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Registered number: SC368631 SKULD SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SKULD SERVICES LIMITED
COMPANY INFORMATION
Directors | A Calleja
| K J D Loberg
Registered number | SC368631
Registered office | 4th Floor
| 115 George Street
| Edinburgh
| EH2 4JN
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
SKULD SERVICES LIMITED
CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Statement of Cash Flows | 10
Analysis of Net Debt | 11
Notes to the Financial Statements | 12 - 22
SKULD SERVICES LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who served during the year were:
A Calleja
K J D Loberg
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently; ∙make judgments 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 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 to 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.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the company since the year end. Page 1
SKULD SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 25 March 2026 and signed on its behalf.
K J D Loberg Director
Page 2
SKULD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD SERVICES LIMITED
Opinion
We have audited the financial statements of Skuld Services Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 December 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 United Kingdom, including the Financial Reporting Council'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. Page 3
SKULD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD SERVICES LIMITED (CONTINUED)
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has 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 Directors' Report. 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, 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 Directors' Responsibilities Statement set out on page 1, 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 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 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. Page 4
SKULD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD SERVICES LIMITED (CONTINUED)
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 an Auditors' 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the services sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. Page 5
SKULD SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SKULD SERVICES LIMITED (CONTINUED) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 Auditors' Report.
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 Auditors' 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. Martyn Atkinson FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 25 March 2026 Page 6
SKULD SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 10,038,672 | 9,022,485
Administrative expenses |  | (9,919,580) | (9,008,973)
Operating profit | 5 | 119,092 | 13,512
Interest receivable and similar income | 9 | 37,690 | 48,436
Interest payable and similar expenses | 10 | (59,220) | -
Profit before tax |  | 97,562 | 61,948
Tax on profit | 11 | (136,858) | (76,666)
Loss for the financial year |  | (39,296) | (14,718)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 22 form part of these financial statements.
Page 7
SKULD SERVICES LIMITED REGISTERED NUMBER:SC368631
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 12 |  | 1,497,141 |  | 67,193
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,811,045 |  | 1,678,612 |
Cash at bank and in hand |  | 735,467 |  | 816,999 |
|  | 2,546,512 |  | 2,495,611 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 14 | (555,721) |  | (701,705) |
Net current assets |  |  | 1,990,791 |  | 1,793,906
Creditors: amounts falling due after more than one year | 15 |  | (1,461,664) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 |  | (204,465) |  | -
Net assets |  |  | 1,821,803 |  | 1,861,099
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 781,032 |  | 781,032
Profit and loss account | 20 |  | 1,040,771 |  | 1,080,067
|  |  | 1,821,803 |  | 1,861,099
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2026.
K J D Loberg
Director
The notes on pages 12 to 22 form part of these financial statements. Page 8
SKULD SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 781,032 | 1,094,785 | 1,875,817
Loss for the year | - | (14,718) | (14,718)
At 1 January 2025 | 781,032 | 1,080,067 | 1,861,099
Loss for the year | - | (39,296) | (39,296)
At 31 December 2025 | 781,032 | 1,040,771 | 1,821,803
| The notes on pages 12 to 22 form part of these financial statements.
Page 9
SKULD SERVICES LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (39,296) | (14,718)
Adjustments for: |  |
Depreciation of tangible assets | 161,921 | 54,083
Loss on disposal of tangible assets | (1,321) | -
Interest paid | 59,220 | -
Interest received | (37,690) | (48,436)
Taxation charge | 136,858 | 76,666
Increase in debtors | (354,278) | (394,203)
(Increase)/decrease in amounts owed by group undertakings | 338,455 | (109,711)
Increase in creditors | 224,724 | 179,765
Corporation tax paid | (117,266) | (88,938)
Net cash generated from operating activities | 371,327 | (345,492)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,595,070) | (75,179)
Sale of tangible fixed assets | 4,521 | -
Interest received | 37,690 | 48,436
Net cash from investing activities | (1,552,859) | (26,743)
Cash flows from financing activities |  |
New loans from group undertakings | 1,159,220 | -
Interest paid | (59,220) | -
Net cash used in financing activities | 1,100,000 | -
Net (decrease) in cash and cash equivalents | (81,532) | (372,235)
Cash and cash equivalents at beginning of year | 816,999 | 1,189,234
Cash and cash equivalents at the end of year | 735,467 | 816,999
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 735,467 | 816,999
| 735,467 | 816,999
The notes on pages 12 to 22 form part of these financial statements.
