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REGISTERED NUMBER: 08640783 (England and Wales)















Pardus Holdings Limited

Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023






Pardus Holdings Limited (Registered number: 08640783)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Balance Sheet 9

Company Balance Sheet 11

Notes to the Consolidated Financial Statements 12


Pardus Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr S L Byrne
Mr B A King
Mr D J Stockman
Mr K D Thompson





REGISTERED OFFICE: Cranbrook Business Centre
High Street
Cranbrook
Kent
TN17 3EJ





REGISTERED NUMBER: 08640783 (England and Wales)





AUDITORS: Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Pardus Holdings Limited (Registered number: 08640783)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The reporting of an overall profit for 2023 is an important milestone in the development of the group and provides the financial stability to operate going forward. Having seen substantial growth in 2023 with Gross Premium Income (GPI) reaching some £11 million, an increase of 90% from the 2022 GPI of £5.7million,

Pardus expects to see further growth in 2024. The UK marketplace is highly competitive but Pardus will still look to achieve GPI of £15 million for the year, which should lead to another profitable year. The first half of 2024 has already seen an increase of GPI of 43% compared to the first half of 2023 and provides management with confidence that growth for the year can be achieved.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr S L Byrne
Mr B A King
Mr D J Stockman
Mr K D Thompson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pardus Holdings Limited (Registered number: 08640783)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr K D Thompson - Director


23 September 2024

Report of the Independent Auditors to the Members of
Pardus Holdings Limited

Opinion
We have audited the financial statements of Pardus Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
In forming our opinion on the financial statements which is not qualified, we draw your attention to note 2 in the financial statements concerning going concern. The group made a trading profit of £177,262 for the year ended 31 December 2023.

As at the balance sheet date, the group's total liabilities exceeded its total assets by £459,768. This, along with other matters explained in the notes to the financial statements, indicates the existence of a material uncertainty which may cast doubt about the group's ability to continue as a going concern. Our opinion is not modified in this respect.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Pardus Holdings Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pardus Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the company's internal controls have been discussed and understood prior to our audit testing.
Internal controls have been tested through walkthrough testing, to assess whether controls are
adequate, whether they are being followed, and whether irregularities and fraud are prevented.
- deficiencies in internal controls have been highlighted and explained to management, along with
recommendations as to how deficiencies can be improved and the risk of irregularity and fraud
occurrence minimised.
- representations have been provided by management that there were no identified cases of fraud or
instances of non-compliance during or since the accounting period.
- substantive testing has been carried out to test the validity of transactions, with entries in the
accounting system vouched to corresponding third party documentation and evidence of
appropriate authorisation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pardus Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Melanie Richardson BA(Hons) FCA (Senior Statutory Audit (Senior Statutory Auditor)
for and on behalf of Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

23 September 2024

Pardus Holdings Limited (Registered number: 08640783)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,262,277 680,429

Administrative expenses 1,077,821 954,653
OPERATING PROFIT/(LOSS) 4 184,456 (274,224 )

Interest receivable and similar income 12,286 962
196,742 (273,262 )

Interest payable and similar expenses 19,480 16,476
PROFIT/(LOSS) BEFORE TAXATION 177,262 (289,738 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

177,262

(289,738

)

Profit/(loss) attributable to:
Owners of the parent 177,262 (289,738 )

Pardus Holdings Limited (Registered number: 08640783)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 2,294 3,384
Investments 7 - -
2,294 3,384

CURRENT ASSETS
Debtors 8 139,440 180,695
Cash at bank 24,496 7,014
163,936 187,709
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

9

600,925

796,452
NET CURRENT LIABILITIES (436,989 ) (608,743 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(434,695

)

(605,359

)

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

10

25,073

31,671
NET LIABILITIES (459,768 ) (637,030 )

CAPITAL AND RESERVES
Called up share capital 410,021 410,021
Share premium 4,795,840 4,795,840
Retained earnings (5,665,629 ) (5,842,891 )
(459,768 ) (637,030 )

Pardus Holdings Limited (Registered number: 08640783)

Consolidated Balance Sheet - continued
31 December 2023


The financial statements have been prepared 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 23 September 2024 and were signed on its behalf by:




Mr S L Byrne - Director



Mr K D Thompson - Director


Pardus Holdings Limited (Registered number: 08640783)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 8 588,867 676,758

CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

9

245,933

236,840
NET CURRENT ASSETS 342,934 439,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

342,934

439,918

CAPITAL AND RESERVES
Called up share capital 410,021 410,021
Share premium 4,795,840 4,795,840
Retained earnings (4,862,927 ) (4,765,943 )
342,934 439,918

Company's loss for the financial year (96,984 ) (71,730 )

The financial statements have been prepared 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 23 September 2024 and were signed on its behalf by:




Mr K D Thompson - Director



Mr S L Byrne - Director


Pardus Holdings Limited (Registered number: 08640783)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Pardus Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated Income Statement and Statement of Financial Position shows the results and financial position of the company and its subsidiary undertakings made up to 31 December 2022. Intra-group sales and profits are eliminated fully on consolidation.

The financial statements are prepared on the going concern basis.

Turnover
Commission is recognised when the company's contractual right to such income is established, and to the extent that the company's relevant obligations under the contracts concerned have been performed. For most of the company's underwriting activities, this means that commission is recognised at the inception of the underlying contract of insurance concerned.

Where the company has set up delegated authority facilities, income is recognised at the inception of the facility rather than the underlying insurance contracts only to the extent that such income can be reliably estimated, as the company's obligations have been performed in full at that point.

Profit commission arising from the placement of insurance contracts by the company is recognised when the right to such profit commission is established through a contract, but only to the extent that a reliable estimate of the amount receivable can be made. Such estimates are made on a prudent basis to reflect the level of uncertainty involved.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost


Pardus Holdings Limited (Registered number: 08640783)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group makes contributions into employees' pension funds. Contributions payable in the year
are charged to the profit and loss account in the period in which they relate.

Insurance balances
The company acts as insurance intermediary in placing the insurable risks of their clients with insurers and as such, is not liable as a principal for amounts due to underwriters. In recognition of this relationship, the company does not include debtors, creditors and cash arising from insurance transactions in its own balance sheet. Therefore, other than commission received and receivable, there is no recognition of the insurance transactions in the company's financial statements

Going concern
These accounts have been prepared on a going concern basis, not withstanding the net deficit shown in the consolidated balance sheet at the year end.

The directors consider that it is appropriate to prepare the accounts on a going concern basis as the group's creditors have indicated that they will not seek repayment of their loans for a period of at least 12 months from the date of the signing of the financial statements.

Pardus Holdings Limited (Registered number: 08640783)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 7 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 2,162 2,359

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


6. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 9,909 94,442 104,351
Additions 1,072 - 1,072
At 31 December 2023 10,981 94,442 105,423
DEPRECIATION
At 1 January 2023 8,894 92,073 100,967
Charge for year 340 1,822 2,162
At 31 December 2023 9,234 93,895 103,129
NET BOOK VALUE
At 31 December 2023 1,747 547 2,294
At 31 December 2022 1,015 2,369 3,384

Pardus Holdings Limited (Registered number: 08640783)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. FIXED ASSET INVESTMENTS

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Pardus Underwriting Limited
Registered office: England and Wales
Nature of business: Insurance underwriting
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (802,703 ) (1,076,948 )
Profit/(loss) for the year 274,245 (218,008 )


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 123,924 152,135 - -
Amounts owed by group undertakings - - 588,867 676,758
Other debtors 15,516 28,560 - -
139,440 180,695 588,867 676,758

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts 10,000 9,996 - -
Other loans 90,000 255,000 90,000 80,000
Trade creditors - 1 - -
Social security and other taxes 36,672 - - -
Other creditors 139,483 15,095 - -
Directors' current accounts 144,190 144,190 144,190 144,190
Accrued expenses 180,580 372,170 11,743 12,650
600,925 796,452 245,933 236,840

Pardus Holdings Limited (Registered number: 08640783)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans - 1-2 years 20,000 20,000
Bank loans - 2-5 years 5,073 11,671
25,073 31,671