Novitas Underwriting Agency Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03106533 (England and Wales)

NOVITAS UNDERWRITING AGENCY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Daly

R Mitchell

P D Daly

S Forrester

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

FIXED ASSETS

Tangible assets

4

65

705

CURRENT ASSETS

Debtors

5

433,993

608,479

Cash at bank

1,419,796

1,786,300

1,853,789

2,394,779

CREDITORS

Amounts falling due within one year

6

1,336,001

1,733,374

NET CURRENT ASSETS

517,788

661,405

TOTAL ASSETS LESS CURRENT
LIABILITIES

517,853

662,110

CAPITAL AND RESERVES

Called up share capital

7

50,000

Capital redemption reserve

25,000

Retained earnings

442,853

587,110

SHAREHOLDERS' FUNDS

517,853

662,110

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 24 June 2026 and were signed on its behalf by:

M J Daly - Director

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

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 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 November 2024

and 31 October 2025

3,559

35,766

39,325

DEPRECIATION

At 1 November 2024

3,479

35,141

38,620

Charge for year

40

600

640

At 31 October 2025

3,519

35,741

39,260

NET BOOK VALUE

At 31 October 2025

40

25

65

At 31 October 2024

80

625

705

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Trade debtors

433,993

608,479

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Trade creditors

2,686

2,679

Insurer's control

812,963

1,109,104

Amounts owed to group undertakings

389,300

Social security and other taxes

6,523

10,258

Other creditors

18,729

43,814

Accrued expenses

105,800

178,219

1,336,001

1,733,374

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.25

31.10.24

value:

£

50,000

Ordinary

£1

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

2025 2024

Balance due to holding company 389,300 389,300

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.