REGISTERED NUMBER: 06475305 (England and Wales)

Pensions Secretariat Services Limited

Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2026

Page

Company Information

1

Report of the Directors

2

Statement of Financial Position

4

Notes to the Financial Statements

5

DIRECTORS:

Mr H Mottram

Mr C Cook

Dr M Owtram

SECRETARY:

Mrs E D Byrne

REGISTERED OFFICE:

5th Floor

36-38 Botolph Lane

London

EC3R 8DE

REGISTERED NUMBER:

06475305 (England and Wales)

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

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

DIRECTORS

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

Mr H Mottram

Mr C Cook

Other changes in directors holding office are as follows:

Mr I Canham - resigned 28th July 2025

Dr M Owtram - appointed 2nd October 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Thedirectors are responsible for preparing the 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 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 estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs E D Byrne - Secretary

8th October 2026

FIXED ASSETS

Tangible assets

4

8,974

167

CURRENT ASSETS

Debtors

5

48,784

136,828

Cash at bank and in hand

5,767,273

5,142,384

5,816,057

5,279,212

CREDITORS

Amounts falling due within one year

6

(1,148,216

)

(1,211,326

)

NET CURRENT ASSETS

4,667,841

4,067,886

TOTAL ASSETS LESS CURRENT LIABILITIES

4,676,815

4,068,053

CREDITORS

Amounts falling due after more than one year

7

(2,156,110

)

(1,863,075

)

NET ASSETS

2,520,705

2,204,978

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

10

2,510,705

2,194,978

SHAREHOLDERS' FUNDS

2,520,705

2,204,978

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th October 2026 and were signed on its behalf by:

Mr H Mottram - Director

1.	STATUTORY INFORMATION

Pensions Secretariat Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE. The registration number is 06475305.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The financial statements are prepared on a going concern basis which the Directors believe to be appropriate as the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Useful life of fixed assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

Dilapidations accrual

Leasehold property most be restored to its original condition at the end of a lease, as required by the rental agreement. The directors will review the current state of the property and estimate restoration costs based on current prices with an adjustment for expected future cost increases.

Staff loyalty bonus provision

The staff loyalty bonus provision is calculated based on the terms of the loyalty arrangements communicated to employees and current remuneration levels at the reporting date. The provision requires management to estimate the amount expected to be payable on settlement, taking into account employee remuneration, staffing levels and the expected timing of the Company's wind-down. These assumptions are reviewed annually and updated where appropriate.

Turnover

Turnover represents the invoiced and accrued value of management fees, excluding deferred revenues and valued added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

20% on cost

Fixtures and fittings

-

20% on cost

Plant & Equipment

-

33% on cost

Fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses.

Any gain or loss on disposal of an item of fixtures and fittings are determined by comparing the proceeds from disposal with the carrying amount of fixtures and fittings, and is recognised within other income/expenses in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Contingent liabilities

Contingent liabilities arise where there is a possible obligation arising from past events whose existence will be confirmed only by the occurrence of one or more future events not wholly within the company's control and are not recognised in the financial statements.

Provisions available for small entities - non audit services

Due to the business size and nature the company's auditors have also prepared and submitted the corporation tax returns to HMRC and assisted with the preparation and submission of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2025 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Plant &

leasehold

fittings

Equipment

Totals

£

£

£

£

COST

At 1st April 2025

249,481

40,504

49,173

339,158

Additions

-

-

13,461

13,461

At 31st March 2026

249,481

40,504

62,634

352,619

DEPRECIATION

At 1st April 2025

249,481

40,504

49,006

338,991

Charge for year

-

-

4,654

4,654

At 31st March 2026

249,481

40,504

53,660

343,645

NET BOOK VALUE

At 31st March 2026

-

-

8,974

8,974

At 31st March 2025

-

-

167

167

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Other debtors

9,999

18,652

Trade debtors

-

78,600

Prepayments

38,785

39,576

48,784

136,828

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

9,943

8,979

Tax

215,103

244,254

PAYE & NI

249,443

220,151

Pension

-

6,789

VAT

86,040

126,352

Other creditors

374

-

Accruals and deferred income

587,313

604,801

1,148,216

1,211,326

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Other creditors

2,156,110

1,863,075

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

91,512

91,512

Between one and five years

81,985

173,497

173,497

265,009

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2026

2025

value:

£

£

10,000

Ordinary

£1

10,000

10,000

Of the issued ordinary capital 1 share is paid and 9,999 shares are unpaid.

10.

RESERVES

Retained

earnings

£

At 1st April 2025

2,194,978

Profit for the year

315,727

At 31st March 2026

2,510,705

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Sanders BA FCA (Senior Statutory Auditor)

for and on behalf of Sheen Stickland

12.	PENSION COMMITMENTS

As at the balance sheet date £nil (2025 £6,789) of pension contributions were due for payment.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned parent company ICI Pension Fund and other members of the group.

14.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling parent company and controlling party is ICI Pensions Trustee Limited a private company incorporated in England, located at 5th Floor, 36-38 Botolph Lane, London, EC3R 8DE registered number: 02512713.