Pikl Insurance Services Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Pikl Insurance Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10449346 . The registered office is Suite B 2nd Floor The Atrium, St Georges Street, Norwich, NR3 1AB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. Turnover

Commission income is recognised at the point that the Company has fulfilled its obligations to the insurer through the arrangement of an underlying insurance policy, being at the date the underlying policy takes effect.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Domain Names

Other intangible assets included domain names which are not amortised.

Internally generated development costs, computer software and assets under construction

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

An internally generated intangible asset arising from the development of computer software is recognised if, and only if, all the following conditions have been demonstrated:

• The technical feasibility of completing the asset so that it will be available for use or sale.

• The intention to complete the asset and to use or sell it.

• The ability to use or sell the asset.

• How the asset will generate future economic benefits.

• The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset; and

• The ability to measure reliably the expenditure attributable to the asset during its development.

The amount initially recognised is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above and is classified as an asset under construction. Where no internally generated asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

...CONTINUED

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Pikl Insurance Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Intangible Fixed Assets and Amortisation - Other Intangible - continued

Internally generated intangible assets are not amortised in the period subsequent to initial recognition but before they are ready to use. Amortisation commences when they are ready for use as intended by management. They are then reported at costs less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Internally generated intangible assets are amortised on a straight line basis over their estimated useful life of 3 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	3 Years
Computer Equipment	3 Years

2.5. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable/receivable and deferred tax.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

2.7. Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held with banks. Amounts which are ring fenced and held for the benefit of the underwriters in trust accounts are excluded from the Company’s assets as they are not available for the benefit of the Company.

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Pikl Insurance Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Contract Costs

Contract costs give rise to assets recognised which consist of:

• Costs to obtain – incremental fees for obtaining new business. These costs are spread, on a systematic basis that is consistent with the transfer to the customer of the services to which the asset relates, over the average life of the relationship with the customer.

Contract costs are presented within ‘Other Debtors’ when recognised in the Balance Sheet.

3. Average Number of Employees

Average number of employees during the year was 39 (2023: 38)

4. Intangible Assets

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 January 2024	6,128	627,204	633,332
Additions	-	677,619	677,619

As at 31 December 2024	6,128	1,304,823	1,310,951

Amortisation
As at 1 January 2024	-	52,267	52,267
Provided during the period	-	322,904	322,904

As at 31 December 2024	-	375,171	375,171

Net Book Value
As at 31 December 2024	6,128	929,652	935,780

As at 1 January 2024	6,128	574,937	581,065

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	166,011	115,959	281,970
Additions	-	8,571	8,571
Disposals	-	(15,332 )	(15,332 )

As at 31 December 2024	166,011	109,198	275,209

...CONTINUED

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Pikl Insurance Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Depreciation
As at 1 January 2024	153,039	98,996	252,035
Provided during the period	8,502	12,187	20,689
Disposals	-	(15,017 )	(15,017 )

As at 31 December 2024	161,541	96,166	257,707

Net Book Value
As at 31 December 2024	4,470	13,032	17,502

As at 1 January 2024	12,972	16,963	29,935

6. Investments

	Unlisted
	£
Cost
As at 1 January 2024	108

As at 31 December 2024	108

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	108

As at 1 January 2024	108

The investments relates to investments in 100% owned subsidiaries PIKL Underwriting Limited and Pikl Technology Services Inc

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	304,923	-
Prepayments and accrued income	52,299	54,194
Other debtors	256,332	403,012
Amounts owed by subsidiaries	24,943	6,939

	638,497	464,145
Due after more than one year
Other debtors	343,502	183,628
Deferred tax current asset	3,091,092	2,171,611

	3,434,594	2,355,239

	4,073,091	2,819,384

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Pikl Insurance Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	170,075	63,464
Bank loans and overdrafts	24,883	6,219
Other loans	50,000	-
Other taxes and social security	164,610	206,383
Other creditors	11,189	23,462
Pensions Payable (Current liabilities - creditors < 1 year)	9,629	10,942
Accruals and deferred income	13,463	26,747

	443,849	337,217

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	2,077	-
Other loans	1,311,467	-

	1,313,544	-

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	319	276

11. Reserves

The Company operates an equity based remuneration scheme for employees.

Options have been granted to subscribe for additional ordinary shares of £0.01 in the capital of the Company

The outstanding share options as at the 31 December 2024 are;

199,433 share options in respect of B shares of £0.0001. The estimated fair value as at 31st December 2024 was £5.29 per share.

The options are exercisable on the sale of the company or between the 9th and 10th anniversary of the option, which ever is sooner. No share options were exercisable at the year end.

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Pikl Insurance Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Related Party Transactions

A wholly owned subsidiary of the Company

Commission earned from the related party - £146,313 (2023: £137,932).

Debtor at the end of the year was £4,149 (2023: NIL)

A wholly owned subsidiary of the Company

Debtor at the end of the year was £24,943 (2023: £6,939)

Companies under control of a director

Value of services provided from the related party - £50,732 (2023: £41,279) Outstanding balances due to paid at the end of the year were £1,931 (2023: £1,859)

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		935,780		581,065
Tangible Assets	5		17,502		29,935
Investments	6		108		108

			953,390		611,108
CURRENT ASSETS
Debtors	7	4,073,091		2,819,384
Cash at bank and in hand		419,327		181,352

		4,492,418		3,000,736
Creditors: Amounts Falling Due Within One Year	8	(443,849 )		(337,217 )

NET CURRENT ASSETS (LIABILITIES)			4,048,569		2,663,519

TOTAL ASSETS LESS CURRENT LIABILITIES			5,001,959		3,274,627

Creditors: Amounts Falling Due After More Than One Year	9		(1,313,544 )		-

NET ASSETS			3,688,415		3,274,627

CAPITAL AND RESERVES
Called up share capital	10		319		276
Share premium account			13,359,312		11,456,940
Other reserves			235,483		174,859
Profit and Loss Account			(9,906,699 )		(8,357,448 )

SHAREHOLDERS' FUNDS			3,688,415		3,274,627