REGISTERED NUMBER: 11176774 (England and Wales)

Financial Statements

for the period

1 February 2024 to 31 December 2024

for

Corniche Underwriting Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J B Norman

G Grundy

W T Coates

REGISTERED OFFICE:

One

Fleet Place

London

EC4M 7WS

REGISTERED NUMBER:

11176774 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

FIXED ASSETS

Tangible assets

5

2,933

6,302

Investments

6

3,488,132

3,488,132

3,491,065

3,494,434

CURRENT ASSETS

Debtors

7

2,508,372

1,770,866

Cash at bank

4,118,613

5,753,357

6,626,985

7,524,223

CREDITORS

Amounts falling due within one year

8

(367,435

)

(916,849

)

NET CURRENT ASSETS

6,259,550

6,607,374

TOTAL ASSETS LESS CURRENT LIABILITIES

9,750,615

10,101,808

CAPITAL AND RESERVES

Called up share capital

75,100

75,100

Retained earnings

9,675,515

10,026,708

9,750,615

10,101,808

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

G Grundy - Director

1.	STATUTORY INFORMATION

Corniche Underwriting Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Presentational Currency

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £.

Going Concern

The directors are confident that the Company has adequate resources to continue its operational existence for the foreseeable future and meet its ongoing financial obligations.

Therefore the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is recognised in respect of commission received from insurance underwriting services to users during the year. Turnover is recognised to the extent that it is probable the economic benefits will flow to the Company and can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.

Interest income

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

Finance costs

Finance costs are charged to profit or loss 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.

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:

Office equipment - 33% 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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

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'.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits

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.

Fixed asset investments

Fixed asset Investments in subsidiary undertakings are recognised at cost less impairment. Investments are reviewed for impairment on an annual basis.

Trade and other 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.

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.

Trade and other 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 18 (2024 - 18 ) .

4.	AUDITORS' REMUNERATION

Period

1.2.24

to

Year Ended

31.12.24

31.1.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

12,000

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

and 31 December 2024

15,823

DEPRECIATION

At 1 February 2024

9,521

Charge for period

3,369

At 31 December 2024

12,890

NET BOOK VALUE

At 31 December 2024

2,933

At 31 January 2024

6,302

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2024

and 31 December 2024

3,488,132

NET BOOK VALUE

At 31 December 2024

3,488,132

At 31 January 2024

3,488,132

Investments in subsidiaries:

Shareholding

2024 (Dec)

2024

£

£

SE Consultants Limited

100%

3,488,047

3,488,047

Corniche Underwriting EU Limited

100%

85

85

Total Investments

3,488,132

3,488,132

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

2,465,405

1,740,498

Amounts owed by group undertakings

-

24,106

Other debtors

42,967

6,262

2,508,372

1,770,866

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade creditors

-

1,020

Taxation and social security

239,135

499,150

Other creditors

128,300

416,679

367,435

916,849

Contained within other creditors is an amount of £60,000 pertaining to a legal settlement. This amount has been settled in the 2025 financial year.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Whyke FCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

10.	RELATED PARTY DISCLOSURES

At the balance sheet date, included within other debtors is the amount of £5,040 (2024: £5,040) due from Mr G Grundy and J Norman, directors of the company.

11.	POST BALANCE SHEET EVENTS

On the 31st January 2025, Corniche Underwriting Ltd was acquired by Corniche Acquisition Co. Ltd.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party, by virtue of shareholding, is ACP Insurance Management LLC, Grand Cayman Islands, KY1-9005.

13.	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:

December 2024

January 2024

£

£

Not later than 1 year

87,380

Nil

Total

87,380

Nil