Page 10
SKULD SERVICES LIMITED
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
|  | At 1 January 2025 | Cash flows | New loans received from group undertakings | Interest payable | At 31 December 2025
|  | £ | £ | £ | £ | £
Cash at bank and in hand | 816,999 | (81,532) | - | - | 735,467
Debt due after 1 year | - | - | (1,100,000) | (59,220) | (1,159,220)
| 816,999 | (81,532) | (1,100,000) | (59,220) | (423,753)
The notes on pages 12 to 22 form part of these financial statements.
Page 11
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Skuld Services Limited is a private limited company incorporated in England and Wales. Its registered office addresss is at 4th Floor, 115 George Street, Edinburgh, EH2 4JN and principal place of business is at Floor 30, 30 Mary Axe, London, EC3A 8EP. The principal activity of the company continued to be that of providing administrative services to the Skuld Group. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
The company's functional and presentational currency is £ Sterling. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
| 2.3 | Turnover
Turnover comprises administrative service fees, exclusive of Value Added Tax. Turnover is recognised in the period in which services are provided.
| 2.4 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method. Page 12
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Pensions
The company contributes to 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 no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 13
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:
|  |  |  | Leaehold Improvements | - | straight line over the life of lease
|  |  |  | Fixtures and fittings | - | straight line over the life of lease
|  |  |  | Computer equipment | - | 50% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Basic Financial instruments
The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, and loans with related parties. Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Cash at bank and in hand comprises cash balances and call deposits.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. In the preparation of these financial statements the directors have not needed to make judgements or estimates that are material to Company. Page 14
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Service charge fees | 9,470,444 | 8,675,465
| Agency fees | 568,228 | 347,020
|  | 10,038,672 | 9,022,485
| Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,726,638 | 5,044,756
| Rest of Europe | 4,312,034 | 3,977,729
|  | 10,038,672 | 9,022,485
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 161,921 | 54,083
| Exchange differences | 2,893 | 370
| Operating lease rentals | 520,350 | 242,654
6. | Auditors' remuneration
| During the year, the company obtained the following services from the company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| For the audit of the company's financial statements | 14,800 | 14,100
| All non-audit services not included above | 2,500 | -
Page 15
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,635,464 | 5,826,035
| Social security costs | 795,811 | 764,448
| Cost of defined contribution scheme | 483,607 | 422,134
|  | 6,914,882 | 7,012,617
| The average monthly number of employees, including the directors who are remunerated by the company, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administrative staff | 47 | 42
|  | Directors | 1 | 1
|  |  | 48 | 43
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 166,350 | 190,140
| Company contributions to defined contribution pension schemes | 15,500 | 14,300
|  | 181,850 | 204,440
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| In addition to the above, during the year another director received their full remuneration from Assuranceforeningen Skuld (Gjensidig), the ultimate controlling party.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 37,690 | 48,436
Page 16
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| On loans from group undertakings | 59,220 | -
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on profits for the year | (68,257) | 68,257
| Deferred tax |  |
| Origination and reversal of timing differences | 205,115 | 8,409
| Tax on profit | 136,858 | 76,666
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 97,562 | 61,948
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 24,391 | 15,487
| Effects of: |  |
| Expenses not deductible for tax purposes | 93,529 | 61,179
| Capital allowances for year in excess of depreciation | (239,070) | (8,409)
| Unrelieved tax losses carried forward | 52,893 | -
