IRIS Accounts Production v24.2.0.383 02619692 Board of Directors 1.1.23 31.12.23 31.12.23 72 52 true false true true false false true true false Ordinary £1 'A' shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026196922022-12-31026196922023-12-31026196922023-01-012023-12-31026196922022-01-01026196922022-01-022022-12-31026196922022-12-3102619692ns15:EnglandWales2023-01-012023-12-3102619692ns14:PoundSterling2023-01-012023-12-3102619692ns10:Director12023-01-012023-12-3102619692ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102619692ns10:FRS1022023-01-012023-12-3102619692ns10:Audited2023-01-012023-12-3102619692ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102619692ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102619692ns10:FullAccounts2023-01-012023-12-3102619692ns10:OrdinaryShareClass12023-01-012023-12-3102619692ns10:Director32023-01-012023-12-3102619692ns10:RegisteredOffice2023-01-012023-12-3102619692ns10:Director22023-01-012023-12-3102619692ns10:Director42023-01-012023-12-3102619692ns10:Director52023-01-012023-12-3102619692ns5:CurrentFinancialInstruments2023-12-3102619692ns5:CurrentFinancialInstruments2022-12-3102619692ns5:ShareCapital2023-12-3102619692ns5:ShareCapital2022-12-3102619692ns5:CapitalRedemptionReserve2023-12-3102619692ns5:CapitalRedemptionReserve2022-12-3102619692ns5:RetainedEarningsAccumulatedLosses2023-12-3102619692ns5:RetainedEarningsAccumulatedLosses2022-12-3102619692ns5:ShareCapital2022-01-0102619692ns5:RetainedEarningsAccumulatedLosses2022-01-0102619692ns5:CapitalRedemptionReserve2022-01-0102619692ns5:RetainedEarningsAccumulatedLosses2022-01-022022-12-3102619692ns5:CapitalRedemptionReserve2022-01-022022-12-3102619692ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102619692ns5:CapitalRedemptionReserve2023-01-012023-12-310261969212023-01-012023-12-310261969212022-01-022022-12-310261969212023-01-012023-12-3102619692ns5:LeaseholdImprovements2023-01-012023-12-3102619692ns5:FurnitureFittings2023-01-012023-12-3102619692ns5:ComputerEquipment2023-01-012023-12-3102619692ns15:UnitedKingdom2023-01-012023-12-3102619692ns15:UnitedKingdom2022-01-022022-12-3102619692ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102619692ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-022022-12-3102619692ns5:OwnedAssets2023-01-012023-12-3102619692ns5:OwnedAssets2022-01-022022-12-310261969252023-01-012023-12-310261969252022-01-022022-12-3102619692ns5:LeaseholdImprovements2022-12-3102619692ns5:FurnitureFittings2022-12-3102619692ns5:ComputerEquipment2022-12-3102619692ns5:LeaseholdImprovements2023-12-3102619692ns5:FurnitureFittings2023-12-3102619692ns5:ComputerEquipment2023-12-3102619692ns5:LeaseholdImprovements2022-12-3102619692ns5:FurnitureFittings2022-12-3102619692ns5:ComputerEquipment2022-12-3102619692ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102619692ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102619692ns5:WithinOneYear2023-12-3102619692ns5:WithinOneYear2022-12-3102619692ns5:BetweenOneFiveYears2023-12-3102619692ns5:BetweenOneFiveYears2022-12-3102619692ns5:AllPeriods2023-12-3102619692ns5:AllPeriods2022-12-3102619692ns5:DeferredTaxation2022-12-3102619692ns5:DeferredTaxation2023-12-3102619692ns10:OrdinaryShareClass12023-12-3102619692ns5:RetainedEarningsAccumulatedLosses2022-12-3102619692ns5:CapitalRedemptionReserve2022-12-31
REGISTERED NUMBER: 02619692 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FORTNA UK LIMITED

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




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 YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Hilderhoff
T J H Van Workum





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





REGISTERED NUMBER: 02619692 (England and Wales)





AUDITORS: BN Audit Services Limited
45a Station Road
Willington
Bedfordshire
MK44 3QL

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

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 show a reduction in turnover to £29 million compared to £70.3 million in 2022. The company continues to set a structure for the future and has resulted in the company reporting a small profit for the year of £1.7 million before tax.

The company has maintained a strong financial position, with net assets of £6.8 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. 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 J H Van Workum - Director


29 August 2024

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year 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 year ended 31 December 2023.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

R A McKeel - resigned 16 March 2023
J Hilderhoff - appointed 1 January 2023
T Liguori - appointed 1 January 2023
C A Williams - appointed 1 January 2023 - resigned 21 July 2023

T J H Van Workum was appointed as a director after 31 December 2023 but prior to the date of this report.

T Liguori ceased to be a director after 31 December 2023 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 J H Van Workum - Director


29 August 2024

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 year ended 31 December 2023 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 2023 and of its profit for the year 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 BN Audit Services Limited
45a Station Road
Willington
Bedfordshire
MK44 3QL

29 August 2024

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
2.1.22
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 3 29,073,198 70,309,206

Cost of sales 17,752,183 50,978,566
GROSS PROFIT 11,321,015 19,330,640

Administrative expenses 9,749,125 19,466,576
OPERATING PROFIT/(LOSS) 5 1,571,890 (135,936 )

Interest receivable and similar income 50,647 12,141
1,622,537 (123,795 )

Interest payable and similar expenses 6 - 1,348
PROFIT/(LOSS) BEFORE TAXATION 1,622,537 (125,143 )

