Dinghy Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10670655 (England and Wales)

Financial Statements

for the Period 1 February 2020 to 31 December 2020

for

Dinghy 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:

10670655 (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

FIXED ASSETS

Intangible assets

4

1,488

1,712

Investments

5

736

2

2,224

1,714

CURRENT ASSETS

Debtors

896,114

Cash at bank

153

211

896,267

896,325

CREDITORS

Amounts falling due within one year

31,620

NET CURRENT ASSETS

864,647

864,705

TOTAL ASSETS LESS CURRENT
LIABILITIES

866,871

866,419

CAPITAL AND RESERVES

Called up share capital

3

Share premium

894,209

Retained earnings

(27,341

)

(27,793

)

866,871

866,419

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

Dinghy 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.

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 Dinghy 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, USA.

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.

Trademark costs are being amortised evenly over their estimated useful life of ten years.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2020

and 31 December 2020

2,446

AMORTISATION

At 1 February 2020

734

Amortisation for period

224

At 31 December 2020

958

NET BOOK VALUE

At 31 December 2020

1,488

At 31 January 2020

1,712

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2020

2

Additions

734

At 31 December 2020

736

NET BOOK VALUE

At 31 December 2020

736

At 31 January 2020

2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

DINGHY USA Inc

Registered office: Delaware, USA

Nature of business: Insurance Related Activities

%

Class of shares:

holding

Ordinary

100.00

31.12.20

£

Aggregate capital and reserves

734

6.	SECURED DEBTS

Ares Capital Corporation hold a fixed and floating charges over the assets and undertakings of the Company.

7.	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

8.	RELATED PARTY DISCLOSURES

Intercompany - Dinghy Tech Limited

A 100% owned subsidiary of Dinghy Limited.

At the balance sheet date Dinghy Limited is owed £548,056 by Dinghy Tech Limited (31.01.20: £548,056) which was included in Debtors.

The loan carries no liability to interest and is repayable on demand.

Intercompany - Dinghy UK Limited

A 100% owned subsidiary of Dinghy Limited.

At the balance sheet date Dinghy Limited is owed £348,058 by Dinghy UK Limited (31.01.20 : £345,158) which was included in Debtors.

The loan carries no liability to interest and is repayable on demand.

Intercompany - Kingsbridge Risk Solutions Limited

A member of the White Mountains Insurance Group.

At the balance sheet date Dinghy Limited owed £31,620 to Kingsbridge Risk Solutions Limited (31.01.20 : £31,620). This is included within Creditors Due Within One Year.

The loan carries no liability to interest and is repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is SOAR Newco Limited.

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

Dinghy Limited - Accounts to registrar (filleted) - small 18.2

Dinghy Limited - Accounts to registrar (filleted) - small 18.2