Company registration number NI662563 (Northern Ireland)
ARDEN UW LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ARDEN UW LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ARDEN UW LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
935,312
935,312
Current assets
Debtors
5
1
14,659
Cash at bank and in hand
2,256
4,552
2,257
19,211
Creditors: amounts falling due within one year
6
(921,696)
(921,472)
Net current liabilities
(919,439)
(902,261)
Net assets
15,873
33,051
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
15,872
33,050
Total equity
15,873
33,051

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 NI662563 (Northern Ireland)
ARDEN UW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Arden UW Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Newsletter Building, 55-59 Donegall Street, Belfast, BT1 2FH. The principal place of business is 13 Talbot Street, Belfast, BT1 2LD.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company's ability to continue as a going concern is dependent on the continued support of the company's fellow group companies. The directors have considered future financial projections and future cash flow requirements and are confident that the company will continue in business for the foreseeable future. The company has also obtained assurances from the fellow group companies of their continued support. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

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:

Computers
25% 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ARDEN UW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 3 -
1.5
Cash at bank and in hand

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.

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
Taxation

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

ARDEN UW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 4 -
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.

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.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
1,429
Depreciation and impairment
At 1 January 2024 and 31 December 2024
1,429
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
935,312
935,312
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

ARDEN UW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Subsidiaries (Continued)
- 5 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Generation Underwriting Management Limited
The Granger Suite Eldon House, Regent Centre, Newcastle Upon Tyne, England, NE3 3PF
Insurance underwriting
Ordinary
100.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
14,659
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
857,062
829,022
Other creditors
64,634
92,450
921,696
921,472
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
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
ARDEN UW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Directors' transactions

Mr G Wilde, a director and 20% shareholder has advanced funds to the company. Interest arises on these advances at a rate of 3%. At the year end the company owed Mr G Wilde £62,234 (2023 - £87,650) and the company was charged £1,722 (2023 - £2,475) interest by Mr G Wilde.

10
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.

11
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption from disclosing related party transactions between group companies, where all subsidiaries are wholly owned in accordance with FRS102.

 

WF Risk Group Limited owns 80% of the issued share capital in Arden UW Ltd.

 

WF Risk Group Limited

WF Risk Group Limited has advanced funds to the company. Interest arises on these advances at a rate of 3%. At the year end the company owed WF Risk Group Limited £569,925 (2023 - £594,235) and the company was charged £15,300 (2023 - £15,300) interest by WF Risk Group Limited.

 

Willis & Company (Insurance Brokers) Limited

At the year end the company was owed £Nil (2023 - £14,658) from Willis & Company (Insurance Brokers) Limited, a subsidiary undertaking of WF Risk Group Limited.

 

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