Company registration number 06988944 (England and Wales)
GENERATION UNDERWRITING MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GENERATION UNDERWRITING MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
GENERATION UNDERWRITING MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,865
50,188
Current assets
Debtors
4
1,970,353
1,673,861
Cash at bank and in hand
837,846
635,717
2,808,199
2,309,578
Creditors: amounts falling due within one year
5
(2,247,900)
(1,861,417)
Net current assets
560,299
448,161
Total assets less current liabilities
592,164
498,349
Creditors: amounts falling due after more than one year
6
(5,834)
(15,833)
Provisions for liabilities
(7,592)
(1,711)
Net assets
578,738
480,805
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
99,900
99,900
Profit and loss reserves
478,738
380,805
Total equity
578,738
480,805

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

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr R W Willis
Director
Company registration number 06988944 (England and Wales)
GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Generation Underwriting Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Granger Suite, Eldon House, Regent Centre, Newcastle upon Tyne, NE3 3PF.

1.1
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.

1.2
Turnover

Turnover represents amounts receivable for commission on premiums paid to Insurance companies.

 

Insurance transactions, client money and insurer money

Insurance transactions arise from the settlement of transactions with insurance companies on behalf of insurance intermediaries who are members of the network. A debtor balance representing amounts owing from individual customers is recognised when the member arranges a policy, along with a creditor balance representing amounts due to the ultimate insurance provider and commissions earned by Generation Underwriting Management Limited. That element of commission earned by Generation Underwriting Management Limited is recognised in the profit and loss account at the effective date of the policy.

 

Insurance debtors and creditors are reported in accordance with the requirements of FRS 102. The standard precludes assets and liabilities being offset unless net settlement is legally enforceable, and as a result the insurance broking debtors and creditors have been shown as the gross amounts due in respect of each contract, instead of the net amount due to or from clients and underwriters.

 

The insurance broking account relates to money held by the Company in client money accounts for future settlement of insurance transactions.

1.3
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.

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:

Fixtures and fittings
25% - 50% Straight Line

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.

1.4
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.

GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 3 -
1.5
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.

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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

2
Employees

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

2024
2023
Number
Number
Total
14
12
GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
65,489
Additions
2,372
Disposals
(905)
At 31 December 2024
66,956
Depreciation and impairment
At 1 January 2024
15,301
Depreciation charged in the year
20,035
Eliminated in respect of disposals
(245)
At 31 December 2024
35,091
Carrying amount
At 31 December 2024
31,865
At 31 December 2023
50,188
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,528,400
1,343,112
Amounts owed by group undertakings
287,350
284,787
Other debtors
154,603
45,962
1,970,353
1,673,861
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
2,010,433
1,578,135
Amounts owed to group undertakings
116,613
168,450
Corporation tax
24,870
41,769
Other taxation and social security
16,919
16,850
Other creditors
69,065
46,213
2,247,900
1,861,417
GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,834
15,833
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mr Stephen Houston FCA
Statutory Auditor:
GMcG LISBURN
Date of audit report:
9 May 2025
9
Financial commitments, guarantees and contingent liabilities

Generation Underwriting Management Limited has provided an all monies composite guarantee in favour of Danske Bank in relation to the bank borrowings of WF Risk Group Limited, a fellow group company. The total bank borrowings of WF Risk Group Limited that is subject to the cross company guarantee as at 31 December 2024 is £1,489,993 (2023: £1,873,174).

10
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
£
£
11,517
28,492
GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
11
Parent company

The company's immediate parent company is WF Risk Group Limited, a company incorporated in Northern Ireland.

 

The company's ultimate parent company is WF Risk Group (Holdings) Ltd, a company incorporated in Northern Ireland. WF Risk Group (Holdings) Ltd has included the company's results in its group financial statements, copies of which are available from its registered office at Newsletter Building, 55 - 59 Donegall Street, Belfast, Northern Ireland, BT1 2FH.

GENERATION UNDERWRITING MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
12
Related party transactions

WF Risk Group Limited owns 80% of the issued share capital in Arden UW Limited, the parent company of Generation Underwriting Management Limited (GUM Ltd).

 

WF Risk Group (Holdings) Limited

WF Risk Group (Holdings) Limited, is the ultimate parent company. At the year end WF Risk Group (Holdings) Limited owed the company £Nil (2023: £50,000).

 

WF Risk Group Limited

At the year end the company owed WF Risk Group Limited £814 (2023: £1,131).

 

Willis & Company (Insurance Brokers) Limited

Willis & Company (Insurance Brokers) Limited, is a subsidiary undertaking of WF Risk Group Limited. At the year end the company owed Willis & Company (Insurance Brokers) Limited £115,798 (2023: £166,541). During the year Willis & Company (Insurance Brokers) Limited, charged the company £2,445 (2023: £3,852) of interest in relation to the loan balance.

 

Willis Employment Services Limited

Willis Employment Services Limited, is a subsidiary undertaking of WF Risk Group Limited. At the year end the Willis Employment Services Limited owed the company £172 (2023: the company owed Willis Employment Services Limited £779).

 

 

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