REGISTERED NUMBER: 00564536 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2026

FOR

J.B. BODA & CO. (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Statement of Cash Flows

10

Notes to the Financial Statements

11

DIRECTORS:

Mr A.D. Boda

Mr A. Dhanki

Mr G.B. Boda

Mr R A Boda

SECRETARY:

Mr A. Dhanki

REGISTERED OFFICE:

Muro

11th Floor

2 India Street

London

EC3N 2AF

REGISTERED NUMBER:

00564536 (England and Wales)

AUDITORS:

PSJ Alexander & Co

Chartered Accountants & Statutory Auditors

1 Doughty Street

London

WC1N 2PH

The directors present their strategic report for the year ended 31st March 2026.

THE COMPANY

J B Boda & Co. (UK) Ltd. is subsidiary of J B Boda Group, head quartered in Mumbai, India. It is a private company limited by shares, and is incorporated in England & Wales.The financial statements cover this company only, and have been prepared in GBP, and on the going concern basis.

PRINCIPAL ACTIVITY

The principal activity is that of reinsurance broking. The company's client base spreads across Asia, Africa, Caribbean and the Middle East, and its strategy continues to be the development of reinsurance business in these areas.

REVIEW OF BUSINESS

The company's key performance indicators are as follows:

2026

2025

£

£

Revenue

2,461,968

2,824,863

Expenses

2,458,808

2,650,456

Profit before tax

18,733

199,366

Net Assets

3,479,813

3,531,027

Dividends paid

50,000

50,000

Revenue per employee

273,552

282,486

Overall, revenue and expenses were in line with management's expectations. The reduction in brokerage income during the year was principally attributable to the general softening of insurance premium rates, which resulted in lower commission income on policies placed.

PRINCIPAL RISKS AND UNCERTAINTIES

Business Interruption Risk

Risk of business interruption due to natural, terrorist or market events is ever present. Appropriate IT systems are in place to secure data and ensure uninterrupted service to clients. Our IT systems and support continue to live to our expectations which has enabled us to maintain business continuity as normal.

Liquidity Risk

Managing this risk means maintaining sufficient cash and availability of adequate funding resources at all times. This is done by regular checks by the management.

Procedures are in place to closely monitor approved banks and fees and commissions received are withdrawn based on client money calculation in accordance with Financial Conduct Authority client money rules (CASS 5).

The Company is debt free and has adequate reserves that enables it to continue to smoothly operate as a going concern over short and medium term.

Currency Risk

As the Company's expenses are primarily in GBP and the majority of its income is in foreign currency (USD), it is exposed to exchange rate risk. In view of the small size of its business portfolio, the company does not deem it appropriate to use forward contracts and other derivatives to mitigate this risk.

Legal and Regulatory Risk

The Company has a large number of complex reinsurance contracts and is exposed to the risk of involvement in legal disputes arising out of alleged errors and omissions and non-compliance with regulations.

Directors are satisfied that adequate procedures are in place to avoid errors and omissions, and any non- compliance issues arising. These risks are appropriately insured.

Future Developments

The Directors believe in its future as an independent broker providing service with integrity to its clients who value its role as a trusted partner for best advice and service. The Board continues its quest to expand in countries where the company's niche expertise can be brought into play and to increase territorial diversification.

ON BEHALF OF THE BOARD:

Mr A. Dhanki - Director

21st August 2026

The directors present their report with the financial statements of the company for the year ended 31st March 2026.

DIVIDENDS

A final dividend of £50,000 was paid during the year (2024: £50,000)

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2025 to the date of this report.

Mr A.D. Boda

Mr A. Dhanki

Mr G.B. Boda

Mr R A Boda

GOING CONCERN

The directors have given due consideration to the going concern and liquidity risk guidance issued by the Financial Reporting Council and have assessed the risks and uncertainties likely to affect the company.

