IRIS Accounts Production v25.2.0.378 07981993 Board of Directors 1.4.24 31.3.25 31.3.25 Medium entities FUW Insurance Services Limited (www.fuwinsurance.co.uk) is the leading agricultural insurance broker in Wales. The company's close operational ties with its parent company FUW Ltd and with the Farmers' Union of Wales / Undeb Amaethwyr Cymru (founded in 1955) provide unique insight and understanding of the risks in the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide all insurance covers for all the communities of Wales with a particular affinity with the agricultural sector. The surplus profits of the business financially supports FUW Ltd to better serve the Members of the Union and the wider rural communities across Wales. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07981993 2024-03-31 07981993 2025-03-31 07981993 2024-04-01 2025-03-31 07981993 2023-03-30 07981993 2023-03-31 2024-03-31 07981993 2024-03-31 07981993 ns15:EnglandWales 2024-04-01 2025-03-31 07981993 ns14:PoundSterling 2024-04-01 2025-03-31 07981993 ns10:Director1 2024-04-01 2025-03-31 07981993 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07981993 ns10:MediumEntities 2024-04-01 2025-03-31 07981993 ns10:Audited 2024-04-01 2025-03-31 07981993 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 07981993 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 07981993 ns10:FullAccounts 2024-04-01 2025-03-31 07981993 1 2024-04-01 2025-03-31 07981993 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 07981993 ns10:Director2 2024-04-01 2025-03-31 07981993 ns10:Director3 2024-04-01 2025-03-31 07981993 ns10:Director4 2024-04-01 2025-03-31 07981993 ns10:Director5 2024-04-01 2025-03-31 07981993 ns10:Director6 2024-04-01 2025-03-31 07981993 ns10:Director7 2024-04-01 2025-03-31 07981993 ns10:Director8 2024-04-01 2025-03-31 07981993 ns10:RegisteredOffice 2024-04-01 2025-03-31 07981993 ns5:CurrentFinancialInstruments 2025-03-31 07981993 ns5:CurrentFinancialInstruments 2024-03-31 07981993 ns5:ShareCapital 2025-03-31 07981993 ns5:ShareCapital 2024-03-31 07981993 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 07981993 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 07981993 ns5:ShareCapital 2023-03-30 07981993 ns5:RetainedEarningsAccumulatedLosses 2023-03-30 07981993 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 2024-03-31 07981993 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 07981993 1 2024-04-01 2025-03-31 07981993 ns5:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 07981993 ns5:ComputerSoftware 2024-04-01 2025-03-31 07981993 ns5:FurnitureFittings 2024-04-01 2025-03-31 07981993 ns5:ComputerEquipment 2024-04-01 2025-03-31 07981993 ns5:OwnedAssets 2024-04-01 2025-03-31 07981993 ns5:OwnedAssets 2023-03-31 2024-03-31 07981993 1 2024-04-01 2025-03-31 07981993 1 2023-03-31 2024-03-31 07981993 ns10:OrdinaryShareClass1 2023-03-31 2024-03-31 07981993 ns5:ComputerSoftware 2024-03-31 07981993 ns5:ComputerSoftware 2025-03-31 07981993 ns5:ComputerSoftware 2024-03-31 07981993 ns5:FurnitureFittings 2024-03-31 07981993 ns5:ComputerEquipment 2024-03-31 07981993 ns5:FurnitureFittings 2025-03-31 07981993 ns5:ComputerEquipment 2025-03-31 07981993 ns5:FurnitureFittings 2024-03-31 07981993 ns5:ComputerEquipment 2024-03-31 07981993 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 07981993 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 07981993 ns5:Non-currentFinancialInstruments 2025-03-31 07981993 ns5:Non-currentFinancialInstruments 2024-03-31 07981993 ns5:WithinOneYear 2025-03-31 07981993 ns5:WithinOneYear 2024-03-31 07981993 ns5:BetweenOneFiveYears 2025-03-31 07981993 ns5:BetweenOneFiveYears 2024-03-31 07981993 ns5:AllPeriods 2025-03-31 07981993 ns5:AllPeriods 2024-03-31 07981993 ns5:AcceleratedTaxDepreciationDeferredTax 2025-03-31 07981993 ns5:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07981993 ns5:DeferredTaxation 2024-03-31 07981993 ns5:DeferredTaxation 2024-04-01 2025-03-31 07981993 ns5:DeferredTaxation 2025-03-31 07981993 ns10:OrdinaryShareClass1 2025-03-31 07981993 ns5:RetainedEarningsAccumulatedLosses 2024-03-31

