Soar Newco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08758203 (England and Wales)

Financial Statements

for the Period 1 February 2020 to 31 December 2020

for

Soar Newco Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J D R Twining

M A Castellucci

G McKernan

K Stephens

REGISTERED OFFICE:

9 Miller Court

Severn Drive Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

08758203 (England and Wales)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

BANKERS:

Royal Bank of Scotland

Brunel House

17/27 Station Road

Reading

Berkshire

RG1 1LG

FIXED ASSETS

Investments

4

5,680,601

5,650,601

CURRENT ASSETS

Cash at bank

7,500

7,771

CREDITORS

Amounts falling due within one year

7,265,646

6,333,565

NET CURRENT LIABILITIES

(7,258,146

)

(6,325,794

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,577,545

)

(675,193

)

CAPITAL AND RESERVES

Called up share capital

193,195

193,195

Share premium

621,330

621,330

Retained earnings

(2,392,070

)

(1,489,718

)

SHAREHOLDERS' FUNDS

(1,577,545

)

(675,193

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2021 and were signed on its behalf by:

J D R Twining - Director

1.	STATUTORY INFORMATION

Soar Newco 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Soar Newco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate holding company White Mountains Insurance Group Limited, Hanover, New Hampshire, USA.

Related party exemption

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Non-basic financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated impact on the Company.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows, and its liquidity position, specifically in respect of the above and the potential disruption to the business arising from a prolonged period of economic downturn, and any impact that this may have on the future of the industry both on the markets specifically targeted by the company and the industry as a whole.

Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of approval of the financial statements, the Directors were confident that the existing reserves and support from within the White Mountains Insurance Group together with external facilities will provide sufficient headroom to meet the forecast cash requirements that may have arisen from a downturn in activity as a result of the COVID-19 pandemic.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2020

5,650,601

Additions

30,000

At 31 December 2020

5,680,601

NET BOOK VALUE

At 31 December 2020

5,680,601

At 31 January 2020

5,650,601

5.	SECURED DEBTS

Ares Capital Corporation holds a fixed and floating charge over the assets and undertakings of the Company.

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemptions available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Batson Bidco Limited owning 100% of the shares.

The ultimate controlling party is White Mountains Insurance Group Limited, Hanover, New Hampshire, USA.