REGISTERED NUMBER: 07349131 (England and Wales)

MERS INS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

DIRECTORS:

Mr M Woods

Mr R Dornan

REGISTERED OFFICE:

Pendeford House

Pendeford Business Park

Overstrand

Wolverhampton

West Midlands

WV9 5AP

REGISTERED NUMBER:

07349131 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year in review continues to be that of a holding company and the wider group activities continue to be acting as an Insurance Intermediary selling personal line insurance, predominantly motor, to the general public.

Our ongoing commitment is to be a customer centric organisation. In order to support and enhance our customer journey this year, the directors have focussed on harnessing technology to develop and implement customer portals. These portals allow customers greater flexibility to transact with us at times to suit them and their personal circumstances. Efficiencies have been optimised at every given opportunity, to ensure that manpower is located where the customers need it most which helps guide them and help them achieve great outcomes with a strong focus on first call resolution.

The leadership team continues to mature following earlier focus on recruitment, the benefits of which become more evident by the delivery of projects on a more agile basis. These in turn support the short, medium and long-term objectives of the group.

However, it is always pleasing to report that this year saw the company deliver further improvements in customer loyalty as well as writing a balanced book in soft market conditions. This long-term, prudent approach will protect the longevity of its insurer panel and underwriting performance.

The group was solvent and compliant with FCA regulations throughout the year and at 31 December 2023.

Looking ahead, the group will seek to optimise its existing expertise to expand the business model into new and emerging sectors and grow by acquisition, where it is felt this will be of benefit to our customer base. The group forecasts growth in profit for the next financial year as the market continues to adjust and stabilise post-pandemic and significant regulatory changes become embedded across the insurance industry.

PRINCIPAL RISKS AND UNCERTAINTIES

Given the systemic nature and impact of Covid 19 it has, and continues to produce globally challenging market conditions.

As with previous years, the principal uncertainty that the group faces is the vagaries of the insurance market. This external challenge is always present across the market and is therefore always a risk to general market forces and trends.

The directors are of the opinion that beyond those noted above, there are no additional risks attributable to the group which need to be highlighted other than normal commercial risks.

Risks to the business are reported and reviewed at regular meetings of the directors and risk mitigation strategies implemented as appropriate.

ON BEHALF OF THE BOARD:

Mr M Woods - Director

16 July 2026

The directors present their report and the financial statements for the year ended 31 December 2021.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr M Woods

Mr R Dornan

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Woods - Director

16 July 2026

Opinion

We have audited the financial statements of Mers Ins Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:

- Revenue recognition;

- Management override of controls;

- Management bias in accounting estimates and judgements; and

- Non-disclosure of transactions and balances with related parties.

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;

- Documentation of the invoice recording processes and agreement of a sample of income from source to the nominal entries;

- Review and challenging of journal entries, in particular unusual transactions and account combinations;

- Challenging of assumptions and judgements made by management in their assessment of significant accounting estimates;

- Review of the list of related parties, discussion with management and review of the records of account; and

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Nigel Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

16 July 2026

TURNOVER

3

8,521,036

8,225,257

Administrative expenses

8,555,876

8,342,917

OPERATING LOSS

5

(34,840

)

(117,660

)

Interest receivable and similar income

19,575

19,857

(15,265

)

(97,803

)

Interest payable and similar expenses

6

8,925

11,723

LOSS BEFORE TAXATION

(24,190

)

(109,526

)

Tax on loss

7

58,845

21,576

LOSS FOR THE FINANCIAL YEAR

(83,035

)

(131,102

)

Retained earnings at beginning of year

1,436,459

1,567,561

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

1,353,424

1,436,459

Loss attributable to:

Owners of the parent

(83,035

)

(131,102

)

FIXED ASSETS

Intangible assets

9

2,109,833

1,840,061

Tangible assets

10

65,161

112,068

Investments

11

-

-

2,174,994

1,952,129

CURRENT ASSETS

Debtors

12

4,608,560

4,140,087

Cash at bank

522,287

578,701

5,130,847

4,718,788

CREDITORS

Amounts falling due within one year

13

5,937,535

5,220,304

NET CURRENT LIABILITIES

(806,688

)

(501,516

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,368,306

1,450,613

PROVISIONS FOR LIABILITIES

15

4,882

4,154

NET ASSETS

1,363,424

1,446,459

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Retained earnings

17

1,353,424

1,436,459

SHAREHOLDERS' FUNDS

1,363,424

1,446,459

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

Mr R Dornan - Director

Mr M Woods - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

3,830,601

3,830,601

3,830,601

3,830,601

CURRENT ASSETS

Cash at bank

200

368

CREDITORS

Amounts falling due within one year

13

3,678,306

3,678,474

NET CURRENT LIABILITIES

(3,678,106

)

(3,678,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

152,495

152,495

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Retained earnings

142,495

142,495

SHAREHOLDERS' FUNDS

152,495

152,495

Company's profit for the financial year

-

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

Mr R Dornan - Director

Mr M Woods - Director

Cash flows from operating activities

Cash generated from operations

1

540,472

911,202

Interest paid

(6,896

)

