Ulyssere Limited 31/12/2025 iXBRL

Company registration number: 03606440

Ulyssere Limited

Financial statements

31 December 2025

Ulyssere Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Ulyssere Limited

Directors and other information


Directors	Mrs H D Barker
	Mr C A H Barker
	Mr H C Merison	(Resigned 21 October 2025)


Company number	03606440


Registered office	Office Suite 2.15
	34 Lime Street
	London
	EC3M 7AT


Business address	Office Suite 2.15
	34 Lime Street
	London
	EC3M 7AT


Auditor	Fletcher & Co (UK) Limited
	Staffordshire House
	Beechdale Road
	Nottingham
	NG8 3AT


Accountants	Fletcher & Co (UK) Limited
	Staffordshire House
	Beechdale Road
	Nottingham
	Nottighamshire
	NG8 3FH




	Bankers	Barclays Bank Plc

Ulyssere Limited

Strategic report

Year ended 31 December 2025

Strategic Report

The director presents the strategic report and financial statements for the period ended 31 December 2025.

Introduction

Ulyssere Limited is an international insurance and reinsurance broker regulated in the United Kingdom by the Financial Conduct Authority. It is fully owned by Ulyssere SIA, an international insurance and reinsurance broking company regulated in Latvia with passporting rights across the European Union. The company arranges insurance and reinsurance contracts for corporate and insurance company clients worldwide, connecting clients to worldwide markets including the Lloyds of London insurance and reinsurance marketplace.

Fair Review of the Business

During the period, the Company continued to service its existing portfolio of clients and developed new clients in specialist broking areas, and using new markets to provide capacity for its clients and the clients of its parent company. The company recorded a profit of €198,259, compared to the 12 months to 31 December 2024 of €20,424. The total net assets of the company have increased to €222,019 from €68,003 at 31 December 2024.

Risks and uncertainties

As a relatively small and specialist broker, the current geo-political situation along with the international nature and uncertainty of currency movements present risks and uncertainties that the Company must manage. The Company operates in a highly regulated environment and is subject to ongoing regulatory change. Failure to comply with the standards expected in such an environment could have serious financial and reputational repercussions. Additionally the company remains vulnerable to the way the market transitions through a cycle of increasing and decreasing availability of capital and its consequent impact on prices. The company manages geo-political risk by maintaining strong relationships with the insurance markets with which it places business and strong connections with clients within the countries they operate in; and by seeking ways of diversification and growth within the bounds of its financial means. The Company's authorised and regulated by the Financial Conduct Authority and maintains policies and procedures and governance arrangements designed to ensure compliance with applicable regulatory requirements. Since many of the Company's clients operate overseas, this also applies to the regulatory practices in the countries they operate within. The company's functional and reporting currency is the Euro. Foreign exchange exposures are monitored and considered limited due to the relatively short settlement periods applicable to the majority of transactions. The Directors consider the risk management procedures that are in place serve to support the potential volatility of the market and that they are sufficient to ensure that the Company is managed effectively. The Company maintains professional indemnity insurance at levels considered appropriate by the board and compliant with applicable regulatory requirements.

Financial Performance Indicators

The Company measures its performance against a number of financial indictor's including turnover, operating profit, cash balances and net assets. The Board also monitors the Company's regulatory capital position to ensure continued compliance with FCA requirements. During the year there were improvements in all these measures.

Future Outlook

The Directors remain optimistic regarding prospects for the coming year. The Company's strategic objectives include continued development of specialist broking lines, expansion of relationships with international markets and maintaining robust regulatory compliance standards.

This report was approved by the board of directors on 21 September 2026 and signed on behalf of the board by:

Mrs H D Barker

Director

Ulyssere Limited

Directors report

Year ended 31 December 2025

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

Directors

The directors who served the company during the year were as follows:


Mrs H D Barker
Mr C A H Barker
Mr H C Merison				(Resigned 21 October 2025)

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The directors are of the opinion that the business will continue to grow however, no other significant developments are envisaged.

Financial instruments

The company's financial assets and liabilities consist of trade debtors and creditors and cash balances.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 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 judgments and accounting estimates that are reasonable and prudent; 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 21 September 2026 and signed on behalf of the board by:

Mrs H D Barker

Director

Ulyssere Limited

Independent auditor's report to the members of

Ulyssere Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Ulyssere Limited (the 'company') for the year ended 31 December 2025 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 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 the 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: 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:Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:o the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the reinsurance sector;we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, data protection, anti-bribery, employment and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; andidentified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;To address the risk of fraud through management bias and override of controls, we:performed analytical procedures to identify any unusual or unexpected relationships;tested journal entries to identify unusual transactions; investigated the rationale behind significant or unusual transactions; In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:agreeing financial statement disclosures to underlying supporting documentation;enquiring of management as to actual and potential litigation and claims;reviewing correspondence with HMRC, relevant regulators and the company's legal advisors; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditors 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.

