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REGISTERED NUMBER: 08641930 (England and Wales)















Pardus Underwriting Limited

Financial Statements for the Year Ended 31 December 2023






Pardus Underwriting Limited (Registered number: 08641930)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pardus Underwriting Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr M E Allen
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: 08641930 (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 Underwriting Limited (Registered number: 08641930)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,294 3,384

CURRENT ASSETS
Debtors 5 139,440 180,695
Cash at bank 24,496 7,014
163,936 187,709
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

943,860

1,236,370
NET CURRENT LIABILITIES (779,924 ) (1,048,661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(777,630

)

(1,045,277

)

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

25,073

31,671
NET LIABILITIES (802,703 ) (1,076,948 )

CAPITAL AND RESERVES
Called up share capital 2,500,000 2,500,000
Retained earnings (3,302,703 ) (3,576,948 )
SHAREHOLDERS' FUNDS (802,703 ) (1,076,948 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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 M E Allen - Director


Pardus Underwriting Limited (Registered number: 08641930)

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

1. STATUTORY INFORMATION

Pardus Underwriting 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Pardus Underwriting Limited (Registered number: 08641930)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Going concern
These financial statements have been prepared on a going concern basis, not withstanding the net deficit at the balance sheet date, on the basis that the company's parent company has indicated that it will not seek repayment of its outstanding debt for a period of at least 12 months from the balance sheet date.

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.

3. EMPLOYEES AND DIRECTORS

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

Pardus Underwriting Limited (Registered number: 08641930)

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

4. TANGIBLE FIXED ASSETS
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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 123,924 152,135
Other debtors 15,516 28,560
139,440 180,695

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 9,996
Amounts owed to group undertakings 588,867 676,758
Taxation and social security 36,672 -
Other creditors 308,321 549,616
943,860 1,236,370

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,073 31,671

Pardus Underwriting Limited (Registered number: 08641930)

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

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Melanie Richardson BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Swindells LLP