Following their assessment, the Directors have a reasonable expectation that the company has adequate resources to enable it to continue in existence for a period of at least 12 months from the date the financial statements are approved for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Accounting Standards 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, PSJ Alexander & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A. Dhanki - Director

21st August 2026

Opinion

We have audited the financial statements of J.B. Boda & Co. (UK) Limited (the 'company') for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, 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, 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 31st March 2026 and of its 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

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

-

we reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations that have a direct effect on the financial statements;

-

we enquired with the management team concerning actual and potential litigation and claims;

-

we performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

we reviewed correspondence with regulators for any instances of non-compliance with laws and regulations

-

we read minutes of meetings of those charged with governance;

-

we obtained an understanding of any provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

-

we addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

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 we are required to state to them in a Report of the Auditors 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.

Manesh Shah (Senior Statutory Auditor)

for and on behalf of PSJ Alexander & Co

Chartered Accountants & Statutory Auditors

1 Doughty Street

London

WC1N 2PH

21st August 2026

TURNOVER

3

2,461,968

2,824,863

Administrative expenses

2,378,529

2,650,456

83,439

174,407

Other operating income

422

-

OPERATING PROFIT

5

83,861

174,407

Interest receivable and similar income

15,151

24,959

99,012

199,366

Interest payable and similar expenses

6

80,279

-

PROFIT BEFORE TAXATION

18,733

199,366

Tax on profit

7

19,947

93,500

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,214

)

105,866

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,214

)

105,866

FIXED ASSETS

Owned

Tangible assets

9

411,478

430,043

Right-of-use

Tangible assets

9, 14

960,085

-

Investments

10

16,919

16,919

1,388,482

446,962

CURRENT ASSETS

Debtors

11

2,089,531

2,347,882

Cash at bank and in hand

1,295,566

1,318,454

3,385,097

3,666,336

CREDITORS

Amounts falling due within one year

12

247,315

364,228

NET CURRENT ASSETS

3,137,782

3,302,108

TOTAL ASSETS LESS CURRENT LIABILITIES

4,526,264

3,749,070

CREDITORS

Amounts falling due after more than one year

13

(941,451

)

(109,043

)

PROVISIONS FOR LIABILITIES

16

(105,000

)

(109,000

)

NET ASSETS

3,479,813

3,531,027

CAPITAL AND RESERVES

Called up share capital

17

1,005,378

1,005,378

Share premium

18

998

998

Retained earnings

18

2,473,437

2,524,651

SHAREHOLDERS' FUNDS

3,479,813

3,531,027

The financial statements were approved by the Board of Directors and authorised for issue on 21st August 2026 and were signed on its behalf by:

Mr A.D. Boda - Director

Mr A. Dhanki - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2024

1,005,378

2,468,785

998

3,475,161

Changes in equity

Dividends

-

(50,000

)

-

(50,000

)

Total comprehensive income

-

105,866

-

105,866

Balance at 31st March 2025

1,005,378

2,524,651

998

3,531,027

Changes in equity

Dividends

-

(50,000

)

-

(50,000

)

Total comprehensive income

-

(1,214

)

-

(1,214

)

Balance at 31st March 2026

1,005,378

2,473,437

998

3,479,813

Cash flows from operating activities

Cash generated from operations

22

312,548

65,787

Lease interest paid

(80,279

)

-

Tax paid

(10,747

)

(43,179

)

Net cash from operating activities

221,522

22,608

Cash flows from investing activities

Purchase of tangible fixed assets

(48,057

)

(421,789

)

Interest received

15,151

24,959

Net cash from investing activities

(32,906

)

(396,830

)

Cash flows from financing activities

Other loan repayments in year

423

4,524

Lease payments

(161,927

)

-

Equity dividends paid

(50,000

)

(50,000

)

Net cash from financing activities

(211,504

)

(45,476

)

Decrease in cash and cash equivalents

(22,888

)

(419,698

)

Cash and cash equivalents at beginning of year

23

1,318,454

1,738,152

Cash and cash equivalents at end of year

23

1,295,566

1,318,454

1.	STATUTORY INFORMATION

The Company is a private company limited by shares, registered in England and Wales and under the Companies Act 2006. The registered office address is Muro, 11th Floor 2 India Street, London EC3N 2AF.

The principal activity of the company during the year was that of reinsurance broking.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with FRS 102, including the amendments arising from the Financial Reporting Council's Periodic Review 2024, which the Company has elected to adopt before their mandatory effective date.

