wk-2025-12-31-ixbrl

WILLIS CORROON NOMINEES LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their annual report, together with the audited financial statements, for the year ended

31 December 2025.

The Directors’ report has been prepared in accordance with the provisions applicable to companies entitled to the

small companies exemption provided by section 415A of the Companies Act 2006. A strategic report has not

been prepared in accordance with the small companies exemption provided by section 414B of the Companies

Act 2006.

Principal activities and review of developments

Willis Corroon Nominees Limited (the ‘Company’) acts as a holding company and is a subsidiary of Willis

Towers Watson plc. Willis Towers Watson plc, together with its subsidiaries (‘WTW’), is a leading global

advisory, broking and solutions provider that provides data-driven, insight-led solutions in the areas of people,

risk and capital. The Company is domiciled and incorporated in the United Kingdom.

Results

During the year and prior year, the Company received immaterial dividend income from shares in its other

investments.

The Directors do not anticipate any changes in the Company's activities for a period of at least twelve months

from the date of approval of the financial statements.

Business Environment Risks

The Company is exposed to risks by virtue of being part of WTW.

Global economic events and other factors, such as accommodative monetary and fiscal policy, have contributed

to significant inflation in many of the markets in which WTW operates over time. In particular, inflation in the

United States, Europe and other geographies has recently risen to levels not experienced in decades and WTW

has seen, and may continue to see, its impact on various aspects of its business. In some cases, such inflation has

had, or could have in the future, a negative effect on its operations and financial condition.

In order to combat inflation and restore price stability, a number of central banks around the world raised interest

rates and, as inflation has moderated, have begun to reduce them. Potential trade wars, including tariffs and

retaliatory actions, also may contribute to inflation and/or hinder economic growth. If interest rates fluctuate and/

or inflation rates or trade barriers increase, economic growth in a number of markets where WTW does business

may be hindered and may continue to have far-reaching effects on the global economy. Weakness in the

economy and the possibility of a global recession has had, and may continue to have, a negative effect on

WTW's business and financial condition.

Furthermore, many of the markets in which WTW does business are affected by geopolitical conflict in highly

unpredictable ways and are currently experiencing volatility and disruption as a result of the ongoing Russia-

Ukraine and Middle East wars and other geopolitical conflicts and tensions. These ongoing wars and other

geopolitical conflicts could lead to further market disruptions. Additionally, there could be further indirect

impacts such as changes in consumer sentiment, trade relations, economic activity, willingness to do business

with companies related to U.S.-listed firms, inflationary pressures and employee distraction, which may

negatively affect WTW’s business, operations and financial condition.

Management does not anticipate any material impact for this Company.

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to

continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going

concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in note 1 to the financial

statements.

Dividends

No dividends were paid in the year (2024: £nil).

Events after the balance sheet date

There have been no post balance sheet events since the year end.

Employees

The Company employed no staff during the year (2024: none).

WILLIS CORROON NOMINEES LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

Directors

The current Directors of the Company are shown on page 1, which forms part of this report. There were no

changes in Directors during the year or after the year end.

Third party indemnity provisions

As is permitted by the Company’s Articles of Association and Sections 232 and 234 of the Companies Act

2006, qualifying third party indemnity provisions were in force during the period and remain in force for the

benefit of the Directors (and any officers) of the Company. A fellow group company maintains directors’

liability insurance cover for the Company Directors and officers as permitted under the Company’s Articles.

Such insurance policies remained in force during the period.

Directors' responsibilities statement

The Directors are responsible for preparing the Annual 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), including FRS 101

‘Reduced Disclosure Framework’. 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; 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.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may

differ from legislation in other jurisdictions.

Disclosure of information to the auditor

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

• so far as the Director is aware, there is no relevant audit information of which the Company’s auditor is

unaware; and

• the Director has taken all the steps that they ought to have taken as a Director in order to make

themselves aware of any relevant audit information and to establish that the Company's auditor is aware

of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the

Companies Act 2006.

Auditor

Deloitte LLP have indicated their willingness to be reappointed for another term and appropriate arrangements

have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General

Meeting.

