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Registered number: 12465835 Marscope Limited Annual report and financial statements For the year ended 31 December 2024
Marscope Limited Contents
| Page
Company information | 1
Strategic report | 2 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 9
Statement of income and retained earnings | 10
Statement of financial position | 11
Notes to the financial statements | 12 - 20
Marscope Limited Company Information
Directors | A S Voyvoda
| G N C Hadjipateras
| R A Jordan
| A C Liasis
Company secretary | R Kapoor Consultants Limited
Registered number | 12465835
Registered office | 57 Mansell Street
| London
| E1 8AN
Independent auditors | Kreston Reeves Audit LLP
| Statutory Auditor
| 2nd Floor
| 168 Shoreditch High Street
| London
| E1 6RA
Page 1
Marscope Limited Strategic report For the year ended 31 December 2024
Introduction
The Directors present their Strategic Report for the Company for the year ended 31 December 2024.
Business review
The principal activity of the Company continues to be an insurance intermediary specialising in marine business. The level of business and the year-end financial position were satisfactory, and the Directors anticipate that the level of activity will continue to grow from the current year with further growth in the following year. The Company is a 51% subsidiary of Seascope Holdings Ltd (“SHL”), a company incorporated and registered in England. The Company's income in 2024 increased by £1,261,199 compared with 2023. Brokerage income in the year increased by £529,491. The company had an exchange gain in the year of £559,800, compared with a loss in 2023 of £171,908. Net assets in the Statement of Financial Position at the reporting date have decreased by £872,412 being the amount of the net retained profit after tax of £4,127,588 less a dividend of £5,000,000 (2023: £3,892,456 less a dividend of £4,000,000. The Company has budgeted in 2025 for an average U.S Dollar exchange rate of 1.25 (2024: 1.25).
Financial key performance indicators
Management use a number of performance measures to monitor and manage the business. The performance measures are financial in nature, as set out below. (a) Brokerage income Brokerage income is monitored and reflects the Company’s ability to retain and grow business as well as the effects of the trading environment within the marine market. Brokerage reports and analyses are distributed to the Directors of the Company monthly and performance measured against budget. In the current financial year the actual brokerage marginally exceeded the budget target of £4.8m by 97% (2023: exceeded by 0.5%). (b) Operating profit With operating costs closely monitored and controlled, any changes in income (being brokerage and exchange differences combined), through growth (or reduction), normally translate into operating profit growth (or reduction). Although operating expenses have increased in the year, margin has been increased through higher revenue. As a result the Operating Profit has increased in the current year (decreased in the prior year). (c) Cash flow from operations Growth (or reduction) in brokerage income usually feeds through to improved (or deteriorated) cash flow from operations. With volumes and the level of brokerage similar in the year to the prior year has lead to a similar level of cash flow in the year (2023: similar level). Page 2
Marscope Limited Strategic report (continued) For the year ended 31 December 2024
Principal risks and uncertainties
The management of the business and the execution of the strategy are subject to a number of risks. The Directors monitor the key risks facing the Company together with assessing the controls used to manage these risks. The Board formally reviews and documents the principal risks. The key business risks and uncertainties affecting the Company are considered to be the challenging economic shipping environment, competition from other insurance agents, the relative value of Sterling against the US Dollar which is the main currency in which revenues are generated, the importance of its relationships with key underwriters and reliance on key personnel in the business. The Company manages these risks by providing the very best service that it can to its clients, by supplying insurance products which meet client requirements and by maintaining good relationships with its clients and the insurance markets in which it places their business, as well as good relationships with its staff. In addition, current geo-political risks can have an impact on clients’ ability to trade but equally can have a positive impact as marine insurers increase their war risk premiums. The business is focused on the specific sector in which it is believed it can successfully compete. The foreign currency policy is described in the accounting policies note 2.4. Financial risk management The Company is exposed to financial risk through its financial assets and financial liabilities. The most important components of this financial risk are currency risk, credit risk and liquidity risk, as referred to below. (a) Foreign currency risk The Company is exposed to currency risk in respect of transactions denominated in currencies other than Sterling. The most significant currencies to which the Company is exposed are the US Dollar and the Euro. The Company seeks to mitigate the risk via its parent Company through the selective use of forward foreign exchange contracts where appropriate. (b) Credit risk Credit risk is the risk of non-payment by the client. The Company manages this by monitoring receivable balances on an ongoing basis and provision is made for doubtful debts where necessary. In addition most contracts of insurance are on quarterly payment terms and contain a broker cancellation provision within them in the event of non-payment of the premium. These two factors within the contracts reduce the credit risk to the Company. (c) Liquidity risk The Company manages its cash requirement to ensure it has sufficient liquid resources to meet the operating needs of its business. Future developments The Directors expect the business activities in 2025 to continue at a similar level to 2024. This report was approved by the board and signed on its behalf.
