Our Accounts 119
Notes to the financial statements continued
31 December 2012
Scope of consolidation
This section presents information on the Group’s investments in subsidiaries, joint ventures, associates and open ended investment
companies (OEICs).
Detail is also given of the unallocated divisible surplus of the Society and Group.
43. Subsidiary undertakings
The principal subsidiary undertakings of the Society at 31 December 2012 are shown below.
The Group and all principal undertakings are incorporated and domiciled in England and Wales. All holdings are in relation to
ordinary shares.
The registered office is County Gates, Bournemouth BH1 2NF.
Name Principal Activity Percentage Held
Subsidiaries
Frizzell Financial Services Limited Property management 100.0%
Highway Insurance Company Limited * General insurance 100.0%
Highway Insurance Group Ltd * (Note 1) General insurance holding company 100.0%
Liverpool Victoria Financial Advice Services Limited (Note 1) Financial advice services 100.0%
Liverpool Victoria General Insurance Group Limited * General insurance holding company 100.0%
Liverpool Victoria Insurance Company Limited * General insurance 100.0%
Liverpool Victoria Life Company Limited Life insurance 100.0%
Liverpool Victoria Portfolio Managers Limited Investment management 100.0%
LV Capital PLC Holding company 100.0%
LV Equity Release Limited Equity release lifetime mortgages 100.0%
LV Insurance Management Limited * (Note 1) Management services 95.0%
LV Life Services Limited (Note 1) Management services 100.0%
NM Pensions Trustees Limited (Note 1) Self invested personal pension (SIPP) administrator 100.0%
Statements and Reviews
* Owned by a subsidiary undertaking of the Society
Note 1 - The financial statements of these subsidiary undertakings have not been audited for the year ended 31 December 2012. These
subsidiary undertakings are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by
virtue of Section 479 of the Companies Act 2006. The following other subsidiaries are also taking advantage of this exemption from the
audit requirement: LV Protection Limited, Liverpool Victoria Asset Management Limited, Ayresbrook Limited, NLC Name No.2 Limited, NLC
Name No.7 Limited and Liverpool Victoria Banking Services Limited.
Our Businesses
All the principal subsidiaries have the same year end as the Society and all have been included in the consolidation.
44. Associates and joint ventures
The associates and joint ventures of the Society at 31 December 2012 are shown below.
They are incorporated and domiciled in England and Wales.
Name Class of shares Year end Principal activity Percentage held
Risk Management
Joint ventures
Great Victoria Partnership * 31/03/2012 Investment property 50.0%
* The percentage held represents the share of the partnership capital and partner loans held by Liverpool Victoria Friendly Society as at
31 December 2012.
Corporate Governance
Our Accounts