REGISTERED NUMBER: 02948671 (England and Wales)

ICP GENERAL PARTNER LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6

to

8

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

to

19

DIRECTORS:

Lord C E W Mackenzie Geidt

Sir N H P Bacon

Lord J P Marland of Odstock

T Shenton

SECRETARY:

Miss F L Farley

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

02948671 (England and Wales)

AUDITOR:

PKF Littlejohn LLP

30 Churchill Place

London

E14 5RE

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

REVIEW OF BUSINESS

ICP General Partner Limited is wholly owned by ICP Holdings, which is in turn wholly owned by ICP Group Holdings Ltd. ICP Holdings also owns ICP Capital Ltd. ICP General Partner Limited is on the Lloyd's register as a members' agent.

From 1 January 2015, as a result of a reorganisation, the funding structure of ICP Capital Ltd, from which the Company receives the majority of its income was changed, to replace the mechanism of provision of Funds at Lloyd's with a market standard Reinsurance arrangement provided by ICP Reinsurance Ltd, a company incorporated in the Cayman Islands.

Under these arrangements, the Company provides services to ICP Capital Ltd and is remunerated for those services. ICP Capital Ltd earns commercial rate commissions under the reinsurance arrangement to facilitate these payments.

The profit before tax was £2,596,688 (2024: £2,798,788). The exposure of the capacity managed by ICP General Partner within the Lloyd's underwriting market and the syndicate gross returns have been as follows:

Capacity

Gross Return

Year of Account

£m

%

2006

75

25

2007

101

18

2008

77

8

2009

78

17

2010

95

3

2011

96

6

2012

101

9

2013

103

10

2014

99

12

2015

91

10

2016

93

3

2017

85

(3)

2018

92

1

2019

91

1

2020

92

4

2021

102

6

2022

106

12

2023

129

19

2024

140

*

2025

163

*

2026

178

*

*The 2023 year of account produced a profit before expenses of 19.16%. The 2024 year of account has a currently forecast range of outcomes of 5% to 17% before expenses, although it is still early in its development. The 2025 and 2026 years of account are too early in their development to predict their outcome.

As mentioned above, as a result of a reorganisation, from commencement of the year ended 31 December 2015 the main funding has come through a reinsurance arrangement with ICP Reinsurance Ltd.

Looking ahead to 2027 our involvement will depend on the underwriting cycle as it develops in response to losses. The amount which ICP Capital Ltd and the new vehicle ICP Capital 2 Ltd, which commenced for the 2026 year of account, will underwrite will reflect the market cycle. If the market outlook is favourable then both ICP Capital Ltd and ICP Capital 2 Ltd will seek to increase their exposure.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's principal risk is that losses in the Lloyd's market, in particular on those syndicates supported by the Company through ICP Capital Ltd and other entities, could reduce the amount of capital provided thereby reducing the income receivable by the Company.

The specific risks faced by syndicates are managed and controlled by the respective managing agents and are outside the direct control of the Company. The Company manages the risk faced by syndicates by monitoring the performance of the syndicates supported through analysis.

The Company has no specific concentration of credit risk. As a members' agent it is subject to continuing approval by Lloyd's and the FCA. It maintains systems and controls to ensure operational risks are minimised.

SECTION 172(1) STATEMENT

The Directors of the Company have a duty to promote the success of the Company whilst giving due regard to the interests of stakeholders affected by the Company's activities.

The Company is a Lloyd's members' agent, looking after the interests of ICP Capital Ltd, and it also advises ICP Investment Holdings Ltd whose members provide a large amount of capital to support the underwriting of ICP Capital Ltd. The services it provides relate to the administration of both these companies business dealings with Lloyd's, be it the membership department at Lloyd's or the Lloyd's managing agents who look after the syndicates.

The Company also takes full regard through regular Board Meetings of the following:

a) The likely consequences of any decision it takes on the long term operations,

b) The interests of the company's employees,

c) The need to foster the company's business relationships with suppliers, customers and others, including, but not limited to ensuring suppliers invoices are paid on time and in line with agreed terms,

d) The impact of the company's operations on the community and the environment, to the extent they are relevant,

e) The desirability of the company maintaining a reputation for high standards of business conduct, and

f) The need to act fairly as between members of the company.

The Board has also established a risk management framework in which best practice is the required standard for all operations, both in the commercial interests of the business and to ensure continued regulatory compliance. A compliance committee meets monthly to ensure that the Company operates within the guidelines and code of conduct of both the Lloyd's market and the FCA.

The Company is classified as a low energy user and as such no energy and carbon information has been disclosed in the accounts.