Sarah Fletcher FCCA (Senior Statutory Auditor)

For and on behalf of

Fletcher & Co (UK) Limited

Chartered Certified Accountants and Senior Statutory Auditor

Staffordshire House

Beechdale Road

Nottingham

NG8 3AT

21 September 2026

Ulyssere Limited

Statement of comprehensive income

Year ended 31 December 2025

		2025	2024
	Note	€	€


Turnover	4	1,869,908	1,108,971
Cost of sales		( 604,158)	( 109,520)
		_______	_______
Gross profit		1,265,750	999,451

Administrative expenses		( 1,068,813)	( 980,093)
		_______	_______
Operating profit	5	196,937	19,358

Other interest receivable and similar income	8	4,425	3,003
Interest payable and similar expenses	9	( 3,103)	( 1,937)
Profit before taxation		198,259	20,424

Tax on profit	10	( 55,693)	( 6,590)
		_______	_______
Profit for the financial year and total comprehensive income		142,566	13,834
		_______	_______

All the activities of the company are from continuing operations.

Ulyssere Limited

Statement of financial position

31 December 2025

		2025		2024
	Note	€	€	€	€

Fixed assets
Tangible assets	12	3,270		3,442
Investments	13	-		1,000
		_______		_______
			3,270		4,442

Current assets
Debtors	14	2,420,769		1,298,391
Cash at bank and in hand		2,527,513		135,606
		_______		_______
		4,948,282		1,433,997
Creditors: amounts falling due
within one year	15	( 4,740,983)		( 1,370,436)
		_______		_______
Net current assets			207,299		63,561
			_______		_______
Total assets less current liabilities			210,569		68,003

			_______		_______
Net assets			210,569		68,003
			_______		_______

Capital and reserves
Called up share capital	17		20,110		20,110
Profit and loss account	18		190,459		47,893
			_______		_______
Shareholders funds			210,569		68,003
			_______		_______

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 21 September 2026 , and are signed on behalf of the board by:

Mrs H D Barker

Director

Company registration number: 03606440

Ulyssere Limited

Statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	€	€	€


At 1 January 2024	20,110	34,059	54,169

Profit for the year		13,834	13,834
	_______	_______	_______
Total comprehensive income for the year	-	13,834	13,834

	_______	_______	_______
At 31 December 2024 and 1 January 2025	20,110	47,893	68,003

Profit for the year		142,566	142,566
	_______	_______	_______
Total comprehensive income for the year	-	142,566	142,566

	_______	_______	_______
At 31 December 2025	20,110	190,459	210,569
	_______	_______	_______

Ulyssere Limited

Statement of cash flows

Year ended 31 December 2025

	2025	2024
	€	€

Cash flows from operating activities
Profit for the financial year	142,566	13,834

Adjustments for:
Depreciation of tangible assets	3,377	607
Other interest receivable and similar income	( 4,425)	( 3,003)
Interest payable and similar expenses	3,103	1,937
Gain/(loss) on disposal of tangible assets	25,781	-
Tax on profit	55,693	6,590

Changes in:
Trade and other debtors	( 1,122,378)	( 437,922)
Trade and other creditors	3,322,674	513,748
	_______	_______
Cash generated from operations	2,426,391	95,791

Interest paid	( 3,103)	( 1,937)
Interest received	4,425	3,003
Tax paid	( 7,820)	( 3,457)
	_______	_______
Net cash from operating activities	2,419,893	93,400
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 3,205)	( 3,063)
Proceeds from sale of tangible assets	( 25,781)	-
Acquisition of subsidiaries	( 24,000)	( 1,000)
Proceeds from sale of subsidiaries	25,000	-
	_______	_______
Net cash used in investing activities	( 27,986)	( 4,063)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	-	( 1,040)
	_______	_______
Net cash used in financing activities	-	( 1,040)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	2,391,907	88,297
Cash and cash equivalents at beginning of year	135,606	47,308
	_______	_______
Cash and cash equivalents at end of year	2,527,513	135,605
	_______	_______

Ulyssere Limited

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Office Suite 2.15, 34 Lime Street, London, EC3M 7AT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15% %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

The whole of the turnover is derived from the United Kingdom. An analysis of turnover by business operation is given below:

