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Registered number: 13539078
Annual Report
For the year ended 31 December 2024
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INTEGRATED SPECIALTY COVERAGES LTD
COMPANY INFORMATION
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INTEGRATED SPECIALTY COVERAGES LTD
CONTENTS
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INTEGRATED SPECIALTY COVERAGES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their annual report and the audited financial statements of Integrated Specialty Coverages Ltd (the 'Company') for the year ended
The directors who served during the year and to the date of this report were:
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 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 judgements and accounting estimates that are reasonable and prudent; and
∙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.
The financial statements are prepared on a going concern basis. The Company remains assured of the financial support by the parent company. The directors have received confirmation that the parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for at least 12 months from the date of signing these financials. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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INTEGRATED SPECIALTY COVERAGES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsequent to the year end, on 15 December 2025, the Company issued share capital in settlement of amounts owed to group undertakings. The share capital issued comprised 1 ordinary share with a nominal value of £1 and received consideration of £2,598,079.
Subsequent to the year end, on 15 January 2026, the Company subdivided its share capital, converting 2 ordinary shares of £1.00 each into 200 ordinary shares of £0.01 each. The subdivision did not affect the total nominal value of issued share capital.
The auditor,
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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INTEGRATED SPECIALTY COVERAGES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRATED SPECIALTY COVERAGES LTD
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 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.
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INTEGRATED SPECIALTY COVERAGES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRATED SPECIALTY COVERAGES LTD (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
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INTEGRATED SPECIALTY COVERAGES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRATED SPECIALTY COVERAGES LTD (CONTINUED)
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INTEGRATED SPECIALTY COVERAGES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRATED SPECIALTY COVERAGES LTD (CONTINUED)
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: • Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; • Inspecting correspondence, if any, with relevant licensing or regulatory authorities; • Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and • Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: • Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; • Gaining an understanding of the internal controls established to mitigate risks related to fraud; • Discussing amongst the engagement team the risks of fraud; and • Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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INTEGRATED SPECIALTY COVERAGES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRATED SPECIALTY COVERAGES LTD (CONTINUED)
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 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.
for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor
Capital Square
58 Morrison Street
EH3 8BP
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INTEGRATED SPECIALTY COVERAGES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTEGRATED SPECIALTY COVERAGES LTD
REGISTERED NUMBER: 13539078
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The notes on pages 11 to 16 form part of these financial statements.
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INTEGRATED SPECIALTY COVERAGES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Integrated Specialty Coverages Ltd is a private company limited by shares and incorporated in England and Wales. The registered number of the Company is 13539078. The address of its registered office is Elemental Cosec Limited, 27 Old Gloucester St, London, United Kingdom, WC1N 3AX.
The principal activity of the Company is to act as an insurance intermediary and program administrator in connection with the sale and service of commercial insurance policies.
2.Accounting policies
Functional and presentation currency
Transactions and balances
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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 assets 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts 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.
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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.
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. In the opinion of the directors, there are no judgements or key sources of estimation uncertainty that are material to the financial statements.
There were no employees during the year other than the directors of the Company (2023: 3 directors).
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTEGRATED SPECIALTY COVERAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, the Directors identified that the prior year accruals listing was not complete, omitting expenses which were attributable to the period. Consequently, this resulted in expenses and liabilities being understated in the previous period’s financial statements.
As a result, the comparative figures have been restated, the impact of this adjustment is to increase administrative expenses in the prior year by $44,360, with an equal increase in accruals (included within Creditors; amounts falling due within one year) for the same period. This adjustment has consequently, increased the loss, and reduced the net assets of the Company in the prior year.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $1,642 (2023: $2,848). There were no amounts payable to the fund at the year end (2023: $nil).
Subsequent to the year end, on 15 January 2026, the Company subdivided its share capital, converting 2 ordinary shares of £1.00 each into 200 ordinary shares of £0.01 each. The subdivision did not affect the total nominal value of issued share capital.
The immediate parent is
The ultimate parent undertaking and ultimate controlling party is
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