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REGISTERED NUMBER: 10428464 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Uk2m Limited

Uk2m Limited (Registered number: 10428464)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Uk2m Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: F T Dupuis





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: 3rd Floor
1 Ashley Road
Altrincham
United Kingdom
Cheshire
WA14 2DT





REGISTERED NUMBER: 10428464 (England and Wales)





AUDITORS: HB Accountants
Plumpton House
Plumpton Road
Hoddesdon
Herts
EN11 0LB

Uk2m Limited (Registered number: 10428464)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes €    €    €    €   
FIXED ASSETS
Intangible assets 4 - 9,418
Tangible assets 5 - 217
Investments 6 12,214,846 12,214,846
12,214,846 12,224,481

CURRENT ASSETS
Debtors 7 11,148,893 6,950,208
Cash in hand 1,612,757 961,499
12,761,650 7,911,707
CREDITORS
Amounts falling due within one year 8 9,753,764 10,443,471
NET CURRENT ASSETS/(LIABILITIES) 3,007,886 (2,531,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,222,732

9,692,717

CREDITORS
Amounts falling due after more than
one year

9

-

2,400,000
NET ASSETS 15,222,732 7,292,717

CAPITAL AND RESERVES
Called up share capital 10 2,234 2,234
Share premium 2,711,572 2,711,572
Retained earnings 12,508,926 4,578,911
SHAREHOLDERS' FUNDS 15,222,732 7,292,717

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 director and authorised for issue on 12 September 2024 and were signed by:



F T Dupuis - Director


Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Uk2m 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.

The presentation currency of the financial statements is the Euro (€).


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 have been prepared under the historical cost convention.

All amounts are rounded to the nearest €.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

- Plant and machinery - 33% on cost
- Fixtures and fittings - 33% on cost
- Motor vehicles - 25% on reducing
- balance Computer equipment - 33% on cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, prepayments, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, accruals and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured 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 balance sheet date.

Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
€   
COST
At 1 January 2023 10,465
Disposals (10,465 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 1,047
Eliminated on disposal (1,047 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 9,418

5. TANGIBLE FIXED ASSETS
Computer
equipment
€   
COST
At 1 January 2023 779
Disposals (779 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 562
Eliminated on disposal (562 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 217

Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
€   
COST
At 1 January 2023
and 31 December 2023 12,214,846
NET BOOK VALUE
At 31 December 2023 12,214,846
At 31 December 2022 12,214,846

The fixed assets investments are related to the investments made in the following companies :
- 100% of VTECH (registered in Hong Kong),
- 100% of Dragon Blue (registered in France),
- 100% of DBV (Registered in USA ).
- 100% of CA2M (Registered in Canada ).

The principal activity of all the subsidiaries is that of the sale of sports supplies, wholesale of clothing and footwear.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
€    €   
Trade debtors 175,898 348,680
Amounts owed by group undertakings 10,360,972 6,346,393
Other debtors 612,023 255,135
11,148,893 6,950,208

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
€    €   
Bank loans and overdrafts 1,400,000 1,420,000
Trade creditors 488,041 27,219
Amounts owed to group undertakings 7,490,151 8,552,142
Taxation and social security 124,701 101,653
Other creditors 250,871 342,457
9,753,764 10,443,471

Uk2m Limited (Registered number: 10428464)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

UK2M Limited contracted a loan of €9,500,000 on October 2018 with BNP PARIBAS bank.
The loan is divided in 2 parts :
- Part A is €7,100K and is refundable over 5 years (from 2019 to 2023). The interest rate applying to the part is 1.8%
- Part B is €2,400K and is refundable in 2024. The interest rate applying to the part is 2.1%


The interest is payable every 6 months.
Any anticipated refund is subject to a penalty.

The company has also subscribed a rate hedging contract with BNP PARIBAS. The amount due is paid every 6 months.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
€    €   
Bank loans - 2,400,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: €    €   
2,000 Ordinary €1.11 7 2,234 2,234

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

The Report of the Auditors was unqualified.

Keith Grover (Senior Statutory Auditor)
for and on behalf of HB Accountants

12. 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 subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The controlling party is HK2M, a company registered in Hong Kong under number 2101218. HK2M prepares group consolidated financial statements.

The ultimate controlling party is Franck Dupuis who owns 100% of the share capital of HK2M.