ILS (LONDON UK) LTD.

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

ILS (LONDON UK) LTD. is a private company, limited by shares, incorporated in England & Wales, registered number 10845650 . The registered office is 3 Ravey Street, London, EC2A 4QP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 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

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. 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:

Leasehold Improvements	18% RB
Motor Vehicles	18% RB
Office Equipment	18% RB

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Financial Instruments

Recognition and initial measurement

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. They are initially measured at the transaction price, including transaction costs, unless the arrangement constitutes a financing transaction.

Basic financial instruments

The company holds basic financial instruments including cash and cash equivalents, trade and other receivables and payables, and gilts (UK government bonds). These are subsequently measured at amortised cost using the effective interest method, unless stated otherwise.

Gilts (UK government bonds)

Gilts are classified as basic financial instruments and are held with the intention of being held to maturity. Accordingly, they are measured at amortised cost using the effective interest method. Interest income is recognised in profit or loss over the life of the instrument, based on the effective yield.

Impairment of financial assets

At each reporting date, financial assets measured at amortised cost are reviewed for objective evidence of impairment. Any identified impairment loss is recognised in profit or loss.

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ILS (LONDON UK) LTD.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Financial Instruments - continued

Derecognition

Financial assets are derecognised when the contractual rights to receive cash flows have expired or been settled. Financial liabilities are derecognised when the related obligations are discharged, cancelled, or expire.

2.6. 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.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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 assets reflect 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.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

4. Tangible Assets

	Land & Property
	Leasehold Improvements	Motor Vehicles	Office Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	160,469	62,812	30,930	254,211
Additions	-	-	545	545

As at 31 December 2024	160,469	62,812	31,475	254,756

Depreciation
As at 1 January 2024	76,027	20,577	14,082	110,686
Provided during the period	15,200	7,602	3,131	25,933

As at 31 December 2024	91,227	28,179	17,213	136,619

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ILS (LONDON UK) LTD.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	69,242	34,633	14,262	118,137

As at 1 January 2024	84,442	42,235	16,848	143,525

5. Investments

	Listed
	£
Cost
As at 1 January 2024	-
Additions	1,469,975

As at 31 December 2024	1,469,975

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1,469,975

As at 1 January 2024	-

The company holds investments in UK government treasuries, at the reporting date, the carrying amount of investments was as follows:

UK(GOVT OF) 4.75% SNR 07/12/30 - £510,000

UK(GOVT OF) 5% SNR 07/03/25 - £22,500.00

UK(GOVT OF) 4.5% GILT 07/09/34 - £687,475

UK(GOVT OF) 4.25% SNR 07/12/27 - £250,000

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	56,662	269,002
Other debtors	45,587	532,767

	102,249	801,769
Due after more than one year
Other debtors	494,627	1,383,378

	596,876	2,185,147

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	3,597	24,698
Bank loans and overdrafts	10,608	10,608
Other creditors	-	61,825
Taxation and social security	152,959	262,359

	167,164	359,490

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ILS (LONDON UK) LTD.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

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

	2024	2023
	£	£
Bank loans	3,559	13,559

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

10. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Pepe Blue Ltd . Pepe Blue Ltd was incorporated in England. The ultimate controlling party is Mr Norman Pepe .

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		118,137		143,525
Investments	5		1,469,975		-

			1,588,112		143,525
CURRENT ASSETS
Debtors	6	596,876		2,185,147
Cash at bank and in hand		1,657,043		1,720,382

		2,253,919		3,905,529
Creditors: Amounts Falling Due Within One Year	7	(167,164 )		(359,490 )

NET CURRENT ASSETS (LIABILITIES)			2,086,755		3,546,039

TOTAL ASSETS LESS CURRENT LIABILITIES			3,674,867		3,689,564

Creditors: Amounts Falling Due After More Than One Year	8		(3,559 )		(13,559 )

NET ASSETS			3,671,308		3,676,005

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Profit and Loss Account			3,670,308		3,675,005

SHAREHOLDERS' FUNDS			3,671,308		3,676,005