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Registered number: 03600683










CKRE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
CKRE LIMITED
 

COMPANY INFORMATION


Directors
M. Wright 
H. Dika 




Registered number
03600683



Registered office
2nd Floor

40 Lime Street

London

EC3M 7AW




Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor, Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
CKRE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 26


 
CKRE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
CKRe Limited (‘’CKRe’’) is an international insurance and reinsurance broking company and a broker at Lloyd’s
based in London, United Kingdom.
The company arranges insurance and reinsurance contracts for corporate, private and insurance company clients both in the UK and internationally and provides broking services to third party businesses.

Business review
 
The Company continued in 2024 to focus on its specialist broking activities embracing treaty and facultative reinsurance as well as retail insurance, with the majority of business derived from clients outside the UK.  As part of this strategy the company has a diverse portfolio of insurance contracts and an ability to transact all key insurance classes throughout the world and offers coverholder and binding authority facilities.  In addition, it acted as a regulatory principal to selected third party  businesses.
In 2024 the Company made a profit before taxation of £100,154 (
2023: loss £48,575).
There were no changes in the shareholders or the ultimate holding company during the year.

Principal risks and uncertainties
 
At a macro level the principal risks and uncertainties faced by the company include the global competitive  challenges  and regional conflicts creating trading uncertainty, sanction restrictions, currency fluctuations and domestic protectionism.  
At a local level the principal risks and certainties include the changes in the regulatory requirements in the countries in which the company trades or operates from and the retention of key talent in a competitive insurance broking environment. 

Business risk management and governance
 
CKRe actively manages all risks in the business through the identification and ranking of the key risks, instigating mitigation plans and reviewing the risk register at a senior level and with regular Board oversight.
CKRe’s principal regulator is the Financial Conduct Authority and it operates within the principals and good practice required by the Regulator.  Practices and procedures are documented and monitored as part of the regulatory process and regular reports are produced at each Board Meeting.  The company is also subject to the requirements of being a Lloyd’s broker and also adheres to the regulatory practices required by the countries with whom it trades and where it operates.
Procedures  are in place to ensure money laundering, conflicts of interest and sanction restrictions are implemented and monitored and also for maintaining best practice in cyber security.
The Business also ensures it maintains diversity management and has a strategy for environmental sustainability, social responsibility and excellence in corporate governance.
The Directors consider the risk management and governance procedures that are in place are relevant and appropriate for the business, all necessary risk mitigation practices are in place, risk transfer is implemented where appropriate  and regular reviews are undertaken.

Page 1

 
CKRE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The company uses a number of measures to regularly monitor performance including: 
 
Management accounts to review revenue and expenses against budget
Analysis of placements of placements with underwriters
Monitoring of debtors and creditors
Cashflow and regulatory capital projections
Assessment of performance against objectives
Compliance monitoring reports
Audits of compliance and business processes
Review of cyber security practices
Monitoring of incidents that could have a material financial impact on the business
Regular oversight meetings to monitor performance

Financial instruments and risk management

CKRe uses financial instruments primarily for operational purposes, including managing cash flow and regulatory capital. The company does not engage in speculative training.
Liquidity risk:
The company aims to manage financial risk by maintaining sufficient working capital to meet both its foreseeable operational needs and the regulatory capital requirements set by the Financial Conduct Authority.
If required, the Board is confident that additional funding could be obtained from the company's immediate and ultimate parent entity.
Regulatory risk:
Monitored through compliance teams and regular updates on jurisdictional requirements.
The Board oversees risk management through regular reviews of the risk register and mitigation plans.  

Directors' statement of compliance with duty to promote the success of the Company
 
The directors have a duty to promote the success of the Company for the benefit of its members as a whole, having regard to the interests of our customers, our employees, our relationship with our suppliers and the impact of our operations on the community and environment in which we operate.
This is to ensure that the Company maintains a reputation for high standards of business conduct and that any decisions made consider the impact on all our relevant stakeholders.
Long-Term Decision Making
The Board considers the long-term consequences of its decisions, including investments in technology, regulatory compliance, and market expansion. Strategic planning is aligned with sustainable growth and resilience.
Community and Environmental Impact
CKRe is committed to reducing its environmental footprint through digital transformation and responsible resource use. 
Fairness Among Members
The Board ensures that all shareholders are treated fairly and equitably. Decisions are made transparently, with consideration for the interests of all members of the company.
 