Tax on profit/(loss) 7 366,179 18,828
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,256,358

(143,971

)

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
2.1.22
Year Ended to
31.12.23 31.12.22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,256,358 (143,971 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,256,358

(143,971

)

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 645,529 154,749

CURRENT ASSETS
Debtors 9 28,435,811 11,302,434
Cash at bank and in hand 358,744 8,741,517
28,794,555 20,043,951
CREDITORS
Amounts falling due within one year 10 22,577,801 14,601,707
NET CURRENT ASSETS 6,216,754 5,442,244
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,862,283

5,596,993

PROVISIONS FOR LIABILITIES 12 34,007 25,075
NET ASSETS 6,828,276 5,571,918

CAPITAL AND RESERVES
Called up share capital 13 33,000 33,000
Capital redemption reserve 14 52,700 52,700
Retained earnings 14 6,742,576 5,486,218
SHAREHOLDERS' FUNDS 6,828,276 5,571,918

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





T J H Van Workum - Director


FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 2 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

Changes in equity
Total comprehensive income - 1,256,358 - 1,256,358
Balance at 31 December 2023 33,000 6,742,576 52,700 6,828,276

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
2.1.22
Year Ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 14,358,931 190,657
Interest paid - (1,348 )
Tax paid (16,883 ) (403,506 )
Net cash from operating activities 14,342,048 (214,197 )

Cash flows from investing activities
Purchase of tangible fixed assets (596,362 ) (96,143 )
Interest received 50,647 12,141
Net cash from investing activities (545,715 ) (84,002 )

Cash flows from financing activities
Movement in intercompany balance (22,179,106 ) (7,059,398 )
Net cash from financing activities (22,179,106 ) (7,059,398 )

Decrease in cash and cash equivalents (8,382,773 ) (7,357,597 )
Cash and cash equivalents at beginning of
year

2

8,741,517

16,099,114

Cash and cash equivalents at end of year 2 358,744 8,741,517

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Profit/(loss) before taxation 1,622,537 (125,143 )
Depreciation charges 105,582 63,361
Finance costs - 1,348
Finance income (50,647 ) (12,141 )
1,677,472 (72,575 )
Decrease/(increase) in trade and other debtors 5,421,728 (4,275,750 )
Increase in trade and other creditors 7,259,731 4,538,982
Cash generated from operations 14,358,931 190,657

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:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 358,744 8,741,517
Period ended 31 December 2022
31.12.22 2.1.22
£    £   
Cash and cash equivalents 8,741,517 16,099,114


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 8,741,517 (8,382,773 ) 358,744
8,741,517 (8,382,773 ) 358,744
Total 8,741,517 (8,382,773 ) 358,744

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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 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 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.

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

An analysis of turnover by geographical market is given below:

Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
United Kingdom 29,073,198 70,309,206
29,073,198 70,309,206

4. EMPLOYEES AND DIRECTORS

The average number of employees and directors during the period was 72 (2022 - 52).

Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration - -

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. OPERATING PROFIT/(LOSS)

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

Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Other operating leases 185,006 159,737
Depreciation - owned assets 105,582 63,361
Auditors' remuneration 8,000 8,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Interest on late paid tax - 1,348

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 357,247 -

Deferred tax 8,932 18,828
Tax on profit/(loss) 366,179 18,828

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

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

Period
2.1.22
Year Ended to
31.12.23 31.12.22
£    £   
Profit/(loss) before tax 1,622,537 (125,143 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

405,634

(23,777

)

Effects of:
Expenses not deductible for tax purposes 6,085 3,072
Capital allowances in excess of depreciation - (11,709 )
Depreciation in excess of capital allowances 10,650 -
Deferred tax movement 8,932 18,828
Tax loss carried forward - 32,414
Tax loss brought forward (42,650 ) -
Adjustment for tax rate of 19% for period to 5th April 2023 (22,472 ) -
Total tax charge 366,179 18,828

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 60,622 9,268 225,917 295,807
Additions 533,381 - 62,981 596,362
At 31 December 2023 594,003 9,268 288,898 892,169
DEPRECIATION
At 1 January 2023 37,851 7,984 95,223 141,058
Charge for year 46,650 816 58,116 105,582
At 31 December 2023 84,501 8,800 153,339 246,640
NET BOOK VALUE
At 31 December 2023 509,502 468 135,559 645,529
At 31 December 2022 22,771 1,284 130,694 154,749

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,919,136 8,943,787
Amounts owed by group undertakings 24,888,003 2,332,898
Other debtors - 5,349
VAT 539,620 -
Prepayments 89,052 20,400
28,435,811 11,302,434

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 713,202 2,996,853
Amounts owed to group undertakings 1,823,100 1,447,101
Tax (109,532 ) (449,896 )
Social security and other taxes 193,165 147,473
VAT - 65,721
Other creditors 62,773 49,456
Deferred income 18,636,950 5,463,183
Accrued expenses 1,258,143 4,881,816
22,577,801 14,601,707

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 49,818 49,818
Between one and five years 462,902 512,720
512,720 562,538

12. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 34,007 25,075

Deferred
tax
£   
Balance at 1 January 2023 25,075
Accelerated capital allowances 8,932
Balance at 31 December 2023 34,007

FORTNA UK LIMITED (REGISTERED NUMBER: 02619692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
33,000 Ordinary £1 'A' shares 1 33,000 33,000

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

At 1 January 2023 5,486,218 52,700 5,538,918
Profit for the year 1,256,358 1,256,358
At 31 December 2023 6,742,576 52,700 6,795,276

15. ULTIMATE PARENT COMPANY

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