The directors present the strategic report for the year ended 31 December 2025.

The principal activity of the company in the year under review was that of marine insurance broking.

The results for the year and financial position of the company are as shown in the annexed financial statements.

Ramon International Insurance Brokers Limited is registered to act as a Lloyds Broker operating in the international marine and non-marine arenas, plus certain specialised niche non-marine insurance. Operating activities continued as planned and projects remained in place to increase incomes across all departments .

Ramon International Insurance Brokers Limited is a fully wholly owned subsidiary of Kastor Holdings Limited, part of ZIM Integrated Shipping Services Limited, which forms the foundation of the company's business.

The company and the group operate as an equal opportunities employer. Regardless of religion, ethnic origin or physical disability suitable training and career development enables an employee to progress within the company and the group.

We have continued our focus on rebuilding and transforming Ramon in 2025 including a number of key initiatives including expanding our network of clients, while still concentrating on our core business lines. The principal strategy has allowed us, where possible, to re-invest additional incomes back into the business allowing us to create a structure for profitable and streamlined business in the future. We are therefore confident that we will show a continued profit in 2026.

Our success in the last few years, keeping to our plan will continue and allow us to look at significant growth in 2026 and whilst it is our intention to seek organic business wherever possible, we are well positioned to recruit both individuals and teams without seeking any additional funding from external sources.

BREXIT Disclosure

After considering all options following BREXIT, we partnered with a fully accredited Broker in Dublin. This allows us access to European Markets and the ability to provide a full service to all clients.

The results indicate that the company made a profit of £228,179 compared to a profit of £826,258 in 2024.

The principal risks and uncertainties include the identification and assessment of new business opportunities and the monitoring of the impact of lost business, effect of exchange rate differences and control of expenses.

The company continued, within the given time scales, to meet the Financial Conduct Authority targets and deadlines. The cost in time, effort and additional expenses continues to be absorbed in the day to day running of the company.

The company has systems in place whereby all Insurance Carriers are approved by the company prior to any risk being placed with them and approved security is regularly revisited, likewise due diligence is conducted on all new clients. In accordance with the regulations, Terms of Business Agreements are in place with Insurance Carriers.

The company's financial position is such that there are more than sufficient reserves available to finance current operations and any expansion opportunities which may arise. The company has interest bearing accounts and approved investments and currently does not need financing facilities.

The key financial performance indicators (KPIs) are reviewed on a regular basis and include the following:

Comparison of actual income to budget

Review of new and lost business

Levels of overhead expenses

Cash flow positions during the year

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of marine insurance broking.

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company's current policy concerning the payment of trade creditors is to follow the Confederation of British Industry's Prompt Payers Code (copies are available from the CBI, 78 Cannon Street, London EC4N 6HN).

The company's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 30 days purchases, based on the average daily amount invoiced by suppliers during the year.

The auditor, Lawrence Grant LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The company's exposure and policies relating to financial risk, price risk, credit risk, liquidity risk and cash flow risk are disclosed below:

Financial risk management

The company's activities expose it to a variety of financial risks: liquidity risk, market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), and credit risk.

Risk management is carried out by the Finance Director under policies approved by the board of directors. The board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

Liquidity risk

The ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short, medium and long term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate

reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

An analysis of the company's financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date is detailed below. The amounts disclosed are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

At 31 December 2025:

Payable within one month or on demand

Social security and other taxes - £75,521 (2024: £102,627)

Other payables wages - £306 (2024: £Nil)

Payable in more than one month but not exceeding 12 months

Insurance broking creditors - £3,805,362(2024: £9,617,252)

Trade creditors - £30,576 (2024: £22,987)

Amount owed to parent undertaking - £17,644 (2024: £33,771)

Amounts owed to fellow group undertakings - £7,489 (2024: £21,141)

Accruals and deferred income - £721,812 (2024: £596,797)

Interest rate risk

Cash and cash equivalents are exposed to interest rate risk. Deposits at banks attract a variable average interest rate of 0.5%.

