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REGISTERED NUMBER: 07694062 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HERON FINANCIAL LIMITED

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| HERON FINANCIAL LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | M R Coulson

| P C S Brodnicki

| Ms E N M Burgaud Mccarthy

| REGISTERED OFFICE: | 207 Cardinal Point

| Park Road

| Rickmansworth

| Hertfordshire

| WD3 1RE

| REGISTERED NUMBER: | 07694062 (England and Wales)

| AUDITORS: | PKF Smith Cooper Audit Limited

| Prospect House

| 1 Prospect Place

| Pride Park

| Derby

| DE24 8HG

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 329,115 |  | 203,345 |  |

Tangible assets | 5 | 5,622 |  | 54,972 |  |

334,737 |  | 258,317 |  |

CURRENT ASSETS

Debtors | 6 | 551,501 |  | 1,140,619 |  |

Cash at bank | 7 | 254,565 |  | 267,249 |  |

806,066 |  | 1,407,868 |  |

CREDITORS

Amounts falling due within one year | 8 | (199,441 | ) | (595,723 | ) |

NET CURRENT ASSETS | 606,625 |  | 812,145 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 941,362 |  | 1,070,462 |  |

CREDITORS

Amounts falling due after more than one year | 9 | - |  | (180,273 | ) |

PROVISIONS FOR LIABILITIES | 12 | (353,962 | ) | (266,731 | ) |

NET ASSETS | 587,400 |  | 623,458 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 100 |  | 100 |  |

Retained earnings | 14 | 587,300 |  | 623,358 |  |

SHAREHOLDERS' FUNDS | 587,400 |  | 623,458 |  |

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 16 June 2026 and were signed on its behalf by:

M R Coulson - Director

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Heron Financial 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

| The financial statements are prepared in sterling (£) and rounded to the nearest (£), which is the functional currency of the Company.

| Significant judgements and estimates

| A provision is made for potential clawback of the companies income streams.

| Revenue recognition

| Turnover represents brokerage and fees, net of commission payable.

| Income relating to insurance broking is brought into account at the policy inception date. Where there is an expectation of future servicing requirements, a proportionate element of income relating to the policy is deferred to cover the associated contractual obligations. Provision is made for anticipated alterations in brokerage arising from returns, additional premiums and other adjustments.

| Fees and other income receivable are recognised in the period to which they relate.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Customer databases are being amortised evenly over their estimated useful life of ten years.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

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

| Motor vehicles |  | 20-25% on straight line |  |

| Computer equipment |  | 25% on cost |  |

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Operating leases

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

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| Pension costs and other post-retirement benefits

| 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.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| 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.

| 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 amortized cost using the effective interest method.

| Provisions for liabilities

| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

| Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

| Increases in provisions are generally charged as an expense to profit or loss.

| Interest income

| Interest income is recognised in profit or loss using the effective interest method.

| Finance costs

| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Borrowing costs

| All borrowing costs are recognised in profit or loss in the year in which they are incurred.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 35 (2024 - 31 ) .

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | INTANGIBLE FIXED ASSETS

| Customer |  | Computer |

| databases |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 25,000 |  | 223,156 |  | 248,156 |  |

| Additions | - |  | 192,240 |  | 192,240 |  |

| At 31 December 2025 | 25,000 |  | 415,396 |  | 440,396 |  |

| AMORTISATION

| At 1 January 2025 | 3,958 |  | 40,853 |  | 44,811 |  |

| Amortisation for year | 2,500 |  | 63,970 |  | 66,470 |  |

| At 31 December 2025 | 6,458 |  | 104,823 |  | 111,281 |  |

| NET BOOK VALUE

| At 31 December 2025 | 18,542 |  | 310,573 |  | 329,115 |  |

| At 31 December 2024 | 21,042 |  | 182,303 |  | 203,345 |  |

5. | TANGIBLE FIXED ASSETS

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 273,125 |  | 73,045 |  | 346,170 |  |

| Additions | - |  | 3,867 |  | 3,867 |  |

| Disposals | (158,905 | ) | - |  | (158,905 | ) |

| At 31 December 2025 | 114,220 |  | 76,912 |  | 191,132 |  |

| DEPRECIATION

| At 1 January 2025 | 218,153 |  | 73,045 |  | 291,198 |  |

| Charge for year | 19,362 |  | 194 |  | 19,556 |  |

| Eliminated on disposal | (125,244 | ) | - |  | (125,244 | ) |

| At 31 December 2025 | 112,271 |  | 73,239 |  | 185,510 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,949 |  | 3,673 |  | 5,622 |  |

| At 31 December 2024 | 54,972 |  | - |  | 54,972 |  |

| Included within tangible fixed assets are motor vehicles held under hire purchase contracts with a net book value of £1,949 (2024: £54,972).

| The depreciation charge for the year include £19,362 (2024 : £58,387) in respect of motor vehicles held under hire purchase contracts and £194 (2024 : £2,358) in respect of owned assets.

