| InsureMO (UK) Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| 2 |
Going concern |
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"The accounts have been prepared on the going concern basis despite the company's net liabilities position of £1,041,671 (2023 - net liabilities £1,047,176) and of its recorded profit for the year of £5,505 (2023 - profit £29,555).
The company is reliant on continued support from its previous parent company eBaoTech International Pte. Ltd., who has undertaken to provide continued support for at least 12 months from the date of signing these accounts. The previous parent company has also confirmed that it will not call on the debts due to them until the company can afford repayment and not within the next 12 month unless it is financially viable to do so.
The fellow subsidiaries to which balances are owed as at 31 December 2024 (eBaoTech Corporation and InsureMO (Europe) AG) have also confirmed that they will not call on the debts due to them until the company can afford repayment and not within the next 12 months unless it is financially viable to do so.
At the time of signing these accounts, the directors have considered the effect of the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts due to the support available to it.
The financial forecasts prepared by the directors show that the company will be able to operate within the facilities available to it.
On that basis, the directors have prepared these financial statements on a going concern basis." |
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| 3 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
George Christou |
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Firm: |
CK Partnership Ltd |
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Date of audit report: |
28 September 2025 |
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| 4 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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3 |
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Number of employees represent the 2 directors of the company and 2 staff members (1 staff member in 2023). The directors did not receive any remuneration in either of the last 2 years. |
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| 5 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
358,253 |
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199,870 |
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Other debtors |
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7,337 |
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3,546 |
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Prepayments and accrued income |
429 |
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429 |
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366,019 |
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203,845 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
286 |
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517 |
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Amounts owed to group undertakings |
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1,402,929 |
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1,293,996 |
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Taxation and social security costs |
12,298 |
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6,173 |
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Accruals |
9,246 |
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8,562 |
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1,424,759 |
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1,309,248 |
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Amounts owed to group undertakings are interest free and repayable on demand. See note 2 for further terms of these amounts. |
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| 7 |
Other financial commitments |
2024 |
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2023 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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3,432 |
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3,432 |
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| 8 |
Related party transactions |
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Advantage has been taken of the exemption provided by FRS 102 section 33.1A not to disclose transactions with fellow group companies and disclosure of key management personnel as all subsidiary undertakings are wholly owned by the ultimate controlling entity of the company. |
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| 9 |
Controlling party |
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The controlling party is InsureMO Corporation Pte. Ltd. who holds 100% of the issued share capital of the company. This is a company incorporated in Singapore. The address of the parent company is 16 Raffles Quay #27-02, Hong Leong Building, Singapore, 048581.
The ultimate parent undertaking and the largest group for which group accounts are prepared is eBao Corporation, a company incorporated in the Cayman Islands. |
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| 10 |
Other information |
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InsureMO (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 1, 1 Old Court Mews |
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311 Chase Road |
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London |
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N14 6JS |