The company manages interest rate risk by monitoring interest rates on a regular basis.

Sensitivity analysis

At 31 December 2025, if interest rates relevant to the current account at that date had been 1% lower/higher, with all other variables held constant, net profit of the company for the year would have been £13,767 lower/higher, arising mainly as a result of lower/higher interest income on cash deposits at banks.

Credit risk

Credit risk consists mainly of cash and cash equivalents, trade debtors and receivables from related entities. The company only deposits cash with major banks with high quality credit standing.

The company does not consider significant credit risk to arise from its receivables from related entities.

The counter parties include high net worth companies and highly regulated entities. Historically, the default rate has been zero.

The company's maximum exposure to credit risk at 31 December 2025 is represented by the carrying amounts of cash and cash equivalents at that date.

2025

£

Financial instrument

Trade debtors                 1,465,386

VAT recoverable                  24,662

Amount owed by parent undertaking     648,688

Amounts owed by group undertakings     146,765

Prepayments and accrued income          115,268

Other receivables                  14,133

Deposits                 3,023,016

Cash and cash equivalents 1,376,690

Investments                  1,750

Foreign exchange risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, US Dollar and Pound Sterling. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities.

Price risk

The company did not hold any major investments during the year ended 31 December 2025 and is therefore not exposed to price risk.

Medium-sized companies exemption

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

We have audited the financial statements of Ramon International Insurance Brokers Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the 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 UK adopted international accounting standards.

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 UK adopted international accounting standards; 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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 law 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 discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;

• Companies Act 2006

• IFRS

• Tax legislation

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes;

• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit 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 enquires of management as to where they consider there was susceptibility to fraud and 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;

• Reviewing the financial statements and testing the disclosures against supporting documentation;

• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

• Inspecting and testing journal entries to identify unusual or unexpected transactions;

• Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and

• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

• Management bias in the estimates and judgements made;

• Management override of controls; and

• Posting of unusual journals or transactions.

We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud.

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.

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.

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

Ramon International Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 69 Leadenhall Street, City of London, London, England, EC3A 2BG. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

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

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is measured as per the revenue recognition model under IFRS 15. Management identifies the commission contracts with the underwriters, entity's performance obligations in respect of the insurance agreements, commission rates agreed with the underwriters. allocation of the commission income to the written insurance agreements and portion of the revenue attributable to the satisfaction of claims.

Management recognizes the commission income when the specific performance obligations are satisfied at the fair value of the consideration received or receivable that represents the amounts receivable for the performance obligations satisfied in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax.

Revenue represents commissions receivable and brokerage fees earned less commissions payable. Part of the revenue is recognized at the time of satisfaction of the performance obligations in respect of the writing of the insurance contracts and issuance of the debit notes. Such performance obligation is considered as satisfied when the insurance contract has been approved by the underwriters.

Portion of the commission income is attributable to the settlement of the claims and where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

Interest is recognized, in the statement of profit and loss, using the effective interest rate method.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount of an item of property, plant and equipment, the carrying amount of the replaced part is derecognised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

The useful life and depreciation method of each asset are reviewed at the end of each reporting period. If the expectations differ from previous estimates, the change is accounted for as a change in accounting estimate. The depreciation charge for each period is recognised in the statement of profit or loss on the following bases:

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 income statement.

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

Cash and cash equivalents 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.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 when the company has 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.

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 inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The expected cost of bonus payments is recognised as an expense when there is a legal or constructive obligation to make such payments as a result of past performance.

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.

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

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

In the company's financial statements, a foreign currency transaction is recorded, on initial recognition in Pound Sterling, by applying to the foreign currency amount the spot exchange rate between the functional currency and foreign currency at the date of the transaction.

At each statement of financial position date:

- foreign currency monetary items are translated using the closing rate;

- non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and

- non monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period are recognised in profit or loss in the period in which they arise.

