ILS Fiduciaries (UK) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02139580 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

ILS Fiduciaries (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K L Jones FCG

Ms T M Mee ACG

SECRETARY:

Cornhill Services Limited

REGISTERED OFFICE:

Monomark House

27 Old Gloucester Street

London

WC1N 3AX

REGISTERED NUMBER:

02139580 (England and Wales)

CURRENT ASSETS

Debtors

4

23,974

21,752

Cash in hand

18,780

23,673

42,754

45,425

CREDITORS

Amounts falling due within one year

5

20,829

60,675

NET CURRENT ASSETS/(LIABILITIES)

21,925

(15,250

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,925

(15,250

)

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

7

21,923

(15,252

)

SHAREHOLDERS' FUNDS

11

21,925

(15,250

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 29 December 2023 and were signed on its behalf by:

Mrs K L Jones FCG - Director

Ms T M Mee ACG - Director

1.	STATUTORY INFORMATION

ILS Fiduciaries (UK) 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.

The principal accounting policies applied in preparation of these financial statements are set below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The directors have received assurance of continued support from the parent company and are satisfied that, with this support, the going concern assumption is applicable in preparing these accounts.

The following accounting policies have been used consistently in dealing with items that are considered material to the company's affairs.

Turnover

Turnover comprises company sales, administration services and annual renewal fees. Company sales and administration services are accounted for on an accrual basis and represent amounts receivable for services provided, excluding VAT. Annual renewal income is accounted for on an accruals basis and represents the services provided within the year, excluding VAT, with amounts in advance recognised as deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Foreign currencies

The financial statements are expressed in Pounds Sterling. Transactions in foreign currency are reported at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Pension costs

Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year to which they relate.

Consolidated accounts

In accordance with Section 398 of the Companies Act 2006, the company is not required to prepare group accounts under the small companies regime. Consolidated financial statements are prepared for the Company's immediate parent, The ILS Group Limited.

Finance & operating leases

Assets held under finance leases are capitalised at the fair value of the asset at the inception of the lease and are depreciated over their useful economic lives. The interest element of the rental obligation is charged to the profit & loss account over the period of the lease and this finance cost represents a constant proportion of the balance of the capital requirements outstanding.

Operating lease rentals are charged to the profit & loss account on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

10,664

15,552

Bad debts provision

(10,664

)

-

Other debtors

500

-

Prepayments and accrued income

-

6,200

VAT

273

-

Funds owed by related parties

23,201

-

23,974

21,752

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

-

252

Deferred income

2,500

36,024

Other creditors

18,329

22,463

VAT

-

1,881

Accruals

-

55

20,829

60,675

6.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

7.

RESERVES

Retained

earnings

£

At 1 April 2022

(15,252

)

Profit for the year

37,175

At 31 March 2023

21,923

8.	RELATED PARTY DISCLOSURES

Balances detailed below are with companies related by common influence and/or control and are unsecured, interest free and have no fixed repayment date.

2023

2022

£

£

The ILS Group Limited (shareholder)

Amount due from related party at the balance sheet date

23,201

-

Management fees of £Nil (2022: £39,000) were also paid to The ILS Group Limited during the year.

In 2022, an amount of £7,439 was charged to ILS Fiduciary (BVI) Limited in respect of recharged time spent.

9.	POST BALANCE SHEET EVENTS

The effect of events relating to the year ended 31 March 2023, which occurred before the date of approval of the financial statements by the directors, have been included to the extent required to show a true and fair view of the state of affairs at 31 March 2023 and of the results of the year ended on that date.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is The ILS Group Limited, a company incorporated in the Isle of Man, which is the parent undertaking of the largest and smallest group for which consolidated accounts are prepared. The ultimate controlling party is ILS Holdings Limited, a company incorporated in the Isle of Man.

11.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2023

2022

£

£

Profit for the financial year

37,175

1,119,823

Net addition to shareholders' funds

37,175

1,119,823

Opening shareholders' funds

(15,250

)

(1,135,073

)

Closing shareholders' funds

21,925

(15,250

)