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Registered number: 16005651 TOREMIS SPECIALTY LIMITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
TOREMIS SPECIALTY LIMITED CONTENTS
| Page
Balance sheet | 1
Notes to the financial statements | 2 - 8
|  | REGISTERED NUMBER:16005651
TOREMIS SPECIALTY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 31 December 2025
Note |  | £
Current assets |  |  |
Debtors: amounts falling due within one year | 4 | 411,736 |
Cash at bank and in hand | 5 | 1,444,131 |
|  | 1,855,867 |
Creditors: amounts falling due within one year | 6 | (2,184,008) |
Net current liabilities |  |  | (328,141)
Total assets less current liabilities |  |  | (328,141)
Net liabilities |  |  | (328,141)
Capital and reserves |  |  |
Called up share capital |  |  | 1
Profit and loss account |  |  | (328,142)
Total equity |  |  | (328,141)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N Hull
Director
Date: 10 June 2026
The notes on pages 2 to 8 form part of these financial statements. Page 1
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Toremis Specialty Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Brabners LLP, 100 Barbirolli Square, Manchester, M2 3AB. The Company was incorporated on 8 October 2024 and commenced trading on that date. The accounts are presented for the period 8 October 2024 to 31 December 2025. The financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. 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 requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. After making enquiries and considering available information about the future, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 2
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Revenue represents commission and fees receivable with the placement of insurance contracts. Profit share income is not recognised until received due to uncertainty of income up until the point of confirmation.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 3
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.9 | Insurance assets and liabilities
Insurance intermediaries act as agents in placing the insurable risks of their clients with insurers and as such, generally, are not liable as principals for the amounts arising from such transactions. Amounts held in bank accounts in respect of insurance payables are held on trust for the insurer and are not recognised within cash at bank. Amounts held on behalf of insurers are held in separately designated bank accounts through which insurance transactions for premiums, claims, commissions and other deductions are processed. Page 4
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. The Company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and loans from fellow Group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 5
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
3. | Employees
| The average monthly number of employees, including Directors, during the period was 6.
Page 6
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
4. | Debtors
|  |  |  |  | 31 December 2025
|  |  |  |  | £
| Trade debtors | 295,842
| Amounts owed by Group undertakings | 69,757
| Prepayments and accrued income | 46,137
|  | 411,736
5. | Cash and cash equivalents
|  |  |  |  | 31 December 2025
|  |  |  |  | £
| Cash at bank and in hand | 1,444,131
6. | Creditors: amounts falling due within one year
|  |  |  |  | 31 December 2025
|  |  |  |  | £
| Trade creditors | 772,515
| Amounts owed to Group undertakings | 818,086
| Other creditors | 4,724
| Accruals and deferred income | 588,683
|  | 2,184,008
| Amounts owed to Group undertakings are interest free, repayable on demand and unsecured.
7. | Share capital
|  |  |  |  | 31 December 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 1 Ordinary share of £1.00 | 1
On incorporation, 1 Ordinary share of £1 each was issued at par and fully paid for cash consideration. Page 7
TOREMIS SPECIALTY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Related party transactions
| The Company has taken advantage of the exemption available in Section 1AC.35 of FRS 102 Section 1A whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the Group.
9. | Controlling party
The ultimate parent company is Legatus Holdings Limited, a company incorporated in England & Wales. The smallest and largest Group in which the results of the Company are consolidated is that headed by Legatus Holdings Limited. These consolidated financial statements are available from its registered office, c/o Brabners LLP, 100 Barbirolli Square, Manchester, M2 3AB.
10. | Auditor's information
The auditor's report on the financial statements for the period ended 31 December 2025 was unqualified. The audit report was signed on 11 June 2026 by James Rimell (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 8