REGISTERED NUMBER: 07981993 (England and Wales)

FUW INSURANCE SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 7 |

| Other Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| FUW INSURANCE SERVICES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | A Beynon - Chair

| K D Isherwood

| S A Longworth FCA

| R E Van Praet

| G A O Bebb

| L H Coulton

| D T Miles

| Mrs E K Williams-Davies

| REGISTERED OFFICE: | Llys Amaeth

| Plas Gogerddan

| Ceredigion

| SY23 3BT

| REGISTERED NUMBER: | 07981993 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Henry Lloyd Davies

| AUDITORS: | Bevan Buckland LLP

| Chartered Accountants

| And Statutory Auditors

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

FUW Insurance Services Limited (www.fuwinsurance.co.uk) is a leading agricultural insurance broker in Wales. The company's close operational ties with its parent company UAC CYF. FUW LTD. and with the Farmers' Union of Wales/Undeb Amaethwyr Cymru (founded in 1955) that controls it provide unique insight and understanding of the risks in the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide all insurance covers for all the communities of Wales with a particular affinity with the agricultural sector. The surplus profits of the business financially supports UAC CYF. FUW LTD. to better serve the Members of the Union and the wider rural communities across Wales.

REVIEW OF BUSINESS

The company's turnover has increased 7.25% to £6.03m (2024: £5.63m). Overheads increased through inflation and investment. Earnings before tax increased to £1.19m (2024: £1.13m).

Total net assets at the year-end increased to £2.07m (2024: £1.72m) after £0.72m dividends made to the parent company, UAC CYF. FUW LTD. A final £400,000 dividend was voted after the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

Inflation, increasing compliance and pre-emptive upscaling have added overhead to the company. The commercial and political future of Welsh agriculture is an area of major uncertainties and the company and Group carries out regular scenario assessments. The Board of the company is actively looking to improve profitability and drive growth in their strategic plans. There has been no recessional impact on the business and the Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the company's customers across Wales and beyond for the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Statement of Comprehensive Income.

ON BEHALF OF THE BOARD:

G A O Bebb - Director

6 October 2025

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

Interim dividends per share were paid as follows:

£1,800 |  | - 30 June 2024

£1,800 |  | - 30 September 2024

£1,800 |  | - 31 December 2024

£1,800 |  | - 31 March 2025

£7,200 |

The directors recommend a final dividend of £4,000 per share, making a total of £11,200 per share for the year ended 31 March 2025.

The total distribution of dividends for the year ended 31 March 2025 will be £ 1,120,000 .

DIRECTORS

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

A Beynon - Chair

K D Isherwood

S A Longworth FCA

R E Van Praet

G A O Bebb

L H Coulton

D T Miles

Mrs E K Williams-Davies

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G A O Bebb - Director

6 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FUW INSURANCE SERVICES LIMITED

Opinion

We have audited the financial statements of FUW Insurance Services Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FUW INSURANCE SERVICES LIMITED

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

- |  | identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; |  |

- |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |  |

- |  | internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |  |

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;

- |  | the recognition of insurance commission that the company is not entitled to. |

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |

- |  | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |

- |  | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |

- |  | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FUW INSURANCE SERVICES LIMITED

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.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

6 October 2025

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 6,033,991 |  | 5,626,140 |  |

Administrative expenses | (4,942,498 | ) | (4,528,334 | ) |

1,091,493 |  | 1,097,806 |  |

Other operating income | 3,750 |  | 3,418 |  |

OPERATING PROFIT | 4 | 1,095,243 |  | 1,101,224 |  |

Interest receivable and similar income | 45,119 |  | 33,325 |  |

1,140,362 |  | 1,134,549 |  |

Interest payable and similar expenses | 5 | 48,322 |  | - |  |

PROFIT BEFORE TAXATION | 1,188,684 |  | 1,134,549 |  |

Tax on profit | 6 | (118,646 | ) | (146,710 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,070,038 |  | 987,839 |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,070,038 |  | 987,839 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,070,038 |  | 987,839 |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 14,255 |  | 26,496 |  |

14,255 |  | 26,496 |  |

CURRENT ASSETS

Debtors | 10 | 2,287,244 |  | 2,402,292 |  |

Cash at bank | 11 | 3,754,939 |  | 3,440,240 |  |

6,042,183 |  | 5,842,532 |  |

CREDITORS

Amounts falling due within one year | 12 | 4,378,246 |  | 4,137,814 |  |

NET CURRENT ASSETS | 1,663,937 |  | 1,704,718 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,678,192 |  | 1,731,214 |  |

