4 false false false false true false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 99,926 2,961 4 4 4 xbrli:pure xbrli:shares iso4217:GBP 03317764 2024-01-01 2024-12-31 03317764 2024-12-31 03317764 2023-12-31 03317764 2023-04-01 2023-12-31 03317764 2023-12-31 03317764 2023-03-31 03317764 bus:RegisteredOffice 2024-01-01 2024-12-31 03317764 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 03317764 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 03317764 bus:Director1 2024-01-01 2024-12-31 03317764 bus:Director2 2024-01-01 2024-12-31 03317764 bus:Director3 2024-01-01 2024-12-31 03317764 core:WithinOneYear 2024-12-31 03317764 core:WithinOneYear 2023-12-31 03317764 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 03317764 core:PlantMachinery 2023-12-31 03317764 core:FurnitureFittings 2023-12-31 03317764 core:MotorVehicles 2023-12-31 03317764 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 03317764 core:PlantMachinery 2024-12-31 03317764 core:FurnitureFittings 2024-12-31 03317764 core:MotorVehicles 2024-12-31 03317764 core:AfterOneYear 2024-12-31 03317764 core:AfterOneYear 2023-12-31 03317764 core:RetainedEarningsAccumulatedLosses 2023-12-31 03317764 core:RetainedEarningsAccumulatedLosses 2023-03-31 03317764 core:RetainedEarningsAccumulatedLosses 2024-12-31 03317764 core:RetainedEarningsAccumulatedLosses 2023-12-31 03317764 core:ShareCapital 2024-12-31 03317764 core:ShareCapital 2023-12-31 03317764 core:CapitalRedemptionReserve 2024-12-31 03317764 core:CapitalRedemptionReserve 2023-12-31 03317764 core:UKTax 2024-01-01 2024-12-31 03317764 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 03317764 core:PlantMachinery 2024-01-01 2024-12-31 03317764 core:FurnitureFittings 2024-01-01 2024-12-31 03317764 core:MotorVehicles 2024-01-01 2024-12-31 03317764 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 03317764 core:Non-currentFinancialInstruments 2024-12-31 03317764 core:Non-currentFinancialInstruments 2023-12-31 03317764 bus:LeadAgentIfApplicable 2023-04-01 2023-12-31 03317764 bus:FRS102 2024-01-01 2024-12-31 03317764 bus:Audited 2024-01-01 2024-12-31 03317764 bus:LargeCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03317764 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03317764 bus:FullAccounts 2024-01-01 2024-12-31 03317764 bus:OrdinaryShareClass1 2024-12-31 03317764 bus:OrdinaryShareClass1 2023-12-31 03317764 core:OfficeEquipment 2024-01-01 2024-12-31 03317764 core:CapitalRedemptionReserve 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 03317764

Stubben Edge Markets Ltd

Financial Statements

Year ended

31 December 2024

Stubben Edge Markets Ltd

Financial Statements

Year ended 31 December 2024

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 4

Independent auditor's report to the members | 6

Statement of income and retained earnings | 11

Statement of financial position | 12

Statement of cash flows | 13

Notes to the financial statements | 14

Stubben Edge Markets Ltd

Officers and Professional Advisers

The board of directors | Mr P D Blackmore (Resigned 31 July 2025)
| Ms K R Barretto
| Mr C A B Kenning

Registered office | 7th Floor
| 77 Cornhill
| London
| EC3V 3QQ

Auditor | Edmund Carr LLP
| Chartered Accountants & Statutory Auditors
| 146 New London Road
| Chelmsford
| Essex
| CM2 0AW

Bankers | Coutts & Co
| 440 Strand
| London
| WC2R 0QS

Stubben Edge Markets Ltd

Strategic Report

Year ended 31 December 2024
The directors present the strategic report for the year ended 31 December 2024 for Stubben Edge Markets Limited (Previously Blackmore Borley Limited) (registered number 03317764 ). PRINCIPAL ACTIVITY The company's principal activity is that of Lloyd's broker specialising in liability insurance. The company is regulated by the Financial Conduct Authority. REVIEW OF THE BUSINESS After time apportioning the comparative period, turnover decreased by 68.4% and expenses, net of other operating income, have decreased by 62.4%. Overall, the company achieved an operating loss of £84,049 for the year compared with an operating profit of £1,852 previously. The key financial performance indicators for the company are as follows: 31 Dec 24 31 Dec 23 £ £ Turnover 329,764 781,970 Profit/(loss) before tax (84,049) 1,852 Net assets/(liabilities) (108,160) (8,234) PRINCIPAL RISKS AND UNCERTAINTIES The company is exposed to a variety of financial and non-financial risks. The directors consider the key risks that could impact the business are as follows: Legal and regulatory risk The company is exposed to potential claims and litigation arising from the ordinary course of business relating to alleged errors and omissions, or noncompliance with laws and regulations. The director is satisfied, based on current information, that the company has adequate insurance to meet such claims. Liquidity and cash flow risk The company monitors its cash flow and maintains cash flow projections which are regularly updated. It has confirmed facilities available in excess of the facilities indicated as required by the cash flow projections. Credit risk The company maintains sound credit collection practices in respect of amounts due from other parties and makes provision for doubtful debts where necessary. Foreign currency risk A significant proportion of the company's revenue arises in foreign currencies whereas its expenses arise in sterling. These exposures are closely monitored to determine whether further action is required.
This report was approved by the board of directors on 8 May 2026 and signed on behalf of the board by:

