REGISTERED NUMBER: 06837377 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

Business Insurance Solutions Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

P J Hammon

D C A Barrett

L Testa

J W Connelly

SECRETARY:

D C A Barrett

REGISTERED OFFICE:

1st Floor

2 Bishops Wharf

Walnut Tree Close

Guildford

Surrey

GU1 4UP

REGISTERED NUMBER:

06837377 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS

The Directors are pleased to report continued revenue growth of 45.8%, with turnover increasing from £24,487,446 to £35,693,814 over the year.

The company has benefited from significant technology investments and structural changes made in both previous years and the current year. These initiatives have led to notable improvements in risk pricing and selection, operational systems, productivity, processes, and user experience. Another key driver of the improved performance and outlook is the decision to sever ties with a third-party, offshore, outsourced South African contact centre. Since parting ways in 2023, all KPIs have dramatically improved and continue to do so. As a result, profit before tax rose from £4,108,588 to £12,127,946.

The Directors are delighted with the progress achieved over the past 12 months and continue to see steady, sustainable growth across all areas of the business, including newer product lines. Marketing and distribution channels are evolving while remaining underpinned by traditional, robust foundations. Insurer support has strengthened further, driven by strong partnerships, positive customer outcomes, commercial performance, and healthy loss ratios.

While the core markets continue to expand, the company is also pleased to report substantial growth in non-standard markets.

The Directors remain confident of continued growth in the years ahead, supported by current strategies and ongoing investment.

KEY PERFORMANCE INDICATORS

The company considers its Key Performance Indicators to be turnover, profit before tax, net assets and cash.

2025

2024

£

£

Sales

35,693,814

24,487,446

Profit before tax

12,127,946

4,108,588

Net assets

11,951,213

9,489,189

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise bank balances, group loans, trade debtors, and trade creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to a number of financial risks, which have been considered and are managed as follows:

Errors and omissions and claims

The company is subject to claims and litigation in the ordinary course of its business as an insurance broker. The company mitigates this risk through regular review of company processes and by securing appropriate insurance cover.

Regulatory and Compliance risk

The company is exposed to regulatory risk from the potential failure to comply with the relevant laws and regulations for insurance intermediaries. To mitigate this, the company has a risk and compliance function and has a control framework that has been rolled out and embedded within the culture throughout the company to reduce the risk of non-compliance. This includes regular assessment and monitoring of the compliance and regulatory requirements, with regulator reporting to the Risk Committee and Board of Directors, and the company has a proactive, open relationship with the regulator. The risk of non-compliance with rules set out by the Financial Conduct Authority and other relevant regulatory bodies could lead to financial penalties or the withdrawal of permissions. The risk of breach is mitigated by employing experienced and dedicated compliance staff and resources who are tasked with enabling the monitoring of compliance across the business, together with ensuring senior management continue to promote the established compliance culture within the company.

Operational risk:

Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. The company is also subject to the risk of errors or omissions leading to the incorrect placement of client insurances, the protection of client information, the prevention of cyber crime and financial crime, and compliance with regulations.

To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.

Liquidity risk:

Liquidity risk is the risk that the company will have insufficient resources to meet its financial liabilities as they fall due.The company's strategy to managing liquidity risk is to tightly control its cash flow by utilising group finance and ensure there is always sufficient cash flow to pay financial liabilities as they fall due. The directors monitor this on a daily basis to maintain the company's cashflow and manage the timing and level of repayment of any group finance.

Competition risk:

The company is in a highly competitive environment. There is a risk that larger competitors could undertake discounted prices using their retained capital which would impact the financial performance of the company. The company has managed this risk by securing long term contracts with its key insurer suppliers who would support the retention of business and improving customer loyalty by improving the customer experience.

GOING CONCERN

The company's business activities, together with the factors likely to affect its future development, performance and position are set out above.

After making enquiries, the directors have an expectation that the company's net assets as at 30 June 2025 of £12.0m and the company's cash position, forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:

D C A Barrett - Director

15 September 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an insurance broker, specialising in the van insurance market.

DIVIDENDS

An interim dividend of £2.30 per share on the Ordinary £1 shares and on the A Ordinary £1 shares was paid on 18 October 2024.

An interim dividend of £2.65 per share on the Ordinary £1 shares and on the A Ordinary £1 shares was paid on 17 January 2025.

An interim dividend of £1.06 per share on the Ordinary £1 shares and on the A Ordinary £1 shares was paid on 22 April 2025.

A final dividend of £4.25 per share on the Ordinary £1 shares and on the A Ordinary £1 shares was paid on 30 June 2025.

