REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VENICE UNDERWRITING LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
VENICE UNDERWRITING LLP |
VENICE UNDERWRITING LLP (REGISTERED NUMBER: OC339985) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
General Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
VENICE UNDERWRITING LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DESIGNATED MEMBERS: |
Fidentia Trustees Limited |
Fidentia Holdings Limited |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
VENICE UNDERWRITING LLP (REGISTERED NUMBER: OC339985) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
£ | £ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET LIABILITIES ATTRIBUTABLE TO MEMBERS | - | - |
LOANS AND OTHER DEBTS DUE TO MEMBERS | - | - |
TOTAL MEMBERS' INTERESTS |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by C M Bradford on behalf of the members of the LLP and authorised for issue on |
VENICE UNDERWRITING LLP (REGISTERED NUMBER: OC339985) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Venice Underwriting LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The LLP ceased underwriting on 31 December 2014 and these accounts have been prepared on a basis other than going concern. |
Accounting convention |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The LLP no longer underwrites as a Lloyd's corporate member and therefore the members have decided not to adopt the recommendations of the revised Statement of Recommended Practice 'Accounting for Insurance Business', issued by the Association of British Insurers as amended in 2006. |
Related party exemption |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | ULTIMATE CONTROLLING PARTY |
The parent company is Fidentia Holdings Limited. There is no ultimate controlling party. |
5. | LLOYD'S UNDERWRITING ACTIVITIES |
The LLP underwrote at Lloyd's on a limited liability basis until 31 December 2014 and was closed by reinsurance with effect from 31 December 2018. |
The payment of a reinsurance to close premium does not eliminate totally the liability of the closed year for outstanding claims. If the reinsuring syndicate were unable to meet its obligations and other elements of the Lloyd's chain of security were to fail, then the members of the closed underwriting year would have to settle outstanding claims. The members consider that the likelihood of such a failure of the reinsurance to close is extremely remote and, therefore, the reinsurance to close has been deemed to settle liabilities outstanding at the close of the underwriting account and no further provision has been made for any potential variation in the ultimate liability of that year of account. |