Compass Underwriting Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 03332314

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1		6,666

			1		6,666
CURRENT ASSETS
Debtors	5	1,295,442		1,242,532
Cash at bank and in hand		2,024,799		3,115,902

		3,320,241		4,358,434
Creditors: Amounts Falling Due Within One Year	6	(2,804,825 )		(3,798,996 )

NET CURRENT ASSETS (LIABILITIES)			515,416		559,438

TOTAL ASSETS LESS CURRENT LIABILITIES			515,417		566,104

Creditors: Amounts Falling Due After More Than One Year	7		(250,000 )		(250,000 )

NET ASSETS			265,417		316,104

CAPITAL AND RESERVES
Called up share capital	8		5,000,000		5,000,000
Profit and Loss Account			(4,734,583 )		(4,683,896 )

SHAREHOLDERS' FUNDS			265,417		316,104

Page 1

Page 2

Compass Underwriting Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Ortho Barnes

Director

04/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Compass Underwriting Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03332314 . The registered office is 71-75 Langley Street, London, WC2H 9JG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover represents commissions earned, fees earned and profit commission. Credit is taken for commissions on the inception date of the policy and on premium adjustments as and when such adjustments are made. Credit is taken for fees when the services are provided. Credit is taken for commission only when actually earned and settled to us.

Provision is made for the value of revenue estimated to be repayable in the event of cancellation of policies based on past experience and for the value of revenue estimated to relate to contractual placement services to be performed in future periods.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

20% / 25% / 33% on cost

2.4. Financial Instruments

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

2.5. 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

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.

2.6. Insurance debtors and creditors

The company acts as underwriting agent in relation to the insurable risks of its clients and is not liable as principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationships with clients and underwriters and since, in practice, premium and claim monies are usually accounted for by insurance intermediaries, the company has followed generally accepted accounting practice by showing cash, debtors and creditors relating to the insurance business as assets and liabilities of the company itself.

Page 3

Page 4

Compass Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	767,675

As at 31 December 2024	767,675

Depreciation
As at 1 January 2024	761,009
Provided during the period	6,665

As at 31 December 2024	767,674

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	6,666

5. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	1,295,442	1,242,532

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,987,342	3,020,742
Bank loans and overdrafts	605,741	559,741
Other creditors	211,164	217,935
Taxation and social security	578	578

	2,804,825	3,798,996

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	250,000	250,000

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	5,000,000	5,000,000

Page 4

Page 5

Compass Underwriting Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Related Party Transactions

Mr O Barnes is considered to be the Company's ultimate controlling party.

At the balance sheet date, the company owed Mr O Barnes £250,000 (2022: £250,000) in respect of a subordinated loan provided to the company and which carried interest at 5%.

At the start of the year a further loan of £646,741 was outstanding to Mr O Barnes. The loan is interest free and repayable on demand. No further advances were made during the year. Repayments totalling £87,000 were made during the year.

During the year, interest in respect of the outstanding loan payable to Mr O Barnes, totalling £0 (2022: £5,657) was charged to the profit and loss account. Amounts outstanding and included within accruals at the balance sheet date totalled £206,164 (2022: £206,164). Interest was not charged within the year on the subordinated loan as Mr O Barnes did not feel it was relavent given the company's ability to repay the loan in the future.

At the year end, £726,509 (2022: £726,509) was owed by Quaestor Capital Limited, a company controlled by Mr O Barnes.

Page 5