Mr C A B Kenning
Director

Registered office:
7th Floor
77 Cornhill
London
EC3V 3QQ

Stubben Edge Markets Ltd

Directors' Report

Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:

Mr P D Blackmore |
Ms K R Barretto |
Mr C A B Kenning |

Dividends
The directors do not recommend the payment of a dividend.
Greenhouse gas emissions and energy consumption
Information not included
Greenhouse gas emissions, energy consumption and energy efficiency disclosures are not given because the company's annual energy consumption is under 40,000 kWh.
Disclosure of information in the strategic report
In accordance with Section 414C(11) of the Companies Act 2006, the company has included a Strategic Report within the financial statements, outlining the performance of the company along with a description of the principal risks and uncertainties facing the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 profit or loss of the company for that period. In preparing these 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; - 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 8 May 2026 and signed on behalf of the board by:

Mr C A B Kenning
Director

Registered office:
7th Floor
77 Cornhill
London
EC3V 3QQ

Stubben Edge Markets Ltd

Independent Auditor's Report to the Members of Stubben Edge Markets Ltd

Year ended 31 December 2024
Opinion
We have audited the financial statements of Stubben Edge Markets Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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 loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 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 auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 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, 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.
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. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the Insurance sector. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships - Tested journal entries to identify unusual transactions - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. - Investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Enquiring of management as to actual and potential litigation and claims 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism 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 on the effectiveness of the 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 auditor’s 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 auditor’s 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 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.

S C Drain
(Senior Statutory Auditor)

For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditors
146 New London Road
Chelmsford
Essex
CM2 0AW

11 May 2026

Stubben Edge Markets Ltd

Statement of Income and Retained Earnings

Year ended 31 December 2024

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
Note | £ | £
Turnover | 4 | 329,764 | 781,970

Cost of sales | 2,237 | –
| --------- | ---------
Gross profit | 327,527 | 781,970

Administrative expenses | 417,879 | 834,224
Other operating income | – | 52,000
|  | --------- | ---------
Operating loss | 5 | ( 90,352) | ( 254)

Other interest receivable and similar income | 9 | 6,897 | 2,713
Interest payable and similar expenses | 10 | 594 | 607
| --------- | ---------
(Loss)/profit before taxation | ( 84,049) | 1,852

Tax on (loss)/profit | 11 | 15,877 | ( 1,109)
| -------- | -------
(Loss)/profit for the financial year and total comprehensive income | ( 99,926) | 2,961
| -------- | -------

Retained losses at the start of the year | ( 10,234) | ( 13,195)
| --------- | --------
Retained losses at the end of the year | ( 110,160) | ( 10,234)
| --------- | --------

All the activities of the company are from continuing operations.

Stubben Edge Markets Ltd

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 12 |  | 4,999 |  | 9,997
Investments | 13 |  | 4 |  | 4
|  | ------- |  | --------
|  | 5,003 |  | 10,001

Current assets

Debtors | 14 | 52,029 |  | 1,504,431 |
Cash at bank and in hand | 358,646 |  | 436,540 |
| --------- |  | ------------ |
| 410,675 |  | 1,940,971 |

Creditors: amounts falling due within one year | 15 | 516,338 |  | 1,941,706 |
| --------- |  | ------------ |
Net current liabilities |  | 105,663 |  | 735
|  | --------- |  | --------
Total assets less current liabilities |  | ( 100,660) |  | 9,266

Creditors: amounts falling due after more than one year | 16 |  | 7,500 |  | 17,500
|  | --------- |  | --------
Net liabilities |  | ( 108,160) |  | ( 8,234)
|  | --------- |  | --------