This Directors’ report was approved by the Board of Directors and authorised for issue on 22 July 2026

and signed on its behalf by:

MJ Cherry

Director

51 Lime Street

London, EC3M 7DQ

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIS CORROON NOMINEES

LIMITED

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Willis Corroon Nominees Limited (‘the Company’):

• 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, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’; and

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

We have audited the financial statements which comprise:

• the income statement;

• the balance sheet;

• the statement of changes in equity; and

• the related notes 1 to 10.

The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure

Framework’ (United Kingdom Generally Accepted Accounting Practice).

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 Financial Reporting Council’s (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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIS CORROON NOMINEES

LIMITED (continued)

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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 considered the nature of the Company’s industry and its control environment, and reviewed the Company’s

documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We

also enquired of management, internal audit and the directors about their own identification and assessment of

the risks of irregularities, including those that are specific to the Company’s business sector.

We obtained an understanding of the legal and regulatory frameworks that the Company operates in, and

identified the key laws and regulations that:

• had a direct effect on the determination of material amounts and disclosures in the financial statements.

These included the UK Companies Act and tax legislation; and

• did not have a direct effect on the financial statements but compliance with which may be fundamental

to the Company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team, including relevant internal specialists such as valuations and IT

specialists, regarding the opportunities and incentives that may exist within the organisation for fraud and how

and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to

the risk of management override. In addressing the risk of fraud through management override of controls, we

tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in

making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any

significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance

with provisions of relevant laws and regulations described as having a direct effect on the financial

statements;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate

risks of material misstatement due to fraud;

• enquiring of management, internal audit and in-house legal counsel concerning actual and potential

litigation and claims, and instances of non-compliance with laws and regulations; and

• reading minutes of meetings of those charged with governance and reviewing internal audit reports.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIS CORROON NOMINEES

LIMITED (continued)

Report on other legal and regulatory requirements

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.

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 any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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; or

• the directors were not entitled to take advantage of the small companies’ exemption in preparing the

directors’ report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

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.

Adam Knight FCA (Senior statutory auditor)

for and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom

22 July 2026

WILLIS CORROON NOMINEES LIMITED

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025


		2025	2024
	Notes	£000	£000

Income from shares in group undertakings		—	—
Profit before taxation	3	—	—
Tax on profit	6	—	—
Profit for the year		—	—

All activities derive from continuing operations.

There is no other comprehensive income in either 2025 or 2024.

WILLIS CORROON NOMINEES LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2025


		2025	2024
	Notes	£000	£000

Fixed assets
Investments	7	1	1
		1	1
Current assets
Debtors - Amounts falling due within one year	8	97	97
Net current assets		97	97
Net assets		98	98

Capital and reserves

Called up share capital	9	94	94
Share premium account	9	31	31
Retained losses	9	(27)	(27)
Shareholder's funds		98	98

The financial statements of Willis Corroon Nominees Limited, registered company number 00894027, were

approved by the Board of Directors and authorised for issue on 22 July 2026 and signed on its

behalf by:

MJ Cherry

Director

WILLIS CORROON NOMINEES LIMITED

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025


	Called up share capital	Share premium account	Retained losses	Total
	£000	£000	£000	£000

Balance at 1 January 2024	94	31	(27)	98
Profit for the year	—	—	—	—
Total comprehensive income for the year	—	—	—	—
Balance at 31 December 2024	94	31	(27)	98
Profit for the year	—	—	—	—
Total comprehensive income for the year	—	—	—	—
Balance at 31 December 2025	94	31	(27)	98

WILLIS CORROON NOMINEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. General information and accounting policies

General information

The Company is a private company limited by shares incorporated in the United Kingdom under the

Companies Act 2006 and is registered in England and Wales. The Company’s registered number and the

address of its registered office are shown on page 1 of this report.

Basis of preparation

The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 and,

consequently, has prepared these financial statements in accordance with Financial Reporting Standard 101,

‘Reduced Disclosure Framework’ (‘FRS 101’).

The financial statements have been prepared on the historical cost basis except for certain financial

instruments that are measured at fair value at the end of each reporting period.

The principal accounting policies adopted are set out below.

