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REGISTERED NUMBER: 02619692 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

FOR

FORTNA UK LIMITED

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


FORTNA UK LIMITED

COMPANY INFORMATION
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022







DIRECTORS: T Liguori
J Hilderhoff





REGISTERED OFFICE: Victoria House
199 Avebury Blvd
Milton Keynes
MK9 1AG





REGISTERED NUMBER: 02619692 (England and Wales)





AUDITORS: Baker Noel Limited
Statutory Auditor
Cheribourne House
45A Station Road
Willington
Bedford
Bedfordshire
MK44 3QL

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

STRATEGIC REPORT
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

The directors present their strategic report for the period 2 January 2022 to 31 December 2022.

REVIEW OF BUSINESS
The company continued to service its contracts with large retail companies by the implementation of logistics distribution within their warehousing.

The accounts for the year are reflecting a further increase in turnover to £70.3 million. The company incurred additional costs with one of its contracts and has resulted in the company reporting a loss for the period of £0.1 million.

The company has maintained a strong financial position, with net assets of £5.6 million.

PRINCIPAL RISKS AND UNCERTAINTIES
In line with many other companies the main risks are identified as:

- Foreign exchange risk - the company operates in multiple currencies throughout the group. There is a risk of fluctuation in the exchange rate, which may affect profitability. The Directors continuously monitor the foreign exchange risk.

- Macroeconomic risk - there are various global and UK uncertainties due to inflationary pressure, due to global conflict and uncertainty that have an effect on the economy. This has included pressure on energy costs and the ongoing recovery from the COVID pandemic. The Directors monitor these pressures and incorporate planning to mitigate any potential issues that may arise for the company.

FUTURE DEVELOPMENTS
During the year Fortna UK Limited signed various new multi million pound contracts, which will be implemented over the next few years.

With the commencement of the new contracts in the current financial year, the directors are expecting an increase in turnover and profitability.

POST BALANCE SHEET EVENTS
There were no significant post balance sheet events.

ON BEHALF OF THE BOARD:





T Liguori - Director


27 September 2023

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

REPORT OF THE DIRECTORS
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the period 2 January 2022 to 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of providing consultancy and implementation services in warehousing, distribution and supply chain management.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2022.

DIRECTORS
F Lander - resigned 12 December 2022
M S Harrison - resigned 7 November 2022

T Liguori and J Hilderhoff were appointed as directors after 31 December 2022 but prior to the date of this report.

R A McKeel ceased to be a director after 31 December 2022 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

ON BEHALF OF THE BOARD:





T Liguori - Director


27 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORTNA UK LIMITED

Opinion
We have audited the financial statements of Fortna UK Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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 2022 and of its loss for the period 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 Auditors' 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORTNA UK LIMITED


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 Report of the Directors.

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 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 set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORTNA UK LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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, error or 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 company's 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 (ie. gives a true and fair view).
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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FORTNA UK LIMITED


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 a Report of the Auditors 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.




Clive Noel (Senior Statutory Auditor)
for and on behalf of Baker Noel Limited
Statutory Auditor
Cheribourne House
45A Station Road
Willington
Bedford
Bedfordshire
MK44 3QL

27 September 2023

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

INCOME STATEMENT
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
Notes £    £   

TURNOVER 3 70,309,206 58,293,691

Cost of sales 50,978,566 39,878,597
GROSS PROFIT 19,330,640 18,415,094

Administrative expenses 19,466,576 15,680,066
OPERATING (LOSS)/PROFIT 5 (135,936 ) 2,735,028

Interest receivable and similar income 12,141 -
(123,795 ) 2,735,028

Interest payable and similar expenses 6 1,348 -
(LOSS)/PROFIT BEFORE TAXATION (125,143 ) 2,735,028

Tax on (loss)/profit 7 18,828 515,539
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(143,971

)

2,219,489

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (143,971 ) 2,219,489


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(143,971

)

2,219,489

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

BALANCE SHEET
31 DECEMBER 2022

31.12.22 1.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 154,749 121,967

CURRENT ASSETS
Debtors 9 11,302,434 5,187,784
Cash at bank 8,741,517 16,099,114
20,043,951 21,286,898
CREDITORS
Amounts falling due within one year 10 14,601,707 15,686,729
NET CURRENT ASSETS 5,442,244 5,600,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,596,993

5,722,136

PROVISIONS FOR LIABILITIES 12 25,075 6,247
NET ASSETS 5,571,918 5,715,889

CAPITAL AND RESERVES
Called up share capital 13 33,000 33,000
Capital redemption reserve 14 52,700 52,700
Retained earnings 14 5,486,218 5,630,189
SHAREHOLDERS' FUNDS 5,571,918 5,715,889

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:





T Liguori - Director


FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 3 January 2021 33,000 3,410,700 52,700 3,496,400

Changes in equity
Total comprehensive income - 2,219,489 - 2,219,489
Balance at 1 January 2022 33,000 5,630,189 52,700 5,715,889

Changes in equity
Total comprehensive income - (143,971 ) - (143,971 )
Balance at 31 December 2022 33,000 5,486,218 52,700 5,571,918

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

CASH FLOW STATEMENT
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 190,657 3,206,146
Interest paid (1,348 ) -
Tax paid (403,506 ) (612,367 )
Net cash from operating activities (214,197 ) 2,593,779

Cash flows from investing activities
Purchase of tangible fixed assets (96,143 ) (71,311 )
Interest received 12,141 -
Net cash from investing activities (84,002 ) (71,311 )

Cash flows from financing activities
Movement in intercompany balance (7,059,398 ) 5,881,529
Net cash from financing activities (7,059,398 ) 5,881,529

