Waterborne Underwriting Agency Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03755036 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WATERBORNE UNDERWRITING AGENCY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D J Mason

Mr I C Edwards

Mr R M Kanipayur

REGISTERED OFFICE:

White Chapel Building 2nd Floor

10 Whitechapel High Street

London

E1 8QS

REGISTERED NUMBER:

03755036 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

-

577

CURRENT ASSETS

Debtors

5

97,835

74,002

Cash at bank

150,096

139,250

247,931

213,252

CREDITORS

Amounts falling due within one year

6

45,615

49,816

NET CURRENT ASSETS

202,316

163,436

TOTAL ASSETS LESS CURRENT
LIABILITIES

202,316

164,013

CAPITAL AND RESERVES

Called up share capital

4,000

Capital redemption reserve

6,000

Retained earnings

192,316

154,013

SHAREHOLDERS' FUNDS

202,316

164,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 26 August 2025 and were signed on its behalf by:

Mr D J Mason - Director

1.	STATUTORY INFORMATION

Waterborne 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.

TURNOVER

Turnover is measured at the fair value of the consideration receivable. The Company's turnover comprises commissions receivable from insurers in respect of insurance policies incepting during the period.

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

-

20% on cost

Computer equipment

-

25% straight line method

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

6,069

2,308

8,377

DEPRECIATION

At 1 January 2024

6,069

1,731

7,800

Charge for year

-

577

At 31 December 2024

6,069

2,308

8,377

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

577

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

95,335

74,002

Other debtors

2,500

-

97,835

74,002

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Taxation and social security

32,851

38,139

Other creditors

12,764

11,677

45,615

49,816

7.	RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year is an interest free amount £14 (2023: £944) due to David John Mason, a director of company.

8.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is Shipowners' Management Limited and the ultimate parent company is The Shipowners' Mutual Protection and Indemnity Association ("the Association"), incorporated in Luxembourg.

The smallest and largest group in which the results of the Company are consolidated is that headed by the Association. The consolidated financial statements of the Association may be obtained from the registered office at 16 Rue Notre-Dame, L-2240, Luxembourg.

The Company was purchased by the Shipowners' group on 28 October 2024. Prior to the purchase, the Company was under the control of D J Mason, a director of the Company.

9.	INSURER MONEY HELD

The company held insurer money amounting to £239,622 (2023: £211,901) on a risk transfer basis, which equals the cash and other accounting balances held on behalf of these insurers. The amounts are segregated and as the company does not have beneficial ownership, they have not been recognised in these financial statements.