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REGISTERED NUMBER: 01472537 (England and Wales)

| BURNETT & ASSOCIATES LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

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 |

| BURNETT & ASSOCIATES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | M M J R Sebastien

| L Higham

| REGISTERED OFFICE: | 3000 Lakeside Western Road

| North Harbour

| Portsmouth

| Hampshire

| PO6 3EN

| REGISTERED NUMBER: | 01472537 (England and Wales)

| AUDITORS: | MC Audit Limited

| Statutory Auditors

| Lake House

| 2 Port Way

| Port Solent

| Portsmouth

| Hampshire

| PO6 4TY

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 6 | 133,983 |  | 333,674 |  |

Cash at bank | 343,980 |  | 193,298 |  |

477,963 |  | 526,972 |  |

CREDITORS

Amounts falling due within one year | 7 | 33,814 |  | 36,131 |  |

NET CURRENT ASSETS | 444,149 |  | 490,841 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 444,149 |  | 490,841 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 71,473 |  | 71,473 |  |

Share premium | 26,000 |  | 26,000 |  |

Other reserves | 5,000 |  | 5,000 |  |

Retained earnings | 341,676 |  | 388,368 |  |

SHAREHOLDERS' FUNDS | 444,149 |  | 490,841 |  |

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

L Higham - Director

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Burnett & Associates 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.

| Burnett & Associates Limited provides insurance and warranty solutions to commercial and public sector organisations. Specialising in eduction, B2B, printing industry and insurance brokerage.

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.

| The following principal accounting policies have been applied:

| Related party exemption

| The company has taken advantage of the exemption available in accordance with section 33 of FRS102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.

| Going concern

| The financial statements have been prepared on a going concern basis. The Group's and Company's forecasts and projections taking account of reasonably possible changes in trading performance show that the Company should be able to operate within the level of its facilities.

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

| Foreign currency translation

| Functional and presentation currency

| The Company's functional and presentational currency is Great British Pound Sterling.

| Monetary amounts in these financial statements are rounded to the nearest Pound.

| 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. Nonmonetary 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.

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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; |  |

| • |  | reliably; and the stage of completion of the contract at the end of the reporting period can be measured |  |

| • |  | the costs incurred and the costs to complete the contract can be measured reliably. |  |

| Operating leases: the Company as lessee

| 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.

| Interest income

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

| Current and deferred taxation

| The tax expense for the year comprises current and deferred tax. 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.

| 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Intangible assets

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

| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| The estimated useful lives range as follows:

| Computer software |  | 3 - 7 years |  |

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Computer equipment |  | 3 - 7 years |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| At each reporting date, the entity assesses whether there is any indication that a tangible asset may be impaired. If such an indication exists, the recoverable amount of the asset is estimated, being the higher of fair value less costs to sell and value in use.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

| 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

| 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.

| 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.

| 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.

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | EMPLOYEES AND DIRECTORS

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

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2025 | 231,233 |  |

| Disposals | (231,233 | ) |

| At 31 December 2025 | - |  |

| AMORTISATION

| At 1 January 2025 | 231,233 |  |

| Eliminated on disposal | (231,233 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 6,426 |  |

| Disposals | (6,426 | ) |

| At 31 December 2025 | - |  |

| DEPRECIATION

| At 1 January 2025 | 6,426 |  |

| Eliminated on disposal | (6,426 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 100,000 |  | 300,000 |  |

| Other debtors | 33,983 |  | 33,674 |  |

133,983 |  | 333,674 |  |

BURNETT & ASSOCIATES LIMITED (REGISTERED NUMBER: 01472537) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| Amounts owed by group undertakings are unsecured carries no interest and are repayable on demand.

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

2025 | 2024 |

£ | £ |

| Trade creditors | 33 |  | 286 |  |

| Amounts owed to group undertakings | 2,339 |  | 9,891 |  |

| Taxation and social security | 21,058 |  | 15,584 |  |

| Other creditors | 10,384 |  | 10,370 |  |

33,814 |  | 36,131 |  |

| Amounts owed to group undertakings are unsecured carries no interest and are repayable on demand.

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 71,473 | Ordinary | £1 | 71,473 |  | 71,473 |  |

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

| The Report of the Auditors was unqualified.

| P Underwood (Senior Statutory Auditor)

| for and on behalf of MC Audit Limited

10. | FUNDS HELD ON BEHALF OF UNDERWRITERS

| The company operates bank accounts in respect of underwriting activities where it acts as an agent for insurers. The funds held within these accounts represent monies due to and from underwriters and policyholders and are not the assets of the company.

| As the company acts purely as agent in relation to these arrangements, these balances have not been recognised within the company’s balance sheet. At the year end, the total funds held in these accounts amounted to £336,358 (2024: £307,115).

| The company has no beneficial interest in these funds and they are held separately from the company’s own operating bank accounts.

11. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is SPB UK & Ireland Ltd, a company registered in England. Group accounts are prepared and can be obtained on request from the registered office. The registered address is 3000 Lakeside North Harbour, Western Road, Portsmouth, Hampshire, England, PO6 3EN.