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Registered number: 10449346
PIKL INSURANCE SERVICES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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PIKL INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 10449346
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors due after more than 1 year
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Debtors due within 1 year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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PIKL INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 10449346
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2026.
The notes on pages 4 to 15 form part of these financial statements.
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PIKL INSURANCE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Shared based payment charge
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Total transactions with owners
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At 1 January 2025 (as restated)
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Shared based payment charge
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Total transactions with owners
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The notes on pages 4 to 15 form part of these financial statements.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Pikl Insurance Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10449346. The registered office is Suite B 2nd Floor The Atrium, St Georges Street, Norwich, NR3 1AB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company has elected to early adopt Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs - Period Review 2024.
The following material accounting policies have been applied:
The company is in the process of a fundraise with terms currently being agreed with prospective shareholders. The directors are confident that the fundraise will be successful, which the Company may be reliant on to continue trading for twelve months from approval of the financial statements. On this basis the directors consider that the Company is a going concern.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Company recognises revenue from the following major sources:
Provision of services
The nature, timing of performance obligations and significant payment terms of the Company's major sources of revenue are as follows:
Provision of services
The Company are in the business of insurance brokerage. Contracts for the provision of services generally contain a single performance obligation, being brokering an insurance policy. The performance obligation is considered to be met at the date the underlying insurance policy takes effect. This is when the revenue is recognised. No credit terms are offered to customers.
The transaction price is determined based on the consideration to which the Company expects to be entitled and includes variable consideration only to the extent that it is highly probable that a significant reversal of cumulative revenue recognised will not occur.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally generated intangible asset arising from the development of computer software is recognised if, and only if, all the following conditions have been demonstrated:
• The technical feasibility of completing the asset so that it will be available for use or sale.
• The intention to complete the asset and to use or sell it.
• The ability to use or sell the asset.
• How the asset will generate future economic benefits.
• The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset; and
• The ability to measure reliably the expenditure attributable to the asset during its development.
The amount initially recognised is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above and is classified as an asset under construction. Where no internally generated asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.
Internally generated intangible assets are not amortised in the period subsequent to initial recognition but before they are ready to use. Amortisation commences when they are ready for use as intended by management. They are then reported at costs less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Internally generated intangible assets are amortised on a straight line basis over their estimated useful life of 3 years.
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:
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Long-term leasehold property
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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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation (continued)
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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. Non-monetary 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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Monetary amounts in these financial statements are rounded to the nearest £1.
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Current and deferred taxation
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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 corporation 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.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its obtainable borrowing rate. The obtainable borrowing rate has been calculated as the rate at which the Company could borrow a similar amount over a similar period under similar terms from its current lender.
Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives. The lease liability is included in 'Creditors' on the Balance Sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The comparative figures in these financial statements are presented under FRS 102 (January 2022), meaning such lease contracts were previously accounted for as follows:
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 lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Defined contribution pension plan
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.
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight-line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
Contract costs give rise to assets recognised which consist of:
• Costs to obtain – incremental fees for obtaining new business. These costs are spread, on a systematic basis that is consistent with the transfer to the customer of the services to which the asset relates, over the average life of the relationship with the customer.
Contract costs are presented within ‘Other Debtors’ when recognised in the Balance Sheet.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The average monthly number of employees, including directors, during the year was 49 (2024 - 39).
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Assets under construction
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Charge for the year on owned assets
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Impact of change in accounting policy
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At 1 January 2025 (adjusted balance)
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The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
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Tangible fixed assets owned
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Right-of-use tangible fixed assets
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Information about right-of-use assets is summarised below:
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Pikl Underwriting Limited
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Suite B 2nd Floor The Atrium, St. Georges Street, Norwich, England, NR3 1AB
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Pikl Technology Services Inc
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228 East 45th Street, Suite 9e, New York, NY10017, United States of America
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Bank loans and overdrafts
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Amounts owed to subsidiaries
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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There are no amounts payable wholly or in part later than five years.
Lease liabilites include a leased building. This lease is for 5 years with no break clause or rent-free incentives. The lease liability has been calculated using the Company's obtainable borrowing rate. The obtainable borrowing rate has been calculated as the rate at which the Company could borrow a similar amount over a similar period under similar terms from its current lender, being 7.91%.
Lease liabilities are secured on the assets to which they relate.
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Charged to profit or loss
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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The directors consider the expected reversal of deferred tax assets to fall after more than 1 year due to the expected timing of future taxable profits.
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Allotted, called up and fully paid
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4,004,530 (2024 - 3,190,000) Ordinary shares of £0.0001 each -
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During the year 814,530 Ordinary shares of £0.0001 each were issued and paid at premium for cash consideration.
Share premium account
The share premium account represents the excess of the amount paid on the issuing of shares over the nominal value of the shares issues.
Other reserves
Other reserves represents the share-based payment reserve which is the cumulative movement of the equity-based share options.
Profit and loss account
The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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31 March 2020 to 29 August 2025
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During the year ended 31 December 2025, no options were excercised. The fair value of options at the grant date was valued using the Black Scholes methodology. The key assumption impacting the share-based payment charge for the year is the staff attrition rate.
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Weighted average exercise price (pence)
2025
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Weighted average exercise price
(pence)
2024
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Outstanding at the beginning of the year
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Cancelled during the year
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Outstanding at the end of the year
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Shares not exercisable at end of the year
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The share based payment charge recognised in the year to 31 December 2025 was £107,530 (2024 as restated: £5,642 credit).
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The Directors identified that the share based payment expense recorded in 2024 was calculated using an incorrect market value for the underlying shares. This has been corrected, which has affected the following financial statement lines:
Decrease to administrative expenses £66,266
Decrease to share based payment reserve £66,266
The Company operates a defined contributions 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 £66,697 (2024: £47,566). Contributions totalling £19,323 (2024: £9,629) were payable to the fund at the balance sheet date and are included in creditors.
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PIKL INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
During the year, the company purchased services totalling £124,480 (2024: £50,732) from entities which have a common director with the company.
At the year end, amounts totalling £12,463 (2024: £1,931) were included within trade creditors in respect of these transactions.
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Post balance sheet events
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On 20th March 2026 the Company issued 4,112 Ordinary shares for cash consideration of £12.16 per share.
On 6th July 2026 the Company issued 30,072 Ordinary shares for cash consideration of £12.16 per share.
On 8th May 2026 a new subsidiary of the Company was incorporated in the United States of America.
There is no single controlling party.
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