AUL Assurance Ltd

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13—16

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AUL Assurance Ltd

Strategic Report

For The Year Ended 31 December 2025

Strategic Report

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

Principal Activity

The company was licenced by the Bank of England to operate as a life assurance company in March 2022 but has not yet commenced operations.

Review of the Business

The company has not written any business in the period to the date of these financial statements but holds the minimum amount of regulatory capital required by its licence and is at an advanced stage of negotiation for the investment of additional capital which will enable it to commence activities. The company holds sufficient cash to meet its current liabilities without breaching its regulatory capital requirement.

Section 172(1) Statement

The directors acknowledge their obligation to act in good faith and promote the best interests of the company, its members and key stakeholders whilst at the same time meeting their wider social environmental and governance objectives and commitments.

On behalf of the board

Mr Manfred Maske

Director

6 July 2026

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AUL Assurance Ltd

Company No. 06606974

Directors' Report For The Year Ended 31 December 2025

Directors' Report

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

Directors

The directors who held office during the year were as follows:

Mr Simon Johnson	Resigned	27/10/2025
Mr Andrew Chamberlain	Resigned	10/05/2025
Ms Jane Kennedy
Mr Craig Scarr
Mr Graham Singleton
Mr Gower Wisdom	Resigned	27/10/2025
Mr Philip Willcock	Appointed	27/10/2025
Mr Manfred Maske	Appointed	27/10/2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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AUL Assurance Ltd

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, PKF Littlejohn LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Manfred Maske

Director

6 July 2026

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Independent Auditor's Report

to the Members of

AUL Assurance Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of AUL Assurance Ltd for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(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 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 the provisions available for small entities, in the circumstances set out in note 12 to the financial statements, 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.

Material Uncertainty related to Going Concern

We draw attention to note 2.2 in the financial statements, which explains that the company has not yet commenced trading and is currently dependent on financial support from its parent company to meet ongoing costs and regulatory capital requirements. The parent company has indicated its intention to continue providing such support, however it is currently in discussions with potential capital providers, and no agreement has yet been finalised. As stated in note 2.2, these conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Independent Auditor's Report (continued)

to the Members of

AUL Assurance Ltd

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. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 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 offinancial 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.

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Independent Auditor's Report (continued)

to the Members of

AUL Assurance Ltd

Auditor's 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 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:

- We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, and experience of the sector

- We determined the principal laws and regulations relevant to the company in this regard to be those arising from PRA Rules, and the Companies Act 2006.

- We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to enquiries of management, and a review of directors' board minutes.

- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals and preliminary and final analytical review.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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 that we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor's Report (continued)

to the Members of

AUL Assurance Ltd

James Wilkinson (Senior Statutory Auditor)

for and on behalf of PKF Littlejohn LLP , Statutory Auditor

7 July 2026

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AUL Assurance Ltd

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
Administrative expenses		(144,024 )	(151,219 )
Other operating income		500	-

OPERATING LOSS		(143,524 )	(151,219 )
Other interest receivable and similar income	6	143,524	166,484

PROFIT BEFORE TAXATION		-	15,265
Tax on Profit	7	-	(974 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		-	14,291

The notes on pages 13 to 16 form part of these financial statements.

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AUL Assurance Ltd

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	-	14,291
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	14,291

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AUL Assurance Ltd

Balance Sheet

As At 31 December 2025

Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	8		435		-

			435		-
CURRENT ASSETS
Debtors	9	116,083		193,189
Cash at bank and in hand		3,156,033		3,069,686

		3,272,116		3,262,875
Creditors: Amounts Falling Due Within One Year	10	(44,650 )		(34,974 )

NET CURRENT ASSETS (LIABILITIES)			3,227,466		3,227,901

TOTAL ASSETS LESS CURRENT LIABILITIES			3,227,901		3,227,901

NET ASSETS			3,227,901		3,227,901

CAPITAL AND RESERVES
Called up share capital	11		3,224,500		3,224,500
Other reserves			15,356,996		15,356,996
Profit and Loss Account			(15,353,595 )		(15,353,595 )

SHAREHOLDERS' FUNDS			3,227,901		3,227,901

On behalf of the board

Mr Manfred Maske

Director

6 July 2026

The notes on pages 13 to 16 form part of these financial statements.

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AUL Assurance Ltd

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Other reserves	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2024	3,224,500	15,356,996	(15,367,886 )	3,213,610
Profit for the year and total comprehensive income	-	-	14,291	14,291

As at 31 December 2024 and 1 January 2025	3,224,500	15,356,996	(15,353,595 )	3,227,901


Profit for the year and total comprehensive income	-	-	-	-

As at 31 December 2025	3,224,500	15,356,996	(15,353,595 )	3,227,901

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AUL Assurance Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

AUL Assurance Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06606974 . The registered office is 37 Chamberlain Street, Wells, Somerset, BA5 2PQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

33% straight line

2.3. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.4. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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AUL Assurance Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024
	£	£
Other operating income	500	-

	500	-

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	38,400	30,000

5. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

6. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest income	133,367	156,582
Other interest income	10,157	9,902

	143,524	166,484

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AUL Assurance Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

7. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	19.0%	19.0%	-	974


Total tax charge for the period			-	974

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

	2025	2024
	£	£
Profit before tax	-	15,265

Tax on profit at 19% (UK standard rate)	-	2,900
Expenses not deductible for tax purposes	-	143
Tax losses utilised	-	(2,069 )

Total tax charge for the period	-	974

8. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2025	-
Additions	649

As at 31 December 2025	649

Depreciation
As at 1 January 2025	-
Provided during the period	214

As at 31 December 2025	214

Net Book Value
As at 31 December 2025	435

As at 1 January 2025	-

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AUL Assurance Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	115,344	192,428
Other debtors	739	761

	116,083	193,189

Amounts owed by group undertakings includes a loan of £200,000 made to the parent company in the previous financial period which was partially repaid during this period. The parent company's ability to repay the loan is dependent on its ability to continue to raise additional capital but the directors have carried out an assessment of the loan's recoverability based on information received from the directors of the parent company and consider that it is likely to be repaid in full and that no provision for impairment is required.

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Corporation tax	-	974
Accruals and deferred income	44,650	34,000

	44,650	34,974

11. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
3,224,500 Ordinary Shares of £ 1.00 each	3,224,500	3,224,500

12. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

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