REPORT OF THE DIRECTORS |
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The Directors submit their Annual Report to the Members together with the financial statements for the year ended 31 December 2020. |
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The report of the Directors has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
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Principal Activity & Review of the Business |
The principal activities of the Company include run-off and specialised insurance administration services.
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The profit for the year amounted to £Nil (2019: £39,631 loss). |
The Directors do not recommend the payment of a dividend. |
Directors |
The following Directors held office during the year:- |
Ms A. Duffy (Resigned 1 September 2020)
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S. Janes B.Sc, F.C.A.
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H. Sopher (Resigned 1 September 2020)
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A.D. Tyler (Resigned 1 September 2020)
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W.T. Seddon (Appointed 1 September 2020) |
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Going Concern |
The Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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By Order of the Board |
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W.T. Seddon |
Director |
2 September 2021
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B.D. COOKE AND PARTNERS LIMITED
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BALANCE SHEET |
as at 31 December 2020
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COMPANY NUMBER 00451793 |
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Notes |
2020 |
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2019 |
£ |
£ |
FIXED ASSETS |
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Investments |
7 |
1,000 |
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1,000 |
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CURRENT ASSETS |
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Debtors - amounts falling due within one year |
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Amounts owed by fellow subsidiary undertaking |
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- |
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- |
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Creditors - amounts falling due within one year |
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Amounts owed to subsidiary undertaking |
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- |
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- |
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NET CURRENT ASSETS |
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- |
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- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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1,000 |
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1,000 |
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CAPITAL AND RESERVES |
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Called up share capital |
8 |
40,350 |
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40,350 |
Profit and loss account |
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(39,350) |
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(39,350) |
Total shareholders' funds |
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1,000 |
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1,000 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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For the financial year in question the company was entitled to exemption under section 479a of the Companies Act 2006. Members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
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The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss has not been delivered to the Registrar of Companies.
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Approved by the Board of Directors on 2 September 2021 and signed on its behalf by |
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W.T. Seddon |
Director |
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The notes on pages 6 to 8 form part of these financial statements. |
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1 |
ACCOUNTING POLICIES |
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a) |
The financial statements are prepared under the historical cost convention and in accordance with all applicable accounting standards.
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b) |
Insurance management fees and commission are bought into account during the year in which they are earned. |
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c) |
All expenses of the Company are borne by the parent company, and in consideration thereof, at the end of the year, the Company's income becomes due to the parent company. |
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d) |
A cash flow statement is not prepared as the Company is a wholly owned subsidiary of Premia UK Holdings 2 Limited which prepares consolidated financial statements. |
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2 |
TURNOVER |
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2020 |
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2019 |
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£ |
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£ |
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Insurance management fees - United Kingdom |
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1,645,826 |
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1,320,694 |
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3 |
OPERATING PROFIT |
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2020 |
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2019 |
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£ |
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£ |
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Operating profit is stated after charging:- |
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Staff Costs |
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Salaries |
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873,733 |
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567,519 |
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Social Security costs |
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169,704 |
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94,087 |
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Pension costs |
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97,248 |
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91,749 |
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1,140,685 |
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753,355 |
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Staff costs include the remuneration paid to Executive Directors of the Company. |
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4 |
DIRECTORS' EMOLUMENTS |
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The aggregate amount of remuneration paid to or received by directors during the year was as follows: |
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2020 |
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2019 |
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£ |
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£ |
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Aggregate remuneration in respect of qualifying services |
146,000 |
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101,640 |
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The aggregate remuneration in respect of the highest paid director in the year was £146k (2019 - £102k). There were no aggregate contribution made to money purchase schemes in respect of any directors in 2020 (2019 - £Nil). No amounts were paid to any director for loss of office during the year (2019 - £Nil) and no amounts have been paid to past directors for any services rendered (2019 - £Nil). No directors have any share options within the Company. |
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5 |
EMPLOYEES |
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The average weekly number of persons employed, including Executive Directors, during the year was comprised as follows: |
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2020 |
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2019 |
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Number |
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Number |
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Insurance Management |
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8 |
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9 |
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Administration |
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0 |
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0 |
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8
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9
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6 |
PENSIONS |
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a) Defined Benefit Scheme |
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All present employee active members’ liabilities are in a group personal pension plan (defined contribution) with Scottish Widows and there was therefore no service accrual in the year. |
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b) Defined Contribution Scheme |
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Defined contribution expenses of £97k (2019 : £92k), of which £nil was outstanding at the year end, have been charged in the Profit and Loss account. |
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7 |
INVESTMENTS IN SUBSIDIARY UNDERTAKINGS |
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Country of |
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Proportion |
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Registration |
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Holding |
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Held |
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Insurance underwriting and Management Companies |
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Underwriting Management Agency Limited
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England |
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10,000 |
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100% |
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Registered office: 2 Knoll Rise, Orpington, Kent BR6 0NX, United Kingdom |
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£1 shares |
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C. F & A. U Limited
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England |
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1,000 |
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100% |
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Registered office: 2 Knoll Rise, Orpington, Kent BR6 0NX, United Kingdom |
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£1 shares |
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Investments in subsidiary undertakings are stated at cost or valuation, if lower. The Company is exempt from the obligation to prepare and deliver group financial statements as it is included in the group financial statements of Premia UK Holdings 2 Limited, a company registered in England and Wales. Hence these financial statements present information about the Company as an individual undertaking and not about its group. |
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In the opinion of the Directors the aggregate of the value of the shares in and amounts owing to and from the Company's subsidiary undertakings is not less than the amount at which they are stated in the balance sheet after making provisions of £10,000 (2019 : £10,000). |
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8 |
SHARE CAPITAL |
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2020 |
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2019 |
£ |
£ |
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Allotted, called up and fully paid |
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40,350 shares of £1 each
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40,350 |
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40,350 |
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9 |
PARENT UNDERTAKING |
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For the first 8 months of 2020 the company was wholly owned by B D Cooke Investments Limited, a company incorporated in England and Wales. |
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With effect from 28 August 2020 the ultimate parent undertaking became Premia Holdings Ltd, incorporated in Bermuda. The ultimate UK parent company is Premia UK Holdings 2 Ltd, incorporated in England and Wales. The group financial statements for Premia UK Holdings 2 are available from 2 Knoll Rise, Orpington, Kent BR6 0NX.
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Transactions with members of the group are exempt from specific disclosure under the requirements of FRS 102 section 33. Transactions with members of the group are exempt from specific disclosure under the requirements of FRS 8. |
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10 |
COMMITMENTS |
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There were no outstanding financial or capital commitments at the balance sheet date. |