Page 2

 
CKRE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Stakeholder Engagement
Employees
Our employees are crucial to delivering our purposes and strategic initiatives. We ensure our people are engaged and empowered to deliver the best service for our customers. The Board acknowledges that their key concerns include continued employment, remuneration, job satisfaction, diversity and inclusion and career development.
Customers
Customers are the core focus of our business. We strive to deliver outstanding customer experiences in order to build long-term and sustainable relationships. Key issues for our customers include a high quality and responsive service which meets their demands and needs and with competitive pricing.
Suppliers
Building and maintaining relationships across our supply chain is vital to our continued success. The Board review and support management in engaging with strategic and operational suppliers to ensure we have mutually beneficial and flexible long term partnerships to meet the needs of the business.


This report was approved by the board on 27 August 2025 and signed on its behalf.



................................................
M. Wright
Director

Page 3

 
CKRE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the audited financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £100,154 (2023 - loss £48,575).
No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

The directors who served during the year were:

M. Wright 
H. Dika 

Future developments

There are no significant future developments that have been identified.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
CKRE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWilder Coe Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on  27 August 2025 and signed on its behalf.
 





................................................
M. Wright
Director

Page 5

 
CKRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED
 

Opinion


We have audited the financial statements of CKRE Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


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 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 6

 
CKRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)


Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 and 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 set out on page 4, 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 of financial 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.


Page 7

 
CKRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

Discussions with and enquiries of management and those charged with governance were held with a view to dentifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
 
The following laws and regulations were identified as being of significance to the entity:
 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, distributable profits legislation and FCA regulations.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include an operating licence and compliance with FCA regulations. 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraudm might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
CKRE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Robert Bradman BA CA (Senior Statutory Auditor)
for and on behalf of


 
Wilder Coe Ltd
 
Chartered Accountants & Statutory Auditors
  
1st Floor, Sackville House
143-149 Fenchurch Street
London
EC3M 6BL
 

29 August 2025
Page 9

 
CKRE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
2,057,256
1,964,500

Gross profit
  
2,057,256
1,964,500

Administrative expenses
  
(1,956,866)
(2,016,516)

Operating profit/(loss)
 5 
100,390
(52,016)

Interest receivable and similar income
  
714
4,484

Interest payable and similar expenses
  
(950)
(1,043)

Profit/(loss) before tax
  
100,154
(48,575)

Tax on profit/(loss) on ordinary activities
 9 
-
-

Profit/(loss) for the financial year
  
100,154
(48,575)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 26 form part of these financial statements.
EBITDA for the year, before differences due to foreign exchange, showed positive balance for the financial year of £104,123 
(2023: negative balance of £17,874).

Page 10

 
CKRE LIMITED
REGISTERED NUMBER: 03600683

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
12,618
12,710

Investments
 11 
19,084
19,084

  
31,702
31,794

Current assets
  

Debtors
 12 
12,273,862
14,082,914

Cash at bank and in hand
  
4,992,470
5,120,682

  
17,266,332
19,203,596

Creditors: amounts falling due within one year
 13 
(15,854,394)
(17,882,105)

Net current assets
  
 
 
1,411,938
 
 
1,321,491

Creditors: amounts falling due after more than one year
 14 
(13,458)
(23,257)

  

Net assets
  
1,430,182
1,330,028


Capital and reserves
  

Allotted, called up and fully paid share capital
 16 
1,111
1,111

Irredeemable preference shares
 17 
2,851,000
2,851,000

Capital redemption reserve
 17 
219,022
219,022

Profit and loss account
 17 
(1,640,951)
(1,741,105)

Equity shareholders' funds
  
1,430,182
1,330,028


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.




................................................
M. Wright
Director

The notes on pages 15 to 26 form part of these financial statements.

Page 11
 

 
CKRE LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Allotted, called up and fully paid share capital
Irredeemable preference shares
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2023
1,000
2,851,000
219,022
(1,692,530)
1,378,492



Comprehensive income for the year


Loss for the year
-
-
-
(48,575)
(48,575)



Contributions by and distributions to owners


Shares issued during the year
111
-
-
-
111





At 1 January 2024
1,111
2,851,000
219,022
(1,741,105)
1,330,028



Comprehensive income for the year


Profit for the year
-
-
-
100,154
100,154



At 31 December 2024
1,111
2,851,000
219,022
(1,640,951)
1,430,182



The notes on pages 15 to 26 form part of these financial statements.

