Faversham Underwriting Limited 08577514 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Insurance underwriting Digita Accounts Production Advanced 6.30.9574.0 true true 08577514 2023-04-01 2024-03-31 08577514 2024-03-31 08577514 core:CurrentFinancialInstruments 2024-03-31 08577514 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08577514 core:WithinOneYear 2024-03-31 08577514 core:FurnitureFittings 2024-03-31 08577514 core:OfficeEquipment 2024-03-31 08577514 bus:SmallEntities 2023-04-01 2024-03-31 08577514 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08577514 bus:FilletedAccounts 2023-04-01 2024-03-31 08577514 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08577514 bus:RegisteredOffice 2023-04-01 2024-03-31 08577514 bus:Director1 2023-04-01 2024-03-31 08577514 bus:Director2 2023-04-01 2024-03-31 08577514 bus:Director3 2023-04-01 2024-03-31 08577514 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08577514 core:FurnitureFittings 2023-04-01 2024-03-31 08577514 core:OfficeEquipment 2023-04-01 2024-03-31 08577514 countries:AllCountries 2023-04-01 2024-03-31 08577514 2023-03-31 08577514 core:FurnitureFittings 2023-03-31 08577514 core:OfficeEquipment 2023-03-31 08577514 2022-04-01 2023-03-31 08577514 2023-03-31 08577514 core:CurrentFinancialInstruments 2023-03-31 08577514 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08577514 core:WithinOneYear 2023-03-31 08577514 core:FurnitureFittings 2023-03-31 08577514 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 08577514

Faversham Underwriting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Faversham Underwriting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Faversham Underwriting Limited

Company Information

Directors

Mr D R Wills

Mr N T A Wright

Mr R J Scott

Registered office

12 Midland Court
Central Park
Lutterworth
Leicestershire
LE17 4PN

Accountants

Wychbury Greaves
Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Faversham Underwriting Limited

(Registration number: 08577514)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

489

612

Current assets

 

Debtors

712,038

646,647

Cash at bank and in hand

 

625,446

426,524

 

1,337,484

1,073,171

Creditors: Amounts falling due within one year

(921,451)

(786,540)

Net current assets

 

416,033

286,631

Net assets

 

416,522

287,243

Capital and reserves

 

Called up share capital

200,000

200,000

Retained earnings

216,522

87,243

Shareholders' funds

 

416,522

287,243

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

 

Faversham Underwriting Limited

(Registration number: 08577514)
Balance Sheet as at 31 March 2024

.........................................
Mr D R Wills
Director

 

Faversham Underwriting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
12 Midland Court
Central Park
Lutterworth
Leicestershire
LE17 4PN
England

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Faversham Underwriting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Faversham Underwriting Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

4,689

5,880

10,569

At 31 March 2024

4,689

5,880

10,569

Depreciation

At 1 April 2023

4,077

5,880

9,957

Charge for the year

123

-

123

At 31 March 2024

4,200

5,880

10,080

Carrying amount

At 31 March 2024

489

-

489

At 31 March 2023

612

-

612

5

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

45,072

42,552

The amount of non-cancellable operating lease payments recognised as an expense during the year was £44,652 (2023 - £42,552).