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Other debtors | 6,856 |  | 417,914 |  |

| Amounts due from group undertakings | 288,535 |  | - |  |

| Director's current account | 23,558 |  | 466,151 |  |

| Tax | 159,625 |  | 159,625 |  |

| Prepayments and accrued income | 72,927 |  | 96,929 |  |

551,501 |  | 1,140,619 |  |

| Included within debtors is an intercompany cash pooling balance. This arrangement attracts interest at a rate of 3.3% per year.

7. | CASH AT BANK

2025 | 2024 |

£ | £ |

| Cash in bank and in hand | 254,565 |  | 267,249 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 10) | - |  | 16,740 |  |

| Other loans (see note 10) | - |  | 109,496 |  |

| Hire purchase contracts (see note 11) | - |  | 56,172 |  |

| Trade creditors | 29,686 |  | 1,189 |  |

| Corporation tax | 31,421 |  | 234,008 |  |

| Social security and other taxes | 69,616 |  | 49,464 |  |

| Other creditors | 13 |  | 10,806 |  |

| Director's current account | - |  | 827 |  |

| Accruals and deferred income | 68,705 |  | 117,021 |  |

199,441 |  | 595,723 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 10) | - |  | 18,902 |  |

| Other loans (see note 10) | - |  | 157,067 |  |

| Hire purchase contracts (see note 11) | - |  | 4,304 |  |

- |  | 180,273 |  |

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | - |  | 16,740 |  |

| Other loans | - |  | 109,496 |  |

- |  | 126,236 |  |

| Amounts falling due between one and two years:

| Bank loans due between

| 1 & 2 years | - |  | 18,902 |  |

| Other loans due between 1 & 2 years | - |  | 118,290 |  |

- |  | 137,192 |  |

| Amounts falling due between two and five years:

| Other loans due between 2 & 5 years | - |  | 38,777 |  |

| The bank loan was fully repaid on 16 October 2025.

| The other loans were repaid on 30 June 2025.

11. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 56,172 |  |

| Between one and five years | - |  | 4,304 |  |

- |  | 60,476 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 73,188 |  | 44,626 |  |

| Between one and five years | 45,594 |  | 66,939 |  |

118,782 |  | 111,565 |  |

| During the year the company made payments of £29,768 (2024: £22,313) under non-cancellable operating leases.

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

12. | PROVISIONS FOR LIABILITIES

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Deferred tax |  |  | 6,041 |  |  | 19,003 |

| Other provisions |  |  | 347,921 |  |  | 247,728 |

|  | 353,962 |  |  | 266,731 |

| Deferred tax |  |

|  | £ |  |

| Balance at 1 January 2025 |  |  | 19,003 |  |

| Provided during year |  |  | (12,962 | ) |

| At 31 December 2025 |  |  | 6,041 |  |

| Other provisions |  |

|  | Clawback Provision |  |  | Procuration Reclaim |  | Total |  |

| £ |  |  | £ |  | £ |  |

| At 1 January 2025 |  | 219,514 |  | 28,214 |  | 247,728 |  |

| Additions |  | - |  | 41,381 |  | 41,381 |  |

| Released to profit and loss |  | 58,812 |  | - |  | 58,812 |  |

| At 31 December 2025 |  | 278,326 |  | 69,595 |  | 347,921 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | .10 | 100 |  | 100 |  |

14. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 623,358 |  |

| Profit for the year | 23,942 |  |

| Dividends | (60,000 | ) |

| At 31 December 2025 | 587,300 |  |

| Retained earnings include all current and prior period profits and losses. These relate to distributable reserves.

| HERON FINANCIAL LIMITED (REGISTERED NUMBER: 07694062) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| The Auditors' Report was unqualified.

| The financial statements of the company for the year ended 30 November 2020, the comparative period, were unaudited.

| James Delve (Senior Statutory Auditor)

| for and on behalf of PKF Smith Cooper Audit Limited

16. | PENSION COMMITMENTS

| The Company operates a defined contribution 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 £62,852 (2024: £54,672). Contributions totalling £5,748 (2024: £5,171) were payable to the fund at the balance sheet date and are included in creditors.

17. | RELATED PARTY DISCLOSURES

| 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.