REGISTERED NUMBER: 07279489 (England and Wales)

CANDID INSURANCE SERVICES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

Report of the Independent Auditors

6

to

8

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

to

16

Notes to the Consolidated Financial Statements

17

to

28

DIRECTORS:

Mr J G Sargent

Mr R J Kerton

REGISTERED OFFICE:

920 Hempton Court

Aztec West

BRISTOL

BS32 4SR

REGISTERED NUMBER:

07279489 (England and Wales)

AUDITORS:

Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

Lloyds Bank Plc

58 Queens Road

Clifton

Bristol

BS8 1RQ

Candid Insurance Services Ltd (Candid) is a specialist insurance company which provides advice on insurance and protection policies for families in the UK. Candid's principal activities are the distribution of regulated life and protection products via an advised telephony service, underpinned by an innovative marketing strategy managed in-house.

In January 2024, Candid Insurance Services Limited acquired That's Life Group Limited and immediately hived up the trade and assets of the acquired entity. There has therefore been no trading in either That's Life Group or the other subsidiaries, Anorak Technologies Limited and Anorak Technologies Group Limited, the Anorak entities having been hived up in November 2023. This strategic report references both the activities of Candid Insurance Services Limited and its subsidiaries (hereon in together referred to as the 'Group').

REVIEW OF BUSINESS

The Group reported strong top-line results for the financial year ended 31st December 2024. Revenue grew by 15.6%, from £21.97m in 2023 to £25.4m in 2024, reflecting the Group's continued expansion of its in-house advisory model, product innovation, and strategic acquisitions.

Despite revenue growth, the Group reported an EBITDA loss of £4.14m. This decline in profitability was driven primarily by ongoing challenges linked to lead acquisition across paid media platforms such as Meta, where increases in digital advertising costs and technical platform changes significantly impacted margins. Additionally, the Group experienced higher cancellation rates on policies as a result of historical customer acquisition strategy, leading to an increase in the required clawback provision percentage, further affecting EBITDA. These factors, combined with strategic investment into infrastructure and technology, reflect a transitional year focused on long-term positioning.

The acquisition of That's Life Group Limited brought an experienced sales team into the Group, adding 16 sales advisors to the existing advisor base. This strategic move aimed to accelerate revenue growth and provided a ready-made team capable of adapting to new product offerings, offsetting lost revenue as a result of closing the external lead generation revenue stream.

The acquisition contributed to the Group's average number of employees increasing to 213 in 2024, up from 194 in 2023.

In Q4, the Group introduced a new initiative which reduced time between enquiry and successful customer contact, significantly improving operational efficiency across the sales department; reducing time-to-call and improving contact rate.

Technology investment remained a key focus in 2024. The Group launched new mobile app functionality to improve customer experience and commenced development of its digital sales journey. This culminated in the post-year-end launch of an end-to-end digital buying journey in February 2025, an online solution allowing customers to purchase life insurance whilst still receiving advisor support where needed.

In line with a strategy of product diversification, the Group launched Private Medical Insurance (PMI) in 2024, underwritten by a panel of whole of market providers. This offering, separate from the Polly and Tom white-labelled products, is supported by a dedicated and experienced PMI sales team. As well as standalone sales, it presents strong potential for additional revenue from the Group's existing customer base, allowing for life insurance and other products to be upsold.

In Q4 2024, the Group also secured strategic partnerships with both Matchroom and Soccer Aid. Aligned with family values at the core of what we do, the Group will develop hi-spec video campaigns, increase TV exposure for the Polly and Tom brands and drive social media content targeted at sporting audiences, offering a valuable opportunity to reach a wider customer base in 2025. These partnerships will also help the diversification of our lead acquisition sources and provide growth opportunity across both our traditional and digital offerings.

PRINCIPAL RISKS AND UNCERTAINTIES

Rising acquisition costs across certain paid media sources remained a key challenge in 2024, continuing the trend from prior years. Despite efforts to diversify marketing channels and optimise internal strategies, the Group experienced substantial cost pressures in acquiring new customers, which negatively impacted EBITDA.

Additionally, the Group experienced an increase in policy cancellation rates during the year, resulting in a higher clawback provision. Managing persistency and customer retention will remain a key operational focus throughout 2025 and beyond.

The Group continued to invest in tools to track and optimise marketing spend across multiple platforms to support cost management and platform mix optimisation. However, cost per lead fluctuations across major advertising partners such as Meta and Google remain an external risk.

The Group also recognises potential risks associated with the rollout and adoption of its new digital sales journey. These include system integration, user experience, and regulatory compliance, which are actively managed through internal testing, oversight, and advisor support.

As the Group grows, maintaining the right talent remains vital. We have enhanced our staff benefits from 1 January 2025 to both attract and retain talent, offering PMI to all our employees as well as providing access to retail discount vouchers and an EV scheme for eligible employees.

