Corin Underwriting Limited

	Page
Directors' Report	1—3
Independent Auditor's Report	4—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10—11
Company Balance Sheet	12—13
Consolidated Statement of Changes in Equity	14
Notes to the Financial Statements	15—21

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of an insurance intermediary.

Review of the Business

The groups turnover increased by 10.88% for the period to £4,040,416 resulting in a profit before tax of £1,667,728.

- The board strongly believes a specialist MGA adds significant identifiable value to the business chain.

- Operating in a long tail environment, we believe it is important that we take a prudent approach that focuses on achieving a stable, long-term return for our partners.

- Applying our experience in managing a successful insurer, we operate as a ‘virtual insurer’ undertaking all stages of the underwriting process.

- The fundamental MGA offering is as much about a close relationship with insurers as it is brokers. This is why Corin always seeks to engage long term partners to provide continuity and a stable platform for its brokers to confidently support their clients.

Events up to accounts being signed:

- The board were very proud recipients of the Silver ‘Investors In People’ recognition award, reaffirming our people-centric culture and values.

- Corin continue to hold a PA-3 Strong performance assessment from A MBest.

Principal risks and uncertainties

Foreign currencies can have a significant impact on profit margins, but the group has strong systems in place to react quickly and effectively to major fluctuations. The market continued to be volatile but we are prepared for those changes.

Key performance indicators are below:

	2024	2023
Turnover	£4,040,416	£3,644,003
Operating profit margin	41.27%	45.33%
Net assets	£3,484,392	£2,788,449
EBITDA	£1,699,008	£1,669,985
EBITDA Margin	42.05%	45.75%

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Corin Underwriting Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Directors

The directors who held office during the year were as follows:

Mr A J Hurrell

Mr D Gibson

Mr T D Stephenson

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Corin Underwriting Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr A J Hurrell

Director

16/09/2025

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Independent Auditor's Report

to the Members of

Corin Underwriting Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Corin Underwriting Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 11 to the financial statements, 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.

Conclusions Relating to Going Concern

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 group and parent company's ability to continue as a going concern for a period of at least 12 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.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Corin Underwriting Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit, or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1—3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Corin Underwriting Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Corin Underwriting Limited

Use Of Our Report

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 that we are required to state to them in an auditor's 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.

Stephanie Caten FCA CTA (Senior Statutory Auditor)

for and on behalf of Maynard Heady LLP , Statutory Auditor

25/09/2025

Maynard Heady LLP

Matrix House

12-16 Lionel Road

Canvey Island

Essex

SS8 9DE

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Corin Underwriting Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER		4,040,416	3,644,003

GROSS PROFIT		4,040,416	3,644,003

Administrative expenses		(2,373,138 )	(1,992,143 )

OPERATING PROFIT		1,667,278	1,651,860
Income from Shares in group undertakings		-	-

PROFIT BEFORE TAXATION		1,667,278	1,651,860
Tax on Profit		(418,713 )	(398,117 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,248,565	1,253,743

The notes on pages 15 to 21 form part of these financial statements.

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Corin Underwriting Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	1,248,565	1,253,743
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	1,248,565	1,253,743

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Corin Underwriting Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 10149990

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		134,569		106,652
Investments	6		4,681		4,681

			139,250		111,333
CURRENT ASSETS
Debtors	7	3,130,534		2,767,816
Cash at bank and in hand		1,802,704		1,328,972

		4,933,238		4,096,788
Creditors: Amounts Falling Due Within One Year	8	(1,654,453 )		(1,393,009 )

NET CURRENT ASSETS (LIABILITIES)			3,278,785		2,703,779

TOTAL ASSETS LESS CURRENT LIABILITIES			3,418,035		2,815,112

PROVISIONS FOR LIABILITIES
Deferred Taxation			(33,642 )		(26,663 )

NET ASSETS			3,384,393		2,788,449

CAPITAL AND RESERVES
Called up share capital	9		50,000		50,000
Other reserves			(816 )		171
Profit and Loss Account			3,335,209		2,738,278

SHAREHOLDERS' FUNDS			3,384,393		2,788,449

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Corin Underwriting Limited

Consolidated Balance Sheet (continued)

As At 31 December 2024

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

On behalf of the board

Mr A J Hurrell

Director

16/09/2025

The notes on pages 15 to 21 form part of these financial statements.