Cash flows in the company arising from transactions in a foreign currency are recorded in Pound Sterling by applying to the foreign currency amount the exchange rate between the Pound Sterling and the foreign currency at the date of the cash flow.

In the current year, the following new and revised standards and interpretations have been effective and may have an effect on the current period or a prior period or on the future periods:

a) New standards, interpretations and amendments adopted from 1 January 2025

The following amendments are effective for the period beginning 1 January 2025:

• Lack of exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates);

• Disclosures about Uncertainties in Financial Statements – Amendments to Illustrative Examples on;

• IFRS 7 Financial Instruments: Disclosures;

• IFRS 18 Presentation and Disclosure in Financial Statements;

• IAS 1 Presentation of Financial Statements;

• IAS 8 Basis of Preparation of Financial Statements,

• IAS 36 Impairment of Assets; and

• IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

On 15 August 2023, the IASB issued Lack of Exchangeability which amended IAS 21 The Effects of Changes in Foreign Exchange Rates (the Amendments). The Amendments introduce requirements to assess when a currency is exchangeable into another currency and when it is not. The Amendments require an entity to estimate the spot exchange rate when it concludes that a currency is not exchangeable into another currency.

These amendments had no effect on the consolidated financial statements of the Company.

The following illustrative examples have been issued during 2025 with no effective date:

Illustrative examples on reporting uncertainties in financial statements. On 28 November 2025, the IASB issued Disclosures about Uncertainties in the Financial Statements – Illustrative examples, which amended multiple IFRS Accounting Standards to include illustrative examples demonstrating how companies can apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The illustrative examples are accompanying materials to IFRS Accounting Standards and do not have an effective date. The IASB had issued a near-final staff draft of the illustrative examples in July 2025.

The Company has considered these illustrative examples in its preparation of the consolidated financial statements and no additional disclosures or changes in presentation were considered necessary.

b) New standards, interpretations and amendments not yet effective

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Company has decided not to adopt early.

The following amendments are effective for the period beginning 1 January 2026:

• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)

• Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)

• Annual Improvements to IFRS Accounting Standards – Volume 11

The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:

• IFRS 18 Presentation and Disclosure in Financial Statements; and

• IFRS 19 Subsidiaries without Public Accountability: Disclosures

The Company is currently assessing the impact of these new accounting standards and amendments.

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

The Company does not expect to be eligible to apply IFRS 19.

In the application of the company’s accounting policies, the directors are 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, 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The following are the critical judgements, apart from those involving estimations (useful lives of property, plant and equipment), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue represents commissions receivable and brokerage fees earned less commissions payable. It is recognised at the time of issue of premium debit notes. These are issued once the insurance contract has been approved by the underwriters. Where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

Revenue comprises the amounts for services provided in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax. Revenues earned by the company are recognised on the following bases:

Sale of services

Sales of services are recognised when significant risks and rewards of ownership of the services have been transferred to the customer, which is usually when the company has sold the insurance premium insurance or provided services to the customer, the customer has accepted the services and collectability of the related receivable is reasonably assured.

Finance income

Finance income includes interest which is recognised based on an accruals basis.

Finance costs

Interest expense and other borrowing costs are charged to the statement of profit or loss as incurred.

Segmental reporting

The revenue and profit before taxation are attributable to the one principal activity of the company. The analysis of revenue by geographical market is given below:

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 5).

The company's key management personnel are considered to be the directors.

The charge for the year can be reconciled to the profit per the income statement as follows:

Property, plant and equipment includes right-of-use assets, as follows:

The historical cost of the listed investment shown above is £3,500 (2024: £3,500).

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Included in other receivables are deposits of £3,023,016 (2024: £8,250,702) which relate to funds held in non statutory client money trust bank accounts. The funds in these accounts cannot be used for office purposes. In accordance with the Financial Conduct Authority regulations, the company must withdraw, within twenty five business days, any brokerage income which is included in those funds.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

The loan amount of £700,000 (2024: £700,000) due to Zim Integrated Shipping Services Limited is a 10 year interest only loan with interest charged at 5% and the capital repayable at the end of the loan term.

