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Registered number: 13031252 INTEGRAL ILS RESEARCH LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
INTEGRAL ILS RESEARCH LIMITED REGISTERED NUMBER: 13031252 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | Unaudited 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 1,519,570 |  | 1,302,057 |
Cash at bank and in hand |  | 10,138 |  | 8,576 |
|  | 1,529,708 |  | 1,310,633 |
Creditors: amounts falling due within one year | 5 | (1,049,475) |  | (933,603) |
Net current assets |  |  | 480,233 |  | 377,030
Net assets |  |  | 480,233 |  | 377,030
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 480,232 |  | 377,029
|  |  | 480,233 |  | 377,030
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:
R J Lowther
Director
Date: 1 July 2026
The notes on pages 2 to 6 form part of these financial statements. Page 1
INTEGRAL ILS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Company is limited by shares and incorporated in England and Wales. Its registered office is 2 London Wall Place, London, EC2Y 5AU. 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 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 Company provides services to its parent undertaking, a Bermuda holding company, and its principal activity is the employment and provision of staff and related support services to the group. The Company is remunerated by the Bermuda holding company on a cost-plus basis in accordance with the group’s transfer pricing policy. In assessing the Company’s ability to continue as a going concern, the Directors have considered the Company’s business model, forecast operating costs, expected service fee income, cash flow forecasts and the continued financial support of the Bermuda holding company. The Directors have prepared this assessment for a period of at least twelve months from the date of approval of these financial statements. The Directors note that the Company’s costs are expected to be recovered through its cost-plus service arrangements with the Bermuda holding company and that the Company is not expected to be exposed to significant third-party trading risk. The Directors have also considered the ability and intention of the Bermuda holding company to continue to settle amounts due to the Company as they fall due. The Company is dependent on the continued trading relationship with, and financial support of, the Bermuda holding company. Having considered the forecasts and the expected continuation of the cost-plus arrangements, the Directors are satisfied that the Company will have adequate resources to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. The Directors have not identified any material uncertainties relating to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. Page 2
INTEGRAL ILS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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'.
| 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
INTEGRAL ILS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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.
| 2.7 | Taxation
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 balance sheet date in the countries where the Company operates and generates income.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2024 - 4).
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INTEGRAL ILS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Debtors
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,508,276 | 1,289,476
| Prepayments and accrued income | 11,294 | 12,581
|  | 1,519,570 | 1,302,057
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | Unaudited 2024
|  |  |  |  | £ | £
| Trade creditors | 12,612 | 9,688
| Corporation tax | 31,437 | 40,686
| Accruals and deferred income | 1,005,426 | 883,229
|  | 1,049,475 | 933,603
6. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £70,881 (2024: £85,799). Contributions totalling £nil (2024: £nil) were payable to the fund at the balance sheet date and are included in creditors.
7. | Related party transactions
| The Company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.
8. | Controlling party
The Company is a wholly owned subsidiary of Integral ILS Limited, a company incorporated in Bermuda. There is no ultimate controlling party. Page 5
INTEGRAL ILS RESEARCH LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 1 July 2026 by Ryan Swann BA FCA (Senior statutory auditor) on behalf of MHA.
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