Early adoption of amendments to FRS 102

The Company has elected to early adopt the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland arising from the Financial Reporting Council's Periodic Review 2024.

The amendments adopted by the Company relate to:

-

Revenue recognition (Section 23), which introduces a five-step model for the recognition of revenue based on the transfer of control of goods and services to customers; and

-

Leases (Section 20), which introduces a single lessee accounting model requiring the recognition of right-of-use assets and corresponding lease liabilities for most lease arrangements.

The directors consider that the adoption of the amended requirements provides more relevant and reliable information to users of the financial statements by enhancing comparability with internationally recognised accounting practices and improving transparency over the Company's lease arrangements.

Impact of adoption of revised lease accounting requirements

The adoption of the revised revenue recognition requirements did not result in any changes to the timing or measurement of revenue recognised by the Company and therefore had no impact on the current or prior year financial statements.

The adoption of the revised lease accounting requirements resulted in the recognition of right-of-use assets of £1,017,393 (net of rent incentives as at 1 April 2025) and corresponding lease liabilities of £1,220,221 in respect of leases previously accounted for as operating leases.

Comparative information has not been restated on adoption of the amended lease accounting requirements. The amendments have been applied in accordance with the transition provisions of FRS 102.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about estimation uncertainties that may have a significant risk of resulting in a material adjustment within the next financial year are:

Tangible fixed assets - the residual values of the fixed assets (excluding land) are reviewed annually after considering the remaining life of the asset and projected disposal values. The estimation of the useful lives is based on historic performance as well as expectation about future use and, therefore, requires a degree of judgement to be applied. The depreciation rates represent management's current best estimate of the useful lives of the assets. A material change in these estimates may significantly impact the carrying values of these assets.

The company has had very little experience of bad debts due to the nature of its customers but its judgement that credit risk is low is also a significant estimate.

Turnover

Revenue comprises brokerage, commission and fees earned from the arrangement of insurance policies and the provision of related services.

The Company applies the following five-step model:

1. identify the contract with the customer;

2. identify the performance obligations in the contract;

3. determine the transaction price;

4. allocate the transaction price to the performance obligations; and

5. recognise revenue when, or as, the performance obligations are satisfied.

Revenue is recognised when the Company satisfies its performance obligations under contracts with customers. Commission revenue from the arrangement of insurance policies is recognised when the related performance obligation has been satisfied, which is generally the effective date of the insurance policy, provided that the Company is entitled to the commission, it is probable that the economic benefits will flow to the Company and the amount of revenue can be reliably measured.

Revenue is measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to customers, excluding amounts collected on behalf of third parties, discounts, rebates, value added tax and other sales taxes.

Where consideration is variable, including commission arrangements subject to cancellation or clawback provisions, revenue is recognised only to the extent that it is highly probable that a significant reversal of revenue will not occur.

Representation fees are recognised over the period in which the related services are provided, as the Company satisfies its performance obligations over time.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

The Company assesses whether a contract is, or contains, a lease at the inception of the contract.

The Company recognises a right-of-use asset and a corresponding lease liability for all lease arrangements 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, lease payments are recognised as an operating expense on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern in which the economic benefits from the leased asset are consumed.

Lease liabilities

The lease liability is initially measured at the present value of lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease. Where that rate cannot be readily determined, the Company uses its incremental borrowing rate.

The incremental borrowing rate represents the rate of interest that the Company would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

Lease payments included in the measurement of the lease liability comprise fixed lease payments, including in-substance fixed payments, less any lease incentives receivable.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest accrued on the liability and reducing the carrying amount to reflect lease payments made.

Lease liabilities are presented separately within creditors in the Statement of Financial Position.

Right-of-use assets

Right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs incurred.

Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset. Where ownership of the underlying asset transfers to the Company by the end of the lease term, or where the Company is reasonably certain to exercise a purchase option, the asset is depreciated over its useful economic life.

Depreciation commences from the commencement date of the lease.

Right-of-use assets are presented within tangible fixed assets in the Statement of Financial Position.

