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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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ACCIDENT & HEALTH UNDERWRITING LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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ACCIDENT & HEALTH UNDERWRITING LIMITED |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Directors' Responsibilities Statement | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement and Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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ACCIDENT & HEALTH UNDERWRITING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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7 More London Riverside |
London |
SE1 2RT |
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BANKERS: |
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20 North Street |
Bishops Stortford |
Hertfordshire |
CM23 2LN |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of insurance brokers. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021 (2020: £Nil). |
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DIRECTORS |
The directors during the year under review were: |
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The directors holding office at 31 December 2021 did not hold any beneficial interest in the issued share capital of the company at 1 January 2021 or 31 December 2021. |
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Throughout the year, Directors' and officers' liability insurance has been in place for the Directors and officers of the company. |
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POLITICAL DONATIONS AND EXPENDITURE |
Neither the Company nor any of its subsidiaries made any political donations or incurred any political expenditure during the year. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The company has an elective resolution in place under Section 487(2) of the Companies Act 2006 to dispense with the obligation to appoint auditors annually. The company appointed PricewaterhouseCoopers LLP as auditors for the year ending 31 December 2021 and have reappointed them for the next year. |
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ON BEHALF OF THE BOARD: |
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The directors are responsible for preparing the Annual Report and the financial statements in accordance |
with applicable law and regulation. |
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Company law requires the directors to prepare financial statements for each financial year. Under that |
law the directors have prepared the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The |
Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law). |
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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 the financial statements, the directors are required to: |
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- select suitable accounting policies and then apply them consistently; |
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- state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been |
followed, subject to any material departures disclosed and explained in the financial statements; |
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- make judgements and accounting estimates that are reasonable and prudent; and |
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that |
the company will continue in business. |
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The directors are also responsible for safeguarding the assets of the group and company and hence for |
taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and |
explain the group's and company's transactions and disclose with reasonable accuracy at any time the |
financial position of the group and company and enable them to ensure that the financial statements |
comply with the Companies Act 2006. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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Opinion |
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In our opinion, Accident & Health Underwriting Limited's financial statements: |
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- give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
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- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law); and |
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- have been prepared in accordance with the requirements of the Companies Act 2006. |
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We have audited the financial statements (excluding pages 17 and 18 which do not form part of the statutory financial statements), included within the Report and Financial Statements (the "Annual Report"), which comprise: Balance sheet as at 31 December 2021; Income statement and other comprehensive income and Statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Independence |
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
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Conclusions relating to going concern |
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. |
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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. |
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However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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Reporting on other information |
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. |
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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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities. |
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With respect to the Strategic report and Report to the Directors, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. |
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Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. |
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Strategic report and Report to the Directors |
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Report to the Directors for the year ended 31 December 2021 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. |
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In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Report to the Directors. |
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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 Report of the Directors. |
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Under the Companies Act 2006 we are required to report to you if, in our opinion: |
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- we have not obtained all the information and explanations we require for our audit; or |
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- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or |
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- certain disclosures of directors' remuneration specified by law are not made; or |
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- the financial statements are not in agreement with the accounting records and returns. |
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We have no exceptions to report arising from this responsibility. |
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Responsibilities of directors |
As explained more fully in the Directors' Responsibility Statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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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. |
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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. |
