SGL NO.1 LIMITED

1. SGL NO.1 LIMITED 2008-01-30 → present
2. MINMAR (873) LIMITED 2007-12-17 → 2008-01-30

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The directors have performed an assessment of the Company's ability to continue as a going concern, including the impact of changes in interest rates and inflation. The directors having assessed the Company's financial position at 31 December 2024, performance for the year then ended and to the date of signing of the financial statements, the directors consider there to be no material uncertainties that may cast significant doubt over the Company's ability to continue to operate as a going concern. The directors have formed a judgement that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, a period of at least 12 months from the date of signing these financial statements.”

Significant events

• “On 13 January 2025, Syndicate 2008 agreed a ground-up LPT with Atrium Syndicate 609, managed by Atrium Underwriters Limited. The transaction involves Atrium Syndicate 609's discontinued portfolios, comprising Marine Treaty Reinsurance, Property Treaty Reinsurance and US Contractors General Liability.”
• “The transaction completed on 26 February 2025 and Atrium Syndicate 609 has ceded net loss reserves of approximately £140m to Syndicate 2008. The reinsurance relates to business underwritten in the 2023 and prior years of account.”
• “The LPT has led to Syndicate establishing 2025 Year of Account with a stamp capacity of £4.5m, in which the Company has a 100% participation.”
• “On July 29, 2024, Enstar Group Limited ("Enstar") entered into an Agreement and Plan of Merger (the "Merger Agreement") with Elk Bidco Limited (the "Parent"), an exempted company limited by shares existing under the laws of Bermuda. The Parent is backed by equity commitments from investment vehicles managed or advised by affiliates of Sixth Street Partners, LLC ("Sixth Street"). Pursuant to the Merger Agreement, there was a series of mergers (collectively, the "Merger") resulting in the Company surviving the Merger as a wholly owned subsidiary of the Parent. The Merger closed on 2 July 2025.”
• “In December 2024, SGL1 surrendered £10.1m of tax losses (relating to the 2023 financial year) to affiliate companies in the Enstar Group for no consideration. At the point that the losses were surrendered, SGL1 had no distributable reserves which meant the surrender was in contravention of Part 23 of the Companies Act 2006. The value of the tax losses was £2.4m. In order to remediate the issue, £2.4m will be recovered from the recipient companies in the 2025 financial year. This has been deemed a non-adjusting event.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -99.2%

  £447,436,000 → £3,613,000

• Cash

  +26%

  £15,660,000 → £19,735,000

• Net assets

  +200.1%

  -£35,259,000 → £35,287,000

• Employees

  —

  Not reported

• Operating profit

  +146.3%

  -£53,254,000 → £24,672,000

• Profit before tax

  +146.3%

  -£53,254,000 → £24,672,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers