The directors recognise their duties under section 172 (1) of the Companies Act 2006 and at all times act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

We have built and maintain strong relationships with our customers, suppliers and employees. They are key to the success of our business. In doing so we like to maintain our business standards to the highest ethical standards. We illustrate this further as detailed within this report.

The directors report another year of growth for the Group and consider the Group is well positioned for further growth in the future as new products and services are released. Also as there has been an increase in interest in private medical insurance by the UK population in general we are experiencing growth above normal expectations in sales of private medical insurance policies.

With assets at over £19.6m, Group capital and reserves continue to grow to a healthy £10.3m. The Group and trading subsidiaries continuing without any third-party financing through bank loans or other borrowings.

Within the Group, General & Medical Solutions Ltd, has substantial Trust funds under day to day management. These funds are in addition to and not included in the Key Performance Indicators nor are they included later in the report.

During the year, the Group continued to invest in further development of its core I.T. systems which are a key part of the intercompany administration systems and client accessibility to Group products and services.

The directors use the following key financial performance indicators to evaluate the Group’s performance:

Another key financial performance indicator of the Group is its capital management, notably within its subsidiary General & Medical Insurance Limited. Note 3 covers this key financial performance indicator, showing that we hold approx 10 times the minimum capital required by regulation.

Our Mission

The General & Medical Group strives for excellence in the provision of insurance services to professionals, businesses and families within the UK and a diverse client base internationally. Our aim – to ensure General & Medical is synonymous with excellence, innovation, reliability and service, whilst providing employees with a stimulating environment in which to develop with the Group.

Our Objectives

• Develop employees with planned personal development and role specific training.

• Develop new and existing products for profitable competitive advantage.

• Increase brand awareness using a mix of marketing communication techniques.

Our Values

Our employees are closely involved in agreeing our values which define our culture and underpin our guiding principle – People first ...always. They help create an identity for the Group and a sense of belonging, ensuring that our people have a great place to work.

• Integrity

We are open and honest, and we keep our promises. We earn trust and respect by taking personal responsibility for what we say and do.

• Teamwork

We have a clear vision of the future and we are committed to a common goal. We work together as a team, sharing ideas and knowledge to achieve results and develop one another.

In our risk management activities, we continually analyse our risk situation. Our experts evaluate the most significant risks, the probability that they will occur and the possible financial implications. In addition, we carry out stress tests and scenario analysis to undertake appropriate measures for excluding or limiting unacceptable risks.

The General & Medical Group’s risk management is uniformly structured but remains flexible so that it can be adjusted when required. The key characteristics of our risk management system are centralised organisation and decentralised implementation. There is a strict separation of risk management and risk control and the related responsibilities are clearly defined. The central risk control unit defines standards, develops and maintains the systems and coordinates risk management activities. It is also responsible for regularly reporting the current risk situation to management and for proposing measures relating to risk policy.

The Group’s financial instruments comprise cash at bank and in hand, term deposits, and investments in various property and financial funds together with other items such as trade receivables and trade payables arising directly from its operations. The existence of these instruments exposes the Group to financial risks which are detailed below:

Liquidity risk

The Group manages its cash requirements to optimise interest income and minimise expense, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its business.

Interest rate risk

The Group is exposed to cash flow interest rate risk on floating rate and fixed term deposits.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil a high credit rating as declared by a range of International rating agencies and then approved by a director.

Receivable balances are monitored on an on-going basis and provision is made for doubtful debts where necessary.

Understanding society – understanding the role of each player in our society, including government, business, trade unions, non - governmental organisations and civil society.

Building capacity – building external partnerships and creating strategic networks and alliances.

Questioning ‘business as usual’ – openness to new ideas, challenging others to adopt new ways of thinking and questioning ‘business as usual’ attitudes.

Stakeholder relations – identifying stakeholders, building relations externally and internally, engaging in consultation and balancing demands.

Strategic view – taking a strategic view of the business environment.

Harnessing diversity – respecting diversity and adjusting the approach to different situations.

The directors present their annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on pages 14 to 49.

Ordinary dividends were paid amounting to £100,000 (2023: £64,000). The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Gravita Audit Western Limited be reappointed as auditor of the group will be put at a General Meeting.

Subsequent to the year end Haines Watts (Western) Limited transferred the audit appointment to Haines Watts Audit (Western) Limited, which changed its name to Gravita Audit Western Limited on 10 February 2025.

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the Annual Report 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). 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 group and company, 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of General And Medical Securities Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and FRS103 Insurance Contracts.

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 strategic report and the directors' report.

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.

As explained more fully in the directors' responsibilities statement, 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 is 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 and 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 company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 frameworks applicable to the group and company and the sector in which it operates. We determined the following laws and regulations of most significance were: Companies Act 2006, UK GAAP and UK corporate taxation laws.

We obtained an understanding of how the group and company complies with those legal and regulatory frameworks by making inquiries of management.

We assessed the susceptibility of the group and company's financial statements to material misstatement, including how fraud might occur.

Audit procedures performed by the engagement team included:

• Identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

• Challenging assumptions and judgements made by management in its significant accounting estimates;

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

• Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulation are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of 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 an auditor's report 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.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £142,334 (2023 - £122,000 profit).

General And Medical Securities Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is General and Medical House, Napier Place, Peterborough, PE2 6XN.

The group consists of General & Medical Ltd and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 and FRS103 Insurance Contracts ("FRS103").

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company General & Medical Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Insurance contracts - classification

The Group issues contracts that transfer insurance risk which are classified as insurance contracts. As a general guideline, the Group defines significant insurance risk as the possibility of having to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. These contracts remain insurance contracts until such time as all rights and obligations under the contracts are extinguished or expire.