BY ORDER OF THE BOARD:

T Shenton - Director

24 April 2026

The directors present their report with the financial statements of the Company for the year ended 31 December 2025.

DIVIDENDS

The state of the Company's affairs as at 31 December 2025 is shown in the Financial Statements. The Company paid dividends totalling £950,000 during the year ended 31 December 2025 (2024: £600,000).

DIRECTORS

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

Lord C E W Mackenzie Geidt

Sir N H P Bacon

Lord J P Marland of Odstock

T Shenton

STATEMENT OF DISCLOSURE OF INFORMATION TO THE AUDITOR

The Directors who held office at the date of approval of this Report of the Directors confirm that, so far as they are individually aware:

- there is no relevant audit information of which the Company's auditor is unaware; and

- each Director has taken all steps that he ought to have taken as a Director to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

AUDITOR

PKF Littlejohn LLP has expressed its willingness to continue in office as auditor.

BY ORDER OF THE BOARD:

T Shenton - Director

24 April 2026

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). 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 accounting standards 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.

Opinion

We have audited the financial statements of ICP General Partner Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 discussion with the directors and the application of our knowledge and experience of the sector in which the company operates.

• We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, the Financial Conduct Authority, Lloyd's of London byelaws as they relate to members agents and UK taxation legislation.

• 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:

• Discussion with management of any known, or suspected instances, of non-compliance by the company with those laws and regulations;

• Discussion with management of any, or suspected, incidence of fraud; and

• Review of the financial statements disclosure and testing to supporting documentation to assess compliance with applicable law.

• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that fraud might be perpetrated within revenue, arising from the performance fees estimated by management. In order to challenge this, we reviewed the data, methodology and assumptions used in estimating this fee to ensure this was reasonable in line with relevant supporting documentation.

• 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; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 at: 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 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.

Satyajeet Beekarry (Senior Statutory Auditor)

for and on behalf of PKF Littlejohn LLP

30 Churchill Place

London

E14 5RE

24 April 2026

REVENUE

3

3,437,201

3,501,643

Administrative expenses

856,888

721,711

2,580,313

2,779,932

Other operating income

1,000

1,000

OPERATING PROFIT

5

2,581,313

2,780,932

Interest receivable and similar income

15,375

17,856

PROFIT BEFORE TAXATION

2,596,688

2,798,788

Tax on profit

6

650,946

700,669

PROFIT FOR THE FINANCIAL YEAR

1,945,742

2,098,119

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,945,742

2,098,119

FIXED ASSETS

Property, plant and equipment

8

961

3,436

CURRENT ASSETS

Debtors

9

5,577,934

4,375,591

Cash at bank

330,815

425,556

5,908,749

4,801,147

CREDITORS

Amounts falling due within one year

10

546,810

437,425

NET CURRENT ASSETS

5,361,939

4,363,722

TOTAL ASSETS LESS CURRENT LIABILITIES

5,362,900

4,367,158

CAPITAL AND RESERVES

Called up share capital

12

400,000

400,000

Capital redemption reserve

100

100

Retained earnings

4,962,800

3,967,058

SHAREHOLDERS' FUNDS

5,362,900

4,367,158

The financial statements were approved for issue by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

T Shenton - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

400,000

2,468,939

100

2,869,039

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

2,098,119

-

2,098,119

Balance at 31 December 2024

400,000

3,967,058

100

4,367,158

Changes in equity

Dividends

-

(950,000

)

-

(950,000

)

Total comprehensive income

-

1,945,742

-

1,945,742

Balance at 31 December 2025

400,000

4,962,800

100

5,362,900

1.	GENERAL INFORMATION

ICP General Partner Limited is a private limited company incorporated in England and Wales. The address of the registered office is given in the Company information on page 1 of these Financial Statements.

ICP General Partner Limited is owned by ICP Holdings Ltd, which also owns ICP Capital Ltd. ICP General Partner Limited is on the Lloyd's register as a members' agent.

From 1 January 2015, as a result of a reorganisation, the funding structure of ICP Capital Ltd, from which the Company receives the majority of its income was changed, to replace the mechanism of provision of Funds at Lloyd's with a market standard Reinsurance arrangement provided by ICP Reinsurance Ltd, a company incorporated in the Cayman Islands.

Under these arrangements, the Company provides services to ICP Capital Ltd and is remunerated for those services. ICP Capital Ltd earns commercial rate commissions under the reinsurance arrangement to facilitate these payments.

The significant accounting policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- From preparing a Statement of Cash Flows, based on the requirements of Section 7 Statement of Cash Flows;

- From disclosing related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transactions is wholly owned by such a member, as required by Section 33 Related Party Disclosures - paragraph 33.1A.

