REGISTERED NUMBER: 08641930 (England and Wales)

Pardus Underwriting Limited

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M E Allen

Mr B A King

Mr D J Stockman

Mr K D Thompson

REGISTERED OFFICE:

Cranbrook Business Centre

High Street

Cranbrook

Kent

TN17 3EJ

REGISTERED NUMBER:

08641930 (England and Wales)

AUDITORS:

Swindells LLP

Chartered Accountants

and Statutory Auditor

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Tangible assets

4

10,294

2,294

CURRENT ASSETS

Debtors

5

382,073

139,440

Cash at bank

71,736

24,496

453,809

163,936

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

702,870

943,860

NET CURRENT LIABILITIES

(249,061

)

(779,924

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(238,767

)

(777,630

)

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

12,964

25,073

NET LIABILITIES

(251,731

)

(802,703

)

CAPITAL AND RESERVES

Called up share capital

2,500,000

2,500,000

Retained earnings

(2,751,731

)

(3,302,703

)

SHAREHOLDERS' FUNDS

(251,731

)

(802,703

)

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 19 September 2025 and were signed on its behalf by:

Mr K D Thompson - Director

Mr D J Stockman - Director

1.	STATUTORY INFORMATION

Pardus Underwriting 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Commission is recognised when the company's contractual right to such income is established, and to the extent that the company's relevant obligations under the contracts concerned have been performed. For most of the company's underwriting activities, this means that commission is recognised at the inception of the underlying contract of insurance concerned.

Where the company has set up delegated authority facilities, income is recognised at the inception of the facility rather than the underlying insurance contracts only to the extent that such income can be reliably estimated, as the company's obligations have been performed in full at that point.

Profit commission arising from the placement of insurance contracts by the company is recognised when the right to such profit commission is established through a contract, but only to the extent that a reliable estimate of the amount receivable can be made. Such estimates are made on a prudent basis to reflect the level of uncertainty involved.

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

-

33% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company makes contributions into employees' pension funds. Contributions payable in the year are charged to the profit and loss account in the period to which they relate.

Going concern

These financial statements have been prepared on a going concern basis, not withstanding the net deficit at the balance sheet date, on the basis that the company's parent company has indicated that it will not seek repayment of its outstanding debt for a period of at least 12 months from the balance sheet date.

Insurance balances

The company acts as insurance intermediary in placing the insurable risks of their clients with insurers and as such, is not liable as a principal for amounts due to underwriters. In recognition of this relationship, the company does not include debtors, creditors and cash arising from insurance transactions in its own balance sheet. Therefore, other than commission received and receivable, there is no recognition of the insurance transactions in the company's financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

10,981

94,442

105,423

Additions

1,843

8,711

10,554

At 31 December 2024

12,824

103,153

115,977

DEPRECIATION

At 1 January 2024

9,234

93,895

103,129

Charge for year

716

1,838

2,554

At 31 December 2024

9,950

95,733

105,683

NET BOOK VALUE

At 31 December 2024

2,874

7,420

10,294

At 31 December 2023

1,747

547

2,294

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

249,248

123,924

Other debtors

132,825

15,516

382,073

139,440

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Amounts owed to group undertakings

512,591

588,867

Social security and other taxes

77,028

36,672

Other creditors

22,144

139,484

Accrued expenses

81,107

168,837

702,870

943,860

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

12,964

20,000

Bank loans - 2-5 years

-

5,073

12,964

25,073

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

The Report of the Auditors was unqualified.

Melanie Richardson BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Swindells LLP

9.	RELATED PARTY DISCLOSURES

The company's parent company is Pardus Holdings Limited, a company registered in England and Wales with the registration 08640783.

At the year end, the company owed £512,590 (2023: £588,866) to its parent company. This balance is unsecured, interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The directors consider that there is no one controlling party