Trade payables and accruals principally comprise amounts outstanding for trade purchases, insurance broking creditors and ongoing costs. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

The directors consider that the carrying amount of trade payables approximates to their fair value.

Included in trade payables are insurance broking creditors of £3,805,362 (2024: £9,617,252).

Other receivables and trade creditors include £3,023,016 (2024: £8,250,702) which relate to funds held in non-statutory client money trust bank accounts, which is not available to the company for working capital purposes.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as disclosed above.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Outstanding contributions payable at the year end amounted to £Nil (2024: £Nil).

The company is not subject to any externally imposed capital requirements.

1. Transactions with the ultimate parent company, Zim Integrated Shipping Services Limited, were as follows:

a. Brokerage commissions of £2,198,538 (2024: £1,790,890) were earned during the year from the above ultimate parent company.

b. As at the year end, an amount of £212,052 (2024: £441,752) was due from the ultimate parent company and is included in amounts owed by parent undertaking in trade and other receivables.

c. As at the year end, an amount of £17,644 (2024: £33,771) was due to the ultimate parent company on their current account and is included in amounts owed to parent undertaking in trade and other payables.

d. A loan amount of £700,000 (2024: £700,000) was due to the ultimate parent company and is included in borrowings under non-current liabilities. The loan is a 10 year interest only loan with interest charged at 5% and capital repayable at the end of the loan term. Interest of £35,000 (2024: £35,000) was payable on this loan during the year.

2. Transactions with the immediate parent company, Kastor Holdings Limited, were as follows:

a. An amount of £436,636 (2024: £485,441) was receivable at the year end and is included in amount owed by parent undertaking in trade and other receivables.

b. During the year, an amount of £91,841 (2024: £81,266) was recharged to Kastor Holdings Limited in respect of staffing and overhead costs.

c. During the year, an amount of £29,196 (2024: £Nil) was recharged by Kastor Holdings Limited in respect of overhead costs.

d. Management charge of £150,000 (2024: £Nil) was charged by Kastor Holdings Limited during the year.

3. Transactions with fellow group companies (in the Kastor Holdings Limited group) were as follows:

a. Brokerage commissions of £24,126 (2024: £32,425) were earned during the year.

b. Management fees of £14,500 (2024: £14,500) were received from fellow group companies in the year.

c. An amount of £146,765 (2024: £166,996) was receivable from these companies at the year end and is included in amounts owed by fellow group undertakings in trade and other receivables.

d. An amount of £4,195 (2024: £21,141) was payable to these companies at the year end and is included in amounts owed to fellow group undertakings in trade and other payables.

e. During the year, an amount of £221,312 (2024: £97,033) was recharged to other group companies in respect of staffing and overhead costs.

f. During the year, an amount of £267,138 (2024: £248,631) was paid to other group companies in respect of staffing and overhead costs.

4. Transactions with other group companies in the wider group were as follows:

a. Brokerage commissions of £122,501 (2024: £11,296) were earned during the year.

b. An amount of £3,294 (2024: £Nil) was payable to these companies at the year end and is included in amounts owed to fellow group undertakings in trade and other payables.

For the year under review, the immediate parent undertaking was Kastor Holdings Limited, a company registered in the United Kingdom.

The ultimate parent company was Zim Integrated Shipping Services Ltd, a company registered in Israel.

The smallest group for which Ramon International Insurance Brokers Limited is a member for which group financial statements are prepared is Kastor Holdings Limited, whose copies can be obtained from 69 Leadenhall Street, City of London, London, England, EC3A 2BG.

The largest group for which Ramon International Insurance Brokers Limited is a member for which group financial statements are prepared is Zim Integrated Shipping Services Ltd, whose copies can be obtained from 9 Andrei Sakharov Street, P.O. Box 15067, Matam, Haifa 3190500, Israel.