The total distribution of dividends for the year ended 30 June 2025 was £6,631,566.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

P J Hammon

D C A Barrett

L Testa

J W Connelly

MATTERS INCLUDED IN THE STRATEGIC REPORT

The company has chosen to disclose information relating to future developments, financial risk assessment and fair review of the business in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, WP Audit Services LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D C A Barrett - Director

15 September 2025

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Business Insurance Solutions Limited (the 'company') for the year ended 30 June 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Carpenter (FCA) (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

15 September 2025

TURNOVER

4

35,693,814

24,487,446

Cost of sales

(9,414,569

)

(8,432,113

)

GROSS PROFIT

26,279,245

16,055,333

Administrative expenses

(14,387,931

)

(12,047,316

)

OPERATING PROFIT

6

11,891,314

4,008,017

Interest receivable and similar income

304,079

157,847

12,195,393

4,165,864

Gain/loss on revaluation of investments

(279

)

-

12,195,114

4,165,864

Interest payable and similar expenses

7

(67,168

)

(57,276

)

PROFIT BEFORE TAXATION

12,127,946

4,108,588

Tax on profit

8

(3,034,356

)

(1,018,277

)

PROFIT FOR THE FINANCIAL YEAR

9,093,590

3,090,311

Retained earnings at beginning of year

8,852,246

9,381,467

Dividends

9

(6,631,566

)

(3,619,532

)

RETAINED EARNINGS AT END OF YEAR

11,314,270

8,852,246

FIXED ASSETS

Tangible assets

10

385,009

533,731

CURRENT ASSETS

Debtors

11

15,617,438

14,383,036

Investments

12

19,471

-

Cash at bank

1,938,294

214,012

17,575,203

14,597,048

CREDITORS

Amounts falling due within one year

13

(6,008,999

)

(5,641,590

)

NET CURRENT ASSETS

11,566,204

8,955,458

TOTAL ASSETS LESS CURRENT LIABILITIES

11,951,213

9,489,189

CAPITAL AND RESERVES

Called up share capital

16

636,943

636,943

Retained earnings

17

11,314,270

8,852,246

SHAREHOLDERS' FUNDS

11,951,213

9,489,189

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

D C A Barrett - Director

Cash flows from operating activities

Cash generated from operations

1

10,829,168

3,948,970

Interest paid

(60,376

)

(34,708

)

Interest element of hire purchase or finance lease rental payments paid

(6,792

)

(22,568

)

Tax paid

(2,179,171

)

(1,202,777

)

Net cash from operating activities

8,582,829

2,688,917

Cash flows from investing activities

Purchase of tangible fixed assets

(130,039

)

(344,131

)

Sale of tangible fixed assets

-

42,486

Purchase of current asset investments

(19,750

)

-

Interest received

304,079

157,847

Net cash from investing activities

154,290

(143,798

)

Cash flows from financing activities

New loans in year

151,484

1,276,088

Loan repayments in year

(532,755

)

(430,548

)

Equity dividends paid

(6,631,566

)

(3,619,532

)

Net cash from financing activities

(7,012,837

)

(2,773,992

)

Increase/(decrease) in cash and cash equivalents

1,724,282

(228,873

)

Cash and cash equivalents at beginning of year

2

214,012

442,885

Cash and cash equivalents at end of year

2

1,938,294

214,012

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30/6/25

30/6/24

£

£

Profit before taxation

12,127,946

4,108,588

Depreciation charges

278,761

210,647

Loss on revaluation of fixed assets

279

-

Finance costs

67,168

57,276

Finance income

(304,079

)

(157,847

)

12,170,075

4,218,664

Increase in trade and other debtors

(1,234,402

)

(2,730,364

)

(Decrease)/increase in trade and other creditors

(106,505

)

2,460,670

Cash generated from operations

10,829,168

3,948,970

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2025

30/6/25

1/7/24

£

£

Cash and cash equivalents

1,938,294

214,012

Year ended 30 June 2024

30/6/24

1/7/23

£

£

Cash and cash equivalents

214,012

442,885

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/7/24

Cash flow

At 30/6/25

£

£

£

Net cash

Cash at bank

214,012

1,724,282

1,938,294

214,012

1,724,282

1,938,294

Liquid resources

Current asset investments

-

19,471

19,471

-

19,471

19,471

Debt

Debts falling due within 1 year

(938,166

)

381,271

(556,895

)

(938,166

)

381,271

(556,895

)

Total

(724,154

)

2,125,024

1,400,870

1.	STATUTORY INFORMATION

Business Insurance Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006, including the provisions of the large and medium sized companies and groups (accounts and reports) regulations 2008, and under the historical cost convention.