The Company reviews right-of-use assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

As a practical expedient, the Company does not separate non-lease components from lease components and instead accounts for lease and associated non-lease components as a single lease arrangement where permitted.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are carried at market value, based on the the value the shares are being traded on quoted exchanges.

Insurance broking assets

The company acts as agent in broking insurable risks of clients. In carrying out this act the Company holds balances on behalf of clients and insurance companies. The company co-mingles monies defined as belonging to clients and monies defined as belonging to insurer in segregated bank accounts that are subject to either a statutory or a non-statutory trust.

Notwithstanding the legal relationship with clients and insurance companies, the Company has followed the recognition criteria of FRS 102 by not recognising gross assets, gross creditors and cash relating to insurance business on its Statement of Financial Position. Instead these balances are disclosed in the notes to the accounts, and the Statement of Financial Position shows the Net insurance balances (note 11) payable to the Company.

Provisions

Provisions for dilapidation and reinstatement costs in respect to leased properties are recognised when the Company has a legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and a reliable estimate of the amount can be made.

The carrying amount of any provision is reviewed at each reporting date and adjusted to reflect management's current best estimate. Estimates are initially based on the appropriate reports from independent quantity surveyors and are annually revised to reflect inflationary and other changes by management. Changes in provisions are recognised in profit or loss for the period, except where they relate to the initial recognition of a related asset, in which case they are added to the carrying amount of the asset and depreciated over its useful life or the remaining lease term, whichever is shorter.

Going concern

The directors gave due consideration to the going concern and liquidity risk guidance issued by the Financial Reporting Council and have assessed the risks and uncertainties likely to affect the company.

Following their assessment, the Directors have a reasonable expectation that the company has adequate resources to enable it to continue in existence for a period of at least 12 months from the date the financial statements are authorised for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Broking income

2,461,968

2,824,863

2,461,968

2,824,863

An analysis of turnover by geographical market is given below:

2026

2025

£

£

Caribbean

853,100

864,394

South Asia

806,780

1,117,053

Europe

428,744

535,668

Africa

370,465

301,165

Other markets

2,879

6,583

2,461,968

2,824,863

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,069,857

1,207,869

Social security costs

116,869

116,326

Other pension costs

86,120

78,464

1,272,846

1,402,659

The average number of employees during the year was as follows:

2026

2025

Broking related

4

5

Support staff

5

5

9

10

2026

2025

£

£

Directors' remuneration

408,500

535,842

Directors' pension contributions to money purchase schemes

24,000

22,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

240,000

255,442

Pension contributions to money purchase schemes

24,000

22,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

64,862

38,749

Depreciation - assets on finance leases

119,323

-

Loss on disposal of fixed assets

1,840

1,874

Auditors remuneration

32,895

17,810

Auditors' remuneration for non audit work

2,510

2,380

Foreign exchange differences

20,744

53,895

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Lease interest

80,279

-

7.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

23,947

11,000

Deferred taxation

(4,000

)

82,500

Tax on profit

19,947

93,500

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

18,733

199,366

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

4,683

49,842

Effects of:

Expenses not deductible for tax purposes

5,494

5,404

Capital allowances in excess of depreciation

-

(44,499

)

Depreciation in excess of capital allowances

10,571

-

Adjustments to tax charge in respect of previous periods

3,199

253

Deferred tax on timing differences

(4,000

)

82,500

Total tax charge

19,947

93,500

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of £1.00 each

Final

50,000

50,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2025

327,803

181,822

-

509,625

Additions

1,085,811

19,696

22,038

1,127,545

Disposals

-

(32,722

)

-

(32,722

)

At 31st March 2026

1,413,614

168,796

22,038

1,604,448

DEPRECIATION

At 1st April 2025

5,748

73,834

-

79,582

Charge for year

151,925

30,423

1,837

184,185

Eliminated on disposal

-

(30,882

)

-

(30,882

)

At 31st March 2026

157,673

73,375

1,837

232,885

NET BOOK VALUE

At 31st March 2026

1,255,941

95,421

20,201

1,371,563

At 31st March 2025

322,055

107,988

-

430,043

10.	FIXED ASSET INVESTMENTS

Listed

investments

£

FAIR VALUE

At 1st April 2025

and 31st March 2026

16,919