SPRING INSURE LIMITED

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

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As presented in the statement of financial position, the Company has sufficient financial resources to meet its day-to-day working capital requirements. The Company's forecasts, taking into account reasonably possible changes in trading performance, show that the Company will be able to operate within the sources of funding currently available to it. Having considered these forecasts, the directors believe that there are no material uncertainties that lead to significant doubt on the Company's ability to continue in business up to 30 June 2025; accordingly, the accounts continue to be prepared on a going concern basis. The company relies on the support of the Dual group and has obtained a letter of support from Dual International Limited, which states that the Dual group has the ability to provide support for the next 12 months from the date of the approval of the balance sheet, to 30 June 2026. Therefore it is appropriate for the financial statements to be prepared on the going concern basis.”

Significant events

• “The company made an operating loss for the year of £226,177 (2023: £272,898). The deterioration of the operating loss is the result of the company's turnover reducing to £1,039,362 (2023: £1,589,783), despite a slight reduction of operating expenses. This drop in revenues is due to lower income from Profit Commission in relation to the 2021-22 binder. The underwriting performance of this year of account was affected by an unusually high claims balance and, as a consequence, the Company received a lower share of commission from the capacity provider.”
• “Despite the losses, the net asset position (£218,207) improved against the prior financial year (£44,384) by virtue of a capital contribution of £400,000 received from the parent company during the financial year (2023: £0).”

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

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

1

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

  -34.6%

  £1,589,783 → £1,039,362

• Cash

  -47.5%

  £1,653,872 → £868,333

• Net assets

  +391.6%

  £44,384 → £218,207

• Employees

  0%

  15 → 15

• Operating profit

  -3,297.5%

  -£15,403 → -£523,311

• Profit before tax

  -36.7%

  -£250,621 → -£342,719

• Wages

  +8.9%

  £928,536 → £1,010,765

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