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REGISTERED NUMBER: 03235400 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

TOPSAIL INSURANCE LIMITED

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Contents of the Financial Statements

for the year ended 31 August 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| TOPSAIL INSURANCE LIMITED |

Company Information

for the year ended 31 August 2025

| DIRECTORS: | R De Cristofano

| N A Hawkes

| C A McGowan

| R C Stevens

| REGISTERED OFFICE: | Lytchett House

| 13 Freeland Park

| Wareham Road

| Poole

| Dorset

| BH16 6FA

| REGISTERED NUMBER: | 03235400 (England and Wales)

| ACCOUNTANTS: | Plus Accounting

| Chartered Accountants

| Preston Park House

| South Road

| Brighton

| East Sussex

| BN1 6SB

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Balance Sheet

31 August 2025

2025 | 2024 |

| Notes | £ | £

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 4,425 |  | 6,245 |  |

Investments | 6 | 6,057 |  | 6,057 |  |

10,482 |  | 12,302 |  |

CURRENT ASSETS

Stocks | 1,000 |  | 1,000 |  |

Debtors | 7 | 586,651 |  | 465,468 |  |

Cash at bank and in hand | 504,978 |  | 409,151 |  |

1,092,629 |  | 875,619 |  |

CREDITORS

Amounts falling due within one year | 8 | (884,506 | ) | (638,318 | ) |

NET CURRENT ASSETS | 208,123 |  | 237,301 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 218,605 |  | 249,603 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (158,714 | ) | (186,484 | ) |

PROVISIONS FOR LIABILITIES | 11 | (1,106 | ) | (1,677 | ) |

NET ASSETS | 58,785 |  | 61,442 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 17,000 |  | 17,000 |  |

Retained earnings | 41,785 |  | 44,442 |  |

SHAREHOLDERS' FUNDS | 58,785 |  | 61,442 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Balance Sheet - continued

31 August 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2026 and were signed on its behalf by:

C A McGowan - Director

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements

for the year ended 31 August 2025

1. | STATUTORY INFORMATION

| Topsail Insurance 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes for the commissions received on the sale on insurance. Turnover is recognised on the commencement of the policy.

| Intangible assets

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

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

| Tangible fixed assets

| Tangible fixed assets held for the Company's own use are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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

| Fixtures & fittings |  | - |  | 20% reducing balance |  |

| Plant & machinery |  | - |  | 20% reducing balance |  |

| Computer equipment |  | - |  | 25% straight line |  |

| Impairment policy

| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Stocks

| Stock is valued at the lower of cost and estimated selling price less costs.

| Financial instruments

| Financial assets, 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 entity after deducting all of its financial liabilities.

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has not further payment obligations.

| The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability on the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

| Investments

| Investments are included at fair value as at the balance sheet date with the gain or loss going through the profit and loss account. .

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 13 (2024 - 14 ) .

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

4. | INTANGIBLE FIXED ASSETS

Other |

intangible |

assets |

| £

| COST

| At 1 September 2024

| and 31 August 2025 | 61,001 |  |

| AMORTISATION

| At 1 September 2024

| and 31 August 2025 | 61,001 |  |

| NET BOOK VALUE

| At 31 August 2025 | - |  |

| At 31 August 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

Fixtures |

Plant and | and | Computer |

machinery | fittings | equipment | Totals |

| £ | £ | £ | £

| COST

| At 1 September 2024 | 9,000 |  | 32,404 |  | 46,307 |  | 87,711 |  |

| Additions | - |  | - |  | 499 |  | 499 |  |

| At 31 August 2025 | 9,000 |  | 32,404 |  | 46,806 |  | 88,210 |  |

| DEPRECIATION

| At 1 September 2024 | 8,544 |  | 29,686 |  | 43,236 |  | 81,466 |  |

| Charge for year | 91 |  | 544 |  | 1,684 |  | 2,319 |  |

| At 31 August 2025 | 8,635 |  | 30,230 |  | 44,920 |  | 83,785 |  |

| NET BOOK VALUE

| At 31 August 2025 | 365 |  | 2,174 |  | 1,886 |  | 4,425 |  |

| At 31 August 2024 | 456 |  | 2,718 |  | 3,071 |  | 6,245 |  |

6. | FIXED ASSET INVESTMENTS

Unlisted |

investments |

| £

| COST OR VALUATION

| At 1 September 2024

| and 31 August 2025 | 6,057 |  |

| NET BOOK VALUE

| At 31 August 2025 | 6,057 |  |

| At 31 August 2024 | 6,057 |  |

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

6. | FIXED ASSET INVESTMENTS - continued

| Cost or valuation at 31 August 2025 is represented by:

Unlisted |

investments |

| £

| Cost | 6,057 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

| £ | £

| Trade debtors | 155,617 |  | 138,147 |  |

| Other debtors | 431,034 |  | 327,321 |  |

586,651 |  | 465,468 |  |

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

2025 | 2024 |

| £ | £

| Bank loans and overdrafts | 40,442 |  | 30,000 |  |

| Trade creditors | 471,287 |  | 464,946 |  |

| Taxation and social security | 117,170 |  | 100,751 |  |

| Other creditors | 255,607 |  | 42,621 |  |

884,506 |  | 638,318 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

| £ | £

| Bank loans | - |  | 27,500 |  |

| Other creditors | 158,714 |  | 158,984 |  |

158,714 |  | 186,484 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Other loans more 5yrs instal | 158,714 |  | 158,583 |  |

10. | LEASING AGREEMENTS

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

2025 | 2024 |

| £ | £

| Within one year | 25,164 |  | 18,753 |  |

| Between one and five years | 15,096 |  | 28,130 |  |

40,260 |  | 46,883 |  |

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

11. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| £ | £

| Deferred tax | 1,106 |  | 1,677 |  |

Deferred tax |

| £

| Balance at 1 September 2024 | 1,677 |  |

| Accelerated capital allowances | (571 | ) |

| Balance at 31 August 2025 | 1,106 |  |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 5,100 | Ordinary A | £1 | 5,100 |  | 5,100 |  |

| 5,100 | Ordinary B | £1 | 5,100 |  | 5,100 |  |

| 3,400 | Ordinary D | £1 | 3,400 |  | 3,400 |  |

| 3,400 | Ordinary C | £1 | 3,400 |  | 3,400 |  |

17,000 |  | 17,000 |  |

13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 August 2025 and 31 August 2024:

2025 | 2024 |

| £ | £

| C A McGowan

| Balance outstanding at start of year | 21,585 |  | 15,590 |  |

| Amounts advanced | 6,560 |  | 5,995 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 28,145 |  | 21,585 |  |

| R C Stevens

| Balance outstanding at start of year | 28,552 |  | 18,280 |  |

| Amounts advanced | 6,808 |  | 10,272 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 35,360 |  | 28,552 |  |

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| R De Cristofano

| Balance outstanding at start of year | 9,869 |  | (2,179 | ) |

| Amounts advanced | 7,264 |  | 12,048 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 17,133 |  | 9,869 |  |

| N A Hawkes

| Balance outstanding at start of year | 13,638 |  | (772 | ) |

| Amounts advanced | 7,627 |  | 14,410 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 21,265 |  | 13,638 |  |

| Interest at a rate of 2.25% and 3.75% per annum totalling £2,286 (2024: £683) was charged during the year.

14. | RELATED PARTY DISCLOSURES

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