Disclosure exemptions

The Company has taken advantage of certain disclosure exemptions permitted under FRS 101, primarily in

relation to: (i) financial instruments; (ii) presentation of a cash flow statement; (iii) key management

personnel; (iv) Pillar Two income tax; and (v) new International Financial Reporting Standards (‘IFRSs’)

that have been issued but are not yet effective as, where required, equivalent disclosures are given in the

consolidated financial statements of Willis Towers Watson plc .

Going concern

The Directors evaluate at each annual period whether there are conditions or events, considered in the

aggregate, that raise a material uncertainty about the Company’s ability to continue as a going concern

within one year after the date that the financial statements are approved. The Directors’ evaluation is based

on relevant conditions and events that are known and reasonably knowable at the date that the financial

statements are approved. The Directors are not aware of any material uncertainties related to events or

conditions that may cast significant doubt upon the Company’s ability to continue as a going concern within

one year after the date of approval of the financial statements.

The Company's business activities and the factors likely to affect its future development and position,

including the current and expected impact of changes as a result of world events, are set out in the Directors'

report.

The Company continues to generate cashflows from dividends receivable from its fixed asset investments.

As a consequence, the Directors believe that the Company is well placed to manage its business risks

successfully despite the current uncertain economic outlook.

Having assessed the responses to their enquiries, including the current and expected impact of changes as a

result of world events, the Directors have no reason to believe that a material uncertainty exists that may cast

significant doubt upon the ability of the Company to continue as a going concern. As a consequence of the

enquiries the Directors have a reasonable expectation that the Company has appropriate resources to

continue in operational existence for a period of at least twelve months from the date of approval of the

financial statements. For this reason, they continue to adopt the going concern basis in preparing the

financial statements.

Foreign currency translation

These financial statements are presented in pounds sterling which is the currency of the primary economic

environment in which the Company operates (‘the functional currency’).

Transactions in currencies other than the functional currency are initially recorded at the rate of exchange at

the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance

sheet date are reported at the rates of exchange ruling at that date. Non-monetary items that are measured in

terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in the income statement in the period in which they arise.

WILLIS CORROON NOMINEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

(continued)

1. General information and accounting policies (continued)

Parent undertaking and controlling party

The Company’s:

• immediate parent company and controlling undertaking is Willis Group Services Limited; and

• ultimate parent company and ultimate controlling undertaking is Willis Towers Watson plc, a

company incorporated in Ireland, whose registered office is Willis Towers Watson House, Elm Park,

Merrion Road, Dublin 4, Ireland.

The largest and smallest group in which the results of the Company are consolidated is Willis Towers

Watson plc, whose financial statements are available to members of the public on WTW’s website

www.wtwco.com, in the Investor Relations section.

Consolidation

In accordance with Section 401 of the Companies Act 2006, the Company is exempt from the requirement

to produce group financial statements, provided certain conditions are met. The Company and its

subsidiaries are included in the consolidated audited financial statements of Willis Towers Watson plc for

the year ended 31 December 2025, which is resident in The Republic of Ireland. Its financial statements are

drawn-up in accordance with accounting standards which are equivalent to UK GAAP consolidated

financial statements as required by the Companies Act 2006. These financial statements therefore present

the financial position and financial performance of the Company as a single entity.

Income taxes

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have

been enacted or substantively enacted by the balance sheet date.

Income tax is charged or credited to other comprehensive income if it relates to items that are credited or

charged to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it

relates to items that are credited or charged directly to equity. Otherwise, income tax is recognised in the

income statement.

Fixed asset investments

Investments in other unquoted equity investments are carried at fair value through profit or loss, as financial

assets.

Financial assets and financial liabilities

Financial assets and financial liabilities include amounts owed to/by group undertakings and unquoted

equity investments.

The Company classifies its financial assets at amortised cost or at fair value through profit or loss, on the

basis of the business model in which a financial asset is managed and its contractual cash flow

characteristics.

Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair

value and are subsequently measured at fair value. Gains or losses arising from changes in fair value through

profit and loss are presented in the income statement within interest income or expense in the period in

which they arise.

Financial assets or financial liabilities at amortised cost are initially recognised at fair value, plus or minus

transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial

liability, and subsequently measured at amortised cost using the effective interest method. Any resulting

interest is recognised in interest receivable or interest payable, as appropriate.

