REGISTERED NUMBER: OC323555 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SWANN UNDERWRITING LLP

Page

General Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DESIGNATED MEMBERS:

Fidentia Trustees Limited

Fidentia Nominees Limited

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

OC323555 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

CURRENT ASSETS

Debtors

4

2,391

2,391

Cash at bank

859

849

3,250

3,240

CREDITORS

Amounts falling due within one year

5

3,240

3,240

NET CURRENT ASSETS

10

-

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

10

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

-

Amounts due from members

4

-

(2,391

)

10

(2,391

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by C M Bradford on behalf of the members of the LLP and authorised for issue on 30 October 2026 and were signed by:

Fidentia Trustees Limited - Designated member

1.	STATUTORY INFORMATION

Swann Underwriting LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company ceased underwriting new business as at 31 December 2020 and all syndicate open years were closed as at 31 December 2024.

Accounting Convention

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

Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and cash in hand.

Members' interests

The profit / loss of the LLP for the financial year is allocated to each Member in accordance with their respective profit / loss shares for the relevant year(s) of account.

Any amounts contributed by the members to the LLP will be repaid by the LLP on departure of a member from the LLP. These amounts are shown as liabilities on the statement of financial position.

Members can only withdraw profits to the extent that the LLP retains sufficient working capital to finance its ongoing operation.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

2,391

2,391

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3,240

-

Other creditors

-

3,240

3,240

3,240

6.	RELATED PARTY DISCLOSURES

The LLP 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.

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party was Talisman Underwriting Plc up until 30 December 2025. The ultimate controlling party is now Fidentia Holdings Limited.

8.	LLOYD'S UNDERWRITING ACTIVITIES

The company underwrote at Lloyd's on a limited liability basis until 31 December 2020 and was closed by reinsurance with effect from 31 December 2024.

The payment of a reinsurance to close premium does not eliminate totally the liability of the closed year for outstanding claims. If the reinsuring syndicate were unable to meet its obligations and other elements of the Lloyd's chain of security were to fail, then the members of the closed underwriting year would have to settle outstanding claims. The directors consider that the likelihood of such a failure of the reinsurance to close is extremely remote and, therefore, the reinsurance to close has been deemed to settle liabilities outstanding at the close of the underwriting accounts and no further provision has been made for any potential variation in the ultimate liability of that year of account.