Revenue

Premiums written

Premiums written comprise premiums on contracts incepted during the year, together with any difference between booked premiums for prior years and those previously accrued and include estimates of premiums due not yet receivable or notified to the Group, less an allowance for cancellations. Gross premiums written are accounted for in the period in which they are due to be received. Premiums are shown gross of commissions payable and net of insurance premium taxes.

Other technical income

Other technical income relates to commission in respect of insurance offered by the Group in support of its own business but written elsewhere. Such income is recognised upon receipt.

Claims

Claims paid

Claims incurred compromise claims and related expenses paid in the year and changes in the provision for outstanding claims, including provisions for claims incurred but not reported (IBNR) and related expenses, together with any other adjustments to claims from previous periods. Claims paid are calculated in accordance with the terms of each insurance agreement and are recognised as an expense when due for payment to the insured.

Claims provision

Provision is made at the year end for the estimated cost of claims incurred but not settled at the balance sheet date, including the cost of IBNR to the group. The estimated cost of claims includes expenses to be incurred in settling claims and a deduction for the expected value of recoveries. The group takes all reasonable steps to ensure that it has appropriate information regarding its claim's exposures. The estimation of IBNR is subject to an industry standard calculation which estimates much of the uncertainty regarding actual cost of settling claims already notified.

Acquisition costs

Commissions paid and other acquisition expenses relating to unearned premiums are deferred and charged to the profit and loss account based on the average customer retention period.

Healthcare trust management fees

Turnover comprises revenue recognised by the group in respect of the management of healthcare trusts during the year, after deducting commissions paid and excluding discounts rebates, value added tax and other sales taxes.

Margin on provision of healthcare services

Turnover comprises the margin recognised by the group in respect of the provision of healthcare services supplied to healthcare trusts during the year, excluding discounts, rebates, value added tax and other sales taxes.

Investment income

Interest income earned on cash deposits is accounted for in the profit and loss - non technical account on an

accruals basis.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, 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.

Financial liabilities and equity instruments are classified 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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’s 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 that are 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The most critical judgements and estimates made by the group are those regarding the level of reserves to be established.

An IBNR reserve has been maintained to bring total claims incurred up to the level of estimated potential retained losses in respect of each underwriting year, such estimation being made based on accepted industry practices. The group takes all reasonable steps to ensure that it has appropriate information regarding its claims exposures. However given the uncertainty in establishing claims reserves and other estimates, it is likely the final outcome will be different from the original liability established.

Turnover to Gross premiums reconciliation

Although not a statutory disclosure under the the Large and Medium-sized companies and group (Accounts and Reports) Regulations 2088 (SI2008/4 10) relating to insurance companies, a reconciliation between turnover and gross premiums written has been prepared and presented on the face of the Technical account within the group profit and loss account as the directors feel that its inclusion is essential to the users of the financial statements.

The turnover showing as transferred elsewhere within the Technical account and transferred to the non technical account is prior to any necessary offsetting of direct costs required to adhere to the Large and Medium-sized companies and group (Accounts and Reports) Regulations 2008 (SI2008/4 10) relating to insurance companies and is the reason that these figures do not tie back to the remaining income streams showing on the face of the Technical and Non-technical account.

The above liability is expected to mature within 12 months of the year end.

The above liability is expected to mature within 12 months of the year end. No information is presented in relation to claims development as uncertainty around the amount and timing of claims payments is typically resolved within one year.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

Investment income includes the following:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

A UK subsidiary has trade losses carried forward of £83,095 (2023: £130,919) which can be utilised against future taxable trading profits of the subsidiary only. The Group's deferred taxation provision does not consist of the tax effect of timing differences in respect of the unutilised trading losses in relation to this subsidiary on the basis that there is no guarantee of future profits to offset them against.

In addition, the US subsidiary has losses carried forward of approximately £190,000 (2023: £190,000).

Furthermore the parent entity has £37,000 (2023: £37,000) of capital losses that are being carried forward.

Goodwill relates to the acquisition of the Revelation Group which took place on 31 December 2009. Subsequently, the trade and customer list of this group was transferred to General and Medical Securities Limited's trading subsidiary Proamica Limited.

The individual intangible assets which are material to the financial statements are as follows:

Computer software

2017 £45,146 2 years remaining amortisation period

2018 £68,530 3 years remaining amortisation period

2019 £97,925 4 years remaining amortisation period

2020 £126,021 5 years remaining amortisation period

2021 £126,053 6 years remaining amortisation period

2022 £162,767 7 years remaining amortisation period

2023 £206,120 8 years remaining amortisation period

2024 £279,147 9 years remaining amortisation period

All land and buildings are occupied by and used solely in relation to the Company and the Group's own activities. Freehold land and buildings were professionally valued by Budworth Hardcastle Limited, an independent value, to fair value on 10 December 2019.

Details of the company's subsidiaries at 31 December 2024 are as follows:

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The Group's deferred taxation provision does not consist of the tax effect of timing differences in respect of unprovided unutilised trading tax losses of a UK subsidiary of £83,095 (2023: £130,419).

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company was under the ultimate control of the directors, Mr D A Wildman and Mrs G Wildman throughout the current and previous year.

Mr D A Wildman and Mrs G Wildman received dividends totalling £100,000 (2023: £64,000) during the year.

At the balance sheet date the group and company was owed £3,017 (2023: owed £1,149) from/to Mr D A Wildman and Mrs G Wildman. No interest has been charged on this loan. These balances are included within other creditors.

The group has taken advantage of the exemption contained in FRS102 section 33.1A Related Party

Disclosures, and has therefore not disclosed transactions or balances with wholly owned entities which form part of its Group.