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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CKRE LIMITED
COMPANY INFORMATION
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CKRE LIMITED
CONTENTS
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CKRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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.
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CKRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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.
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.
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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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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 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.
The directors who served during the year were:
There are no significant future developments that have been identified.
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CKRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CKRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED
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 policies. The 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).
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.
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.
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 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. 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.
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CKRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)
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.
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.
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CKRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)
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.
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CKRE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CKRE LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
1st Floor, Sackville House
143-149 Fenchurch Street
EC3M 6BL
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CKRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CKRE LIMITED
REGISTERED NUMBER: 03600683
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 26 form part of these financial statements.
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