Palladium Underwriting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03850773 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PALLADIUM UNDERWRITING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Mahony

J R Clare

REGISTERED OFFICE:

10F Buntsford Park Road

Aston Fields

Bromsgrove

Herefs and Worcs

B60 3DX

REGISTERED NUMBER:

03850773 (England and Wales)

ACCOUNTANTS:

Riddingtons Ltd

The Old Barn

Off Wood Street

Swanley Village

Kent

BR8 7PA

FIXED ASSETS

Tangible assets

4

-

8,521

CURRENT ASSETS

Debtors

5

433,074

309,908

Cash at bank and in hand

188,267

225,022

621,341

534,930

CREDITORS

Amounts falling due within one year

6

692,769

638,901

NET CURRENT LIABILITIES

(71,428

)

(103,971

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(71,428

)

(95,450

)

CAPITAL AND RESERVES

Called up share capital

17,500

17,500

Capital redemption reserve

2,500

2,500

Retained earnings

(91,428

)

(115,450

)

SHAREHOLDERS' FUNDS

(71,428

)

(95,450

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 February 2019 and were signed on its behalf by:

K Mahony - Director

1.	STATUTORY INFORMATION

Palladium 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Turnover

Turnover represents commission receivable on premiums due in the period. The premium is due at the

commencement of each individual policy.

Tangible fixed assets

Fixture, fittings and equipment - 25% straight line

Motor vehicles - 25% straight line

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.

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.

Insurance debtors and creditors

The company acts as an agent in placing the insurable risks of its clients and, as such, is not liable as principle

for amounts arising from these transactions. Notwithstanding its legal relationship with clients and underwriters,

the company has followed generally accepted accounting practice by showing cash, debtors and creditors relating

to insurance business as assets and liabilities of the company.

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

150,226

DEPRECIATION

At 1 January 2018

141,705

Charge for year

8,521

At 31 December 2018

150,226

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

8,521

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

376,300

289,518

Other debtors

56,774

20,390

433,074

309,908

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

3,381

Trade creditors

416,813

13,430

Taxation and social security

6,384

9,614

Other creditors

269,572

612,476

692,769

638,901

7.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by the directors.