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REGISTERED NUMBER: 03758068 (England and Wales)















URSA U.K. LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






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

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Statement of Financial Position 11

Notes to the Financial Statements 12


URSA U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







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)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS
The Company operates in the market of building materials. It trades Insulation products for construction, namely Glasswool and Extruded Polystyrene under the brand URSA. The products sold by the Company have been Manufactured in factories that belong to the same Group of Companies called ETEX. The Company has had the same activity since its foundation.

In the year 2024 the Company sold GBP 10,467k (almost the same as in 2024, just a slight 0.76% more). This amount has to be reported as good, compared with the situation in Continental Europe, which is suffering decreases in volumes.

However, due to the fact of the increasing prices of goods, the operating profit of the Company has reduced to GBP 589k (a significant 80% decrease).

Operating expenses have been cut by 9% ; whereas personnel expenses have increase by 27%.

Financial income coming from interests accrued from cash pool positions has almost doubled the amount obtained in 2023 due to additions to the account coming from commercial activity.

The Company has capitalized the tax credits pending considering the performance of the last years and the business projections.

In definitive, the profit for the financial year 2024 has come to GBP 1,970k which is 37% lower than previous year.
Regarding the Financial position, retained earnings at the end of the year have change from negative to positive.


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

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Company's operations expose it to the risk of environmental liabilities.

The Group strives to comply with current environmental legislation. Future changes to environmental law may require the Group to adopt alternative and less efficient or more costly production processes and were the Group to infringe environmental legislation that could result in prolonged suspension of manufacturing operations and possible financial liabilities or penalties.

The group mitigates these risks by carrying out a full internal environmental audit program, by trained environmental auditors. The group continues to hold the ISO 14001 certificate, where an external leading audit company (BSI) carry out two audits per year. The group continue to hold the IPC (Integrated Pollution Control) license, which is policed by SEPA (Scottish Environmental Protection Agency). As part of this license the group must carry out routine emission testing, as well as noise and ground water testing.

Liquidity Risk

The Directors regularly assess the Company's liquidity position and forecast cash flows to ensure that sufficient funds are available to meet operational and financial obligations as they fall due. The Company maintains access to group financing facilities and cash pooling arrangements to support working capital needs.

Credit Risk

The company is exposed to credit risk primarily through trade receivables and intercompany balances. To mitigate this risk, the Company performs credit checks on new customers, sets appropriate credit limits, and monitors outstanding balances on an ongoing basis. In addition, the Company has taken out credit insurance on certain trade receivables to further reduce exposure to customer default. The majority of receivables are with established counterparties or group entities with a low risk of non-payment.

Intercompany/Group Financing Risk

The Company participates intra-group funding and a cash pooling arrangement. The Directors consider the financial stability of the group and maintain ongoing communication with group treasury to ensure support remains available,

Customers

Engagement and investment in long term customer relationships is our primary focus and overall business strategy. During 2024, the business continued to use a flexible approach to enable us to maintain and understand the needs of our customers. The sales team have regular review meetings with all customers at all levels through our customer organizations to ensure high levels of engagement and the ability to react quickly to customer requirements. Reviewing business performance, forecasting and market conditions, we have successfully managed customer communication and CPD presentations for contractors and specifiers. Success has been generated by increasing our overall customer base and new targeted market penetration in the region. We are thankful to our customer base for their continued support in 2024 and look forward to their continued support in the future.

Employees

We encourage involvement and transparency with all our employees to help us build employee engagement and retain our talented team. We engage with employees through regular departmental meetings and company updates. We also issue an annual engagement survey, where employees can have their say. There are opportunities for personal development and ongoing training and e-learning opportunities through an online learning platform. As health and wellbeing continues to be a priority, we progressed with a number of activities to support this. Within our Mental Health First Aiders team we have six employees that have undergone specialized training. An Employee Assistance Program that includes counselling is made available to all employees. We also have a cycle to work scheme to encourage employees to maintain an active lifestyle.

Suppliers

We ensure our suppliers demonstrate respect for our values and comply with all relevant legislation by carrying out due diligence of new suppliers and where appropriate their supply chains. We form long term relationships with our suppliers and review their performance to ensure they meet our standards.

