Insurx Limited


Directors	Gilbert William Frederick Harrap
	William Michael Iles


Registered Address	Lloyd's 1986 Building 1 Lime Street
	London
	EC3M 7DQ


Registered Number	12789800 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		32,413		7,612
			32,413		7,612
Current assets
Debtors		1,174,239		349,295
Cash at bank and on hand		2,213,750		489,604
		3,387,989		838,899
Creditors amounts falling due within one year	4	(1,454,519)		(336,293)
Net current assets (liabilities)			1,933,470		502,606
Total assets less current liabilities			1,965,883		510,218
Net assets			1,965,883		510,218
Capital and reserves
Called up share capital			1,142		1,142
Share premium			3,018,385		1,011,524
Profit and loss account			(1,053,644)		(502,448)
Shareholders' funds			1,965,883		510,218

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2025, and are signed on its behalf by:

Gilbert William Frederick Harrap
Director
Registered Company No. 12789800

Insurx Limited

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Turnover policy
	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.

	Revenue from rendering of services
	Revenue 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.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Research and development
	All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred. For the 2024 financial year the Directors have reviewed the criteria under Section 18 and decided that the R&D projects being undertaken by the Company should not be capitalised.

Research and development

All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.

For the 2024 financial year the Directors have reviewed the criteria under Section 18 and decided that the R&D projects being undertaken by the Company should not be capitalised.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Office Equipment	3

2.	Average number of employees


		2024		2023
	Average number of employees during the year	18		3

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 24	11,092	11,092
Additions	33,554	33,554
At 31 December 24	44,646	44,646
Depreciation and impairment
At 01 January 24	3,480	3,480
Charge for year	8,753	8,753
At 31 December 24	12,233	12,233
Net book value
At 31 December 24	32,413	32,413
At 31 December 23	7,612	7,612

4.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	206,703	121,260
Taxation and social security	69,719	-
Other creditors	159,202	111,723
Accrued liabilities and deferred income	1,018,895	103,310
Total	1,454,519	336,293

5.	Related party transactions
	During the year the company advanced a loan of £22,044 (2023: £nil) to Insurx Europe GMBH, a fellow group company incorporated in Germany. The balance outstanding at the year end was £22,044 (2023: £nil). The loan is interest-free and is unsecured. It is repayable on demand.

6.	Controlling party
	The company’s immediate and ultimate controlling party is Insurx Holdings Limited, which holds 100% of the issued share capital and voting rights and accordingly exercises control.