Company registration number 09951899 (England and Wales)
I QUOTE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 JANUARY 2025
31 January 2025
I QUOTE LIMITED
COMPANY INFORMATION
Director
Mr C A Cornick
Company number
09951899
Registered office
Cardinal House
St Mary's Parsonage
Manchester
M3 2LY
Auditor
AMS Audit Limited
1 Hardman Street
Spinningfields
Manchester
M3 3HF
I QUOTE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
I QUOTE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025

The director presents the strategic report for the period ended 31 January 2025.

Review of the business

The principle activity of I Quote Limited continues to focus on delivering comprehensive legal support services.

I Quote Limited continues to focus on delivering comprehensive legal support services, with a strong emphasis on innovation, operational efficiency, and client-centric solutions. During the current financial year, the company successfully navigated an expanding legal services sector, ensuring successful growth and a strong financial performance. Management remains committed to advancing technological innovation to support business growth and enhance client outcomes.

Core Services and Achievements

I Quote Limited has established itself as a key partner for law firms, providing them with cutting-edge technology and robust support services. Through our continued efforts, we have facilitated the deployment of £198 million in disbursement funding to law firms via third-party litigation funders. This has allowed these firms to secure an exceptionally high win rate across a diverse portfolio of consumer and commercial claims within the UK market.

In addition to supporting law firms, I Quote has diversified its service offerings and is now also assisting various businesses with a wide range of operational services. Our shared service proposition includes support in technological systems and process advancement, marketing across traditional and digital channels for various case types, operations management, financial modelling, auditing, compliance, and regulatory guidance. Furthermore, our customer journey and management solutions, which include offshore contact centres, have expanded the breadth of services available to our clients.

I Quote Limited stands out from other shared service providers through its heavy investment in technology and artificial intelligence. Our commitment to innovation is evident in our advanced AI-driven solutions that enhance operational efficiency and client outcomes. Over the past year, we have developed major improvements around AI, including the use of open banking, RPO, and OCR technology to generate reports and quantify losses. These advancements allow us to deliver reports well before the current SLA, enabling our clients to identify potential further losses and upsell clients to better or additional services. With further advancement I Quote have now secured exclusive services allowing them to conduct affordability reporting working with industry leading credit agency to deliver further value to its clients. The advancement of this report will allow its clients to generate further cases leading to further growth within their sectors.

Technology continues to be a major factor in the growth of I Quote, with additional developers contracted to improve our current offerings and generate further revenue through additional products and services. We have developed a one-of-a-kind reporting system, and the use of open banking has made I Quote the industry leader in legal disbursements and client/case management.

Our unique AI-driven litigation funding platform is another key differentiator. This platform finances portfolios of consumer litigation claims and invests in small-to-medium commercial litigation cases, providing a comprehensive 360-degree service model for law firms and businesses alike. Additionally, our one-of-a-kind reporting system and the use of open banking have positioned I Quote as the industry leader in legal disbursements and client/case management.

By leveraging cutting-edge technology and AI, I Quote Limited not only meets but exceeds the expectations of our clients, ensuring a high win rate across a diverse portfolio of consumer and commercial claims within the UK market.

Our diversified service offerings, solid financial performance, and strategic focus on expanding our capabilities position us well for continued growth and market leadership in the years to come.

- 1 -
I QUOTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025

Growth Outlook

A key aspect of I Quote’s success has been our focus on helping legal firms market and manage new cases. Our support with operational expense funding and case marketing has proven highly effective. As of December 2024, the company’s work in progress (WIP) for cases generated for legal firms has increased by 36%, reflecting the trust and demand for our services. We are confident that this figure will grow, with forecasts predicting WIP on cases delivered by our customers to increase during 2025/26.

Strategic Expansion Plans

Looking ahead, I Quote plans to expand its service offerings by exploring opportunities to raise debt capital in order to develop a bespoke litigation funding solution tailored to the needs of UK-based law firms. Central to this expansion is the development of an AI-driven litigation funding platform that will finance portfolios of consumer litigation claims and invest in small-to-medium commercial litigation cases.

The disbursement funding model has proven to be a vital tool for many law firms, enabling them to manage disbursement payments effectively. By adding this service to our portfolio, I Quote aims to provide a comprehensive 360-degree service model, positioning us as a one-stop shop for law firms and businesses alike, meeting all their litigation, operational, and financial needs.

Conclusion

I Quote Limited remains firmly committed to its role as a market leader in legal support services, with a strong track record of innovation and client success. Our diversified service offerings, solid financial performance, and strategic focus on expanding our capabilities position us well for continued growth and market leadership in the years to come.