(5,266

)

Interest element of hire purchase payments paid

(2,029

)

(6,457

)

Tax paid

(13,472

)

(88,704

)

Net cash from operating activities

518,075

810,775

Cash flows from investing activities

Purchase of intangible fixed assets

(528,000

)

(528,000

)

Purchase of tangible fixed assets

(25,349

)

(39,448

)

Interest received

19,575

19,857

Net cash from investing activities

(533,774

)

(547,591

)

Cash flows from financing activities

Capital repayments in year

(40,715

)

(40,173

)

Amount introduced by directors

528,000

528,000

Amount withdrawn by directors

(528,000

)

(528,000

)

Net cash from financing activities

(40,715

)

(40,173

)

(Decrease)/increase in cash and cash equivalents

(56,414

)

223,011

Cash and cash equivalents at beginning of year

2

578,701

355,690

Cash and cash equivalents at end of year

2

522,287

578,701

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(24,190

)

(109,526

)

Depreciation charges

330,484

264,724

Finance costs

8,925

11,723

Finance income

(19,575

)

(19,857

)

295,644

147,064

(Increase)/decrease in trade and other debtors

(468,473

)

573,443

Increase in trade and other creditors

713,301

190,695

Cash generated from operations

540,472

911,202

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

522,287

578,701

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

578,701

355,690

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

578,701

(56,414

)

522,287

578,701

(56,414

)

522,287

Debt

Finance leases

(40,715

)

40,715

-

(40,715

)

40,715

-

Total

537,986

(15,699

)

522,287

1.	STATUTORY INFORMATION

Mers Ins 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents net retained brokerage, commissions and charges earned during the year for insurance services rendered. Brokerage, commissions and charges are taken to the profit and loss account at the inception date of the policy. No provision is made for adjustments to brokerage which may arise from future events such as policy cancellation, extention or amendment as these adjustments are considered to be immaterial.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intellectual property

Intellectual property is initially measured at cost. After initial recognition intellectual property is measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual property is being amortised evenly over its estimated useful life of ten years.

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.

Computer equipment

-

at varying rates on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Insurance debtors and creditors

The company acts as agent in broking the insurable risks of clients and is not liable as a principle for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed a generally accepted accounting practice for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself.

In the ordinary course of insurance broking business, settlement is required to be made with insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which they represent.

In accordance with FRS 102, assets and liabilities may not be offset unless net settlement is legally enforceable. Accordingly, insurance debtors and creditors are shown gross within these financial statements.

Consolidation

The consolidated group financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies.Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over a maximum of 20 years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

Turnover arises from net insurance brokerage, commissions and charges. The whole turnover is from activities undertaken in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,308,064

2,641,812

Social security costs

243,516

235,786

Other pension costs

81,426

82,268

2,633,006

2,959,866

The average number of employees during the year was as follows:

2025

2024

Directors

2

2

Accounts, administration and other

25

53

Technical

45

29

72

84

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Other operating leases

183,401

183,054

Depreciation - owned assets

32,452

19,492

Depreciation - assets on hire purchase contracts

39,804

39,804

Goodwill amortisation

132,428

132,428

Intellectual property amortisation

125,800

73,000

Auditors' remuneration

27,604

27,918

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

6,896

5,266

Hire purchase interest

2,029

6,457

8,925

11,723

7.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

58,117

13,532

Deferred tax

728

8,044

Tax on loss

58,845

21,576

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(24,190

)

(109,526

)

Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 19 %)

(6,048

)

(20,810

)

Effects of:

Expenses not deductible for tax purposes

(1,319

)

(1,579

)

Depreciation in excess of capital allowances

76,898

52,825

Finance lease repayments

(10,686

)

(8,860

)

enhanced deductions - current

enhanced deductions - prior

Total tax charge

58,845

21,576

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.	INTANGIBLE FIXED ASSETS

Group

Intellectual

Goodwill

property

Totals

£

£

£

COST

At 1 January 2025

2,648,553

1,258,000

3,906,553

Additions

-

528,000

528,000

At 31 December 2025

2,648,553

1,786,000

4,434,553

AMORTISATION

At 1 January 2025

1,853,992

212,500

2,066,492

Amortisation for year

132,428

125,800

258,228

At 31 December 2025

1,986,420

338,300

2,324,720

NET BOOK VALUE

At 31 December 2025

662,133

1,447,700

2,109,833

At 31 December 2024

794,561

1,045,500

1,840,061

10.	TANGIBLE FIXED ASSETS

Group

Computer

equipment

£

COST

At 1 January 2025

1,666,971

Additions

25,349

At 31 December 2025

1,692,320

DEPRECIATION

At 1 January 2025

1,554,903

Charge for year

72,256

At 31 December 2025

1,627,159

NET BOOK VALUE

At 31 December 2025

65,161

At 31 December 2024

112,068