Community

The local community is very important to the Company and always a priority when considering site operations. We engage actively with our local community groups and always aim to be a responsible and proactive neighbor in the City. The environmental impact of our business is of particular focus with sustainability being a key priority area for Etex. The business is ISO 14001 certified and carries out a full internal environmental audit program.


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

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024

SECTION 172(1) STATEMENT
The following disclosure describes how the Board of directors of Ursa UK Limited has had regard to the matters set out in section 172 (1a) to (f) and forms the Directors' statement requirement under section 414CZA of the Companies Act 2006.

The Board is responsible for the overall strategy of the Company, ensuring it is acting in accordance with its legal and regulatory obligations. In doing so, the Board considers the ethos and culture of the Company and acts in good faith to promote the success of the Group and to maintain high standards of ethical business conduct. It considers the key stakeholders which are impacted by the Group's activities, including customers, employees, suppliers, and the community.

DEVELOPMENT AND PERFORMANCE
The Company has performed below budget expectations; however, the result has been positive.

Future expectations

The Group has decided to concentrate the commercial activity in the United Kingdom in only one company. For this reason, it is going to sell the business and the net assets of Ursa UK to other subsidiary of the Group, Etex UK Insulation Ltd. (formerly called Superglass Limited).

FINANCIAL KEY PERFORMANCE INDICATORS
a) Capital structure: The Company has no financial debts with third parties; it means that is all financed with own resources.

b) Liquidity: the Company has lent to the Group via Cash pooling GBP 5,48k

Liquidity ratio:
2024 2023
Cash Pool 5,480,372 3,169,568
Banks 227,492 2,598,738

Payables 2,351,769 1,667,947

Ratio 2.43 3.46

c) Profitability ratio:
2024 2023
Operating Profit 589,097 2,987,079
Turnover 10,467,608 10,388,825

Ratio 5.63% 28.75%

ON BEHALF OF THE BOARD:





Mr K R Slos - Director


22nd May 2025

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

DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31st December 2024.

CESSATION OF TRADING
During the year a group decision was made and agreement signed to re-structure and move all UK trading activities into one UK company within the group. As such, URSA UK ceased trading as at the 31 December 2024 and all trade and assets have transferred to a UK company within the group, Etex UK Insulation Limited on the 1 January 2025. It is intended that URSA UK Limited will then enter a Member's Voluntary Liquidation.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of insulating products.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mr K R Slos
Mr W B Skorek

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Directors' Report 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:





Mr K R Slos - Director


22nd May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
URSA U.K. LIMITED


Opinion
We have audited the financial statements of URSA U.K. Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 31st December 2024 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.

Emphasis of matter relating to going concern
We draw attention to the going concern accounting policy note 3 and note 15 of the accounts which detail that URSA UK Limited ceased trading at the year-end as the result of a group restructuring exercise. The trade and assets have been transferred to Etex UK Insulation Limited from the 1 January 2025. It is intended that URSA UK Limited will enter into a Members Voluntary Liquidation process.

We note that the cessation of trade means that the company is no longer considered to be a going concern and the accounts have been correctly compiled on this basis, however, we are satisfied that management's assessment that there are no changes required to the results and balances as the transfer of trade is taking place to another group member on a going concern basis, so the carrying values in the accounts are the same as if the accounts were prepared on the going concern basis.

Our audit opinion is not modified in respect of the matter emphasised.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Directors' Report.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
URSA U.K. LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, 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
URSA U.K. 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- enquiry of management, about litigations and claims and inspection of relevant correspondence;
- analytical procedures to identify any unusual or unexpected relationships;
- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;
- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of
the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 or error, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
URSA U.K. LIMITED

- 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 Report of the Auditors 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 Report of the Auditors. 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.

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.

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.




Farzana Ahmed (Senior Statutory Auditor)
for and on behalf of Carston ETL
Statutory Auditor
Second Floor
34 Lime Street
London
EC3M 7AT

22nd May 2025

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

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 4 10,467,608 10,388,825

Cost of sales 9,074,084 6,628,184
GROSS PROFIT 1,393,524 3,760,641

Administrative expenses 804,427 773,562
OPERATING PROFIT 589,097 2,987,079

Interest receivable and similar income 261,522 135,796
PROFIT BEFORE TAXATION 6 850,619 3,122,875

Tax on profit 7 (1,119,549 ) -
PROFIT FOR THE FINANCIAL YEAR 1,970,168 3,122,875

Retained earnings at beginning of year (1,855,630 ) (4,978,505 )