Principal risks and uncertainties

The Group faces a number of business risks and uncertainties due to the fast pace of technology change and new competitors entering the industry. The directors are looking carefully at both existing and new markets. In particular, the following sets out the key risks that have been identified with the company’s approach to mitigating those risks.

Potential Risks

Operational and IT Risk

The Group places significant reliance on its IT systems, any loss of these facilities or provisions would have a serious impact on the Group's operations. Due to the nature of this risk, no assurances can be given that all such risks will be adequately covered by its existing systems.

To mitigate the risk, the group monitors the resilience of its information systems and other facilities on an ongoing basis, working with external partners to support the delivery of its internal and customer facing IT provision. The group has in place a business continuity plan and an IT disaster recovery plan that are reviewed as appropriate. All IT systems are backed up to cloud-based servers.

Customer service and risk

The Group provides professional services, in the main to the legal sector. Like all service providers, it is susceptible to potential liability from breach of contract, and other claims by customers and suppliers. The Directors and Officers insurance held by the company may not be adequate to indemnify the company for all liability that may be incurred (or loss which may be suffered). Any liability of legal defence expenses that are not covered by insurance or are in excess of the insurance coverage could have a materially adverse effect on the company's business and financial condition.

To mitigate the risk, the Group is advised by market leading insurance brokers and the Directors believe that it holds comprehensive professional liability insurance. The Group works diligently to ensure employees provide excellent service to all of its customers, underpinned by quality control processes and bespoke training programmes.

- 2 -
I QUOTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025

Organic growth risk

The Group's strategy is for organic growth. Organic growth may not always realise the benefits expected at the time of initiation. A failure to grow as timely as expected may impact company's profitability. The availability of viable opportunities for growth may decrease.

To mitigate the risk, the Group will consider complimentary and earnings enhancing opportunities as part of its overall growth strategy. Organic growth may not always realise the benefits at the time of initiation. Roll out plans are formulated as part of the organic growth process and executed in anticipation of and following roll out as appropriate. The Directors considers the recent growth within the legal service sector will continue and that as a result there will be continuing availability of opportunities to grow the Group.

Key performance indicators

Management uses a number of financial performance measures to assess the performance of the Group.

2025 | 2024
Revenue | £18.03m | £20.34m
Profit before tax | £86k | £2.8m
Net Margin | 0.3% | 1 3.7%

The Group’s current areas of focus are to grow I Quote Limited via organic means and utilise the in-house technology that has been developed to assist with automation and artificial intelligence products within the legal sector.

On behalf of the board

Mr C A Cornick
Director
17 February 2026
- 3 -
I QUOTE LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025

The director presents his annual report and financial statements for the period ended 31 January 2025.

Principal activities

The principal activity of the company and group continued to be that of business support services.

Results and dividends

The results for the year are detailed on page 7.

Ordinary dividends were paid amounting to £150,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

Mr C A Cornick
Auditor

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

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.

Strategic Report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

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.

- 4 -
I QUOTE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C A Cornick
Director
17 February 2026
- 5 -
I QUOTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF I QUOTE LIMITED
Opinion
- 6 -

We have audited the financial statements of I Quote Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, 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 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 the parent company's affairs as at 31 January 2025 and of the group's profit for the period 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 group and parent 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 director's 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 director 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 director is 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:

- T he information given in the strategic report and the director's r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

I QUOTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF I QUOTE LIMITED
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director
- 7 -

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 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.

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

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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

- The entity is subject to laws and regulations where the consequences of non-compliance could have a material effect on amounts of disclosures in the financial statements. Through the understanding that we obtained, we determined the most significant legal and regulatory frameworks which are directly relevant to specific assertions in the financial statements are those related to financial reporting frameworks including applicable law and United Kingdom Accounting Standards, the Companies Act 2006 and the relevant taxation regulations in the jurisdiction in which the company operates;

- We understood how the entity is complying with those legal regulatory frameworks by making enquiries of management.

- We corroborated our enquiries through our review of board minutes, a review of regulatory and publicly available information and by applying challenge where applicable whilst performing our audit procedures;

- We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. We corroborated the results of our enquiries to supporting documentation.

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.

I QUOTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF I QUOTE 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 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.

