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REGISTERED NUMBER: 03758068 (England and Wales)















URSA U.K. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


URSA U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr K R Slos
Mr W B Skorek



REGISTERED OFFICE: 1 St. James Court
Whitefriars
Norwich
Norfolk
NR3 1RU



REGISTERED NUMBER: 03758068 (England and Wales)



SENIOR STATUTORY AUDITOR: Farzana Ahmed



INDEPENDENT AUDITORS: Carston ETL
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 6 4,111,080 1,558,781
Cash at bank 2,598,738 1,973,209
6,709,818 3,531,990
CREDITORS
Amounts falling due within one year 7 1,667,947 1,612,994
NET CURRENT ASSETS 5,041,871 1,918,996
TOTAL ASSETS LESS CURRENT LIABILITIES 5,041,871 1,918,996

CAPITAL AND RESERVES
Called up share capital 9 6,897,501 6,897,501
Retained earnings (1,855,630 ) (4,978,505 )
SHAREHOLDERS' FUNDS 5,041,871 1,918,996

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2024 and were signed on its behalf by:





Mr K R Slos - Director


URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

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


1. STATUTORY INFORMATION

URSA U.K. 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 Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the view of the directors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

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

Sales are recognised when the goods are despatched to the customer.

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

IT costs - 33% straight line

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.


URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

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


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling 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.

Going concern
As at 31 December 2023 the company had net assets of £5,041,871 (2022: £1,918,996 ) after making a profit for the financial year of £3,122,875 (2022: £1,847,164) in the year then ended. The majority of its ongoing liabilities throughout the year are amounts owed to group undertakings. At the year-end, included within debtors, is a group cash pooling account of £3,184,272 (2022: £1,024,482) held with Etex Finance, which is available on demand with no concerns over recoverability, to enable it to meet its liabilities as they fall due. As a result, after making enquiries, the directors have a reasonable expectation that the company has adequate resources for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the company's financial statements.

Debtors and creditors
Short term debtors are measured at transaction price, less any impairment.
Trade debtors are factored with Credit Agricole Leasing & Factoring without recourse and are derecognised when all the risks and rewards have been fully transferred.

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method if due more than one year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

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


5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2023
and 31st December 2023 53,324
DEPRECIATION
At 1st January 2023
and 31st December 2023 53,324
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 925,498 530,540
Amounts owed by group undertakings 3,184,272 1,024,482
Other debtors 1,310 3,759
4,111,080 1,558,781

The Amounts due from Group Undertakings comprises a cash-pooling account under an agreement between Etex Finance S.A., a Luxembourg based company, and URSA UK Limited.

The agreement came into force 31/05/2022 and shall be effective for an indefinite period.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 886,114 783,356
Amounts owed to group undertakings 424,938 403,034
Taxation and social security 278,414 354,823
Other creditors 78,481 71,781
1,667,947 1,612,994

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 26,717 25,286
Between one and five years 44,605 2,708
71,322 27,994

URSA U.K. LIMITED (REGISTERED NUMBER: 03758068)

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


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,690,680 Ordinary 0.59 6,897,501 6,897,501

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

The Report of the Auditors was unqualified.

Farzana Ahmed (Senior Statutory Auditor)
for and on behalf of Carston ETL

11. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary undertaking of URSA Insulation, S.A., the company has taken advantage of the exemption available under Financial Reporting Standard 33 "Related Party Disclosures" (33.1 A) from disclosing transactions with other wholly owned members of the group headed by URSA Insulation, S.A.

12. ULTIMATE CONTROLLING PARTY

The controlling party is URSA Insulation, S.A..

The ultimate controlling party is Etex NV.

URSA Insulation, S.A., sole shareholder of URSA U.K. Limited, is a company incorporated in Spain and the parent company
of the smallest group of which the company is a member and for which group accounts are drawn up and the company's
immediate parent undertaking. The group accounts are available from Paseo De Recoletos, 3, 28004 Madrid, Spain.

Etex NV (a company incorporated in Belgium) is the parent company of the largest group of which the company is a member and for which group accounts are drawn up.