Company registration number 05655578 (England and Wales)
TRIDENT UNDERWRITING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TRIDENT UNDERWRITING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TRIDENT UNDERWRITING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
39,819
60,435
Current assets
Debtors
5
364,213
254,432
Cash at bank and in hand
631,557
589,685
995,770
844,117
Creditors: amounts falling due within one year
6
(607,111)
(430,590)
Net current assets
388,659
413,527
Net assets
428,478
473,962
Capital and reserves
Called up share capital
5,000
5,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
418,478
463,962
Total equity
428,478
473,962

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 and signed by the director and authorised for issue on 2 September 2024
Mr S H Butler
Director
Company Registration No. 05655578
TRIDENT UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Trident Underwriting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Mill Lane, Broxbourne, Hertfordshire, England, EN10 7AZ.

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
Going concern

The director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. true

1.3
Turnover

Turnover represents commissions and fees due to the company in respect of insurance business underwritten on behalf of Lloyd's syndicates and insurance companies. Amounts are credited to income on the inception date of the risk or the date of the order from the client, which ever is the latest.

 

Adjustments to commissions arising from premium additions or reductions are taken into account as and when they are known and booked.

 

Profit commission is booked when the amounts due can be estimated with a reasonable degree of certainty.

1.4
Tangible fixed assets

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

Furniture and fixtures
Straight line over 5 years
Office equipment
Straight line over 5 years
Motor vehicles
Straight line over 4 years

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.

TRIDENT UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Insurance intermediary assets and liabilities

The company acts as an underwriting agency and as such is an insurance intermediary. Insurance intermediaries, generally, are not liable as principals for the amounts arising from such transactions. Notwithstanding these legal relationships, debtors and creditors arising from insurance transactions are shown as assets and liabilities. This recognises that the insurance intermediary is entitled to retain the investment income on any cash flows arising from these transactions.

 

Debtors and creditors arising from a transaction between insureds and insurers (e.g premium or claim) are recorded simultaneously. Consequently, there is a high level of correlation between the totals reported in respect of insurance debtors and insurance creditors.

 

It is normal practice for insurance intermediaries to settle accounts with other intermediaries, insureds and insurers on a net basis. Thus, large changes in both insurance debtors and creditors can result from comparatively small cash settlements. For this reason, the totals of insurance debtors give no indication of future cash flows.

 

The legal status of this practice of net settlement is uncertain and in the event of insolvency it is generally abandoned. The Financial Reports Standard 102 requires that offset of assets and liabilities should be recognised in financial statements where, and only where, the offset would survive the insolvency of the other party. Accordingly, only such offsets have been recognised in calculating insurance intermediary assets and liabilities.

1.5
Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.6
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TRIDENT UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 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.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.9

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss account on a straight line basis over the period of the lease.

1.10

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

1.11

Creditors

Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

TRIDENT UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
6
7
4
Tangible fixed assets
Furniture and fixtures
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
7,230
36,846
76,870
120,946
Depreciation and impairment
At 1 January 2023
7,072
34,222
19,217
60,511
Depreciation charged in the year
108
1,291
19,217
20,616
At 31 December 2023
7,180
35,513
38,434
81,127
Carrying amount
At 31 December 2023
50
1,333
38,436
39,819
At 31 December 2022
158
2,624
57,653
60,435
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Insurance debtors
343,496
242,711
Other debtors
2,438
2,438
Prepayments
18,279
9,283
364,213
254,432
TRIDENT UNDERWRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,843
2,047
Corporation tax
9,544
4,064
Other taxation and social security
9,923
7,183
Other creditors
562,550
362,760
Accruals and deferred income
17,251
54,536
607,111
430,590

Included within other creditors are insurance creditors of £561,731 (2022: £361,941).

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
15,606
7,687
8
Ultimate controlling party

The ultimate controlling party is considered to be S H Butler by virtue of his shareholding in the company.

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