Company registration number 03841676 (England and Wales)
NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
30 June 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,055
12,203
Current assets
Debtors
4
251,442
176,552
Cash at bank and in hand
386,382
115,945
637,824
292,497
Creditors: amounts falling due within one year
5
(568,481)
(205,505)
Net current assets
69,343
86,992
Total assets less current liabilities
80,398
99,195
Creditors: amounts falling due after more than one year
6
-
0
(39,715)
Net assets
80,398
59,480
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
30,398
9,480
Total equity
80,398
59,480

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial Period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 Period 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 by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Ms M Roncalli
Director
Company Registration No. 03841676
NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Nova Risk Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor John Stow House, 18 Bevis Marks, London, EC3A 7JB.

1.1
Reporting period

The Company's reporting period was changed to the 30 June 2024 to align with the parent entity. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable

1.2
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.

1.3
Turnover

Turnover represents gross commissions, policy fees and marketing brokerage arising from the sale of insurance policies. Gross commission income comprises both the commission retained by the Company (i.e. its retained share of the policy premium) and that paid away to brokers for introducing business.

 

Commission paid away to brokers is included as part of turnover on the basis that:

 

Income relating to insurance broking is brought into account in full at the policy inception date. Such income is adjusted to fully recognise anticipated policy cancellations arising from both mid-term adjustments and policies not taken up.

 

Where there is an expectation of future servicing requirements, a proportionate element of income relating to the policy is deferred to cover the associated contractual obligations.

 

Alterations in brokerage arising from additional premiums and other adjustments are taken into account as and when they occur.

 

Fees and other income receivable are recognised in the period to which they relate.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25%

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.

 

A tangible fixed asset is derecognised on disposal or when no future economic benefits are expected to arise from continued use of the asset. 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.

 

The carrying values of tangible assets are reviewed for impairment if events or changes in circumstance indicate that the carrying value may not be recoverable, and are written down immediately to their recoverable amount. Useful lives and residual values are renewed annually and where adjustments are required, these are made prospectively.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11

Insurance broking debtors and creditors

The Company acts as an agent in the broking of insurable risks of policyholders and is not liable, as a principal, for premiums due to underwriters or for claims payable to policyholders. Notwithstanding the Company's legal relationship with policyholders and underwriters, the Company has followed generally accepted accounting practice for insurance intermediaries and discloses debtors, creditors and cash balances relating to insurance business as assets and liabilities of the Company itself, consistent with the commercial substance of the underlying transactions.

NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
220,027
Additions
2,712
At 30 June 2024
222,739
Depreciation and impairment
At 1 October 2023
207,824
Depreciation charged in the Period
3,860
At 30 June 2024
211,684
Carrying amount
At 30 June 2024
11,055
At 30 September 2023
12,203
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
202,138
115,468
Other debtors
1,753
61,084
203,891
176,552
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
47,551
-
0
Total debtors
251,442
176,552
NOVA RISK SOLUTIONS LIMITED
(FORMERLY S K UNDERWRITING LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
473,804
197,350
Amounts owed to group undertakings
89,715
-
0
Taxation and social security
4,063
4,140
Other creditors
899
4,015
568,481
205,505
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
39,715
7
Operating lease commitments
Lessee

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

2024
2023
£
£
138,550
155,205
8
Events after the reporting date

On 6 February 2025, the entity passed a resolution to change the name of the entity from S K Underwriting Limited to Nova Risk Solutions Limited.

 

On 23 January 2025, the registered office address changed from 131/131a High Street, Chatham, Kent, ME4 4DH to 6th Floor John Stow House, 18 Bevis Marks, London, EC3A 7JB.

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