ACCOUNTS - Final Accounts

Registered number: NI657414

IOA PERSONAL LINES LTD

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024


IOA PERSONAL LINES LTD Registered number:NI657414

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		23,045		33,551
			23,045		33,551
Current assets
Debtors: amounts falling due within one year	5	1,712,128		1,735,503
Cash at bank and in hand	6	448,019		147,035
		2,160,147		1,882,538
Creditors: amounts falling due within one year	7	(186,678)		(173,828)
Net current assets			1,973,469		1,708,710
Total assets less current liabilities			1,996,514		1,742,261
Creditors: amounts falling due after more than one year	8		(692,602)		(692,602)

Net assets			1,303,912		1,049,659

Capital and reserves
Called up share capital	10	1	1
Profit and loss account	11	1,303,911	1,049,658
		1,303,912	1,049,659

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2025.

Gregory Reid Masters

Director

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IOA PERSONAL LINES LTD Registered number:NI657414

Balance Sheet (continued)

As at 31 December 2024

The notes on pages 3 to 8 form part of these financial statements.

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

IOA Personal Lines Ltd is a private company limited by shares incorporated in Northern Ireland. The
registration number and address of the registered office are given in the company information section of
these financial statements.

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.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.3

Revenue

Revenue shown in the Profit and Loss Account represents amounts receivable from IOA Personal Lines Limited immediate parent company, Insurance Office of America Inc. during the period for the provision of support services, exclusive of VAT.
Revenue in respect of the provision of support services to Insurance Office of America Inc. is calculated as attributable cost plus a mark up, in accordance with an intercompany agreement between IOA Personal Lines Limited and Insurance Office of America Inc.

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Pensions

Defined contribution pension plan

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.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

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.

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

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:

Computer equipment

3 years straight line

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 profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 55 (2023: 51).

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2024	91,993
	Additions	13,411
	At 31 December 2024	105,404
	Depreciation
	At 1 January 2024	58,442
	Charge for the year on owned assets	23,917
	At 31 December 2024	82,359
	Net book value
	At 31 December 2024	23,045
	At 31 December 2023	33,551

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	1,599,501	1,623,903
Other debtors	91,590	87,652
Prepayments and accrued income	16,974	20,984
Deferred taxation	4,063	2,964
	1,712,128	1,735,503

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	448,019	147,035
	448,019	147,035

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other taxation and social security	107,439	110,630
Other creditors	13,520	12,920
Accruals and deferred income	65,719	50,278
	186,678	173,828

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Amounts owed to group undertakings	692,602	692,602
	692,602	692,602

9.	Deferred taxation

		2024
		£

	At beginning of year	2,964
	Charged to profit or loss	1,099
	At end of year	4,063

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IOA PERSONAL LINES LTD

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.Deferred taxation (continued)

The deferred tax asset is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	4,063	2,964
		4,063	2,964

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023: 1) Ordinary share of £1.00	1	1

11.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

12.	Controlling party

Insurance Office of America, Inc., a company established in the USA controls 100% of the Company's
equity share capital and is the ultimate parent company.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 8 August 2025 by Adrian Patton (Senior Statutory Auditor) on behalf of Sumer AuditCo NI Ltd.

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