(Decrease)/increase in cash and cash equivalents (7,357,597 ) 8,403,997
Cash and cash equivalents at beginning of
period

2

16,099,114

7,695,117

Cash and cash equivalents at end of
period

2

8,741,517

16,099,114

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
(Loss)/profit before taxation (125,143 ) 2,735,028
Depreciation charges 63,361 31,432
Finance costs 1,348 -
Finance income (12,141 ) -
(72,575 ) 2,766,460
Increase in trade and other debtors (4,275,750 ) (242,950 )
Increase in trade and other creditors 4,538,982 682,636
Cash generated from operations 190,657 3,206,146

2. CASH AND CASH EQUIVALENTS

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

Period ended 31 December 2022
31.12.22 2.1.22
£    £   
Cash and cash equivalents 8,741,517 16,099,114
Period ended 1 January 2022
1.1.22 3.1.21
£    £   
Cash and cash equivalents 16,099,114 7,695,117


3. ANALYSIS OF CHANGES IN NET FUNDS

At 2.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 16,099,114 (7,357,597 ) 8,741,517
16,099,114 (7,357,597 ) 8,741,517
Total 16,099,114 (7,357,597 ) 8,741,517

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

1. STATUTORY INFORMATION

Fortna UK 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.

2. ACCOUNTING POLICIES

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

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

the requirement of paragraph 33.7.

Related party exemption
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 subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Bad Debt Provision
Management continually assess contracts and associated debtors, and a provision is made for any debts that are considered doubtful at the year end. The provision is calculated on a contract by contract basis.

Contracts and Work in Progress
Management assess the progress of each contract regularly, and recognise the revenue and profit on each contract by reference to stage of completion. Any contract work in progress at the year end is recognised on the balance sheet.

Turnover
The turnover shown in the profit and loss account represents the amount of goods and services provided during the year, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - The period of the lease
Fixtures and fittings - Straight line over 7 years
Computer equipment - Straight line over 3 years

All fixed assets are initially recorded at cost.

Taxation
Taxation for the period 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period end and that are expected to apply to the reversal of the timing difference.

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

Operating lease agreements
Amounts applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
United Kingdom 70,309,206 58,293,691
70,309,206 58,293,691

4. EMPLOYEES AND DIRECTORS

The average number of employees and directors during the period was 52 (2021 - 38).

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
Directors' remuneration - -

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
Hire of plant and machinery 61,364 62,411
Other operating leases 159,737 103,595
Depreciation - owned assets 63,361 31,432
Auditors' remuneration 8,000 6,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
Interest on late paid tax 1,348 -

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
Current tax:
UK corporation tax - 515,539

Deferred tax 18,828 -
Tax on (loss)/profit 18,828 515,539

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
2.1.22 3.1.21
to to
31.12.22 1.1.22
£    £   
(Loss)/profit before tax (125,143 ) 2,735,028
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(23,777

)

519,655

Effects of:
Expenses not deductible for tax purposes 3,072 3,940
Capital allowances in excess of depreciation (11,709 ) (7,372 )
Utilisation of tax losses - (684 )
Deferred tax movement 18,828 -
Tax loss carried forward 32,414 -
Total tax charge 18,828 515,539

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 2 January 2022 60,622 9,268 129,774 199,664
Additions - - 96,143 96,143
At 31 December 2022 60,622 9,268 225,917 295,807
DEPRECIATION
At 2 January 2022 22,413 6,130 49,154 77,697
Charge for period 15,438 1,854 46,069 63,361
At 31 December 2022 37,851 7,984 95,223 141,058
NET BOOK VALUE
At 31 December 2022 22,771 1,284 130,694 154,749
At 1 January 2022 38,209 3,138 80,620 121,967

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 1.1.22
£    £   
Trade debtors 8,943,787 4,620,272
Amounts owed by group undertakings 2,332,898 493,998
Other debtors 5,349 4,252
Prepayments 20,400 69,262
11,302,434 5,187,784

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 1.1.22
£    £   
Trade creditors 2,996,853 172,476
Amounts owed to group undertakings 1,447,101 6,667,599
Tax (449,896 ) (46,390 )
Social security and other taxes 147,473 126,105
VAT 65,721 76,583
Other creditors 49,456 -
Deferred income 5,463,183 8,248,445
Accrued expenses 4,881,816 441,911
14,601,707 15,686,729

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 1.1.22
£    £   
Within one year 49,818 44,955
Between one and five years 512,720 1,750
562,538 46,705

12. PROVISIONS FOR LIABILITIES
31.12.22 1.1.22
£    £   
Deferred tax 25,075 6,247

Deferred
tax
£   
Balance at 2 January 2022 6,247
Accelerated capital allowances 18,828
Balance at 31 December 2022 25,075

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2022 TO 31 DECEMBER 2022

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 1.1.22
value: £    £   
33,000 Ordinary £1 'A' shares 1 33,000 33,000

14. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 2 January 2022 5,630,189 52,700 5,682,889
Deficit for the period (143,971 ) (143,971 )
At 31 December 2022 5,486,218 52,700 5,538,918

15. ULTIMATE PARENT COMPANY

Fortna Group, Inc (incorporated in USA ) is regarded by the directors as being the company's ultimate parent company.

TLB Consulting International Limited is the immediate parent company.

The parent company that draws up the consolidated financial statements for the group is Fortna Inc. Their registered office address is:

1349 W Peachtree St. NW
Suite 1300
Atlanta
GA 30309

16. RELATED PARTY DISCLOSURES

The ultimate controlling party is Fortna Group, Inc..