Mr David Clegg BFP FCA (Senior Statutory Auditor)
For and on behalf of AMS Audit Limited, Statutory Auditor
Chartered Accountants
1 Hardman Street
Spinningfields
Manchester
M3 3HF
17 February 2026
- 8 -
I QUOTE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2025
Period
Year
ended
ended
31 January
29 January
2025
2024
Notes
£
£
Turnover
3
18,031,848
20,340,688
Cost of sales
(5,029,270)
(11,797,690)
Gross profit
13,002,578
8,542,998
Administrative expenses
(12,753,812)
(3,823,569)
Other operating income
-
104,807
Operating profit
4
248,766
4,824,236
Interest payable and similar expenses
7
(29,300)
(22,531)
Amounts written off investments
8
(133,689)
(1,904,437)
Profit before taxation
85,777
2,897,268
Tax on profit
9
(31,327)
(760,300)
Profit for the financial period
23
54,450
2,136,968
Profit for the financial period is all attributable to the owner of the parent company.
Total comprehensive income for the period is all attributable to the owner of the parent company.
- 9 -
I QUOTE LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
31 January 2025
29 January 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,846,374
1,976,365
Tangible assets
12
63,923
69,049
1,910,297
2,045,414
Current assets
Debtors
16
45,108,903
29,357,475
Cash at bank and in hand
531,098
538,160
45,640,001
29,895,635
Creditors: amounts falling due within one year
17
(44,847,307)
(29,131,227)
Net current assets
792,694
764,408
Total assets less current liabilities
2,702,991
2,809,822
Creditors: amounts falling due after more than one year
18
(3,335)
(13,335)
Provisions for liabilities
Deferred tax liability
20
15,981
17,262
(15,981)
(17,262)
Net assets
2,683,675
2,779,225
Capital and reserves
Called up share capital
22
2
2
Profit and loss reserves
23
2,683,673
2,779,223
Total equity
2,683,675
2,779,225

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 17 February 2026
Mr C A Cornick
Director
Company registration number 09951899 (England and Wales)
- 10 -
I QUOTE LIMITED
COMPANY BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
31 January 2025
29 January 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
1,846,374
1,976,365
Tangible assets
12
63,923
69,049
Investments
13
1
-
0
1,910,298
2,045,414
Current assets
Debtors
16
44,781,352
29,357,475
Cash at bank and in hand
457,655
538,160
45,239,007
29,895,635
Creditors: amounts falling due within one year
17
(44,387,376)
(29,131,227)
Net current assets
851,631
764,408
Total assets less current liabilities
2,761,929
2,809,822
Creditors: amounts falling due after more than one year
18
(3,335)
(13,335)
Provisions for liabilities
Deferred tax liability
20
15,981
17,262
(15,981)
(17,262)
Net assets
2,742,613
2,779,225
Capital and reserves
Called up share capital
22
2
2
Profit and loss reserves
23
2,742,611
2,779,223
Total equity
2,742,613
2,779,225

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £113,388 (2024 - £2,136,968 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 17 February 2026
Mr C A Cornick
Director
Company registration number 09951899 (England and Wales)
- 11 -
I QUOTE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 January 2023
2
792,255
792,257
Year ended 29 January 2024:
Profit and total comprehensive income
-
2,136,968
2,136,968
Dividends
10
-
(150,000)
(150,000)
Balance at 29 January 2024
2
2,779,223
2,779,225
Period ended 31 January 2025:
Profit and total comprehensive income
-
54,450
54,450
Dividends
10
-
(150,000)
(150,000)
Balance at 31 January 2025
2
2,683,673
2,683,675
- 12 -
I QUOTE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 30 January 2023
2
792,255
792,257
Year ended 29 January 2024:
Profit and total comprehensive income for the year
-
2,136,968
2,136,968
Dividends
10
-
(150,000)
(150,000)
Balance at 29 January 2024
2
2,779,223
2,779,225
Period ended 31 January 2025:
Profit and total comprehensive income
-
113,388
113,388
Dividends
10
-
(150,000)
(150,000)
Balance at 31 January 2025
2
2,742,611
2,742,613
- 13 -
I QUOTE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2025
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(73,282)
(751,837)
Interest paid
(29,300)
(22,531)
Income taxes paid
(34,615)
(82,722)
Net cash outflow from operating activities
(137,197)
(857,090)
Investing activities
Purchase of intangible assets
(148,006)
(129,556)
Purchase of tangible fixed assets
(1,858)
(286,651)
Proceeds from disposal of tangible fixed assets
-
275,844
Repayment of loans
(1)
(1,688,867)
Net cash used in investing activities
(149,865)
(1,829,230)
Financing activities
Proceeds from borrowings
440,000
-
Repayment of borrowings
(10,000)
(9,998)
Dividends paid to equity shareholders
(150,000)
(150,000)
Net cash generated from/(used in) financing activities
280,000
(159,998)
Net decrease in cash and cash equivalents
(7,062)
(2,846,318)
Cash and cash equivalents at beginning of period
538,160
3,384,478
Cash and cash equivalents at end of period
531,098
538,160
- 14 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
Company information

I Quote Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of I Quote Limited and all of its subsidiaries.

