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REGISTERED NUMBER:
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ARO UNDERWRITING GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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REGISTERED NUMBER:
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ARO UNDERWRITING GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2018 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ARO UNDERWRITING GROUP LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Hilden Park House |
79 Tonbridge Road |
Hildenborough |
Tonbridge |
Kent |
TN11 9BH |
ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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ABRIDGED BALANCE SHEET |
31 December 2018 |
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31/12/18 | 31/12/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET LIABILITIES | ( |
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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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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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ABRIDGED BALANCE SHEET - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Aro Underwriting Group Limited is a
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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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Going concern |
The financial statements have been prepared on a going concern basis. |
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It is the directors' belief that due to the significant investment in compliance and technology, through 2018 and |
2019, the Company is in a strong position for strengthened insurer relations and future growth. |
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It is for the above reasons that the going concern basis has been adopted in preparing the financial statements and |
they do not include any adjustments that would arise if the Company was unable to continue to trade. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and |
value added tax, from the provision of insurance broking services during the year. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Office equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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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ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2018 |
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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Amortisation for year |
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At 31 December 2018 |
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NET BOOK VALUE |
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At 31 December 2018 |
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At 31 December 2017 |
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ARO UNDERWRITING GROUP LIMITED (REGISTERED NUMBER: 07491066) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
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At 31 December 2018 |
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DEPRECIATION |
Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 January 2018 |
and 31 December 2018 | 5 |
NET BOOK VALUE |
At 31 December 2018 | 5 |
At 31 December 2017 | 5 |
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7. | RELATED PARTY DISCLOSURES |
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During the year the company entered into the following transactions with related parties and the amounts |
outstanding at the year end were as shown: |
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Subordinated loans: |
Hebrides Investments No 1 Ltd, a shareholder, was owed £578,200 (2017: £578,200). |
Executive shareholders were owed £21,000 (2017: £21,000). |
Heritage Management Holdings Limited, a shareholder, was owed £196,112 (2017: £196,112). |
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Unsubordinated loans: |
Heritage Management Holdings Limited was owed £227,466 (2017: £227,466) for which no interest is accruing. |
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No repayments were made during 2018 and the balances shown were the maximum balances during the year. |