies
Company information

CHC Insurance Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1-3 Leadenhall Market, London, Greater London, United Kingdom, EC3V 1LR.

2.1
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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Turnover
4

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

CHC Insurance Services Limited
Notes to the financial statements
For the year ended 31 March 2025
2
Accounting policies (continued)

Amortisation 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:

GTI Platform
5 years straight line
RMP Platform
3 years straight line
2.4
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.

5

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:

Fixtures and fittings
3 to 5 years straight line
Computers
3 years 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.

2.5
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.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
2
Accounting policies (continued)
6

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
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.

2.8
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 statement of financial position 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, 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, 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.

 

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.

2.9
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.

CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
2
Accounting policies (continued)
2.10
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.

2.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.12
Share-based payments
7

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

2.13
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.

3
Employees

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

2025
2024
Number
Number
Total
14
16
CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
4
Intangible fixed assets
GTI Platform
RMP Platform
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
137,337
29,000
166,337
Amortisation and impairment
At 1 April 2024
17,740
11,278
29,018
Amortisation charged for the year
68,668
9,666
78,334
At 31 March 2025
86,408
20,944
107,352
Carrying amount
At 31 March 2025
50,929
8,056
58,985
At 31 March 2024
119,597
17,722
137,319
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
53,512
Additions
880
Disposals
(2,406)
At 31 March 2025
51,986
Depreciation and impairment
At 1 April 2024
35,298
Depreciation charged in the year
10,132
Eliminated in respect of disposals
(1,491)
At 31 March 2025
43,939
Carrying amount
At 31 March 2025
8,047
At 31 March 2024
18,214
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
8
CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
260,864
396,422
Other debtors
1,883,474
1,826,429
2,144,338
2,222,851
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
19,377
87,055
Taxation and social security
44,890
100,679
Other creditors
141,828
57,641
206,095
245,375
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
22,783
27,500
10
Share-based payment transactions

Certain employees participate in the share incentive schemes providing shares in the company.

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
5,600
16,000
2.72
2.72
Granted
23,750
2,750
5.75
5.75
Forfeited
-
0
(300)
-
0
5.00
Exercised
-
0
(12,850)
2.31
2.31
Expired
(500)
-
0
5.00
-
0
Outstanding at 31 March 2025
28,850
5,600
5.63
5.05
Exercisable at 31 March 2025
-
0
-
0
-
0
-
0
9
CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
10
Share-based payment transactions (continued)

The options outstanding at 31 March 2025 have a weighted exercise price of £5.63 per share, and a remaining maximum contractual life of just over 6 years 1 month for the options granted in May 2021, 7 years 4 months for the options granted in July 2022, 8 years and 4 months for the options granted in July 2023, 8 years and 5 months for the options granted in August 2023, and 9 years 8 months for the options granted in November 2024.

The share options granted on 13 May 2021 vest 25% on grant and 25% on each of the three anniversaries thereafter. As at 31 March 2025 therefore, 100% are vested. The options can only be exercised on a major Fundraise or Corporate Exit Event (both as defined in Scheme Rules), or 10 years after grant if they are still outstanding at that time.. At the time of issue, the fair value of the shares, agreed with the HMRC valuation, was £0.01 per share and assumptions are determined by management at the date of grant of the share options.

The share options granted on 21 July 2022 vest 25% on grant and 25% on each of the three anniversaries thereafter. As at 31 March 2025 therefore, 75% are vested. The options can only be exercised on a major Fundraise or Corporate Exit Event (both as defined in Scheme Rules), or 10 years after grant if they are still outstanding at that time.500 of the shares lapsed in the year. At the time of issue, the fair value of the shares, agreed with the HMRC valuation, was £5.00 per share and assumptions are determined by management at the date of grant of the share options.

 

The share options granted on 27 July 2023 vest 25% on grant and 25% on each of the three anniversaries thereafter. As at 31 March 2025 therefore, 50% are vested. The options can only be exercised on a major Fundraise or Corporate Exit Event (both as defined in Scheme Rules), or 10 years after grant if they are still outstanding at that time.. At the time of issue, the fair value of the shares, agreed with the HMRC valuation, was £5.75 per share and assumptions are determined by management at the date of grant of the share options.

The share options granted on 17 August 2023 vest 25% on grant and 25% on each of the three anniversaries thereafter. As at 31 March 2025 therefore, 50% are vested. The options can only be exercised on a major Fundraise or Corporate Exit Event (both as defined in Scheme Rules), or 10 years after grant if they are still outstanding at that time.. At the time of issue, the fair value of the shares, agreed with the HMRC valuation, was £5.75 per share and assumptions are determined by management at the date of grant of the share options.

The share options granted on 18 November 2024 vest 25% on grant and 25% on each of the three anniversaries thereafter. As at 31 March 2025 therefore, 25% are vested. The options can only be exercised on a major Fundraise or Corporate Exit Event (both as defined in Scheme Rules), or 10 years after grant if they are still outstanding at that time. At the time of issue, the fair value of the shares, agreed with the HMRC valuation, was £5.75 per share and assumptions are determined by management at the date of grant of the share options.

Liabilities and expenses

During the year, the company recognised total share-based payment expense of £37,202 (2024 - credit of £5,340) which related to equity settled share based payment transactions.

11
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

At the year end a balance of £1,846,247 (2024 - £1,759,387) was due from the subsidiary.

10
CHC Insurance Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
12
Parent company

The company is not considered to have an ultimate controlling party.

13
Prior period adjustment

The prior year accounts have been restated to correct the allocation of investments in subsidiary from current assets to fixed assets.

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
11
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