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Registered number: 11315084
Generis Underwriting Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Stevens Taxation Services Ltd
22 Hollyhedge Road
West Bromwich
West Midlands
B71 3AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11315084
31 December 2023 31 December 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,133 5,083
Investments 6 60 -
6,193 5,083
CURRENT ASSETS
Debtors 7 1,805,082 1,693,222
Cash at bank and in hand 1,697,685 1,476,211
3,502,767 3,169,433
Creditors: Amounts Falling Due Within One Year 8 (2,457,545 ) (2,402,537 )
NET CURRENT ASSETS (LIABILITIES) 1,045,222 766,896
TOTAL ASSETS LESS CURRENT LIABILITIES 1,051,415 771,979
Creditors: Amounts Falling Due After More Than One Year 9 (207,729 ) (215,824 )
NET ASSETS 843,686 556,155
CAPITAL AND RESERVES
Called up share capital 10 13 13
Share premium account 204,797 204,797
Profit and Loss Account 638,876 351,345
SHAREHOLDERS' FUNDS 843,686 556,155
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Francis
Director
16 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Generis Underwriting Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11315084 . The registered office is 3 The Cottages, Deva City Office Park, Trinity Way, Salford, Greater Manchester, M3 7BE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer cancellations, returns of premium and other similar allowances.

Rendering of services
Turnover from the rendering of services comprises of fees and commissions received from the arrangement of insurance contracts.
2.3. Research and Development
Expenditure on research and development is written off in the year it is incurred.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Computer Equipment 20% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 11)
12 11
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 1,710
As at 31 December 2023 1,710
Amortisation
As at 1 January 2023 1,710
As at 31 December 2023 1,710
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 943 8,962 9,905
Additions - 2,937 2,937
As at 31 December 2023 943 11,899 12,842
Depreciation
As at 1 January 2023 541 4,281 4,822
Provided during the period 102 1,785 1,887
As at 31 December 2023 643 6,066 6,709
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2023 300 5,833 6,133
As at 1 January 2023 402 4,681 5,083
6. Investments
Subsidiaries
£
Cost
As at 1 January 2023 -
Additions 60
As at 31 December 2023 60
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 60
As at 1 January 2023 -
7. Debtors
31 December 2023 31 December 2022
as restated
£ £
Due within one year
Trade debtors 1,442,298 1,688,689
Prepayments and accrued income 181,941 1,408
Other debtors 120,000 3,125
Amounts owed by subsidiaries 60,843 -
1,805,082 1,693,222
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Page 6
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
as restated
£ £
Trade creditors 2,320,635 2,181,826
Bank loans and overdrafts 8,095 8,077
Corporation tax 90,023 88,849
Other taxes and social security 22,771 13,717
Pensions liability 2,228 -
Accruals and deferred income 11,606 11,577
Director's loan account 2,187 98,491
2,457,545 2,402,537
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
as restated
£ £
Bank loans 12,529 20,624
Other Loans - 2 to 5 years 195,200 195,200
207,729 215,824
10. Share Capital
31 December 2023 31 December 2022
as restated
£ £
Allotted, Called up and fully paid 13 13
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