RETAINED EARNINGS AT END OF YEAR 114,538 (1,855,630 )

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

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 9 9,136,343 4,111,080
Cash at bank 227,492 2,598,738
9,363,835 6,709,818
CREDITORS
Amounts falling due within one year 10 2,351,796 1,667,947
NET CURRENT ASSETS 7,012,039 5,041,871
TOTAL ASSETS LESS CURRENT LIABILITIES 7,012,039 5,041,871

CAPITAL AND RESERVES
Called up share capital 12 6,897,501 6,897,501
Retained earnings 13 114,538 (1,855,630 )
SHAREHOLDERS' FUNDS 7,012,039 5,041,871

The financial statements were approved by the Board of Directors and authorised for issue on 22nd May 2025 and were signed on its behalf by:




Mr K R Slos - Director



Mr W B Skorek - Director


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

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


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 (£).


The company ceased trading at the year-end and all trade and assets will transfer to Etex UK Insulation Limited, a group company.

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" 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.

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 requirements of Section 7 Statement of Cash Flows.

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

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


3. ACCOUNTING POLICIES - continued

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.

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 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.

Due to the profit levels, a deferred tax asset has been included into the current year accounts based on the main rate of tax of 25% on the losses carried forward.

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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Going concern
During the year a group decision was made and agreement signed to re-structure and move all UK trading activities into one UK company within the group. As such, URSA UK ceased trading as at the 31 December 2024 and all trade and assets have transferred to a UK company within the group, Etex UK Insulation Limited on the 1 January 2025. It is intended that URSA UK Limited will then enter a Member's Voluntary Liquidation.

As the company has ceased trading it is, by definition, no longer a going concern.

However, as all assets and liabilities are transferred at the carrying value at the year-end and there are no impairments or fair value adjustments required in respect of the balances, the results and balances contained within the financial statements are the same as those which would be included if the accounts were prepared on the going concern basis.

Debtors and creditors
Short term debtors are measured at transaction price, less any impairment.
Trade debtors were factored with Credit Agricole Leasing & Factoring without recourse until September 2024 and derecognised when all the risks and rewards had 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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 10,467,608 10,388,825
10,467,608 10,388,825

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 301,235 236,960
Social security costs 37,232 29,195
Other pension costs 12,970 10,460
351,437 276,615

The average number of employees during the year was as follows:
2024 2023

Sales 4 4

2024 2023
£    £   
Directors' remuneration - -

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 37,672 36,149
Auditors' remuneration 14,000 12,500
Foreign exchange differences (35,760 ) (33,743 )

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax (1,119,549 ) -
Tax on profit (1,119,549 ) -

A deferred tax asset has been included in the accounts based on the main rate of 25% of the unused losses carried forward.

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st January 2024 53,324
Disposals (53,324 )
At 31st December 2024 -
DEPRECIATION
At 1st January 2024 53,324
Eliminated on disposal (53,324 )
At 31st December 2024 -
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 -

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,008,619 1,082,683
Factoring balance offset against trade debtors 156,708 (157,185 )
Amounts owed by group undertakings 5,494,197 3,184,272
Other debtors 1,357,270 -
Deferred tax asset 1,119,549 -
Prepayments and accrued income - 1,310
9,136,343 4,111,080

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

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.

Included in other debtors is a deferred tax asset of £1,119,549.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Rebates due to customers 963,208 886,114
Amounts owed to group undertakings 1,003,072 424,938
PAYE and NIC taxes 8,101 7,616
VAT 294,020 270,798
Other creditors 17,858 23,190
Accruals and deferred income 32,267 22,021
Accrued salaries 33,270 33,270
2,351,796 1,667,947

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 37,980 26,717
Between one and five years 33,138 44,605
71,118 71,322

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
11,690,680 Ordinary 0.59 6,897,501 6,897,501

13. RESERVES
Retained
earnings
£   

At 1st January 2024 (1,855,630 )
Profit for the year 1,970,168
At 31st December 2024 114,538

14. 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.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


15. POST BALANCE SHEET EVENTS

At the year-end, URSA UK Limited ceased trading and all trade and assets have been transferred to Etex UK Insulation Limited, a UK based company in the same group, from 1 January 2025.

16. 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.