SECTION 172(1) STATEMENT

As Directors we are required under section 172 to take into consideration the interest of stakeholders in our decision making. The Board continues to have regard for the interests of the company's employees and other stakeholders. This includes the impact of its activities on the community, the environment and the company reputation when making decisions.

Our employees are our most valuable asset. We strive to offer attractive terms and benefits and continue to work on the employees' development. We also strive to maintain good relationships with our suppliers and associates which Is reflected in our excellent credit rating.

To ensure this continues, we regularly review our stakeholders and how we communicate and engage with them; either through information provided by management or by having direct communication with them.

CUSTOMERS AND SUPPLIERS

During 2024, our revenue was primarily through the sale of our Polly and Tom life and critical illness policies underwritten by iptiQ. The in-house model and proprietary products remained the Group's primary growth driver, whilst still retaining access to whole of market providers in order to service those who are unable to secure underwriting terms for specific health conditions under the iptiQ arrangement.

The Group continues to build on its strong relationship with iptiQ for its branded products and expanded its reach through a whole-of-market panel for PMI, as well as maintaining relations with other intermediaries and providers which enable new product development. These partnerships allow the Group to offer a wide range of protection solutions tailored to its customer base.

FUTURE DEVELOPMENTS

In February 2025, the Group launched 'Digital Pathway', a digital sales journey enabling customers to purchase life insurance online while still offering advisor telephony support where required. This initiative will be a key growth lever moving forward and is intended to improve customer accessibility and conversion.

The Group will continue to expand its Private Medical Insurance (PMI) offering through 2025, leveraging its dedicated sales function and growing customer base to position PMI as a core offering.

Through the new partnerships with Matchroom and Soccer Aid, the Group will benefit from enhanced brand exposure and alignment with customer-relevant events, further supporting customer acquisition efforts.

Since the year end, the Group implemented a wider organisational restructure aimed at improving operational efficiency, reducing cost duplication, and enhancing agility across the business. This included the closure of the Manchester office and a significant restructure of the workforce, as we look to drive quality lead generation to support profitable growth. The restructure is expected to deliver longer-term cost savings and support scalable growth by consolidating operations into fewer locations and realigning responsibilities across key business areas.

KPI INDICATORS

The Group monitors and benchmarks performance against the following KPIs:

- Leads generated

- Cost of leads generated

- Revenue generated per lead

- Conversion rates of leads into protection policies

- Value of protection policies written

- Customer retention and persistency rates

ON BEHALF OF THE BOARD:

Mr J G Sargent - Director

18th September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

Mr J G Sargent has held office during the whole of the period from 1st January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr M Barham - appointed 12th February 2024 - resigned 28th June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J G Sargent - Director

18th September 2025

Opinion

We have audited the financial statements of Candid Insurance Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st December 2024 and of the group's loss 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 group 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 group's and the parent 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 Group Strategic Report and the Report of the Directors, 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations through the audit planning process;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the group's industry;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Financial Conduct Authority (FCA), the Companies Act, taxation legislation, general data protection regulations (GDPR), employment, and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed this susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

regulations.considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in note two were indicative of potential bias;

-

investigated the rationale behind significant or unusual transaction including any customer cancelled sales entries; and

-

reviewed the internal group monthly reporting processes to their parent company.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Jenna Lauren Probets (Senior Statutory Auditor)

for and on behalf of Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

19th September 2025

TURNOVER

3

25,396,542

22,019,878

Cost of sales

24,140,992

17,273,582

GROSS PROFIT

1,255,550

4,746,296

Administrative expenses

7,577,701

10,443,871

(6,322,151

)

(5,697,575

)

Other operating income

30,292

3,997

OPERATING LOSS

5

(6,291,859

)

(5,693,578

)

Interest receivable and similar income

171,457

51,211

(6,120,402

)

(5,642,367

)

Interest payable and similar expenses

6

1,288

-

LOSS BEFORE TAXATION

(6,121,690

)

(5,642,367

)

Tax on loss

7

(91,789

)

97,798

LOSS FOR THE FINANCIAL YEAR

(6,029,901

)

(5,740,165

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(6,029,901

)

(5,740,165

)

Loss attributable to:

Owners of the parent

(6,029,901

)

(5,740,165

)

Total comprehensive income attributable to:

Owners of the parent

(6,029,901

)

(5,740,165

)

FIXED ASSETS

Intangible assets

9

2,275,868

2,971,201

Tangible assets

10

515,441

554,426

Investments

11

-

-

2,791,309

3,525,627

CURRENT ASSETS

Debtors

12

3,805,504

4,970,727

Cash at bank and in hand

971,923

1,761,733

4,777,427

6,732,460

CREDITORS

Amounts falling due within one year

13

6,685,626

5,867,932

NET CURRENT (LIABILITIES)/ASSETS

(1,908,199

)

864,528

TOTAL ASSETS LESS CURRENT LIABILITIES

883,110

4,390,155

CREDITORS

Amounts falling due after more than one year

14

(900,000

)

-

PROVISIONS FOR LIABILITIES

17

(6,604,717

)

