REGISTERED NUMBER: 00707710 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Harold Wilson Financial Services Limited

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

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J J Prow

A K Jackson Prow

C J Perkins

SECRETARY:

O Prow

REGISTERED OFFICE:

1/3 Waverley Street

Nottingham

Nottinghamshire

NG7 4HG

REGISTERED NUMBER:

00707710 (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 for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company recorded a trading profit of £74,852 (2024 £86,622). 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 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

A K Jackson Prow

C J Perkins

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, 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 Financial 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, Cash Flow Statement and Notes to the 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 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.

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:

- 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

REVENUE

1,203,157

1,206,238

Cost of sales

332,000

365,000

GROSS PROFIT

871,157

841,238

Administrative expenses

796,305

754,616

OPERATING PROFIT and

PROFIT BEFORE TAXATION

74,852

86,622

Tax on profit

5

19,967

22,403

PROFIT FOR THE FINANCIAL YEAR

54,885

64,219

PROFIT FOR THE YEAR

54,885

64,219

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

54,885

64,219

CURRENT ASSETS

Debtors

6

707,428

367,956

Cash at bank

384,085

659,992

1,091,513

1,027,948

CREDITORS

Amounts falling due within one year

7

123,910

115,230

NET CURRENT ASSETS

967,603

912,718

TOTAL ASSETS LESS CURRENT LIABILITIES

967,603

912,718

CAPITAL AND RESERVES

Called up share capital

8

1,245

1,245

Retained earnings

9

966,358

911,473

SHAREHOLDERS' FUNDS

967,603

912,718

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

1,245

847,254

848,499

Changes in equity

Total comprehensive income

-

64,219

64,219

Balance at 31 March 2024

1,245

911,473

912,718

Changes in equity

Total comprehensive income

-

54,885

54,885

Balance at 31 March 2025

1,245

966,358

967,603

Cash flows from operating activities

Cash generated from operations

1

(253,504

)

94,834

Tax paid

(22,403

)

(8,863

)

Net cash from operating activities

(275,907

)

85,971

(Decrease)/increase in cash and cash equivalents

(275,907

)

85,971

Cash and cash equivalents at beginning of year

2

659,992

574,021

Cash and cash equivalents at end of year

2

384,085

659,992

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

2025

2024

£

£

Profit before taxation

74,852

86,622

(Increase)/decrease in trade and other debtors

(339,472

)

6,279

Increase in trade and other creditors

11,116

1,933

Cash generated from operations

(253,504

)

94,834

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

384,085

659,992

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

659,992

574,021

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

659,992

(275,907

)

384,085

659,992

(275,907

)

384,085

Total

659,992

(275,907

)

384,085

1.	STATUTORY INFORMATION

Harold Wilson Financial 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.

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.

Income

Credit is taken for commission and indemnity commission on a receipts basis. Credit is taken for fees on an accruals basis. Due to the uncertainty over commissions earned and potential claw-backs the Directors are of the opinion that accounting for commissions on a receipts basis gives a true and fair view of the company's income.

Pensions

The company operates a defined contribution scheme.The assets of the defined contribution 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 participates in a group defined benefit scheme.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

356,211

330,436

Social security costs

33,526

22,502

Other pension costs

149,982

162,485

539,719

515,423

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

2025

2024

Administration,Sales & Management

10

9

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Auditors' remuneration

6,750

6,550

Other non- audit services

4,642

4,640

5.

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

19,967

22,403

Tax on profit

19,967

22,403

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

74,852

86,622

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

18,713

21,656

Effects of:

Expenses not deductible for tax purposes

1,254

747

Total tax charge

19,967

22,403

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

23,618

44,031

Amounts owed by group undertakings

679,794

314,895

Prepayments and accrued income

4,016

9,030

707,428

367,956

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Tax

19,967

22,403

Social security and other taxes

15,943

18,881

Accrued expenses

88,000

73,946

123,910

115,230

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,490

Ordinary

50p

1,245

1,245

9.

RESERVES

Retained

earnings

£

At 1 April 2024

911,473

Profit for the year

54,885

At 31 March 2025

966,358

It is not possible to calculate the company's share of the Pension Reserve. The reserves of the Group have been restated in accordance with FRS17 in the Group Accounts.

10.	PENSION COMMITMENTS

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

The company also participates in the Wilson Insurance Broking Group Limited defined benefit scheme. One combined scheme is operated for the company and other members of the group being Harold Wilson (Insurances) Limited, Wilson Insurance Broking Group Limited and Charles F Booth & Son Limited.The scheme closed on the 31st March 2010.

Harold Wilson Financial Services Limited is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other group companies in the scheme. The group contributed at the rate of £31,189 per month in the year to 31st March 2025.

11.	ULTIMATE PARENT COMPANY

The company's affairs at 31st March 2025 and its results for the year then ended are incorporated in the group accounts of Wilson Insurance Broking Group Limited, the ultimate parent company and the largest group of which the company is a member. JJ Prow, a director is the ultimate controlling party by virtue of an interest of 100% in the issued share capital in Wilson Insurance Broking Group Limited.

12.	RELATED PARTY DISCLOSURES

The company, together with other companies in the group, trades from the premises at Wilson House, 1/3 Waverley Street, Nottingham. Income and costs are apportioned between the group companies to which they relate.