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REGISTERED NUMBER: 03106533 (England and Wales)














NOVITAS UNDERWRITING AGENCY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NOVITAS UNDERWRITING AGENCY LIMITED

COMPANY INFORMATION
for the Year Ended 31 OCTOBER 2024







DIRECTORS: M J Daly
R Mitchell





SECRETARY:





REGISTERED OFFICE: 167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH





REGISTERED NUMBER: 03106533 (England and Wales)





AUDITORS: Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

BALANCE SHEET
31 OCTOBER 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 705 1,337

CURRENT ASSETS
Debtors 5 608,479 652,480
Cash at bank 1,786,300 2,124,801
2,394,779 2,777,281
CREDITORS
Amounts falling due within one year 6 1,733,374 1,847,526
NET CURRENT ASSETS 661,405 929,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

662,110

931,092

CAPITAL AND RESERVES
Called up share capital 7 50,000 50,000
Capital redemption reserve 25,000 25,000
Retained earnings 587,110 856,092
SHAREHOLDERS' FUNDS 662,110 931,092

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 29 July 2025 and were signed on its behalf by:





M J Daly - Director


NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2024

1. STATUTORY INFORMATION

Novitas Underwriting Agency 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance
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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Trade and other debtors are recognised at the settlement amounts. Prepayments are valued at the amount prepaid

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations

Creditors
Creditors are recognised where the company has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2023 3,559 35,548 39,107
Additions - 218 218
At 31 October 2024 3,559 35,766 39,325
DEPRECIATION
At 1 November 2023 3,443 34,327 37,770
Charge for year 36 814 850
At 31 October 2024 3,479 35,141 38,620
NET BOOK VALUE
At 31 October 2024 80 625 705
At 31 October 2023 116 1,221 1,337

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 608,479 652,480

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 2,679 1,132,626
Insurer's control 1,109,104 -
Amounts owed to group undertakings 389,300 389,300
Social security and other taxes 10,258 11,057
Other creditors 43,814 194,066
Salaries control - 12,927
Accrued expenses 178,219 107,550
1,733,374 1,847,526

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
50,000 Ordinary £1 50,000 50,000

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

The Report of the Auditors was unqualified.

Maurice Brindley FCA (Senior Statutory Auditor)
for and on behalf of Brindley Millen Limited

9. RELATED PARTY DISCLOSURES

2024 2023

Balance due to holding company 389,300 389,300

Balance due from fellow subsidiaries 69,818 97,560

10. ULTIMATE CONTROLLING PARTY

The controlling party is M J Daly.

11. ULTIMATE PARENT COMPANY

The company is a subsidiary of Daly Holdings Limited. The ultimate parent company is MJD Corporate Holdings Limited.