| Deferred tax | 205,115 | 8,409
| Total tax charge for the year | 136,858 | 76,666
| Factors that may affect future tax charges
At the reporting date, the company has estimated losses of £211,575 (2024 - £nil) available to carry forward and use against future taxable profits. Page 17
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Leasehold improvements | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 541,059 | 208,060 | 134,749 | 883,868
| Additions | 1,183,431 | 379,703 | 31,936 | 1,595,070
| Disposals | (541,059) | (208,060) | (24,611) | (773,730)
| At 31 December 2025 | 1,183,431 | 379,703 | 142,074 | 1,705,208
| Depreciation |  |  |  |
| At 1 January 2025 | 541,059 | 205,149 | 70,467 | 816,675
| Charge for the year on owned assets | 81,234 | 25,109 | 55,578 | 161,921
| Disposals | (541,059) | (205,149) | (24,321) | (770,529)
| At 31 December 2025 | 81,234 | 25,109 | 101,724 | 208,067
| Net book value |  |  |  |
| At 31 December 2025 | 1,102,197 | 354,594 | 40,350 | 1,497,141
| At 31 December 2024 | - | 2,911 | 64,282 | 67,193
Page 18
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 650,380 | 988,835
| Other debtors | 665,993 | 31,384
| Prepayments and accrued income | 494,672 | 657,743
| Deferred taxation | - | 650
|  | 1,811,045 | 1,678,612
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 45,958 | 281,774
| Corporation tax | - | 68,263
| Taxation and social security | 215,672 | 174,055
| Other creditors | 108,996 | 2,965
| Accruals and deferred income | 185,095 | 174,648
|  | 555,721 | 701,705
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loans from group undertakings | 1,159,220 | -
| Other creditors | 302,444 | -
|  | 1,461,664 | -
| Loans from group undertakings are unsecured, bear interest at a fixed rate of 4.719% per annum and are repayable by 12 February 2030. Under the terms of the loan agreement, the Company has undertaken to repay the loan in full before any dividends are distributed to any shareholder.
Page 19
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 2-5 years |  |
| Loans from group undertakings | 1,159,220 | -
17. | Financial instruments
The company only enters into transactions that result in the recognition of basic financial assets and liabilities. It does not have financial assets and liabilities measured at fair value.
18. | Deferred taxation
|  | 2025
|  | £
| Deferred tax liability |
| At beginning of year | (650)
| Charged to profit or loss | 205,115
| At end of year | 204,465
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 257,359 | (650)
| Tax losses carried forward | (52,894) | -
|  | 204,465 | (650)
Page 20
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 625 Ordinary A shares of $1,960.00 each | 780,879 | 780,879
|  | 290 Ordinary B shares of $0.81 each | 153 | 153
|  |  | 781,032 | 781,032
| Ordinary A and Ordinary B shares have full voting and dividend rights. Irrespective of the number of shares in issue, the Ordinary A shares shall constitute 51% of the issued shares of the capital of the company for all voting purposes, distributions and returns of capital. Ordinary A shareholders must consent in writing to any allotment, grant of option, right of subscription or conversion over or disposal of the unissued shares in the capital of the company.
20. | Reserves
Profit and loss account The profit and loss reserve represents the cumulative balance of retained profits and losses since the company started trading. It is a distributable reserve.
21. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 614,260 | 240,511
| Later than 1 year and not later than 5 years | 1,824,035 | 2,438,294
|  | 2,438,295 | 2,678,805
22. | Related party transactions
| The company has taken advantage of the exemption given by FRS 102 Section 33 Related Party Disclosures not to disclose information on related party transactions between members of a group where one member is wholly owned by the other. Key management personal comprise the directors, who's remuneration is disclosed in note 8.
Page 21
SKULD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Controlling party
The directors regard Assuranceforeningen Skuld (Gjensidig), a company registered in Norway, as the ultimate parent undertaking and controlling party. This is the only group company for which consolidated financial statements are prepared. Copies of group financial statements are available at the parent company’s registered office address P.O. Box 1376 Vika NO 0114 Oslo, Norway. Assuranceforeningen Skuld (Gjensidig) is an association where no one member has significant control.
Page 22