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Corin Underwriting Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 10149990

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		134,568		106,652
Investments	6		26,249		26,249

			160,817		132,901
CURRENT ASSETS
Debtors	7	3,129,533		2,753,044
Cash at bank and in hand		1,518,013		1,121,526

		4,647,546		3,874,570
Creditors: Amounts Falling Due Within One Year	8	(1,599,615 )		(1,313,774 )

NET CURRENT ASSETS (LIABILITIES)			3,047,931		2,560,796

TOTAL ASSETS LESS CURRENT LIABILITIES			3,208,748		2,693,697

PROVISIONS FOR LIABILITIES
Deferred Taxation			(33,642 )		(26,663 )

NET ASSETS			3,175,106		2,667,034

CAPITAL AND RESERVES
Called up share capital	9		50,000		50,000
Profit and Loss Account			3,125,106		2,617,034

SHAREHOLDERS' FUNDS			3,175,106		2,667,034

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Corin Underwriting Limited

Company Balance Sheet (continued)

As At 31 December 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,159,707 (2023: £ 1,131,184 profit).

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr A J Hurrell

Director

16/09/2025

The notes on pages 15 to 21 form part of these financial statements.

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Corin Underwriting Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	50,000	(1,213 )	2,094,534	2,143,321
Profit for the year and total comprehensive income	-	-	1,253,743	1,253,743

Dividends paid	-	-	(609,999)	(609,999)
Movements in other reserves	-	1,384	-	1,384

As at 31 December 2023 and 1 January 2024	50,000	171	2,738,278	2,788,449


Profit for the year and total comprehensive income	-	-	1,248,565	1,248,565

Dividends paid	-	-	(651,635)	(651,635)
Movements in other reserves	-	(987)	-	(987)

As at 31 December 2024	50,000	(816 )	3,335,209	3,384,393

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Corin Underwriting Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Corin Underwriting Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10149990 . The registered office is Cumberland House, 24 - 28 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Turnover

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 is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are trademark costs. It is amortised to profit and loss account over its estimated economic life of 3 years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% straight line
Plant & Machinery	15% reducing balance
Computer Equipment	33% straight line

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 22 (2023: 19)

Company

Average number of employees, including directors, during the year was: 21 (2023: 18)

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

Group

	Other
	£
Cost
As at 1 January 2024	10,792

As at 31 December 2024	10,792

Amortisation
As at 1 January 2024	10,792

As at 31 December 2024	10,792

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

Company

	Other
	£
Cost
As at 1 January 2024	10,792

As at 31 December 2024	10,792

Amortisation
As at 1 January 2024	10,792

As at 31 December 2024	10,792

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	60,510	76,500	64,987	201,997
Additions	-	44,757	14,890	59,647

As at 31 December 2024	60,510	121,257	79,877	261,644

Depreciation
As at 1 January 2024	2,017	28,341	64,987	95,345
Provided during the period	12,102	19,450	178	31,730

As at 31 December 2024	14,119	47,791	65,165	127,075

Net Book Value
As at 31 December 2024	46,391	73,466	14,712	134,569

As at 1 January 2024	58,493	48,159	-	106,652

Company

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	60,510	76,499	64,987	201,996
Additions	-	44,757	14,889	59,646

As at 31 December 2024	60,510	121,256	79,876	261,642

Depreciation
As at 1 January 2024	2,017	28,340	64,987	95,344
Provided during the period	12,102	19,450	178	31,730

As at 31 December 2024	14,119	47,790	65,165	127,074

Net Book Value
As at 31 December 2024	46,391	73,466	14,711	134,568

As at 1 January 2024	58,493	48,159	-	106,652

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Investments

Group

	Unlisted
	£
Cost
As at 1 January 2024	4,681

As at 31 December 2024	4,681

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	4,681

As at 1 January 2024	4,681

Company

	Unlisted
	£
Cost
As at 1 January 2024	26,249

As at 31 December 2024	26,249

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	26,249

As at 1 January 2024	26,249

7. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	912,555	567,132	639,803	567,132
Amounts owed by group undertakings	2,158,536	1,776,775	2,161,813	1,780,964
Other debtors	59,443	423,909	327,917	404,948

	3,130,534	2,767,816	3,129,533	2,753,044

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Corin Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	17,345	3,898	17,345	3,899
Other creditors	1,240,031	1,070,963	1,227,397	991,727
Taxation and social security	397,077	318,148	354,873	318,148

	1,654,453	1,393,009	1,599,615	1,313,774

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	50,000	50,000

10. Related Party Transactions

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

Stephenson Risk Consulting Limited is a company Mr T Stephenson is a director and shareholder of. Services provided by Stephenson Risk Consulting Limited during the year totalled £56,160 (2023 £57,733). As at 31 December 2024, £4,680 was owed to Stephenson Risk Consulting Limited (2023: £Nil). All transactions were undertaken at arms length.

11. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. Subsidiaries

Name of undertaking	Registered Office	Class of shares held	% Held - direct	Capital and reserves	Profit
Corin Underwriting (Europe) GMBH	8 Hohe Bleichen, Hamburg, 20354, Germany	Ordinary	100%	£243,873	£101,878

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