PROVISIONS FOR LIABILITIES | 15 | 3,565 |  | 6,625 |  |

NET ASSETS | 1,674,627 |  | 1,724,589 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100 |  | 100 |  |

Retained earnings | 17 | 1,674,527 |  | 1,724,489 |  |

SHAREHOLDERS' FUNDS | 1,674,627 |  | 1,724,589 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2025 and were signed on its behalf by:

G A O Bebb - Director

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 31 March 2023 | 100 |  | 1,456,650 |  | 1,456,750 |  |

Changes in equity

Dividends | - |  | (720,000 | ) | (720,000 | ) |

Total comprehensive income | - |  | 987,839 |  | 987,839 |  |

Balance at 31 March 2024 | 100 |  | 1,724,489 |  | 1,724,589 |  |

Changes in equity

Dividends | - |  | (1,120,000 | ) | (1,120,000 | ) |

Total comprehensive income | - |  | 1,070,038 |  | 1,070,038 |  |

Balance at 31 March 2025 | 100 |  | 1,674,527 |  | 1,674,627 |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| FUW Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going Concern

| During the year, the company settled all remaining historical Corporation Tax owed to HMRC following a lengthy tax project resulting in a Trade Protection Association agreement. The TPA will apply for the foreseeable future. The market place and customer behaviours are pressurising gross profit to a degree post year end, but the biggest pressure has been the changes to National Insurance. The business plans take these into account and there are no scenarios considered by the Boards of the Group that cause Going Concern to be questioned in the 12 months following the approval of these financial statements. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the year ended 31 March 2025 on a going concern basis would be inappropriate.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

| 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 and in any future periods affected.

| Significant management judgements

| The following are management judgements in applying the accounting policies of the Company that have the most significant effect on the amounts recognised in the financial statements.

| i) Provisions and accruals - Management bases its judgements on the circumstances relating to each specific event and upon currently available information.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Trade debtors

| Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

| Creditors

| Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Provisions for liabilities

| Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

| Functional and Presentation Currency

| The company's functional and presentational currency is pounds sterling.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover, all of which arose from activities within the United Kingdom, represents the following activities:

| i) General Insurance - Turnover represents business incepted during the year, together with any differences between the booked commission for prior years and those previously accrued, and include estimates of due commission but not yet receivable, less an allowance for cancellations. Reinsurance commission are accounted for when the contract is entered into. Related fees earned on insurance agreements when the service has been provided.

| ii) Life Insurance - Turnover up to 31/12/2023 represented business incepted during the year, which included the commission earned over the term of the policy. There are increasing provisions against those balances, but they are not material. Turnover from life insurance for the year ended 31/3/2025 and beyond is based on an introducer fee and is recognised immediately at point of sale.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | Straight line over 5 to 10 years

| Computer equipment | - | 33% on cost

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

| Non-derivative financial assets are classified as either loans and receivables or cash and cash equivalents. They are stated at amortised cost using the effective interest method, subject to reduction for allowances for estimated irrecoverable amounts. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of those receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the income statement. For interest-bearing assets, their carrying value includes accrued interest receivable.

| Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. Non-derivative financial liabilities (classified as other payables) are stated at amortised cost using the effective interest method. For borrowings, their carrying value includes accrued interest payable, as well as any unamortised issue costs.

| The company transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The company does not transact derivative financial instruments for trading purposes. However, as the company has decided not to hedge account for its derivative financial instruments as permitted under lAS 39, they are accounted for through the income statement. Derivative financial assets and liabilities are stated at fair value, which includes accrued interest receivable and payable where relevant. Changes in fair values are recognised in the income statement in the period in which they arise.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company contributes to a Group Personal Pension Plan. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | EMPLOYEES AND DIRECTORS