Capital and reserves

Called up share capital | 18 |  | 1,000 |  | 1,000
Capital redemption reserve | 19 |  | 1,000 |  | 1,000
Profit and loss account | 19 |  | ( 110,160) |  | ( 10,234)
|  | --------- |  | --------
Shareholders deficit |  | ( 108,160) |  | ( 8,234)
|  | --------- |  | --------

These financial statements were approved by the board of directors and authorised for issue on 8 May 2026 , and are signed on behalf of the board by:

Mr C A B Kenning
Director

Company registration number: 03317764

Stubben Edge Markets Ltd

Statement of Cash Flows

Year ended 31 December 2024

| 2024 | 2023
| £ | £

Cash flows from operating activities

(Loss)/profit for the financial year | ( 99,926) | 2,961

Adjustments for: |  |
Depreciation of tangible assets | 4,998 | 5,698
Other interest receivable and similar income | ( 6,897) | ( 2,713)
Interest payable and similar expenses | 594 | 607
Tax on (loss)/profit | 15,877 | ( 1,109)
Accrued expenses/(income) | 7,470 | ( 31,804)

Changes in: |  |
Trade and other debtors | 1,452,402 | ( 1,106,604)
Trade and other creditors | ( 1,237,484) | 1,091,990
| ------------ | ------------
Cash generated from operations | 137,034 | ( 40,974)

Interest paid | ( 594) | ( 607)
Interest received | 6,897 | 2,713
Tax paid | ( 15,877) | –
| --------- | --------
Net cash from/(used in) operating activities | 127,460 | ( 38,868)
| --------- | --------

Cash flows from financing activities

Proceeds from borrowings | ( 10,000) | ( 31,774)
Proceeds from loans from group undertakings | ( 195,354) | 278,717
| --------- | ---------
Net cash (used in)/from financing activities | ( 205,354) | 246,943
| --------- | ---------

Net (decrease)/increase in cash and cash equivalents | ( 77,894) | 208,075
Cash and cash equivalents at beginning of year | 436,540 | 228,465
| --------- | ---------
Cash and cash equivalents at end of year | 358,646 | 436,540
| --------- | ---------

Stubben Edge Markets Ltd

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, 77 Cornhill, London, EC3V 3QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Insurance assets and liabilities
The company acts as agent in placing insurance risks for its clients. Notwithstanding its legal relationship with clients and underwriters, debtors, creditors and bank balances arising from insurance transactions are shown as assets and liabilities of the company itself. This recognises that the insurance broker is entitled to retain the investment income on any cash flows arising from these transactions.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the parent company. The directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts. The company has also received a letter of support from the parent company confirming that day to day financial support will continue to be provided for at least 12 months after these financial statements are approved and therefore the directors consider it appropriate to prepare the financial statements on the going concern basis.
Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises brokerage and fees. Brokerage is derived from insurance contracts and is recognised on the inception date of individual policies, or if later, when the placement is completed. Brokerage arising from mid term premium adjustments is recognised when such adjustments are made. Most policies carry an obligation to provide post placement services, principally policy administration and amendment, claims handling and advice. Accordingly, an element of income is deferred to take account of future servicing obligations.
Income tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Foreign currencies
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 of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Leasehold improvements | - | over the length of the lease
| Computer hardware and software | - | over 3 years
| Fixtures and fittings | - | over 3 to 4 years
| Websites | - | over 3 years
| Office equipment | - | over 3 to 4 years

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Turnover
Turnover arises from:

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Commissions | 329,764 | 781,970
| --------- | ---------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Depreciation of tangible assets | 4,998 | 5,698
Impairment of trade debtors | (170,100) | (18,000)
Foreign exchange differences | 9,010 | 912
| --------- | --------

6. Auditor's remuneration

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Fees payable for the audit of the financial statements | 14,600 | 11,000
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services | 2,870 | 2,800
| -------- | --------

7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2024 | 2023
| No. | No.
Management and administration staff | 1 | 5
Broking and technical staff | 3 | 3
| ---- | ----
| 4 | 8
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Wages and salaries | 270,168 | 445,430
Social security costs | 33,168 | 42,930
Other pension costs | 41,459 | 43,061
| --------- | ---------
| 344,795 | 531,421
| --------- | ---------

8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Remuneration | 150,000 | 111,766
Company contributions to defined contribution pension plans | 4,500 | 3,049
| --------- | ---------
| 154,500 | 114,815
| --------- | ---------

The number of directors who accrued benefits under company pension plans was as follows:

| 2024 | 2023
| No. | No.
Defined contribution plans | 1 | 1
| ---- | ----

9. Other interest receivable and similar income

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Interest on cash and cash equivalents | 6,897 | 2,713
| ------- | -------

