Company registration number 10088863 (England and Wales)
CONNECT UNDERWRITING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONNECT UNDERWRITING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CONNECT UNDERWRITING LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
711,238
644,447
Investments
5
565,211
526,476
1,276,449
1,170,923
Current assets
Debtors
6
4,719,518
3,920,272
Cash at bank and in hand
365,846
192,138
5,085,364
4,112,410
Creditors: amounts falling due within one year
7
(4,252,570)
(3,302,200)
Net current assets
832,794
810,210
Total assets less current liabilities
2,109,243
1,981,133
Creditors: amounts falling due after more than one year
8
(1,468)
(1,321)
Provisions for liabilities
(97,391)
(97,391)
Net assets
2,010,384
1,882,421
Capital and reserves
Called up share capital
1,000,000
1,000,000
Profit and loss reserves
1,010,384
882,421
Total equity
2,010,384
1,882,421

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CONNECT UNDERWRITING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
J R El Bahou
Director
Company Registration No. 10088863
CONNECT UNDERWRITING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Connect Underwriting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Lloyds Avenue, London, United Kingdom, EC3N 3DS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Tangible fixed assets

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

Plant and equipment etc
10 years straight line
1.4
Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

1.5
Taxation

Taxation for the year comprises current and deferred tax. Taxation 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 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.

CONNECT UNDERWRITING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
6
CONNECT UNDERWRITING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
925,946
Additions
140,697
At 31 December 2023
1,066,643
Depreciation and impairment
At 1 January 2023
281,499
Depreciation charged in the year
73,906
At 31 December 2023
355,405
Carrying amount
At 31 December 2023
711,238
At 31 December 2022
644,447

The company's tangible fixed asset is in respect of Connect Marketplace, which the director considers to be the future of digital distribution, trading, and processing of (re)Insurance in the Lloyd's and London market. As a Lloyd's recognized electronic placement system, the platform provides Lloyd's Brokers and Coverholders, Managing Agents, London and global Company Markets with a versatile and powerful white labelled technology solution to enable them to produce, negotiate, bind, and process (re) insurance business seamlessly, at a fraction of the cost.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
565,211
526,476
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
526,476
Additions
38,735
At 31 December 2023
565,211
Carrying amount
At 31 December 2023
565,211
At 31 December 2022
526,476
CONNECT UNDERWRITING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,551,347
2,988,017
Amounts owed by group undertakings
455,711
402,661
Other debtors
712,460
529,594
4,719,518
3,920,272
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,987,323
2,558,058
Amounts owed to group undertakings
369,158
109,187
Corporation tax
54,046
43,199
Other taxation and social security
74,142
72,938
Other creditors
767,901
518,818
4,252,570
3,302,200
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,468
1,321
9
Related party transactions

At 31 December 2023 the company was owed £185,378 (2022: £172,705) by Crescent Global Worldwide Ltd, £209,976 (2022: £209,976) by Silverbrook Holdings Limited, £46,586 (2022: £nil) by Stability Risk IW Ltd, £13,771 (2022: £nil) by JRBahou Ltd, and £nil (2022: £19,980) by ConnectUW FAC Ltd.

 

At 31 December 2023 the company owed £308,801 (2022: £109,187) to Connect Worldwide Services Limited, and £60,357 (2022: £nil) to ConnectUW Holdings Ltd.

10
Ultimate controlling party

The company is a 100% subsidiary of ConnectUW Holdings Ltd, a company registered in England and Wales.

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