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 3,166,783 |  | 2,929,859 |  |

| Social security costs | 346,868 |  | 286,397 |  |

| Other pension costs | 158,600 |  | 112,111 |  |

3,672,251 |  | 3,328,367 |  |

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

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

| Employees | 82 |  | 77 |  |

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 184,213 |  | 168,023 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Other operating leases | 9,274 |  | 13,930 |  |

| Depreciation - owned assets | 16,977 |  | 19,428 |  |

| Auditors' remuneration | 14,044 |  | 13,374 |  |

| Auditors' remuneration for non audit work | 3,650 |  | 3,480 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Interest payable on late

| payment of Corporation Tax | (48,322 | ) | - |  |

(48,322 | ) | - |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | TAXATION

| Analysis of the tax charge

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

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 121,706 |  | 149,646 |  |

| Deferred tax | (3,060 | ) | (2,936 | ) |

| Tax on profit | 118,646 |  | 146,710 |  |

| UK corporation tax has been charged at 25% (2024 - 24.98%).

| Reconciliation of total tax charge included in profit and loss

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

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before tax | 1,188,684 |  | 1,134,549 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.984%) | 297,171 |  | 283,456 |  |

| Effects of:

| Effects of group relief/other relief | (178,525 | ) | (136,740 | ) |

| Other | - |  | (6 | ) |

| periods |

| Total tax charge | 118,646 |  | 146,710 |  |

7. | DIVIDENDS

| Period

| 31.3.23

| Year Ended |  | to

| 31.3.25 |  | 31.3.24

£ | £ |

| Ordinary shares of 1 each

| Final | 400,000 |  | - |  |

| Interim | 720,000 |  | 720,000 |  |

1,120,000 |  | 720,000 |  |

| Following the year end a final dividend of £400,000 was voted.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 29,024 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 29,024 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | - |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 12,741 |  | 76,346 |  | 89,087 |  |

| Additions | - |  | 4,736 |  | 4,736 |  |

| At 31 March 2025 | 12,741 |  | 81,082 |  | 93,823 |  |

| DEPRECIATION

| At 1 April 2024 | 6,483 |  | 56,108 |  | 62,591 |  |

| Charge for year | 1,584 |  | 15,393 |  | 16,977 |  |

| At 31 March 2025 | 8,067 |  | 71,501 |  | 79,568 |  |

| NET BOOK VALUE

| At 31 March 2025 | 4,674 |  | 9,581 |  | 14,255 |  |

| At 31 March 2024 | 6,258 |  | 20,238 |  | 26,496 |  |

10. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 837,032 |  | 1,064,291 |  |

| Amounts owed by group undertakings | 789,336 |  | 1,054,918 |  |

| Accrued income | 120,954 |  | 81,915 |  |

| Prepayments | 139,922 |  | 140,506 |  |

1,887,244 |  | 2,341,630 |  |

| Amounts falling due after more than one year:

| Trade debtors | - |  | 60,662 |  |

| Amounts owed by group undertakings | 400,000 |  | - |  |

400,000 |  | 60,662 |  |

| Aggregate amounts | 2,287,244 |  | 2,402,292 |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | CASH AT BANK

2025 | 2024 |

£ | £ |

| Bank account | 734,942 |  | 963,437 |  |

| Bank account - Client money | 3,019,997 |  | 2,476,803 |  |

3,754,939 |  | 3,440,240 |  |

| The client money bank accounts is client money used to pay premiums to underwriters, to settle claims to policyholders and to defray commission and other income. Client money is not available for general corporate purposes.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 100,319 |  | 113,855 |  |

| Amounts owed to group undertakings | 900 |  | - |  |

| Tax | 154,350 |  | 201,949 |  |

| Other creditors | 3,097,729 |  | 2,945,543 |  |

| Deferred income | 188,850 |  | 475,238 |  |

| Accrued expenses | 836,098 |  | 401,229 |  |

4,378,246 |  | 4,137,814 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | - |  | 9,000 |  |

| Between one and five years | - |  | 7,500 |  |

- |  | 16,500 |  |

14. | SECURED DEBTS

| The Company's banker Barclays Bank UK PLC holds the following security: -

| A Cross Guarantee and Debenture dated 9 April 2018 securing by way of a fixed charge and a floating charge that covers all the property of undertaking of the company.

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 3,565 |  | 6,625 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 6,625 |  |

| Credit to Income Statement during year | (3,060 | ) |

| Balance at 31 March 2025 | 3,565 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | 1 | 100 |  | 100 |  |

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

17. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 1,724,489 |  |

| Profit for the year | 1,070,038 |  |

| Dividends | (1,120,000 | ) |

| At 31 March 2025 | 1,674,527 |  |

18. | ULTIMATE CONTROLLING PARTY

| The controlling party is The Grand Council of the Farmers'Union of Wales.

| The Members control the immediate parent company UAC CYF. FUW LTD. which is limited by guarantee.