1.1
Reporting period

The accounting reference date for the current year is 29 January 2024, however, the accounts were prepared for the period 1 February 2023 to 31 January 2024 as such the financial information disclosed represents a 365 day period.

As such, despite the accounting reference date change the financial information is comparable.

1.2
Accounting convention

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;true

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues true: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’true: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’true: Compensation for key management personnel.

- 15 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
1.3
Business combinations

In the parent company financial statements, t he 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. I nvestments 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.

1.4
Basis of consolidation
- 16 -

The consolidated group financial statements consist of the financial statements of the parent company I Quote Limited 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 January 2025. 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 g roup.

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.

1.5
Going concern

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

I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Services are recognised at the point they are delivered.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets other than goodwill

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:

Software
10% straight line basis
1.9
Tangible fixed assets

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:

Fixtures and fittings
10% reducing balance
Computers
10% reducing balance

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.

1.10
Fixed asset investments

Equity in vest ments 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.

I n 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.

- 17 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)

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 g roup’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 c ompany 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.

1.11
Impairment of fixed assets

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.

1.12
Cash and cash equivalents

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.

- 18 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
1.13
Financial instruments
- 19 -

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

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 m ethod 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

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of financial liabilities

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.

I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
Basic financial liabilities
- 20 -

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 paymen ts 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.

Other financial liabilities

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 th r ough 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.

Derecognition of financial liabilities

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

1.14
Equity instruments

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.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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.

I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
Deferred tax

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.

1.16
Employee benefits

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.

1.17
Retirement benefits

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

1.18
Foreign exchange

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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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 director does not consider that there are any critical judgements or sources of estimation uncertainty requiring disclosure.

- 21 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Legal Support Services
18,031,848
20,340,688
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,031,848
20,340,688
2025
2024
£
£
Other revenue
-
104,807
4
Operating profit
2025
2024
£
£
Operating profit for the period is stated after charging/(crediting):
Research and development costs
-
705,343
Depreciation of owned tangible fixed assets
6,984
39,054
Profit on disposal of tangible fixed assets
-
(62,742)
Amortisation of intangible assets
277,997
255,987
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,750
20,750
Audit of the financial statements of the company's subsidiaries
8,500
-
33,250
20,750
- 22 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Employees
12
12
12
12
Director
1
1
1
1
Total
13
13
13
13

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
618,221
391,624
618,221
391,624
Social security costs
65,436
41,168
65,436
41,168
Pension costs
9,036
2,596
9,036
2,596
692,693
435,388
692,693
435,388
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
470
720
Other interest on financial liabilities
28,830
21,811
Total finance costs
29,300
22,531
8
Amounts written off investments
2025
2024
£
£
Amounts written off current loans
(133,689)
(1,904,437)
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
32,609
746,216
- 23 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
9
Taxation
(Continued)
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(1,282)
14,084
Total tax charge
31,327
760,300

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

2025
2024
£
£
Profit before taxation
85,777
2,897,268
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
21,444
724,317
Tax effect of expenses that are not deductible in determining taxable profit
9,258
7,175
Unutilised tax losses carried forward
625
-
0
Effect of change in corporation tax rate
-
(30,117)
Permanent capital allowances in excess of depreciation
-
0
(5,071)
Amortisation on assets not qualifying for tax allowances
-
0
63,996
Taxation charge
31,327
760,300

The standard rate of tax applied to deferred taxation balances is 25% (202 4 - 25%).

10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
150,000
150,000
- 24 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
11
Intangible fixed assets
Group
Software
£
Cost
At 30 January 2024
2,688,426
Additions - internally developed
148,006
At 31 January 2025
2,836,432
Amortisation and impairment
At 30 January 2024
712,061
Amortisation charged for the period
277,997
At 31 January 2025
990,058
Carrying amount
At 31 January 2025
1,846,374
At 29 January 2024
1,976,365
Company
Software
£
Cost
At 30 January 2024
2,688,426
Additions - internally developed
148,006
At 31 January 2025
2,836,432
Amortisation and impairment
At 30 January 2024
712,061
Amortisation charged for the period
277,997
At 31 January 2025
990,058
Carrying amount
At 31 January 2025
1,846,374
At 29 January 2024
1,976,365