10. Interest payable and similar expenses

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
Other interest payable and similar charges | 594 | 607
| ---- | ----

11. Tax on (loss)/profit
Major components of tax expense/(income)

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £

Current tax:

Adjustments in respect of prior periods | 15,877 | –

Deferred tax:

Origination and reversal of timing differences | – | ( 1,109)
| -------- | -------
Tax on (loss)/profit | 15,877 | ( 1,109)
| -------- | -------

The company has tax losses of approximately £275,769 (2023: £79,770) to carry forward against profits arising from the same trade.
Reconciliation of tax expense/(income)
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).

|  | Period from
| Year to | 1 Apr 23 to
| 31 Dec 24 | 31 Dec 23
| £ | £
(Loss)/profit on ordinary activities before taxation | ( 84,049) | 1,852
| -------- | -------
(Loss)/profit on ordinary activities by rate of tax | ( 21,012) | 352
Adjustment to tax charge in respect of prior periods | 15,877 | –
Effect of expenses not deductible for tax purposes | ( 29,069) | ( 3,845)
Effect of capital allowances and depreciation | 1,081 | 971
Utilisation of tax losses | 49,000 | 2,522
Short term timing differences | – | (1,109)
| -------- | -------
Tax on (loss)/profit | 15,877 | ( 1,109)
| -------- | -------

12. Tangible assets

| Short leasehold property | Plant and machinery | Fixtures and fittings | Website | Equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Jan 2024 and 31 Dec 2024 | 260 | 143,808 | 20,600 | 23,579 | 19,995 | 208,242
| ---- | --------- | -------- | -------- | -------- | ---------
Depreciation |  |  |  |  |  |
At 1 Jan 2024 | 260 | 143,808 | 20,600 | 23,579 | 9,998 | 198,245
Charge for the year | – | – | – | – | 4,998 | 4,998
| ---- | --------- | -------- | -------- | -------- | ---------
At 31 Dec 2024 | 260 | 143,808 | 20,600 | 23,579 | 14,996 | 203,243
| ---- | --------- | -------- | -------- | -------- | ---------
Carrying amount |  |  |  |  |  |
At 31 Dec 2024 | – | – | – | – | 4,999 | 4,999
| ---- | --------- | -------- | -------- | -------- | ---------
At 31 Dec 2023 | – | – | – | – | 9,997 | 9,997
| ---- | --------- | -------- | -------- | -------- | ---------

13. Investments

| Shares in group undertakings
| £
Cost |
At 1 January 2024 and 31 December 2024 | 4
| ----
Impairment |
At 1 January 2024 and 31 December 2024 | –
| ----

Carrying amount |
At 31 December 2024 | 4
| ----
At 31 December 2023 | 4
| ----

14. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 47,936 | 1,413,542
Prepayments and accrued income | 3,404 | 69,727
Corporation tax repayable | – | 15,877
Other debtors | 689 | 5,285
| -------- | ------------
| 52,029 | 1,504,431
| -------- | ------------

Included within trade debtors are gross written insurance premiums due from clients of £47,936 (2023: £1,413,443).
15. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 10,000 | 10,000
Trade creditors | 400,005 | 1,637,489
Amounts owed to group undertakings | 83,363 | 278,717
Accruals and deferred income | 22,970 | 15,500
| --------- | ------------
| 516,338 | 1,941,706
| --------- | ------------

Included within trade creditors are net written insurance premiums payable to underwriters of £382,132 (2023: £1,546,614). The bank overdraft facility is secured by a mortgage debenture dated 24 March 2017 over certain assets of the company.
16. Creditors: amounts falling due after more than one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 7,500 | 17,500
| ------- | --------

17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,459 (2023: £ 43,061 ).
18. Called up share capital
Issued, called up and fully paid

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 0.01 each | 100,000 | 1,000 | 100,000 | 1,000
| --------- | ------- | --------- | -------

19. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
20. Analysis of changes in net debt

| At 1 Jan 2024 | Cash flows | At 31 Dec 2024
| £ | £ | £
Cash at bank and in hand | 436,540 | (77,894) | 358,646
Debt due within one year | (288,717) | 195,354 | (93,363)
Debt due after one year | (17,500) | 10,000 | (7,500)
| --------- | --------- | ---------
| 130,323 | 127,460 | 257,783
| --------- | --------- | ---------

21. Related party transactions
The company is a wholly owned subsidiary of Stubben Edge Group Limited and has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with Stubben Edge Group Limited or any other companies within the group. The directors consider the ultimate parent company to be Stubben Edge Group Limited, a company registered in the UK.