R A Jordan Director
Date: 13 February 2026
Page 3
Marscope Limited Directors' report For the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £4,127,588 (2023 - £3,892,456). A dividend of £5,000,000 (2023: £4,000,000) was paid during the year.
Directors
The directors who served during the year were:
A S Voyvoda
G N C Hadjipateras
R A Jordan
A C Liasis
A C Gordon (resigned 21 August 2024)
Matters covered in the Strategic report
To comply with the Companies Act 2006 the Company provides in the Strategic Report, a review of the development and performance of the company during the year, including key performance indicators and a description of the principal risks and uncertainties facing the company. Page 4
Marscope Limited Directors' report (continued) For the year ended 31 December 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the companies Act 2006. This report was approved by the board on 13 February 2026 and signed on its behalf.
R A Jordan Director
Page 5
Marscope Limited Independent auditors' report to the members of Marscope Limited
Opinion
We have audited the financial statements of Marscope Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard 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 Company's ability to continue as a going concern for a period of at least twelve 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 6
Marscope Limited Independent auditors' report to the members of Marscope Limited (continued)
Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 7
Marscope Limited Independent auditors' report to the members of Marscope Limited (continued)
Auditors' 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 Auditors' 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. 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: Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to maritime and employment law. We considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or duplicate employees. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and ∙Assessment of identified fraud risk factors; and ∙Challenging assumptions/judgements made by management in its significant accounting estimates; and ∙Confirmation of related parties with management, and review of transactions during the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to. fraud; and ∙Using automated data analytics tools to analyse journals during the year; and ∙Reading minutes of meetings of those charged with governance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 8
Marscope Limited Independent auditors' report to the members of Marscope Limited (continued) As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 we are required to state to them in an Auditors' 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. Michael Cook (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor London 16 February 2026 Page 9
Marscope Limited Statement of income and retained earnings For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 9,607,016 | 8,345,817
Gross profit |  | 9,607,016 | 8,345,817
Administrative expenses |  | (3,917,459) | (3,208,548)
Operating profit |  | 5,689,557 | 5,137,269
Interest payable and similar expenses |  | (32,563) | (22,943)
Profit before tax |  | 5,656,994 | 5,114,326
Tax on profit | 7 | (1,529,406) | (1,221,870)
Profit after tax |  | 4,127,588 | 3,892,456
Retained earnings at the beginning of the year |  | 4,264,246 | 4,371,790
Profit for the year |  | 4,127,588 | 3,892,456
Dividends declared and paid |  | (5,000,000) | (4,000,000)
Retained earnings at the end of the year |  | 3,391,834 | 4,264,246
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 20 form part of these financial statements.
Page 10
Marscope Limited Registered number: 12465835 Statement of financial position As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 3,767,623 |  | 4,720,759 |
|  | 3,767,623 |  | 4,720,759 |
Creditors: amounts falling due within one year | 10 | (374,789) |  | (455,513) |
Net current assets |  |  | 3,392,834 |  | 4,265,246
Total assets less current liabilities |  |  | 3,392,834 |  | 4,265,246
Net assets |  |  | 3,392,834 |  | 4,265,246
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 3,391,834 |  | 4,264,246
|  |  | 3,392,834 |  | 4,265,246
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2026.
