Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

Marco Polsinelli
Christopher Critchlow
Erinlea Sheckler
Susan Hayward
John Frates

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
9 April 2026

And signed on behalf of the board by:
Name: Christopher Critchlow
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2025

	2025	2024
	£	£
Turnover:	38,172,364	32,752,503
Cost of sales:	( 11,616,944 )	( 10,427,938 )
Gross profit(or loss):	26,555,420	22,324,565
Distribution costs:	( 8,853,653 )	( 7,504,037 )
Administrative expenses:	( 10,823,772 )	( 11,903,414 )
Other operating income:	465,818	28,112
Operating profit(or loss):	7,343,813	2,945,226
Interest receivable and similar income:	1,687,337	1,628,152
Interest payable and similar charges:	0	0
Profit(or loss) before tax:	9,031,150	4,573,378
Tax:	( 3,256,517 )	( 2,634,540 )
Profit(or loss) for the financial year:	5,774,633	1,938,838

Balance sheet

As at 31 December 2025

	Notes	2025	2024
		£	£
Called up share capital not paid:		0	0
Fixed assets
Intangible assets:		0	0
Tangible assets:	3	172,413	129,522
Investments:	4	2,960,030	2,000,000
Total fixed assets:		3,132,443	2,129,522
Current assets
Stocks:		0	0
Debtors:	5	8,266,978	8,600,072
Cash at bank and in hand:		44,470,482	42,361,368
Investments:	6	31,508,918	25,539,867
Total current assets:		84,246,378	76,501,307
Prepayments and accrued income:		994,732	956,395
Creditors: amounts falling due within one year:	7	( 1,628,818 )	( 3,060,879 )
Net current assets (liabilities):		83,612,292	74,396,823
Total assets less current liabilities:		86,744,735	76,526,345
Creditors: amounts falling due after more than one year:		0	0
Provision for liabilities:		( 36,825,181 )	( 32,747,000 )
Accruals and deferred income:		( 2,783,200 )	( 2,392,246 )
Total net assets (liabilities):		47,136,354	41,387,099
Capital and reserves
Called up share capital:		330,000	330,000
Share premium account:		330,000	330,000
Other reserves:		8,425,662	8,451,040
Profit and loss account:		38,050,692	32,276,059
Total Shareholders' funds:		47,136,354	41,387,099

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets.

  Other accounting policies

  Classification of insurance contracts Recognition of premium income Acquisition costs Claims incurred Claims outstanding Investment property– Land and buildings Financial instruments including investments Investment Income Foreign currencies Leases Pension costs Taxation Investment in subsidiary Provisions Cash and short-term deposits

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	60	54