ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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TEn Insurance Services Limited
Company Information
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TEn Insurance Services Limited
Contents
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TEn Insurance Services Limited
Strategic Report
For the Year Ended 31 December 2021
The Directors present their Strategic report for the year ended 31 December 2021.
During the 2021 financial period, the economy saw an increase in recovery from the effects of the pandemic. The insurance industry like many others adapted to different ways of working, with the introduction of hybrid working for many businesses. The insurance market began to harden with premium increases across many sectors. Our investment in technology enabled an efficient transition to home working when needed with no interruption to the business.
The Company saw a good trading performance, with a slight increase in turnover to £15.073m (2020: £14.590m) and a slight increase in gross profit to £3.73m (2020: £3.67m). Our network strategy continues to focus on acquiring and retaining appointed representatives who write good quality commercial business sharing a likeminded ethos, with customer centricity at the heart of their businesses. To do this, we have continued focus on creating good customer outcomes within a strong regulatory control environment. The net result has been a stability with member numbers, further consolidating our position as the preferred market leading independent Network for Appointed Representatives. Strategic Review During 2021 the company continued working on our strategic review to ensure the best outcomes for our business. 1. Technology – During the reporting period, we completed the transition to one system, with active involvement from senior management throughout, to ensure robust systems and controls are secure for the future. Our high-quality data is driving better business decisions, enhanced customer service and management information. 2. Premium Finance - Our relationship with our finance provider Close Brothers has continued to prosper which in turn has delivered significant ongoing benefits in loan arrangements for our customers. By the end of the reporting period, we financed over £20m. 3. Balance sheet optimisation – 2021 saw the strengthening of our finance department, taking greater control and having a positive impact. Our systems and controls enable us to react positively to the changes to the regulatory framework required.
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TEn Insurance Services Limited
Strategic Report (continued)
For the Year Ended 31 December 2021
As noted in the 2019 and 2020 financial report, management had identified issues with the Company's financial records and had spent significant time working to rectify these. This led to some significant adjustments to the Company's balance sheet, leading to amounts being posted to exceptional administrative expenses.
The work to monitor these balances continued into 2021 and 2022 and the focus is now largely on aged credit balances in both debtors and creditors. With the benefit of hindsight, and further investigation, it can now be seen that a number of items previously classed as invalid were indeed valid creditors, and as a result further adjustments of £196,755 have been processed as exceptional administrative expenditure in the current year to correct these. Whilst it is disappointing that further adjustments have been needed in respect of these legacy issues, it should be noted that they are exactly that - legacy issues. The situation is improving and management is confident that the worst of this is now behind us. Principal risks and uncertainties The directors consider that the main business risks and uncertainties of the Company are: - The loss of key staff affecting the Company; - Adapting to market changing conditions quickly; - The ever-increasing pressure from cyber crime; - The retention of quality Appointed Representatives; - Regulation and compliance from the Financial Conduct Authority; - Adapting to increasing competition. The Company continues to reward and encourage its staff by investing in training and development. As the main trading Company, the Company has maintained its Chartered Status awarded by the professional body, the Chartered Insurance Institute (CII). The Company continues to fully support staff in their personal professional development and the Employee Ownership Trust encourages full staff engagement. Investment will continue to be made in technology and people to manage and develop our range of services, while producing profitable results. Our Appointed Representatives receive strong support in many areas to assist in running their businesses and, as a result, our retention rates remain high. The Company continues to invest heavily in compliance support and training in association with professional external consultants who support us in our role of keeping the business and Appointed Representatives informed and in-line with compliance and regulatory requirements. The directors review monthly the risks facing the Company and seek to avoid or mitigate those risks as appropriate, which is further supported by our Compliance Committee.
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TEn Insurance Services Limited
Strategic Report (continued)
For the Year Ended 31 December 2021
The Company uses a range of performance measures to monitor and manage the business effectively. These are both financial and non-financial and the most significant of these are the key performance indicators below (KPI's).
The key financial performance indicators are turnover, gross profit, operating profit and the number of effective and regulatory compliant Appointed Representatives. These KPI's indicate the volume of work the Company has undertaken as well as the efficiency and profitability with which this work has been delivered. The key performance indicators for the period ended 31 December 2021 are set out below:
This report was approved by the board and signed on its behalf.