Page 12
 
CKRE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
100,154
(48,575)

Adjustments for:

Depreciation of tangible assets
8,780
28,787

Interest payable
950
1,043

Interest receivable
(714)
(4,484)

Decrease in debtors
1,809,052
3,762,250

Decrease in creditors
(2,027,711)
(3,691,515)

Net cash generated from operating activities

(109,489)
47,506


Cash flows from investing activities

Purchase of tangible fixed assets
(8,688)
(1,237)

Interest received
714
4,484

Net cash from investing activities

(7,974)
3,247

Cash flows from financing activities

Issue of ordinary shares
-
111

Repayment of loans
(9,799)
(9,625)

Interest paid
(950)
(1,043)

Net cash used in financing activities
(10,749)
(10,557)

Net (decrease)/increase in cash and cash equivalents
(128,212)
40,196

Cash and cash equivalents at beginning of year
5,120,682
5,080,486

Cash and cash equivalents at the end of year
4,992,470
5,120,682


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,992,470
5,120,682


The notes on pages 15 to 26 form part of these financial statements.

Page 13

 
CKRE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

5,120,682

(128,212)

4,992,470

Debt due after 1 year

(23,257)

9,799

(13,458)

Debt due within 1 year

(10,000)

-

(10,000)


5,087,425
(118,413)
4,969,012

The notes on pages 15 to 26 form part of these financial statements.

Page 14

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

CKRe Limited (Company number: 03600683), having its registered office and principal place of business at Second Floor, 40 Lime Street, London, EC3M 7AW, is a private limited company incorporated in England and Wales.

2.Accounting policies 

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Going concern

At the year end, the Company had profit for the year of £100,154 (2023: loss of £48,575) and had net assets of £1,430,182 (2023: £1,330,028).
The Company is reliant for its working capital on funds provided to it by its parent company, which has provided the Company with an undertaking that it will, for at least 12 months from the date of the approval of these financial statements, continue to make available such funds as are needed by the Company and in particular will not seek repayment of the amounts currently made available.
This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any Company placing reliance on other entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
On this basis, the directors believe that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.

Page 15

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies  (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

 
2.4

Turnover

Turnover shown in the Statement of Comprehensive Income represents brokerage and fees which are taken to credit when debit notes are issued. Alterations in brokerage arising from return, additional premiums and adjustments are taken into account when they arise.

  
2.5

Insurance broking debtors and creditors

Insurance brokers usually act as agents in placing the insurable risks of their clients with insurers, and, as such, are generally not liable as principals for amounts arising from such transactions.
Notwithstanding these legal relationships, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities. This recognises that the insurance broker is entitled to retain the investment income on any cash flows arising from these transactions.
Debtors and creditors arising from a transaction between clients and insurers are recorded simultaneously. Consequently, there is a high level of correlation between the totals reported in respect of insurance broking debtors and insurance broking creditors.
The position of the insurance broker as agent means that generally the credit risk is borne by the principals. There can be circumstances when the insurance broker acquires the credit risk. There is much legal uncertainty surrounding the circumstances and the extent of such exposure and consequently it cannot be evaluated. However, the total of insurance broking debtors appearing in the balance sheet is not an indication of credit risk.
It is normal practice for insurance brokers to settle accounts with other intermediaries, clients, insurers and market settlement bureaux on a net basis. Thus, large changes in both insurance broking debtors and creditors can result from comparatively small cash settlements. For this reason, the totals of insurance broking debtors and creditors give no indication of future cash flows.
Insurance broking debtors and creditors include gross balances in respect of claims being handled by the company on an administration/collection only basis.

Page 16

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies  (continued)

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Operating leases: the company as lessee

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 eased asset are consumed.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


 
2.10

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies  (continued)

  
2.11

Employment benefits

Short term 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.
Annual bonus plan
The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and equipment
-
between 3 to 5 years on a straight-line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

  
2.13

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each Balance Sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each Balance Sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 18

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies  (continued)

 
2.14

Investments

Investments in convertible loan notes and joint ventures are measured at cost and amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies 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 abcut 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.
Management does not believe there to be any critical judgements or key sources of estimation uncertainty which have a significant effect on the amounts recognised in the financial statements.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company, being that of (Re)insurance broking, rather than just insurance.
All turnover is accounted for in the UK, which is predominantely derived from overseas activities.


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
8,780
28,787

Exchange differences
(5,047)
5,355

Other operating lease rentals
205,340
223,209


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,425
11,950

Fees payable to the Company's auditors in respect of:

All other services
4,300
4,300
Page 20

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,084,191
1,114,994

Social security costs
128,056
131,769

Cost of defined contribution scheme
22,289
21,464

1,234,536
1,268,227


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Insurance broking
10
11



Finance
2
2

14
15


8.


Directors' remuneration

During the year the directors received remuneration of £116,911 (2023: £111,649).
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (
2023: Nil).

