REGISTERED NUMBER: 00380493 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Harold Wilson (Insurances) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

J J Prow

O Prow

C J Perkins

A K Jackson Prow

SECRETARY:

O Prow

REGISTERED OFFICE:

1/3 Waverley Street

Nottingham

Nottinghamshire

NG7 4HG

REGISTERED NUMBER:

00380493 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company recorded a trading profit of £82,206 (2024: £59,989). The company traded profitably throughout the year and continues to overcome the challenging general insurance market. The company continues to invest in the development of its staff and systems in order to maintain its pursuit of the highest professional standards and compliance which the directors believe will protect the companies position in the market in both the medium and long term.

ON BEHALF OF THE BOARD:

J J Prow - Director

24 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

J J Prow

O Prow

C J Perkins

A K Jackson Prow

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J J Prow - Director

24 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Yvonne Jackson BSc FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

24 December 2025

TURNOVER

3

2,310,649

2,070,122

Cost of sales

250,000

155,000

GROSS PROFIT

2,060,649

1,915,122

Administrative expenses

1,976,267

1,847,002

OPERATING PROFIT

5

84,382

68,120

Interest receivable and similar income

4,044

8,168

88,426

76,288

Interest payable and similar expenses

6

6,220

16,299

PROFIT BEFORE TAXATION

82,206

59,989

Tax on profit

7

19,481

21,595

PROFIT FOR THE FINANCIAL YEAR

62,725

38,394

Profit attributable to:

Owners of the parent

62,725

38,394

PROFIT FOR THE YEAR

62,725

38,394

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

62,725

38,394

Total comprehensive income attributable to:

Owners of the parent

62,725

38,394

FIXED ASSETS

Tangible assets

9

106,499

97,866

Investments

10

19,000

19,000

125,499

116,866

CURRENT ASSETS

Debtors

11

2,221,283

2,763,567

Cash at bank and in hand

1,472,502

1,241,510

3,693,785

4,005,077

CREDITORS

Amounts falling due within one year

12

2,638,587

3,011,863

NET CURRENT ASSETS

1,055,198

993,214

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,697

1,110,080

CREDITORS

Amounts falling due after more than one year

13

61,585

53,693

NET ASSETS

1,119,112

1,056,387

CAPITAL AND RESERVES

Called up share capital

16

1,566

1,566

Retained earnings

17

1,117,546

1,054,821

SHAREHOLDERS' FUNDS

1,119,112

1,056,387

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

J J Prow - Director

FIXED ASSETS

Tangible assets

9

106,499

97,866

Investments

10

39,504

39,504

146,003

137,370

CURRENT ASSETS

Debtors

11

2,200,779

2,743,063

Cash at bank and in hand

1,472,502

1,241,510

3,673,281

3,984,573

CREDITORS

Amounts falling due within one year

12

2,638,587

3,011,862

NET CURRENT ASSETS

1,034,694

972,711

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,697

1,110,081

CREDITORS

Amounts falling due after more than one year

13

61,585

53,693

NET ASSETS

1,119,112

1,056,388

CAPITAL AND RESERVES

Called up share capital

16

1,566

1,566

Retained earnings

17

1,117,546

1,054,822

SHAREHOLDERS' FUNDS

1,119,112

1,056,388

Company's profit for the financial year

62,724

38,395

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

J J Prow - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,566

1,016,427

1,017,993

Changes in equity

Total comprehensive income

-

38,394

38,394

Balance at 31 March 2024

1,566

1,054,821

1,056,387

Changes in equity

Total comprehensive income

-

62,725

62,725

Balance at 31 March 2025

1,566

1,117,546

1,119,112

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,566

1,016,427

1,017,993

Changes in equity

Total comprehensive income

-

38,395

38,395

Balance at 31 March 2024

1,566

1,054,822

1,056,388

Changes in equity

Total comprehensive income

-

62,724

62,724

Balance at 31 March 2025

1,566

1,117,546

1,119,112

Cash flows from operating activities

Cash generated from operations

1

288,059

97,545

Interest element of hire purchase payments paid

(6,220

)

(16,299

)

Tax paid

(21,595

)

-

Net cash from operating activities

260,244

81,246

Cash flows from investing activities

Purchase of tangible fixed assets

(62,292

)

(1,570

)

Sale of tangible fixed assets

19,545

36,501

Interest received

4,044

8,168

Net cash from investing activities

(38,703

)

43,099

Cash flows from financing activities

Capital repayments in year

(30,722

)

(52,930

)

New HPs in year

40,173

-

Net cash from financing activities

9,451

(52,930

)

Increase in cash and cash equivalents

230,992

71,415

Cash and cash equivalents at beginning of year

2

1,241,510

1,170,095

Cash and cash equivalents at end of year

2

1,472,502

1,241,510

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

2025

2024

£

£

Profit before taxation

82,206

59,989

Depreciation charges

33,423

43,620

Loss on disposal of fixed assets

692

714

Finance costs

6,220

16,299

Finance income

(4,044

)

(8,168

)

118,497

112,454

Decrease/(increase) in trade and other debtors

77,706

(277,728

)

Increase in trade and other creditors

91,856

262,819

Cash generated from operations

288,059

97,545

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,472,502

1,241,510

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,241,510

1,170,095

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,241,510

230,992

1,472,502

1,241,510

230,992

1,472,502

Debt

Finance leases

(65,595

)

(15,684

)

(81,279

)

(65,595

)

(15,684

)

(81,279

)

Total

1,175,915

215,308

1,391,223

1.	STATUTORY INFORMATION

Harold Wilson (Insurances) 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 General 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.

Basis of consolidation

The accounts have been consolidated via the aquisition method.

Turnover

Credit is taken for insurance commission received on the date the debit note is charged to the client.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

33% on cost and 20% on cost

Motor vehicles

-

25% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Fixed asset investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

The company also operates a defined benefit scheme. One combined scheme is operated for the company and the other members of the group, being Wilson Insurance Broking Group, the parent company, and its subsidiary undertakings Harold Wilson Financial Services Limited and Charles F Booth & Son Limited. The scheme was closed on the 31st March 2010. The current pension deficit is spread in the profit and loss account over the remaining service lives of current employees.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

866,679

769,229

Social security costs

91,532

71,524

Other pension costs

390,567

386,836

1,348,778

1,227,589

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

2025

2024

Administration,sales & marketing

24

26

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

8,384

7,843

Depreciation - assets on hire purchase contracts

25,038

35,775

Loss on disposal of fixed assets

692

714

Auditors' remuneration

19,250

19,000

Other non- audit services

18,243

17,813

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase

6,220

16,299

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

19,481

21,595

Tax on profit

19,481

21,595

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:

2025

2024

£

£

Profit before tax

82,206

59,989

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %)

20,552

14,997

Effects of:

Expenses not deductible for tax purposes

440

184

Capital allowances in excess of depreciation

(1,511

)

-

Depreciation in excess of capital allowances

-

6,414

Total tax charge

19,481

21,595

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.