PW Underwriting Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04392319 (England and Wales)
PW Underwriting Limited
Contents
Page
Balance sheet
2
Notes to the financial statements
3 - 6
PW Underwriting Limited
Director's Report
For the year ended 31 December 2023
Page 1
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of providing non-life insurance services.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
P. D. Willis
(Resigned 29 August 2023)
C.Wilce
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C.Wilce
Director
17 August 2024
PW Underwriting Limited
Balance Sheet
As at 31 December 2023
Page 2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,845
14,599
Current assets
Debtors
4
58,362
22,961
Cash at bank and in hand
188,776
950,055
247,138
973,016
Creditors: amounts falling due within one year
5
(293,269)
(460,968)
Net current (liabilities)/assets
(46,131)
512,048
Net (liabilities)/assets
(5,286)
526,647
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(5,386)
526,547
Total equity
(5,286)
526,647
The director of the company has 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 director acknowledges his 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.
The financial statements were approved by the board of directors and authorised for issue on 17 August 2024 and are signed on its behalf by:
C.Wilce
Director
Company Registration No. 04392319
PW Underwriting Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
PW Underwriting Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 145 Leadenhall Street, London, EC3V 4QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 represents the amount receivable for the provision of non-life insurance services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
PW Underwriting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
3
PW Underwriting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
64,715
Additions
37,470
At 31 December 2023
102,185
Depreciation and impairment
At 1 January 2023
50,116
Depreciation charged in the year
11,224
At 31 December 2023
61,340
Carrying amount
At 31 December 2023
40,845
At 31 December 2022
14,599
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
7,812
Other debtors
116
116
Prepayments and accrued income
58,246
15,033
58,362
22,961
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,162
4,121
Corporation tax
242,341
397,659
Other taxation and social security
6,181
17,874
Other creditors
36,268
36,892
Accruals and deferred income
5,317
4,422
293,269
460,968
PW Underwriting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2021
£
£
254,591
295,876
8
Related party transactions
During the year dividends of £1,230,000 (2022: £1,100,000) were paid to the director of the company. At the year end, the director owed £82 (2022 - £82) to the company.
9
Controlling party
The controlling party is C. Wilce while CHW Limited owns 100% of the share capital.