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REGISTERED NUMBER: 03106533 (England and Wales)

| NOVITAS UNDERWRITING AGENCY LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 OCTOBER 2025 |

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 OCTOBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

NOVITAS UNDERWRITING AGENCY LIMITED

COMPANY INFORMATION

for the Year Ended 31 OCTOBER 2025

| DIRECTORS: | M J Daly

| R Mitchell

| P D Daly

| S Forrester

| SECRETARY: |

| REGISTERED OFFICE: | 167 Turners Hill

| Cheshunt

| Hertfordshire

| EN8 9BH

| REGISTERED NUMBER: | 03106533 (England and Wales)

| AUDITORS: | Brindley Millen Limited

| Statutory Auditors

| 167 Turners Hill

| Cheshunt

| Hertfordshire

| EN8 9BH

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

BALANCE SHEET

31 OCTOBER 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 65 |  | 705 |  |

CURRENT ASSETS

Debtors | 5 | 433,993 |  | 608,479 |  |

Cash at bank | 1,419,796 |  | 1,786,300 |  |

1,853,789 |  | 2,394,779 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,336,001 |  | 1,733,374 |  |

NET CURRENT ASSETS | 517,788 |  | 661,405 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 517,853 |  | 662,110 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 50,000 |  | 50,000 |  |

Capital redemption reserve | 25,000 |  | 25,000 |  |

Retained earnings | 442,853 |  | 587,110 |  |

SHAREHOLDERS' FUNDS | 517,853 |  | 662,110 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2026 and were signed on its behalf by:

M J Daly - Director

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| Novitas Underwriting Agency Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 25% on reducing balance

| Computer equipment | - | 33% on cost

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

| Research and development

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

| Pension costs and other post-retirement benefits

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

| Debtors

| Trade and other debtors are recognised at the settlement amounts. Prepayments are valued at the amount prepaid

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Cash at bank and in hand

| Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations

| Creditors

| Creditors are recognised where the company has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 6 (2024 - 6 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024

| and 31 October 2025 | 3,559 |  | 35,766 |  | 39,325 |  |

| DEPRECIATION

| At 1 November 2024 | 3,479 |  | 35,141 |  | 38,620 |  |

| Charge for year | 40 |  | 600 |  | 640 |  |

| At 31 October 2025 | 3,519 |  | 35,741 |  | 39,260 |  |

| NET BOOK VALUE

| At 31 October 2025 | 40 |  | 25 |  | 65 |  |

| At 31 October 2024 | 80 |  | 625 |  | 705 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade debtors | 433,993 |  | 608,479 |  |

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade creditors | 2,686 |  | 2,679 |  |

| Insurer's control | 812,963 |  | 1,109,104 |  |

| Amounts owed to group undertakings | 389,300 |  | 389,300 |  |

| Social security and other taxes | 6,523 |  | 10,258 |  |

| Other creditors | 18,729 |  | 43,814 |  |

| Accrued expenses | 105,800 |  | 178,219 |  |

1,336,001 |  | 1,733,374 |  |

NOVITAS UNDERWRITING AGENCY LIMITED (REGISTERED NUMBER: 03106533)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 OCTOBER 2025

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.10.25 |  | 31.10.24

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Maurice Brindley FCA (Senior Statutory Auditor)

| for and on behalf of Brindley Millen Limited

9. | RELATED PARTY DISCLOSURES

| 2025 2024

| Balance due to holding company 389,300 389,300

10. | ULTIMATE CONTROLLING PARTY

| The controlling party is M J Daly.

11. | ULTIMATE PARENT COMPANY

| The company is a subsidiary of Daly Holdings Limited. The ultimate parent company is MJD Corporate Holdings Limited.