Page 21

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£



Current tax on profits for the year
-
-

Factors affecting the tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
100,154
(48,575)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
25,039
(9,229)

Effects of:


Expenses not deductible for tax purposes
3,473
1,731

Depreciation for year in excess of capital allowances
23
5,235

(Utilisation)/creation of tax losses
(28,535)
2,263

Total tax charge for the year
-
-


Factors that may affect future tax charges

There are taxable trading losses of £1,737,664 (2023: £1,857,038), available to carry forward and offset against future taxable profits, and a non-trade loan relationship deficit of £100,236 (2023: £100,000).
The company has an unrecognised deferred tax asset of £434,416 (
2023: £463,010) in respect of unutilised tax losses. The directors have concluded that there is insufficient certainty of future taxable profit to allow this to be recognised. 

Page 22

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Fixtures & equipment

£



COST


At 1 January 2024
137,809


Additions
8,688



At 31 December 2024

146,497



Depreciation


At 1 January 2024
125,099


Charge for the year on owned assets
8,780



At 31 December 2024

133,879



Net book value



At 31 December 2024
12,618



At 31 December 2023
12,710


11.


Fixed asset investments





Investments

£



COST


At 1 January 2024
19,084



At 31 December 2024
19,084





Page 23

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Debtors

2024
2023
£
£


Trade debtors
12,078,216
13,906,156

Amounts owed by connected companies
136,372
127,311

Other debtors
16,597
2,776

Prepayments and accrued income
42,677
46,671

12,273,862
14,082,914


Amounts owed by connected companies are unsecured, interest free and repayable on demand.


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (see note 15)
10,000
10,000

Insurance broking creditors
14,990,219
16,566,933

Amounts owed to group undertakings
260,000
260,000

Other creditors
128,826
115,836

Accruals and deferred income
465,349
929,336

15,854,394
17,882,105


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (see note 15)
13,458
23,257


Page 24

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Due within one year
10,000
10,000

Due between two and five years
13,458
23,257

23,458
33,257


Bank loans comprise the UK government-backed Bounce Back Loan Scheme ("BBLS") loan. The loan incurs interest at the fixed rate of 2.5% per annum and is repayable by 4 March 2027. For the initial 12 months, no interest is charged on the loan, nor are any capital repayments due. Following the aforementioned period, the loan is repayable in monthly instalments. Repayments of capital and interest are due monthly in equal instalments.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
111 (2023 -111) A Ordinary shares of £1.00 each
111
111

1,111

1,111


A Ordinary and Ordinary Shares
Ordinary Shares carry full voting rights at general meetings of the Company, while A Ordinary Shares are non-voting. Subject to board recommendation, available profits may be distributed to holders of both A Ordinary and Ordinary Shares on a pari passu basis, according to the number of shares held. On a return of capital, after satisfying amounts due to Preference Shareholders, any remaining surplus will be distributed between A Ordinary and Ordinary Shareholders pari passu, based on the amounts paid up or credited as paid up on each share.


17.


Reserves

Irredeemable preference shares

The existing preference shares do not carry a coupon rate and carry no voting rights.
In the event of winding up or on a reduction of capital involving a return of capital, the preference shares hold priority for the return of capital above any other class of shares.

Capital redemption reserve

The capital redemption reserve relates to the redemption of preference shares in 2008 by the Company and is a non-distributable reserve.

Page 25

 
CKRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Retirement benefit schemes

The company operates a defined contribution pension scheme. The pension costs for the year amounted to £22,289 (2023: £21,464). There were contributions totalling £Nil (2023: £Nil) payable to the scheme at the year end included in other creditors. 


19.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
137,733

-
137,733

The company entered into a new lease on 19 October 2024, on a quarterly rolling basis, following the expiration of the previous lease on 18 October 2024.


20.


Related party transactions

Remuneration of key management personnel
The only key management personnel are the directors, whose remuneration has been disclosed in note 7 to the financial statements.
Transactions with related parties
Included within amounts owed to group undertakings is an amount due to the Company's immediate parent undertaking of £260,000 (2023: £260,000).
Included within amounts owed by connected companies is an amount due from the Company's appointed representative of £136,372
 (2023: £127,311).


21.


Ultimate parent undertakings and controlling party

As at 31 December 2024 and 2023, the Company’s immediate parent undertaking was Syracuse Capital SA, a company incorporated in Luxembourg.
On 7 April 2025, Agora Group Holdings Limited, a company incorporated in England, acquired 100% of the Company’s issued share capital. As a result, Agora Group Holdings Limited became the Company’s new immediate parent undertaking from that date.
As at 31 December 2024 and 2023 the ultimate parent undertaking is HC.PI Investment Limited, a company incorporated in Cyprus.
As at 31 December 2024 and 2023 the ultimate controlling party is H. Junior Chalhoub by virtue of his shareholding in the ultimate parent undertaking. 


Page 26