WILLIS CORROON NOMINEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

(continued)

1. General information and accounting policies (continued)

Financial assets and financial liabilities (continued)

At each reporting date, the Company measures the loss allowance for financial assets at amortised cost.

Impairment losses on financial assets at amortised cost are recognised in profit or loss on an expected loss

basis: lifetime expected losses are recognised for relevant financial assets for which there have been

significant increases in credit risk since initial recognition, whereas 12-month expected losses (cash

shortfalls over the life of the loan arising from a default in the next 12 months) are recognised if the credit

risk on a financial asset has not increased significantly since initial recognition. There would be a rebuttable

presumption that the credit risk on a financial asset had increased significantly if it were more than 30 days

past due and a rebuttable presumption that a financial asset was in default if it were more than 90 days past

due. The amount of any impairment loss is recognised in profit or loss.

Recent accounting pronouncements adopted in the current period

The following new amendment is effective for the first time for the Company ’ s annual reporting period

commencing 1 January 2025:

• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates titled Lack of

Exchangeability

There were no new standards. The amendment listed above did not have any material impact on the amounts

recognised in prior periods and is not expected to significantly affect the current or future periods.

2. Critical accounting judgements and estimates

The preparation of financial statements in conformity with FRS 101 and the application of the Company’s

accounting policies, which are described in note 1, require management to make judgements, estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and

liabilities as at the dates of the financial statements and the reported amounts of revenues and expenses

during the year. Judgements, estimates and assumptions are made about the carrying amounts of assets and

liabilities that are not readily apparent from other sources. The estimates and associated 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.

There are no critical judgements or key sources of estimation uncertainty that management has made in the

process of applying the Company’s accounting policies that have a significant effect on the amounts

recognised in the financial statements.

3. Profit before taxation

Auditor’s remuneration, wholly for the audit of the financial statements, of £7,299 (2024: £7,299) was borne

by another WTW company. The Company has not engaged its auditor for any non-audit services.

4. Employee costs

The Company employed no staff during the year (2024: none).

5. Directors’ remuneration

No remuneration was payable to the Directors of the Company in either the current or prior year. The

Directors are considered to be group employees in both the current and prior year and as such are

remunerated through fellow group undertakings. No allocation is made to this entity for their qualifying

services.

WILLIS CORROON NOMINEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

(continued)


		2025	2024
6. Taxation		£000	£000

(a) Tax charged in the income statement
	Current income tax:
	UK corporation tax	—	—
	Tax charge in the income statement (6b)	—	—

(b) Reconciliation of total tax charge

The tax assessed for the year is equal (2024: equal) to the standard rate of corporation tax in the UK of 25%

(2024: 25.0%). There were no reconciling items in 2025 (2024: none).


		Other investments (unquoted equity investments)
7. Investments held as fixed assets		£000

	Fair value and carrying amount
	1 January 2025 and 31 December 2025	1

WILLIS CORROON NOMINEES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

(continued)


		2025	2024
8. Debtors		£000	£000

	Amounts falling due within one year:
	Amounts owed by group undertakings	97	97

All amounts owed by group undertakings are unsecured, non- interest bearing balances and repayable on

demand.


		2025	2024
9. Share capital and reserves		£000	£000


	Allotted, called up and fully paid
	93,648 (2024: 93,648) ordinary shares of £1 each	94	94

The Company has one class of ordinary share, which carries no right to fixed income.

The Company’s reserves comprise:

• Share premium reserve which contains the premium arising on issue of equity shares, net of issue

expenses.

• Retained earnings which represents cumulative profits or losses, net of dividends paid and other

adjustments.

10. Related party transactions

FRS 101 (paragraph 8(k)) exempts the reporting of transactions between group companies in the financial

statements of companies that are wholly owned within WTW. The Company has taken advantage of this

exemption. There are no other transactions requiring disclosure.


	Page

Directors’ report ...............................................................................................................................	3

Independent auditor’s report ............................................................................................................	5

Income statement .............................................................................................................................	8

Balance sheet ....................................................................................................................................	9

Statement of changes in equity ........................................................................................................	10

Notes to the financial statements ......................................................................................................	11