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Financial Statements |
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for the Year Ended 31 December 2022 |
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AssuredPartners Risk Solutions Ltd |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2022 |
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for |
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AssuredPartners Risk Solutions Ltd |
AssuredPartners Risk Solutions Ltd (Registered number: 07874295) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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AssuredPartners Risk Solutions Ltd |
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Company Information |
for the Year Ended 31 December 2022 |
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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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Military House |
24 Castle Street |
Chester |
Cheshire |
CH1 2DS |
AssuredPartners Risk Solutions Ltd (Registered number: 07874295) |
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Balance Sheet |
31 December 2022 |
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31.12.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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AssuredPartners Risk Solutions Ltd (Registered number: 07874295) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
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1. | STATUTORY INFORMATION |
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Everest Risk Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company is part of an ineligible group under the companies Act, however small company exemptions can still be taken for the Directors report. |
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The financial statements are presented in sterling which is the functional currency of the company, rounded to the nearest £1. |
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Turnover |
Revenue represents brokerage commission and fees which are recognised on the date of inception of the insurance contract or as the contractual obligations have been performed. Adjustments for return or additional premiums are recognised as and when these occur or when they can be measured with 'reasonable clarity'. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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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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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. |
AssuredPartners Risk Solutions Ltd (Registered number: 07874295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Insurance broking debtors and creditors |
Insurance brokers usually act as agents in placing insurable risks of their clients with insurers and, as such, generally are not liable as principals for amounts arising for such transactions. Notwithstanding these legal relationships, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities. This recognises that the insurance broker is entitled to retain the investment income on any cash flows on any cash flows arising from these transactions. Debtors and creditors arising from a transaction between clients and insurers are recorded simultaneously. Consequently there is a high level of correlation between the totals reported in respect of insurance broking debtors and insurance broking creditors. |
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The position of the insurance broker as agent means that generally the credit risk is borne by the principals. There can be circumstances when the insurance broker acquires the credit risk. There is much legal uncertainty surrounding the circumstances and the extent of such exposure and consequently it cannot be evaluated. However, the total of insurance broking debtors appearing in the balance sheet is not an indication of credit risk. |
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It is normal practice for insurance brokers to settle accounts with other intermediaries, clients, insurers and market settlement bureaux on a net basis. This largely changes in both insurance broking debtors and creditors can result from comparatively small cash settlements. For this reason, the totals of insurance broking debtors and creditors give no indication of cash flows. |
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The legal status of this practice of net settlement is uncertain and in the event of an insolvency is generally abandoned. Financial Reporting Standard 102 section 11 requires that offset would survive the insolvency of the other party. Accordingly, only such offsets have been recognised in calculating insurance broking debtors and creditors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
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Disposals | ( |
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At 31 December 2022 |
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DEPRECIATION |
At 1 January 2022 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2022 |
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NET BOOK VALUE |
At 31 December 2022 |
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At 31 December 2021 |
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AssuredPartners Risk Solutions Ltd (Registered number: 07874295) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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AssuredPartners Inc. owns 100% of share capital. |