The directors present the strategic report for the year ended 31 December 2025.

The directors consider the profit achieved on ordinary activities before taxation to be satisfactory. The company is adequately placed to take advantage of business opportunities, and the directors consider the state of affairs to be satisfactory.

The key financial highlights are as follows:

The company’s EBITDA margin increased from 70% in 2024 to 101% in the current year. This increase was primarily driven by dividend income from the investments and fair value gains. Profit before tax exceeded turnover during the year primarily due to interest receivable and other non-operating gains recognised in the period .

The company continues to be exposed to the competitive pressures that are common across most areas of the insurance market including intensified competition within the market from other broking houses. However, the company is fortunate in that it operates in a very niche market.

The company maintains supportive relationships with its insurers to ensure competitiveness in its broking activities. The company further manages these risks by providing added value services to its customers and maintains strong relationships with customers and insurers.

The company has effective credit control and cancellation procedures in place to minimise credit risks.

The company's risk to currency is limited as the majority of the transactions are in GBP.

Financial risk management

The company's principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to finance the company's trading activities.

Due to the nature of the financial instruments used there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is described below.

In respect of bank balances, the liquidity risk is managed by maintaining sufficient balances in liquid form for the immediate and future needs of the company.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Non-financial key performance indicators

The directors believe that the use of non-financial KPI's is not necessary for an understanding of the results and operations of the business.

Future developments

The directors expect to maintain their position in the market and continue to strive for new business growth.

Section 172 (1) of the Companies Act 2006 requires that each director of a company must act in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole.

The company has clients from all around the world who own buildings and vehicles in the UK. The company provides business critical services to its clients, often in highly regulated environments. The company has a strategy to prioritise organic growth by cross-selling and up-selling services to existing clients and bringing new clients by recommendations. To do this, the company develops and maintains strong client relationship by ensuring there is always someone available to its clients 7 days a week therefore offering that extra value added services.

The company is committed to being a responsible business. This behaviour is aligned with the expectations of our employees, clients, suppliers, communities and society as a whole. Employees are at the heart of the company and its extra value added services. For the business to succeed the company needs to manage its employees performance and development and bring through talent while ensuring it operates as efficiently as possible. The company must ensure it shares common values that inform and guide its behaviour so it achieves its goals in the right way.

The company's suppliers are various insurance companies. As the company grows it is vital they value their suppliers and have good relationship including paying the suppliers on time.

The company recognises the importance of identifying and managing climate‑related risks and opportunities relevant to its insurance broking activities.

Governance

Oversight of climate‑related matters rests with the board of directors. Climate considerations are reviewed as part of routine discussions on market conditions, regulatory developments, and operational resilience.

Risk Identification and Management

Climate‑related risks are monitored through changes in insurer capacity and pricing, regulatory expectations, and client exposure trends. These risks are managed through ongoing client engagement, market analysis, and maintaining a diversified panel of insurers.

Integration into Risk Management

Climate‑related factors form part of the company’s wider risk management framework, particularly in relation to business continuity, professional risk exposure, and the stability of insurance markets relied upon for client placements.

Principal Risks and Opportunities

Key risks include shifts in insurer appetite, increased premiums in climate‑exposed sectors, and potential operational disruption from extreme weather. Opportunities arise from advising clients on emerging climate‑related risks and offering products aligned with sustainability and resilience.

Time Horizons

Risks and opportunities are assessed over the short to medium term in line with the company’s planning and regulatory cycles.

Resilience

The directors consider the business model to be resilient, supported by strong insurer relationships, adaptable advisory services, and robust operational processes.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the Annual Report 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). 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 of the profit or loss of the company 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;

• state whether applicable UK standards, including FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements : and

• 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

We have audited the financial statements of General Insurance Brokers (UK) Plc (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2025 and of its profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors, key management personnel and from our commercial knowledge and experience.

• we focused on specific laws and regulations which we considered may have a direct effect on the financial statements or the operations of the company including the Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, employment and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we have;

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the any accounting estimates were indicative of potential bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains and losses other than those passing through the profit and loss account.

General Insurance Brokers (UK) Plc is a private company limited by shares incorporated in England and Wales. The registered office and the business office address is 90 Bishops Bridge Road, Bayswater, London, W2 5AA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents brokerage fee, commission and other fees receivable.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business as follows:

Turnover relating to insurance broking is recognised at the earlier of the policy inception date or when the policy placement has been completed and confirmed.

Fees and other income are recognised on a receivable basis for the period to which they relate.

Turnover relating to commission is recognised when it is received.

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

The costs of short-term employee benefits are recognised as a liability and an expense.

The company operates money purchase (defined contribution) pension schemes. Contributions made to these schemes are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the company's assets.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

The company makes an estimate of the recognition of accrued income. The company applies an average percentage based on client's knowledge of the industry to the outstanding amount of premiums received from customers as at the balance sheet date. Any significant change in the level of average percentage would have an impact on the operating results. The level of percentage applied is reviewed on an on-going basis.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Key management personnel of the company consists of its directors only.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The current asset investments are measured at fair value. During the year there was a fair value movement of £641,000 (2024: £71,975) through profit and loss account.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

A director holds the freehold title in respect of the company's property which is held on a long leasehold agreement. During the year ground rent of £2,000 (2024: £2,000) was paid to a director.

The company occupies a building owned by the directors and their immediate families. During the year rent of £30,000 (2024: £30,000) was paid to the directors and their close relatives.

Included in other creditors is an amount of £788 (2024: £404 debtor) due to a director of the company. Maximum amount due during the period was £51,034. Interest of £83 has been charged on the overdrawn balance during the year.

During the year the company paid consultancy fees of £2,243 (2024: £Nil) to a director.

The immediate parent company is General Insurance Brokers Holdings Limited which owns 100% of the shares and the ultimate parent company is SM UK Holdings Limited, which owns 65% of the issued share capital of the immediate parent company and both are registered in England and Wales. The registered office of the ultimate parent company is 90 Bishops Bridge Road, London, W2 5AA.

The company is ultimately controlled by the director, S Mirza.