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REGISTERED NUMBER: 05045859 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DOA UNDERWRITING LIMITED

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| DOA UNDERWRITING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | D G Oliver

| D J Oliver

| M Oliver

| D Abraham

| P Oliver

| J D Oliver

| REGISTERED OFFICE: | Olivers House

| Avenue North

| Skyline 120 Business Park, Great Notley

| Braintree

| Essex

| CM77 7AF

| REGISTERED NUMBER: | 05045859 (England and Wales)

| ACCOUNTANTS: | Thompson Taraz Rand Ltd

| Chartered Accountants

| 10 Jesus Lane

| Cambridge

| Cambridgeshire

| CB5 8BA

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 1,295,471 |  | 980,245 |  |

Investments | 6 | 100 |  | - |  |

1,295,571 |  | 980,245 |  |

CURRENT ASSETS

Debtors | 7 | 20,449,528 |  | 6,214,671 |  |

Cash and cash equivalents | 8,883,701 |  | 7,042,157 |  |

29,333,229 |  | 13,256,828 |  |

CREDITORS

Amounts falling due within one year | 8 | (21,466,728 | ) | (6,422,269 | ) |

NET CURRENT ASSETS | 7,866,501 |  | 6,834,559 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,162,072 |  | 7,814,804 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (450,597 | ) | (547,122 | ) |

PROVISIONS FOR LIABILITIES | 10 | (611,700 | ) | (96,842 | ) |

NET ASSETS | 8,099,775 |  | 7,170,840 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 180 |  | 180 |  |

Retained earnings | 8,099,595 |  | 7,170,660 |  |

SHAREHOLDERS' FUNDS | 8,099,775 |  | 7,170,840 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

BALANCE SHEET - continued

31 MARCH 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2026 and were signed on its behalf by:

D G Oliver - Director

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| DOA Underwriting 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. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about DOA Underwriting Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Related party exemption

| 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.

| Turnover

| Turnover represents brokerage and fees which are taken to credit when debit or fee notes are issued irrespective of the inception date or period of insurance. Turnover is reduced where a clawback of commission received is anticipated and can be reasonably measured.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 25% on cost

| Investments in subsidiaries

| Investment in subsidiaries are held at cost less impairment.

| Financial instruments

| Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Hire purchase and leasing commitments

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

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Computer expenses and information technology consultants

| Due to the company's constant need to maintain and update its computer hardware and broker software, computer costs including I.T. consultancy are written off to the profit and loss account in the year the expenditure is incurred.

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Provision for liabilities

| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

| Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 49 (2024 - 43 ) .

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 367,556 |  | 968,531 |  | 1,336,087 |  |

| Additions | 362,936 |  | 265,574 |  | 628,510 |  |

| Disposals | - |  | (241,817 | ) | (241,817 | ) |

| At 31 March 2025 | 730,492 |  | 992,288 |  | 1,722,780 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 355,842 |  | 355,842 |  |

| Charge for year | - |  | 246,105 |  | 246,105 |  |

| Eliminated on disposal | - |  | (174,638 | ) | (174,638 | ) |

| At 31 March 2025 | - |  | 427,309 |  | 427,309 |  |

| NET BOOK VALUE

| At 31 March 2025 | 730,492 |  | 564,979 |  | 1,295,471 |  |

| At 31 March 2024 | 367,556 |  | 612,689 |  | 980,245 |  |

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 April 2024 | 892,738 |  |

| Additions | 253,780 |  |

| Disposals | (241,817 | ) |

| At 31 March 2025 | 904,701 |  |

| DEPRECIATION

| At 1 April 2024 | 292,610 |  |

| Charge for year | 240,114 |  |

| Eliminated on disposal | (174,638 | ) |

| At 31 March 2025 | 358,086 |  |

| NET BOOK VALUE

| At 31 March 2025 | 546,615 |  |

| At 31 March 2024 | 600,128 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 100 |  |

| At 31 March 2025 | 100 |  |

| NET BOOK VALUE

| At 31 March 2025 | 100 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Trade debtors | 432,106 |  | 1,284,126 |  |

| Other debtors | 20,017,422 |  | 4,930,545 |  |

20,449,528 |  | 6,214,671 |  |

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans and overdrafts | 111,789 |  | 103,930 |  |

| Hire purchase contracts | 177,783 |  | 195,777 |  |

| Amounts owed to group undertakings | 100 |  | - |  |

| Taxation and social security | 4,963,448 |  | 4,069,519 |  |

| Other creditors | 16,213,608 |  | 2,053,043 |  |

21,466,728 |  | 6,422,269 |  |

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

2025 | 2024 |

| as restated |

£ | £ |

| Bank loans | - |  | 111,789 |  |

| Hire purchase contracts | 450,597 |  | 435,333 |  |

450,597 |  | 547,122 |  |

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| as restated |

£ | £ |

| Deferred tax | 62,472 |  | 96,842 |  |

| Other provisions | 549,228 |  | - |  |

611,700 |  | 96,842 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 April 2024 | 96,842 |  | - |  |

| Provided during year | - |  | 549,228 |  |

| Credit to Profit and loss account during year | (34,370 | ) | - |  |

| Balance at 31 March 2025 | 62,472 |  | 549,228 |  |

| Other provisions relates to the potential clawback of commission received where a contractual arrangement exists.

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 90 | Ordinary | £1 | 90 |  | 90 |  |

| 30 | Ordinary A | £1 | 30 |  | 30 |  |

| 30 | Ordinary B | £1 | 30 |  | 30 |  |

| 10 | Ordinary C | £1 | 10 |  | 10 |  |

| 10 | Ordinary D | £1 | 10 |  | 10 |  |

| 10 | Ordinary E | £1 | 10 |  | 10 |  |

180 |  | 180 |  |

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2025 | 2024 |

| as restated |

£ | £ |

| D G Oliver

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 445,083 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 445,083 |  | - |  |

| J D Oliver

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 162,217 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 162,217 |  | - |  |

| D J Oliver

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 455,083 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 455,083 |  | - |  |

| Mr J Oliver repaid his loan within 9 months of the year end.

DOA UNDERWRITING LIMITED (REGISTERED NUMBER: 05045859) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | RELATED PARTY DISCLOSURES

| At the balance sheet date amounts totalling to £2,602,132 were due from associated companies and are disclosed within other debtors.

| At the balance sheet date amounts totalling to £7,528,369 were due from unincorporated trading partnerships which a number of directors are partners in and are disclosed within other debtors.

| At the balance sheet date an amount of £4,615,035 was due from an unincorporated sole trader business which a director is sole proprietor of and is disclosed within other debtors.

| At the balance sheet date an amount of £100 was due to an associated company and is disclosed within amounts owed to group undertakings.

| At the balance sheet date an amount of £15,933,821 was due to an associated company and is disclosed within other creditors.

14. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr D G Oliver.