Going Concern

After making enquiries, the directors have an expectation that the company's net assets as at 30 June 2025 of £12.0m and the company's cash position, forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates

In the application of the company accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of revision and future profits where the revision affects both current and future periods.The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Prepaid customer acquisition costs

Customer acquisition costs are prepaid and amortised over the estimated period of benefit of the acquisition cost ranging from 2 to 3 years. The directors have assessed this period having regard to the period of benefit from prior periods. Whilst there has not been a material change in prior periods the assessment is inherently subjective as it is made on the basis on previous activity which may in future not prove to be accurate.

Recoverability of trade debtor balances

Estimates are made in respect of the recoverability of balances due from customers. The directors have assessed the recoverability of balances due from customers by reference to the age of the balance and their experience of recovery rates.The assessment of recoverability is however inherently subjective as it is made on the basis of previous activity and experience which may in the future not prove to be accurate.

Turnover

Turnover represents commission from insurers, premium finance override commission, lead sales to other parties and claims referrals.

Commission and fees arising from insurance broking services are recognised upon the earlier of the effective date that the insurance policy commences and the debit date. Other income is recognised when it can be measured with reasonable certainty.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:-

Improvements to property - 10% on cost

Fixtures and fittings - 33% on cost

Computer equipment - 33% on cost

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the profit and loss account.

Impairment of fixed assets

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 pension cost charged in the financial statements represent the contributions payable by the company during the year into a defined contribution pension scheme.

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense in the period in which these are incurred.

Insurance debtor, creditors and bank balances

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, are generally not liable as principals for amounts arising from such transactions. The company does not have any substantive interest in insurance debtors, apart from a right to its commission, and has no liability for the insurance creditor in the event of a default from the related insurance debtor. In recognition of this relationship, insurance debtors and creditors have been offset within the company's balance sheet as they do not represent assets or liabilities of the company.

The company, in the course of carrying on insurance broking activities, handles co-mingled insurance monies, being monies belonging to clients and monies belonging to insurers (known as risk transfer monies) representing cash in transit between policyholders and insurers with commission income available to the company in segregated bank accounts. In view of the fact that the company's terms of business state that it is entitled to retain investment income on any cash flows arising from insurance transactions, and the fact that the company has control over the operation of these bank accounts in relation to the settlement of accounts with clients, insurers, other intermediaries, surplus funds held in insurance bank accounts has been shown as an asset of the company.

Given the nature of the trust arrangements under which insurance monies are held and the control the company exerts over the operation of the segregated bank accounts, the company consider it appropriate to disclose only the net balance of insurance broking assets and liabilities as an asset of the company itself, representing income due and payable to the company to its own bank accounts from the segregated bank accounts at the appropriate time, in accordance with the FCA Client Asset Sourcebook rules.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors

Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into.An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Creditors

Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30/6/25

30/6/24

£

£

United Kingdom

35,693,814

24,487,446

35,693,814

24,487,446

5.	EMPLOYEES AND DIRECTORS

30/6/25

30/6/24

£

£

Wages and salaries

6,904,302

5,845,793

Social security costs

766,960

562,030

Other pension costs

102,750

78,253

7,774,012

6,486,076

The average number of employees during the year was as follows:

30/6/25

30/6/24

Office and management

182

178

30/6/25

30/6/24

£

£

Directors' remuneration

468,480

456,361

Directors' pension contributions to money purchase schemes

5,284

5,357

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

30/6/25

30/6/24

£

£

Emoluments etc

160,983

126,509

Pension contributions to money purchase schemes

1,321

1,321

6.	OPERATING PROFIT

The operating profit is stated after charging:

30/6/25

30/6/24

£

£

Depreciation - owned assets

278,761

210,647

Auditor's remuneration

28,000

25,000

Operating lease rentals

279,810

165,675

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

30/6/25

30/6/24

£

£

Loan interest

60,376

34,708

Hire purchase interest

6,792

22,568

67,168

57,276

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30/6/25

30/6/24

£

£

Current tax:

UK corporation tax

3,031,986

1,026,503

Prior year under / (over) provision

2,370

(8,226

)

Tax on profit

3,034,356

1,018,277

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/25

30/6/24

£

£

Profit before tax

12,127,946

4,108,588

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

3,031,987

1,027,147

Effects of:

Expenses not deductible for tax purposes

2,257

8,653

Adjustments to tax charge in respect of previous periods

2,370

(8,226

)

Other tax adjustments

(2,258

)

(9,297

)

Total tax charge

3,034,356

1,018,277

9.

DIVIDENDS

30/6/25

30/6/24

£

£

Ordinary shares of £1 each

Interim

6,631,566

3,619,532