(4,981,861

)

NET LIABILITIES

(6,621,607

)

(591,706

)

CAPITAL AND RESERVES

Called up share capital

18

11,152

11,152

Capital redemption reserve

19

38

38

Retained earnings

19

(6,632,797

)

(602,896

)

SHAREHOLDERS' FUNDS

(6,621,607

)

(591,706

)

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2025 and were signed on its behalf by:

Mr J G Sargent - Director

FIXED ASSETS

Intangible assets

9

2,275,868

2,971,201

Tangible assets

10

515,441

554,426

Investments

11

-

-

2,791,309

3,525,627

CURRENT ASSETS

Debtors

12

3,805,504

4,963,504

Cash at bank and in hand

971,923

1,740,947

4,777,427

6,704,451

CREDITORS

Amounts falling due within one year

13

6,685,626

5,751,700

NET CURRENT (LIABILITIES)/ASSETS

(1,908,199

)

952,751

TOTAL ASSETS LESS CURRENT LIABILITIES

883,110

4,478,378

CREDITORS

Amounts falling due after more than one year

14

(900,000

)

-

PROVISIONS FOR LIABILITIES

17

(6,604,717

)

(4,981,861

)

NET LIABILITIES

(6,621,607

)

(503,483

)

CAPITAL AND RESERVES

Called up share capital

18

11,152

11,152

Capital redemption reserve

19

38

38

Retained earnings

19

(6,632,797

)

(514,673

)

SHAREHOLDERS' FUNDS

(6,621,607

)

(503,483

)

Company's loss for the financial year

(6,118,124

)

(5,651,941

)

The financial statements were approved by the Board of Directors and authorised for issue on 12th May 2025 and were signed on its behalf by:

Mr J G Sargent - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

11,152

5,137,269

38

5,148,459

Changes in equity

Total comprehensive income

-

(5,740,165

)

-

(5,740,165

)

Balance at 31st December 2023

11,152

(602,896

)

38

(591,706

)

Changes in equity

Total comprehensive income

-

(6,029,901

)

-

(6,029,901

)

Balance at 31st December 2024

11,152

(6,632,797

)

38

(6,621,607

)

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

11,152

5,137,268

38

5,148,458

Changes in equity

Total comprehensive income

-

(5,651,941

)

-

(5,651,941

)

Balance at 31st December 2023

11,152

(514,673

)

38

(503,483

)

Changes in equity

Total comprehensive income

-

(6,118,124

)

-

(6,118,124

)

Balance at 31st December 2024

11,152

(6,632,797

)

38

(6,621,607

)

Cash flows from operating activities

Cash generated from operations

1

(830,838

)

2,335,729

Tax paid

1

-

Taxation refund

223,132

-

Net cash from operating activities

(607,705

)

2,335,729

Cash flows from investing activities

Purchase of tangible fixed assets

(101,707

)

(155,308

)

Sale of tangible fixed assets

5,709

2,293

Acquisition of business

(1,036,358

)

(913,662

)

Interest received

50,251

15,841

Net cash from investing activities

(1,082,105

)

(1,050,836

)

Cash flows from financing activities

Amounts loaned to ultimate parent

-

(1,532,400

)

Amounts loaned from ultimate parent

900,000

-

Net cash from financing activities

900,000

(1,532,400

)

Decrease in cash and cash equivalents

(789,810

)

(247,507

)

Cash and cash equivalents at beginning of year

2

1,761,733

2,009,240

Cash and cash equivalents at end of year

2

971,923

1,761,733

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

2024

2023

£

£

Loss before taxation

(6,121,690

)

(5,642,367

)

Depreciation charges

1,188,834

716,931

Loss on disposal of fixed assets

1,349

4,294

Impairment of goodwill

956,468

5,326,976

Movement in provision

1,704,889

2,798,093

Finance costs

1,288

-

Finance income

(171,457

)

(51,211

)

(2,440,319

)

3,152,716

Decrease/(increase) in trade and other debtors

1,056,073

(77,497

)

Increase/(decrease) in trade and other creditors

553,408

(739,490

)

Cash generated from operations

(830,838

)

2,335,729

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 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

971,923

1,761,733

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,761,733

2,009,240

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,761,733

(789,810

)

971,923

1,761,733

(789,810

)

971,923

Total

1,761,733

(789,810

)

971,923

4.	ACQUISITION OF BUSINESS

On 2 January 2024 Candid Insurance Services Limited acquired the entire share capital of That's Life Limited. Please see note 11 in the notes of the financial statements for further details.

The acquisition of business figure is made up as follows:

£

Cash purchase plus legal and other costs

914,767

Further liabilities funded on acquisition

121,591

Net acquisition cash outflow

1,036,358

5.	MAJOR NON-CASH TRANSACTIONS

In 2023, the purchase price of £4,308,345 of Anorak Technologies Group Limited was settled by the company's ultimate parent, via a share for share exchange, creating an intercompany loan owed and not a cash transaction.