- 25 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 30 January 2024
71,112
-
71,112
Additions
-
1,858
1,858
At 31 January 2025
71,112
1,858
72,970
Depreciation and impairment
At 30 January 2024
2,063
-
2,063
Depreciation charged in the period
6,905
79
6,984
At 31 January 2025
8,968
79
9,047
Carrying amount
At 31 January 2025
62,144
1,779
63,923
At 29 January 2024
69,049
-
69,049
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 30 January 2024
71,112
-
0
71,112
Additions
-
0
1,858
1,858
At 31 January 2025
71,112
1,858
72,970
Depreciation and impairment
At 30 January 2024
2,063
-
0
2,063
Depreciation charged in the period
6,905
79
6,984
At 31 January 2025
8,968
79
9,047
Carrying amount
At 31 January 2025
62,144
1,779
63,923
At 29 January 2024
69,049
-
0
69,049
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
1
-
0
- 26 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
13
Fixed asset investments
(Continued)
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 January 2024
-
Additions
1
At 31 January 2025
1
Carrying amount
At 31 January 2025
1
At 29 January 2024
-
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
I Quote Capital Limited
UK
Ordinary
100.00
IQ Capital 1 Limited
UK
Ordinary
100.00
IQ Capital 2 Limited
UK
Ordinary
100.00
IQ Capital 3 Limited
UK
Ordinary
100.00
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
18,854,720
14,431,321
n/a
n/a
Carrying amount of financial liabilities include:
Measured at amortised cost
41,739,318
26,387,325
n/a
n/a
- 27 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
270
-
270
-
0
Other debtors
44,973,661
28,109,475
44,662,661
28,109,475
Prepayments and accrued income
134,972
1,248,000
118,421
1,248,000
45,108,903
29,357,475
44,781,352
29,357,475
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
450,000
10,000
10,000
10,000
Trade creditors
50,615
22,346
61,655
22,346
Amounts owed to group undertakings
-
-
1
-
0
Corporation tax payable
1,009,046
1,011,053
1,009,046
1,011,053
Other taxation and social security
2,102,278
1,746,184
2,102,278
1,746,184
Other creditors
41,124,396
26,288,430
41,124,396
26,288,430
Accruals and deferred income
110,972
53,214
80,000
53,214
44,847,307
29,131,227
44,387,376
29,131,227
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
3,335
13,335
3,335
13,335
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
453,335
23,335
13,335
23,335
Payable within one year
450,000
10,000
10,000
10,000
Payable after one year
3,335
13,335
3,335
13,335

The other loan represents a CBIL s Loan with Lloyds Bank PLC which will be repaid in full by May 2026.

- 28 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
15,981
17,262
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
15,981
17,262
Group
Company
2025
2025
Movements in the period:
£
£
Liability at 30 January 2024
17,262
17,262
Credit to profit or loss
(1,281)
(1,281)
Liability at 31 January 2025
15,981
15,981

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,036
2,596

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.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
2
2
23
Reserves
- 29 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
23
Reserves
(Continued)
Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income for the year and prior years less dividends paid.

24
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
78,719
46,305

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
2,551,357
2,156,684
Other information

The group has taken advantage of the exemption provided in Financial Reporting Standard 102 Section 33 from disclosing related party transactions with wholly owned members of the group.

- 30 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
25
Directors' transactions

Dividends totalling £150,000 (2024 - £0) were paid in the period in respect of shares held by the company's directors.

During the year the director repaid previous advances provided by the company.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr C A Cornick
-
(508,658)
(424,098)
(932,756)
(508,658)
(424,098)
(932,756)

During the year the director repaid previous advances provided by the company.

As at the balance sheet, the entity owed the director an amount of £932,756 (2024: £508,658).

No interest is charged on this loan from the director to the company, and there is no fixed date for repayment.

26
Controlling party

By virtue of ownership of entire issued share capital of the company, the director is the controlling party.

27
Cash absorbed by group operations
2025
2024
£
£
Profit after taxation
54,450
2,136,968
Adjustments for:
Taxation charged
31,327
760,300
Finance costs
29,300
22,531
Gain on disposal of tangible fixed assets
-
(62,742)
Amortisation and impairment of intangible assets
277,997
255,987
Depreciation and impairment of tangible fixed assets
6,984
39,054
Other gains and losses
133,689
1,904,437
Decrease in provisions
(133,688)
-
Movements in working capital:
Increase in debtors
(15,751,428)
(12,160,467)
Increase in creditors
15,278,087
6,352,095
Cash absorbed by operations
(73,282)
(751,837)
- 31 -
I QUOTE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
28
Analysis of changes in net funds - group
30 January 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
538,160
(7,062)
531,098
Borrowings excluding overdrafts
(23,335)
(430,000)
(453,335)
514,825
(437,062)
77,763
- 32 -
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