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TEn Insurance Services Limited
Directors' Report
For the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £101,425 (2020 - loss £122,349).
No dividends (2020 : £nil) were paid during the year. The Directors do not recommend the payment of a final dividend.
Contributions to the ultimate owner, The Enterprise Network Trust, totalled £9,182 (2020: £66,838).
The directors who served during the year were:
The Board is committed to continue building an effective, compliant, and profitable business supporting a network of Appointed Representatives across the UK, each of whom bring complimentary benefits to the business. The focus for the future will be to continue to strengthen our regulatory framework, working closer with our Appointed Representatives to continue to deliver good customer outcomes.
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TEn Insurance Services Limited
Directors' Report (continued)
For the Year Ended 31 December 2021
Whilst competition has grown in our field of operation, the business continues to provide a wide range of insurance products and offers strong support to our members, resulting in an offset of downturns in some lines of business with upturns in others. We believe that strong relationships across the network will bring significant benefits for Appointed Representatives, their customers, and the Company. During the year, the business continued to implement and amend its robust business continuity plan successfully with no interruptions to the business arising. We have implemented additional frameworks to further support our regulatory responsibilities both to the FCA and our customers.
The Directors have prepared forecasts and are satisfied that the company will be able to pay its debts as they fall due. These accounts have therefore been prepared on a going concern basis, and the Directors consider it appropriate to presume that the Company will continue in business. Post balance sheet events There were no post balance sheet events that require disclosure in the financial statements.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TEn Insurance Services Limited
Independent Auditors' Report to the Members of TEn Insurance Services Limited
We have audited the financial statements of TEn Insurance Services Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.
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TEn Insurance Services Limited
Independent Auditors' Report to the Members of TEn Insurance Services Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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TEn Insurance Services Limited
Independent Auditors' Report to the Members of TEn Insurance Services Limited (continued)
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.
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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including the regulations of the Financial Conduct Authority, the Financial Services & Markets Act 2000, General Data Protection requirements, and Anti- bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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TEn Insurance Services Limited
Independent Auditors' Report to the Members of TEn Insurance Services Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments; • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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TEn Insurance Services Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Registered number: 05225049
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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TEn Insurance Services Limited
Statement of Changes in Equity
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Analysis of Net Debt
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
TEn Insurance Services Limited is a company limited by share capital incorporated in England and Wales. The company number is 05225049. The company's registered office is Lancashire Gate, 21 Tiviot Dale, Stockport, SK1 1TD, and its principal place of business is Suite 57, Midshires Summer House, Smeaton Close, Aylesbury, HP19 8HL.
The principal activity of the company for the year under review was that of insurance broking.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ten Operations, Services and Holdings Limited as at 31 December 2021 and these financial statements may be obtained from The Registrar.
The business continues to provide a wide range of insurance products and offers strong support to its members, resulting in an offset of downturns in some lines of business with upturns in others. The directors believe that strong relationships across the network will bring significant benefits for Appointed Representatives, their customers, and the Company. During the year, the business continued to implement and amend its robust business continuity plan successfully with no interruptions to the business arising. Additional frameworks have been implemented to further support the regulatory responsibilities both to the FCA and the Company's customers.
The Directors have prepared forecasts and are satisfied that the Company will be able to pay its debts as they fall due. These accounts have therefore been prepared on a going concern basis, and the Directors consider it appropriate to presume that the Company will continue in business.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Other revenue is recognised in the period to which it relates.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
Estimates Provisions against insurance debtors Debtor recovery is largely delegated to the company's appointed representatives who won the business. During the year, management reviewed a number of debtor accounts to determine whether any provisions were required. In total, a provision of £41,479 (2020: £17,479) was recognised against insurance debtors. Judgements Income recognition Management review all income streams, and, where material, make appropriate adjustments in respect of effective dates when compared to invoice dates, and for other income (such as profit share) when it is due in a different period to which it is received.
The whole of the turnover is attributable to the company's principal activity as described in note 1.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
The main rate of corporation tax is due to increase to 25% in the tax year commencing 1 April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to the £250,000 limit.
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £70,335 (2020: £93,558).
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TEn Insurance Services Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
The ultimate parent company is Ten Operations, Services and Holdings Limited, by virtue of its 100% ownership of the voting share capital.
The ultimate controlling party is The Enterprise Network Trust by virtue of its controlling shareholding of the ultimate parent company.
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