R A Jordan
Director
The notes on pages 12 to 20 form part of these financial statements. Page 11
Marscope Limited Notes to the financial statements For the year ended 31 December 2024
1. | General information
The Company is private and limited by shares and is incorporated in England and Wales, with registration number 00980109. The registered office address and principal place of business is 57 Mansell Street, London, E1 8AN. Its principal activity is that of an insurance intermediary specialising in marine business. 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 (see note 3). The Financial Statements are presented in Sterling (£) and rounded to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Seascope Holdings Ltd as at 31 December 2024 and these financial statements may be obtained from Registrar of Companies.
| 2.3 | Going concern
The Financial Statements have been prepared on a going concern basis. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual Financial Statements. Page 12
Marscope Limited Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | 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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Turnover
Turnover represents insurance brokerage, commissions and fees for related services net of commission payable. Turnover is recognised at the effective date of inception of the policy. When the premium is paid in instalments, all the income receivable is recognised when the client is debited with the first instalment. Some income may be deferred where the Directors consider there to be obligations for future servicing requirements. Profit commission is recognised when it can be calculated with reasonable certainty. Differences arising on the translation of foreign currencies are shown as part of turnover. Page 13
Marscope Limited Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.6 | Taxation
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 reporting 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 reporting 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 reporting date.
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position 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 Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 14
Marscope Limited Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 15
Marscope Limited Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.10 | 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. | Judgments in applying accounting policies and key sources of estimation uncertainty
There are no critical accounting judgments or key sources of estimation uncertainty used in the preparation of these financial statements. Page 16
Marscope Limited Notes to the financial statements For the year ended 31 December 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Brokerage, commissions and fees | 9,047,216 | 8,517,725
| Exchange gain/(loss) | 559,800 | (171,908)
|  | 9,607,016 | 8,345,817
Brokerage, commissions and fees is attributable to one continuing activity, that of acting as insurance agents. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 1,158,943 | 974,762
| Rest of Europe | 6,719,163 | 6,561,919
| Rest of world | 1,169,110 | 981,044
| Exchange gain/(loss) | 559,800 | (171,908)
|  | 9,607,016 | 8,345,817
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 25,000 | 20,000
6. | Employees
| The company has 4 employees (2024: 4), all of whom are directors.
| The Directors are remunerated by the company’s immediate parent undertaking, whose consolidated financial statements disclose their remuneration.
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Marscope Limited Notes to the financial statements For the year ended 31 December 2024
7. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,449,069 | 1,221,870
| Adjustments in respect of previous periods | 80,337 | -
| Total current tax | 1,529,406 | 1,221,870
| Deferred tax |  |
| Total deferred tax | - | -
|  | 1,529,406 | 1,221,870
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,656,994 | 5,114,326
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 1,414,249 | 1,201,867
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 34,820 | 20,003
| Adjustments to tax charge in respect of prior periods | 80,337 | -
| Total tax charge for the year | 1,529,406 | 1,221,870
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
8. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends declared and paid during the year | 5,000,000 | 4,000,000
|  | 5,000,000 | 4,000,000
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Marscope Limited Notes to the financial statements For the year ended 31 December 2024
9. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 3,517,401 | 4,376,410
| Other debtors | 1,000 | 1,000
| Prepayments and accrued income | 249,222 | 343,349
|  | 3,767,623 | 4,720,759
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax | 374,789 | 208,948
| Accruals and deferred income | - | 246,565
|  | 374,789 | 455,513
11. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
12. | Related party transactions
| Insurances business outside the EEA is placed by a fellow subsidiary company Seascope Insurance Services Limited (“SISL”) for the company. During the year, brokerage, commission and fees of £2,328,053 (2023: £1,932,596) were earned on this business. At the balance sheet date, £904,413 (£1,227,846) was receivable from SISL. Insurances business within the EEA is placed by a fellow subsidiary company Seascope Europe S.M.P.C. (“SE”) for the company. During the year, brokerage, commission and fees of £6,719,163 (2023: £6,585,129) were earned on this business. At the balance sheet date, £1,985,819 (£2,904,155) was receivable from SE. During the year, the company’s parent undertaking Seascope Holdings Limited (“SHL”) made expense recharges to the company of £3,917,459 (£3,157,685). At the balance sheet date, £627,169 (£322,615) was receivable from SHL. SISL and SE transfer cash funds to SHL to enable it to defray the company’s expenses.
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Marscope Limited Notes to the financial statements For the year ended 31 December 2024
13. | Controlling party
The name of the only parent undertaking producing consolidated accounts is Seascope Holdings Ltd, a company registered in England and Wales. A copy of their financial statements is available from the Registrar of Companies. The ultimate parent undertaking and controlling party is Gulfstream Investments Limited, a company registered in Liberia.
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