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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Blu Niche Risk Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 8 Lloyd's Avenue, London, EC3N 3EL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company made a loss of £true196,342 (2023: loss of £124,424) during the year ended 31 December 2024 and at that date its liabilities exceed its assets by £684,293 (2023: £491,813).

The company is therefore dependant on the continued support of its group companies, including continued access to the parent company cash loan facility of £800,000. The company has prepared a cash flow forecast which indicates that the company is expected to be profitable in 2025 and 2026 and would generate sufficient cash flow to meet its minimum expenditure commitments and to support its current level of corporate overheads. The loan received from the parent has also subsequently been extended and is only due in 2027 further supporting the operations of the entity.

Therefore, the directors, with on-going support, have adopted the going concern basis of accounting in preparing the financial statements.

The company generates revenue principally from commissions and fees associated with underwriting and administering insurance contracts.

Commission receivable is recognised on the commencement of the insurance contracts concerned, which is when brokerage, commission and fees not due until after the year end are recognised on the inception of the insurance contracts concerned, which is when the underwriting services have been substantially completed.

Adjustments to commissions are recognised when they can be ascertained with reasonable certainty, which is normally when the amounts concerned are advised or confirmed by the relevant third parties.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about 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.

The average monthly number of persons (including directors) employed by the company during the year was:

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

The company's financing facility includes a loan from its immediate parent company amounting to to £639,821 (2023: £425,457) as at 31 December 2024. The loan accrues interest at a rate of six months SONIA plus 2.0%. The loan is due for repayment in full in 2027. In line with accounting requirements, the group loan liability has been discounted back to the present value of future cashflows. Management considers 10% to be a reasonable estimate of the market rate of interest for similar debt instruments. Total interest of £33,983 (2023: £21,567) was charged during the period ended 31 December 2024.

All insurance funds are held in a non-statutory trust account ("NST"). At 31 December 2024, the funds held in the NST accounts amounted to £70,112 (2023: £nil).

There are three class of ordinary shares. The B shares have no voting rights or rights to a dividend. The C shares are not entitled to vote, receive dividends or attend general meetings unless that general meeting relates to the rights attached to the C shares.

During the year 54 Ordinary B shares of 0.1p par value each were issued at a price of £35.26 each.

During the year 102 Ordinary C shares of 0.1p par value each were issued at a price of £19.20 each.

Profit and loss reserve

This reserve relates to the cumulative profit and loss less the amounts distributed to shareholders.

Capital Contribution reserve

This reserve represents the present value adjustment in the respect of initial recognition of group loans, using the effective interest method. In line with the accounting treatment allowed by FRS102 an amount equal to the effective interest rate charge for the year has been transferred to retained earnings.

Share premium reserve

This reserve represents the excess paid for shares issued over the par value during the current year.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

NuVenture International Limited, an immediate parent undertaking, has provided the Company with an ongoing cash loan facility of £800,000. As at 31 December 2024 the monetary balance including accrued interest the Company owed amounted to £659,926 (2023: £428,954). The loan accrues interest at a rate of six months SONIA plus 2.0%. The total interest of £83,624 (2023: £44,176) was charged during the period ended 31 December 2024.

The immediate parent company is Nuventure International Limited. The ultimate controlling party is Mr. A Balakrishnan.