Going concern

The Strategic Report includes a section on Review of the Business and a section on Principal Risks and Uncertainties on pages 2 and 3.

The Company has significant financial resources and positive net assets. The Company continues to provide services to members of Lloyd's for 2025. As a consequence the Directors believe that the company continues to be able to manage its business risks successfully.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual Financial Statements.

Foreign currency

The functional currency is the currency of the primary economic environment in which the entity operates. The Company's functional and presentation currency is the Pound Sterling.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Turnover

Turnover comprises underwriting agency fees and performance fees. Underwriting agency fees are taken to credit on an accruals basis. Performance fees are recognised when there is a reasonable degree of certainty that they are receivable.

Tangible fixed assets

Tangible fixed assets are recognised at cost and depreciated over their useful economic life.

Depreciation is provided by the Company to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:-

Computer equipment

3 years

Fixtures and fittings

5 years

Financial instruments

The company has chosen to adopt section 11 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 taxation

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.

Operating leases

Instalments on operating lease contracts are charged to the statement of comprehensive income for the period to which they apply.

Share capital

Ordinary share capital is classified as equity.

Dividend distributions to shareholders

Dividend distributions to the Company's shareholders are recognised in the Financial Statements in the period in which the dividends are approved by the shareholders.

These amounts are recognised in the Statement of Changes in Equity.

Critical accounting judgements and estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The only critical accounting judgement or estimation uncertainty that, in the opinion of the directors, will have a material effect on the financial statements is the underwriting performance fee estimate, on open years of account. Performance fees are estimated based on forecasts provided by the syndicates.

The net performance fees receivable for the year are:

2025

2024

£

£

2021 YOA

(38,490

)

4,364

2022 YOA

17,202

237,456

2023 YOA

481,716

1,486,459

2024 YOA

925,842

-

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the Company.

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

2025

2024

£

£

Underwriting agency fees

2,050,931

1,773,364

Performance fees

1,386,270

1,728,279

3,437,201

3,501,643

All the turnover relates to UK income.

4.	EMPLOYEES AND DIRECTORS

Staff costs, including Directors' emoluments were:

2025

2024

£

£

Salaries

476,347

437,234

Social security costs

59,037

51,243

Pension costs

28,345

29,001

Other staff costs

12,089

11,203

Consultants fees

87,450

46,773

663,268

575,454

The average number of staff employed by the company was 6 (2024: 6). Pension costs relate to the contributions paid into personal pensions of 2 (2024: 2) employees. No pensions were made or paid to directors.

2025

2024

£

£

Directors' remuneration

240,774

219,062

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

155,499

161,562

Other than the above Directors' remuneration, there is no other key management compensation.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

2,475

2,476

Auditors' remuneration

22,105

23,050

Other income

(1,000

)

(1,000

)

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

650,946

700,669

Tax on profit

650,946

700,669

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:

2025

2024

£

£

Profit before tax

2,596,688

2,798,788

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

649,172

699,697

Effects of:

Expenses not deductible for tax purposes

1,802

1,432

Capital allowances in excess of depreciation

(28

)

(460

)

Total tax charge

650,946

700,669

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

950,000

600,000

An interim dividend of 237.5p (2024: 150p) per ordinary share, amounting to £950,000 (2024: £600,000), was paid during the year.

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

2,163

9,539

11,702

DEPRECIATION

At 1 January 2025

1,340

6,926

8,266

Charge for year

432

2,043

2,475

At 31 December 2025

1,772

8,969

10,741

NET BOOK VALUE

At 31 December 2025

391

570

961

At 31 December 2024

823

2,613

3,436

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

282,322

96,967

Other debtors

147,057

73,792

Prepayments and accrued income

5,148,555

4,204,832

5,577,934

4,375,591

Prepayments and accrued income include agency fees of £2,257,990 (2024: £1,814,186) due from group and related undertakings.

Prepayments and accrued income include performance fees of £2,878,298 (2024: £2,373,551 due) from group and related undertakings.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Taxation

322,124

310,406

Other taxes and social security

99,253

92,662

Accruals and deferred income

125,433

34,357

546,810

437,425

11.	FINANCIAL INSTRUMENTS

The Company has the following financial instruments:

2025

2024

£

£

Financial assets that are debt instruments measured at amortised cost

Other debtors ( Note 9 )

147,057

73,792

Amounts owed by group undertakings ( Note 9 )

282,322

96,967

Cash at bank

330,815

425,556

760,194

596,315

Financial liabilities measured at amortised cost

Other taxes and social security ( Note 10 )

99,253

92,662

99,253

92,662

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £15,375 (2024: £17,856) and £Nil (2024: £Nil) respectively.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

400,000

Ordinary

£1

400,000

400,000