The Directors are pleased to present their Strategic Report for the period 26 March 2025 (date of incorporation) to 31 December 2025.

The Company acts as a UK-based provider of office administration, advisory and support services to related undertakings within the wider group of companies (the "Avoca Risk Group") to which it belongs, which is principally engaged in insurance broking and related activities. The Company does not generate income from unrelated third parties; its turnover represents recharges, of its own expenditure to related undertakings.

For the period from incorporation to 31 December 2025, the Company recorded a loss of £6,000 and as of 31 December 2025 had net liabilities of £5,923. This result is consistent with the Company's role as a cost-recovery service entity within the wider group, rather than a business run for its own profit.

Given the nature and scale of the Company's activities as an intra-group service provider, the Directors do not consider that additional financial or non-financial key performance indicators are necessary for an understanding of the development, performance or position of the Company's business, beyond the results set out in these financial statements.

Risk factors likely to affect the future development of the Company are set out below.

The Company's principal financial instruments comprise cash at bank, amounts due to related undertakings, and other short-term payables, all of which arise directly from its operations. The Company does not enter into derivative transactions and does not trade in financial instruments speculatively.

The main financial risks arising from the Company's activities are credit and liquidity risk, both of which are managed through the ongoing financial support of related undertakings described under "Going concern" and "Credit and liquidity risk" above.

The Company's share capital is denominated in US dollars (note 10).

Date:   14 October 2026

The directors present their report and the audited financial statements for the period 26 March 2025 to 31 December 2025.

The Company is part of a wider group which does not qualify as small under the Companies Act 2006. Accordingly, the Company does not qualify for the small companies' regime, and these financial statements and this report have been prepared as full financial statements, including a Strategic Report as set out on pages 2 to 3.

The company was incorporated on 26 March 2025.

The loss for the year amounted to (£6,000). As this is the first accounting period, there are no comparative figures.

No dividends were declared or paid during the period.

Information relating to events since the end of the period is given in the notes to the financial statements.

The directors who have held office during the period from 26 March 2025 to the date of this report are as follows:

A K Carvill - appointed 26 March 2025

R T Cawley - appointed 26 March 2025

R J Klonk - appointed 26 March 2025

S E Tyler - appointed 29 September 2025

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

The Directors have considered the financial position of the Company. At 31 December 2025 the Company had net current liabilities and net liabilities of £5,923, as it does not hold significant assets of its own and its costs are substantially met by recharges to, and funding from, related undertakings. Avoca Risk LLC has agreed to provide the Company with the financial support necessary to enable it to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of these financial statements. Having considered this support, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

In accordance with section 414C(11) of the Companies Act 2006, the Directors have chosen to set out the Company's principal risks and uncertainties in the Strategic Report rather than repeating them in this report.

The Directors confirm that there have been no events since the balance sheet date which would require disclosure in these financial statements.

This section is prepared in accordance with the Streamlined Energy and Carbon Reporting framework introduced by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The Company qualifies as a low energy user under that framework, having consumed 40,000 kWh or less of energy during the period, and accordingly is exempt from providing detailed energy consumption and greenhouse gas emissions disclosures.

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:

- so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

-  the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

In accordance with the provisions of section 489 of the Companies Act 2006, the Directors appointed Anstey Bond LLP as the Company's first auditors. A resolution to reappoint them as auditors of the Company will be proposed at the next general meeting at which accounts are presented before members.

Date:   14 October 2026

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.

- enquiries of management regarding known or suspected instances of fraud and non-compliance with laws and regulations;

- reviewing relevant legal and regulatory correspondence, where applicable;

- agreeing disclosures in the financial statements to supporting documentation;

- reviewing accounting estimates and judgements for evidence of management bias;

- testing journal entries and other adjustments; and

- considering the risk of management override of controls.

We did not identify any key audit matters relating to irregularities, including fraud.

Date:  19 October 2026

The financial statements were approved by the Board of Directors and authorised for issue on  14 October 2026 and were signed on its behalf by:

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Britopia Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

As the Company does not qualify for the small companies' regime (see below), these financial statements have been prepared applying the full disclosure requirements of FRS 102, and no reduced disclosure exemptions have been taken.

The Company's immediate parent undertaking is Avoca Risk LLC, a company incorporated in the United States. The Company's ultimate parent undertaking is Avoca Insurance Holdings, a company incorporated in Bermuda, that does not produce publicly available financial statements.

The group does not qualify as small under the Companies Act 2006, and accordingly the Company does not qualify for the small companies' regime, and these financial statements have been prepared as full financial statements.

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.

The average number of employees during the period was 3.

Employee costs recognised in the Company's own profit and loss account for the period comprised:

Two Directors were remunerated by the Company during the period. Other Directors were remunerated by other group undertakings with no part of their remuneration allocated to the Company; therefore, no disclosure of their remuneration has been made.

No corporation tax charge arose for the period as the company had no taxable profits.

Prepayments of £4,669 as at 31 December 2025 comprise employee benefits costs paid in the period, of which the portion relating to the period after the balance sheet date is carried forward as a prepayment.

Accruals relate primarily to professional fees and operating costs incurred but unpaid at the balance sheet date.

The issued share capital comprises 100 ordinary shares of $1 each, allotted on incorporation, which carry equal voting rights and rights to dividends.

As the Company's functional and presentation currency is pounds sterling, the share capital has been translated at the exchange rate prevailing on the date of allotment ($1 : £0.7725, being $1 : £1.2945 inverted), giving rise to called-up share capital of £77 as shown in the balance sheet.

During the period, the Company recharged costs of £477,125 to Avoca Risk LLC, a related undertaking, in respect of the services described in note 2.

At the balance sheet date, the Company owed £26,715 to Avoca Risk LLC and £5,536 to Avoca UK Services Limited, a further related undertaking, together totalling £32,251 (note 10).

These balances arose in the ordinary course of business, are unsecured, interest-free and repayable on demand.

There were no significant post balance sheet events requiring disclosure or adjustment to the financial statements.