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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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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 2020 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Directors' Responsibilities Statement | 4 |
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Report of the Independent Auditors | 5 |
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Income Statement and Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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ACCIDENT & HEALTH UNDERWRITING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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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15 Canada Square |
Canary Wharf |
London |
E14 5GL |
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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 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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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 2020 (2019: £Nil). |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors during the year under review were: |
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- resigned 19.6.20 |
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The directors holding office at 31 December 2020 did not hold any beneficial interest in the issued share capital of the company at 1 January 2020 or 31 December 2020. |
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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 (2019: £Nil). |
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GOING CONCERN |
These financial statements have been prepared on a going concern basis. The company has been dealing with the economic impact of Covid-19 and the Government policies to tackle the virus including business closures, travel restrictions and stay at home orders. Part of the company's income is derived from the sale of corporate and retail travel insurance and this has been adversely affected in the current year. The directors have |
taken steps to protect the business including replacing lost income with alternative products. |
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The directors have been monitoring monthly management information in the current year to consider the possible |
further impact on the business and its ability to continue as a going concern. While the directors accept there are |
inherent uncertainties around the further impact of Covid-19 on the business they are satisfied that, based on their |
assessment of the future possible impact and their plans to deal with them, the company will continue as a going |
concern for a period of at least 12 months from approval of financial statements and therefore this is a valid basis for the preparation of the financial statements. |
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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. |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 intends to appoint PWC LLP as auditors for the year ending 31 December 2021. |
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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 2020 |
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities). |
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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 these financial statements, the directors are required to: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and estimates that are reasonable and prudent; |
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and |
- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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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 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, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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Opinion |
We have audited the financial statements of Accident & Health Underwriting Limited ("the company") for the year ended 31 December 2020, which comprise the Income statement and Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and related notes, including the accounting policies in note 2. |
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In our opinion the financial statements: |
-give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
-have been properly prepared in accordance with UK accounting standards applicable to smaller entities, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and |
-have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. |
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Going concern |
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or to cease its operations, and as they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period"). |
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In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. |
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Our conclusions based on this work: |
-we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; |
-we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for the going concern period. |
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However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the company will continue in operation. |
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Directors' report |
The directors are responsible for the directors' report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon. |
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Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: |
-we have not identified material misstatements in the directors' report; |
-in our opinion the information given in that report for the financial year is consistent with the financial statements; and |
- in our opinion that report has been prepared in accordance with the Companies Act 2006. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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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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We have nothing to report in respect of the following matters where 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
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Responsibilities of directors |
As explained more fully in their statement set out on page 4, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; 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; 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 they 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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. |
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Fraud and breaches of laws and regulations - ability to detect |
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Identifying and responding to risks of material misstatement due to fraud |
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To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: |
-Enquiring of directors, the audit committee, internal audit and inspection of policy documentation as to the company's high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud. |
-Reading Board and Audit committee minutes. |
-Using analytical procedures to identify any usual or unexpected relationships. |
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We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
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As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition the risk that management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as actuarial reserving. |
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We did not identify any additional fraud risks. |
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In determining the audit procedures, we took into account the results of our evaluation and testing of the operating effectiveness of company-wide fraud risk management controls. |
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We also performed procedures including: |
-Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by senior finance management, those posted and approved by the same user and those posted over weekends and bank holidays. |
-Assessing significant accounting estimates for bias. |
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Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations |
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We identified areas of laws and regulations that could reasonably be expected to have a material effect on the Financial Statements from our general commercial and sector experience, through discussion with the directors, and from inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. |
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We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
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The potential effect of these laws and regulations on the financial statements varies considerably. |
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Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ACCIDENT & HEALTH UNDERWRITING LIMITED |
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Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law and certain aspects of company legislation recognising the financial and regulated nature of the Company's activities Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. |
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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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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. |
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for and on behalf of
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15 Canada Square |
Canary Wharf |
London |
E14 5GL |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER | 3 |
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Administrative expenses |
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683,043 | 466,622 |
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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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707,029 | 510,877 |
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Interest payable and similar expenses |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank and in hand |
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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 2020 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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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 2020 |
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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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These financial statements have been prepared on a going concern basis. The company has been dealing with the economic impact of Covid-19 and the Government policies to tackle the virus including business closures, travel restrictions and stay at home orders. Part of the company's income is derived from the sale of corporate and retail travel insurance and this has been adversely affected in the current year. The directors have taken steps to protect the business including replacing lost income with alternative products. |
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The directors have been monitoring monthly management information in the current year to consider the possible |
further impact on the business and its ability to continue as a going concern. While the directors accept there are inherent uncertainties around the further impact of Covid-19 on the business they are satisfied that, based on their assessment of the future possible impact and their plans to deal with them, the company will continue as a going concern for a period of at least 12 months from approval of the financial statements.and therefore this is a valid basis for the preparation of the financial statements. |
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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 2020 |
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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 2020 |
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2. | ACCOUNTING POLICIES - continued |
Provision for liabilities |
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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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2020 | 2019 |
£ | £ |
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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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ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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: |
2020 | 2019 |
£ | £ |
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% . |
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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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2020 | 2019 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | - | ( |
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Depreciation in excess of capital allowances |
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Deferred tax - accelerated capital allowances | (254 | ) | 2,175 |
Total tax charge | 134,603 | 98,553 |
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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 2020. |
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6. | ADMINISTRATIVE EXPENSES |
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The following expenditure is included within administrative expenses: |
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2020 | 2019 |
£ | £ |
Wages costs | 1,015,110 | 950,128 |
Employer National Insurance cost | 121,692 | 106,127 |
Employer Pension costs | 41,802 | 32,413 |
Compensation for loss of office | 58,291 | - |
Property costs | 84,819 | 87,794 |
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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 | 5,442 | 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 2020 |
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7. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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|
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
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: |
2020 | 2019 |
£ | £ |
IBA Sterling bank balance | 242,729 | 344,383 |
IBA Foreign Currency bank balance | 223,589 | 268,507 |
IBA bank balance | 466,318 | 612,890 |
IBA Creditor balance | 466,318 | 612,890 |
ACCIDENT & HEALTH UNDERWRITING LIMITED (REGISTERED NUMBER: 03938590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
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Between one and five years |
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|
|
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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: |
|
2020 | 2019 |
£ | £ |
|
Brokerage fees | 11,954 | 39,362 |
|
Balance included in trade debtors | 1,661 | 1,694 |
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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 2020 the partnership owed the company £31,388 (2019: £23,682). This balance is repayable on demand. |
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During the year ended 31 December 2020 the company charged the partnership a total of £46,256 (2019: £52,076) for various costs. |
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During the year ended 31 December 2020 the company recharged printing costs of £644 (2019: £911) to Group Ark Insurance Holdings Limited, the parent company. |
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12. | POST BALANCE SHEET EVENTS |
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On 1 January 2021, White Mountains Insurance Group Ltd acquired a majority interest in Ark Insurance Holding Ltd, the ultimate parent company of Accident & Health Underwriting Limited. White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange. |
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13. | ULTIMATE PARENT COMPANY |
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The company is a wholly owned subsidiary of Ark Insurance Holdings Limited, a company incorporated in Bermuda. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of its ultimate parent company, Ark Insurance Holdings Limited. |