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Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the Prudential Regulation Authority and the Financial Conduct Authority, and 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 financial statements such as Companies Act 2006. 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 management override of controls. Audit procedures performed by the engagement team included: |
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- Discussions with senior management involved in the Risk and Compliance functions, including consideration of known or suspected instances of noncompliance with laws and regulation and fraud; |
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- Assessment of any matters reported on the company's whistleblowing helpline and fraud register and the results of management's investigation of such matters; |
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- Reading key correspondence with the Financial Conduct Authority in relation to compliance with laws and regulations; |
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- Reviewing relevant meeting minutes including those of the Board; and |
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- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. |
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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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Use of this report |
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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7 More London Riverside |
London |
SE1 2RT |
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
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TURNOVER | 3 |
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Administrative expenses |
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259,301 | 683,043 |
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Other operating income |
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OPERATING PROFIT |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2021 |
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Accident & Health Underwriting Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The financial statements are rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In these financial statements, the company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 "section 1a" in respect of the following disclosures: |
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- the requirements of Section 7 Statement of Cash Flows; |
- the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirement of Section 33 Related Party Disclosures paragraph 33.7 |
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Turnover |
Turnover comprises the following: |
- Brokerage fees which are recognised in the accounts when work on a policy is deemed to have been completed as this is the point at which the company is entitled to this income. For this reason no adjustments are made for accrued or deferred income regardless of the period a policy covers. |
- Profit commissions which are recognised when they are received. |
- Other commissions which are recognised when they are received. |
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Tangible fixed assets |
Deprecation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings - 20% on cost |
Plant and machinery etc - 25% on cost Motor Vehicles, 33% on cost for Computer Equipment and 20% on |
cost for Fixtures and Fittings. |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statement, 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. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Exclusion of insurer debtors |
The company collects insurance premiums on behalf of underwriters and then pays them over the net premium after deducting the company's own commission. These monies are collected and then paid out of designated bank accounts. The balance sheet excludes these bank accounts and the liability due to the underwriters. Trade debtors are commission debtors only. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2021 | 2020 |
£ | £ |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit |
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UK corporation tax has been charged at 19% (2020 - 19%). |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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5. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2021 | 2020 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Deferred tax - accelerated capital allowances | (1,268 | ) | (254 | ) |
Total tax charge | 58,886 | 134,603 |
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Future Tax Rate |
The Finance Act 2020 enacted legislation to maintain the current rate of corporation tax at 19% up until at least the tax year ended April 2022, rather than the previously enacted reduction to 17% from April 2020. |
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These rate changes have been reflected in the calculation of the deferred tax balance as at 31 December 2021. |
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6. | ADMINISTRATIVE EXPENSES |
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The following expenditure is included within administrative expenses: |
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2021 | 2020 |
£ | £ |
Wages costs | 1,212,411 | 1,178,604 |
Property costs | 79,988 | 84,819 |
Compensation of loss of office | - | 58,291 |
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Auditors' remuneration for services to the Company has been borne by another group undertaking as follows: |
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Auditors' remuneration | 13,270 | 5,442 |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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In addition to the company's own assets and liabilities, it also manages the following insurer balances which are excluded from the balance sheet: |
2021 | 2020 |
£ | £ |
IBA Sterling bank balance | 494,560 | 242,729 |
IBA Foreign Currency bank balance | 7,947 | 223,589 |
IBA bank balance | 502,507 | 466,318 |
IBA Creditor balance | 502,507 | 466,318 |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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11. | RELATED PARTY DISCLOSURES |
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The company transacts with a company called Quartz Insurance Brokers Limited. The companies were related due to the director of this company, J Burnham, being a shareholder in Quartz Insurance Brokers Limited. The companies transacted with each other on normal commercial terms. Details of the transactions during the year were as follows: |
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2021 | 2020 |
£ | £ |
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Brokerage fees | 27,000 | 11,954 |
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Balance included in trade debtors | 26,587 | 1,661 |
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Balance included in trade creditors | - | - |
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The company is a designated member of Accident & Health Claims Services LLP. As at the 31 December 2021 the partnership owed the company £28,949 (2020: £31,388). This balance is repayable on demand. |
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During the year ended 31 December 2021 the company charged the partnership a total of £51,730 (2020: £46,256) for various costs. |
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During the year ended 31 December 2021 the company recharged printing costs of £Nil (2020: £644) to Group Ark Insurance Holdings Limited, the parent company. |
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12. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary of White Mountain Insurance Group Limited, a company incorporated in Bermuda. |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of its ultimate parent company, White Mountain Insurance Group Limited. |