	2025	2024
	€	€
Brokerage & Commissions	1,743,381	1,019,664
Other income	126,526	89,307
	_______	_______
	1,869,907	1,108,971
	_______	_______

5. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	€	€
Depreciation of tangible assets	3,377	607
(Gain)/loss on disposal of tangible assets	25,781	-
Fees payable for the audit of the financial statements	4,462	3,481
	_______	_______

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Administrative staff	5	7
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	€	€
Wages and salaries	622,126	664,681
Other pension costs	11,856	7,011
	_______	_______
	633,982	671,692
	_______	_______

7. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	€	€
Remuneration	152,530	79,536
Company contributions to pension schemes in respect of qualifying services	2,486	-
	_______	_______
	155,016	79,536
	_______	_______

8. Other interest receivable and similar income

	2025	2024
	€	€
Loans and receivables	1,190	1,826
Bank deposits	3,235	1,177
	_______	_______
	4,425	3,003
	_______	_______

9. Interest payable and similar expenses

		2025	2024
		€	€
Other loans made to the company:
	Other interest on other loans made to the company	3,103	1,937
		_______	_______
		3,103	1,937
		_______	_______

10. Tax on profit

Major components of tax expense

	2025	2024
	€	€
Current tax:
UK current tax expense	55,693	6,590
	_______	_______
Tax on profit	55,693	6,590
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 19.00%).

	2025	2024
	€	€
Profit before taxation	198,259	20,424
	_______	_______

Profit multiplied by rate of tax	49,565	3,881
Effect of expenses not deductible for tax purposes	3,377	607
Effect of capital allowances and depreciation	( 3,205)	-
Effect of different UK tax rates on some earnings	5,956	2,102
	_______	_______
Tax on profit	55,693	6,590
	_______	_______

11. Earnings per share

Basic earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

	2025	2024
	€	€
Profit for the year attributable to the owners of the company	142,566	13,834
	_______	_______

Diluted earnings/(loss) per share

The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

	2025	2024
	€	€
Earnings/(loss) used in calculation of basic earnings/(loss) per share	142,566	13,834
	_______	_______

12. Tangible assets

	Fixtures, fittings and equipment	Total
	€	€
Cost
At 1 January 2025	4,371	4,371
Additions	3,205	3,205
	_______	_______
At 31 December 2025	7,576	7,576
	_______	_______
Depreciation
At 1 January 2025	929	929
Charge for the year	3,377	3,377
	_______	_______
At 31 December 2025	4,306	4,306
	_______	_______
Carrying amount
At 31 December 2025	3,270	3,270
	_______	_______
At 31 December 2024	3,442	3,442
	_______	_______

13. Investments

	Shares in group undertakings	Total
	€	€
Cost
At 1 January 2025	1,000	1,000
Additions	24,000	24,000
Disposals	( 25,000)	( 25,000)
	_______	_______
At 31 December 2025	-	-
	_______	_______
Impairment
At 1 January 2025 and 31 December 2025	-	-
	_______	_______
Carrying amount
At 31 December 2025	-	-
	_______	_______
At 31 December 2024	1,000	1,000
	_______	_______

14. Debtors

	2025	2024
	€	€
Trade debtors	1,724,674	1,109,108
Prepayments and accrued income	16,468	18,817
Other debtors	679,627	170,466
	_______	_______
	2,420,769	1,298,391
	_______	_______

15. Creditors: amounts falling due within one year

	2025	2024
	€	€
Trade creditors	3,741,246	1,214,494
Corporation tax	55,693	7,820
Social security and other taxes	17,243	18,000
Director loan accounts	1,040	1,040
Other creditors	925,761	129,082
	_______	_______
	4,740,983	1,370,436
	_______	_______

16. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was € 11,856 (2024: € 7,011 ).

17. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	€	No	€
Ordinary shares shares of € 1.00 each	20,110	20,110	20,110	20,110
	_______	_______	_______	_______

18. Reserves

This reserve represents all current and prior year retained profits and losses.

19. Analysis of changes in net debt

	At 1 January 2025	Cash flows	At 31 December 2025
	€	€	€
Cash and cash equivalents	135,606	2,391,907	2,527,513
Debt due within one year	(1,040)	-	(1,040)
	_______	_______	_______
	134,566	2,391,907	2,526,473
	_______	_______	_______

20. Directors advances, credits and guarantees

There were advances to the director in this period which are interest free and repayable in full on demand.

21. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	€	€	€	€
UlysseRe SIA	91,000	10,000	( 151,000)	( 60,000)
	_______	_______	_______	_______

A loan from UlysseRe SIA was secured on 1st June 2023 and is repayable in full at a commercial rate of interest.