IRIS Accounts Production v23.4.0.336 03755036 director 1.1.22 31.12.22 31.12.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037550362021-12-31037550362022-12-31037550362022-01-012022-12-31037550362020-12-31037550362021-01-012021-12-31037550362021-12-3103755036ns15:EnglandWales2022-01-012022-12-3103755036ns14:PoundSterling2022-01-012022-12-3103755036ns10:Director12022-01-012022-12-3103755036ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3103755036ns10:SmallEntities2022-01-012022-12-3103755036ns10:AuditExempt-NoAccountantsReport2022-01-012022-12-3103755036ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3103755036ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3103755036ns10:FullAccounts2022-01-012022-12-3103755036ns10:RegisteredOffice2022-01-012022-12-3103755036ns5:CurrentFinancialInstruments2022-12-3103755036ns5:CurrentFinancialInstruments2021-12-3103755036ns5:ShareCapital2022-12-3103755036ns5:ShareCapital2021-12-3103755036ns5:CapitalRedemptionReserve2022-12-3103755036ns5:CapitalRedemptionReserve2021-12-3103755036ns5:RetainedEarningsAccumulatedLosses2022-12-3103755036ns5:RetainedEarningsAccumulatedLosses2021-12-3103755036ns5:FurnitureFittings2022-01-012022-12-3103755036ns5:ComputerEquipment2022-01-012022-12-3103755036ns5:FurnitureFittings2021-12-3103755036ns5:ComputerEquipment2021-12-3103755036ns5:FurnitureFittings2022-12-3103755036ns5:ComputerEquipment2022-12-3103755036ns5:FurnitureFittings2021-12-3103755036ns5:ComputerEquipment2021-12-3103755036ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103755036ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-31037550361ns10:Director12021-12-31037550361ns10:Director12020-12-31037550361ns10:Director12022-01-012022-12-31037550361ns10:Director12021-01-012021-12-31037550361ns10:Director12022-12-31037550361ns10:Director12021-12-31
REGISTERED NUMBER: 03755036 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

WATERBORNE UNDERWRITING AGENCY LIMITED

WATERBORNE UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03755036)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WATERBORNE UNDERWRITING AGENCY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: Mr D J Mason





REGISTERED OFFICE: Unit 43, Gosport Business Centre
Frater Gate
Aerodrome Road
Gosport
Hampshire
PO13 0FQ





REGISTERED NUMBER: 03755036 (England and Wales)





ACCOUNTANTS: EA
Chartered Accountants
869 High Road
London
N12 8QA

WATERBORNE UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03755036)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,154 1,731

CURRENT ASSETS
Debtors 5 96,739 200,602
Cash at bank 101,900 27,418
198,639 228,020
CREDITORS
Amounts falling due within one year 6 30,158 39,376
NET CURRENT ASSETS 168,481 188,644
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,635

190,375

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Capital redemption reserve 6,000 6,000
Retained earnings 159,635 180,375
SHAREHOLDERS' FUNDS 169,635 190,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 7 March 2024 and were signed by:





Mr D J Mason - Director


WATERBORNE UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03755036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Waterborne Underwriting Agency 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.

TURNOVER
Turnover is measured at the fair value of the consideration receivable. The Company's turnover comprises commissions and brokerage fees receivable from insurers in respect of insurance policies incepting during the period.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 25% straight line method

TAXATION
Taxation for the year 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

WATERBORNE UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03755036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 6,069 2,308 8,377
DEPRECIATION
At 1 January 2022 6,069 577 6,646
Charge for year - 577 577
At 31 December 2022 6,069 1,154 7,223
NET BOOK VALUE
At 31 December 2022 - 1,154 1,154
At 31 December 2021 - 1,731 1,731

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
Restated
£    £   
Trade debtors 96,086 67,643
Other debtors 653 132,959
96,739 200,602

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
Restated
£    £   
Taxation and social security 11,462 34,775
Other creditors 18,696 4,601
30,158 39,376

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
Restated
£    £   
Mr D J Mason
Balance outstanding at start of year (37 ) 16,256
Amounts advanced 69,190 46,207
Amounts repaid (68,500 ) (62,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 653 (37 )

WATERBORNE UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03755036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

Mr M P N Waterfield
Balance outstanding at start of year - (6,086 )
Amounts advanced - 6,086
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Included in debtors, amounts falling due within one year is a balance of £653 due from the director Mr D J Mason. Interest at official rate amounting to £690 has been charged.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr D J Mason.

9. INSURER MONEY HELD

The company held insurer money amounting to £246,201 (2021: £400,380) on a Risk Transfer basis, which equals the cash and other accounting balances held on behalf of these insurers. The amounts are segregated and since they are not beneficially owned by the company, they have not been recognised in these financial statements.

10. PRIOR PERIOD ERRORS

The financial statements have been amended to exclude amounts held on behalf of insurers as these are held on a Risk Transfer basis and therefore do not form part of these financial statements.