How much does First Underwriting Limited make?

First Underwriting Limited reported revenue of £12.4m and £417k profit in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does First Underwriting Limited have?

First Underwriting Limited reported an average of 47 employees in the year to 31 Dec 2025.

Is First Underwriting Limited profitable?

Yes — First Underwriting Limited reported a profit of £417k in the year to 31 Dec 2025.

Company No. 07857938 · Incorporated 23 Nov 2011

First Underwriting Limited

Registered name: FIRST UNDERWRITING LIMITED

Part of B3 Insurance Limited group

First Underwriting Limited made £12.4m revenue and £417k profit in the year to 31 Dec 2025. read from filing text

First Underwriting Limited’s revenue fell 8% to £12.4m in the year to 31 Dec 2025, with £417k profit and 47 employees. The company is classified under “activities of insurance agents and brokers” and is based in London; we hold 5 years of its filed accounts.

Full P&L filedSection K · Financial and insurance activitiesSIC 66220Activities of insurance agents and brokers

Status: Active
Location: London, London
Age: 14 yrs · since 2011
Type: Private Limited Company

Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently. From the filing: “At the reporting date”

Latest accounts · year to 31 Dec 2025

Key figures

Capital-light

Revenue

£12.4m

Growth ▼7.6%

Profit

£417k

Growth ▲3.7%

Profit margin

3.4%

Gross 73.5%

Employees

Change ▲9.3%

Profit / employee

£8.9k

Revenue/employee £264k

Profitable streak

3yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

5 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2021	31 Dec 2022	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&Lread from filing text	Full P&L	Full P&L	Full P&Lread from filing text	Full P&Lread from filing text
Profit & loss
Revenue (turnover)	£11m	£13.5m	£11.7m	£13.4m	£12.4m
Cost of sales	£3.1m	£5.8m	£4.1m	£4.5m	£3.3m
Gross profit	£7.9m	£7.6m	£7.5m	£8.9m	£9.1m
Operating profit	£336k	−£1.4m	£60.4k	£519k	£787k
Profit before tax	£21.4k	−£1.3m	£138k	£402k	£781k
Profit after tax	−£7.7k	−£1.3m	£138k	£402k	£417k
Profit (best available)	−£7.7k	−£1.3m	£138k	£402k	£417k
Staff costs	£3.9m	£4.8m	£4.5m	£4.1m	£4.3m
Employees (average)	47	50	47	43	47
Ratios
Profit margin	−0.1%	−10%	1.2%	3%	3.4%
Gross margin	71.6%	56.8%	64.5%	66.2%	73.5%
Revenue per employee	£235k	£269k	£249k	£313k	£264k
Profit per employee	−£163	−£26.8k	£2.9k	£9.3k	£8.9k
Growth (year on year)
Revenue growth	—	▲22.1%	▼13.2%	▲15%	▼7.6%
Profit growth	—	—	—	▲191.5%	▲3.7%
Headcount growth	—	▲6.4%	▼6%	▼8.5%	▲9.3%
Balance sheet — indirect signals, not revenue
Cash at bank	£16.3m	£16.7m	£19.2m	£14.4m	£16.9m
Net assets	£1.8m	£459k	£837k	£3.8m	£5m
Fixed assets	£948k	£468k	£298k	£530k	£543k
Current assets	£25.7m	£30.3m	£37.8m	£30.5m	£32.3m
Debtors	£3.6m	£2.9m	£4.8m	£1.8m	£1.1m
Deferred income	£1m	£1.4m	£1.3m	£2.1m	£1.9m
Source	FullAccounts · bulk data Oct 2023	FullAccounts · bulk data Oct 2023	Accounts · bulk data Dec 2024	FullAccounts · bulk data Dec 2025	FullAccounts · bulk data Sep 2026

Derived from the latest filing

How the business works

Profit margin: 3.4%; Profit ÷ revenue.
Gross margin: 73.5%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £264k; Revenue ÷ average employees.
Profit per employee: £8.9k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 4.4%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 15%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 9%; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

Balance-sheet signals

Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.

Net assets: ▲32%; Now £5m
Cash at bank: ▲17%; Now £16.9m
Headcount: ▲9%; Now 47
Deferred income: ▼10%; Now £1.9m
Fixed assets: ▲2%; Now £543k

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

B3 Insurance Limitedultimate parent75–100%
Kingfisher UK Holdings Limited75–100%
First Underwriting Limitedthis company

Bands show the share of ownership each company holds in the one below it.

Sister companies (3)

Maybury James LimitedRev. £0 · Profit −£11.3k
NSM Mga Holdings LimitedFigures not disclosed
Vantage Ib LimitedFigures not disclosed

From the Persons with Significant Control register (corporate controllers only).

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £417k), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.