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REGISTERED NUMBER: 10930806 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ETISALAT EUROPE LIMITED

ETISALAT EUROPE LIMITED (REGISTERED NUMBER: 10930806)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


ETISALAT EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







Directors: Mr A R Al Aqqad
Mr N Baccouche





Registered office: Suite 1,
7th Floor 50 Broadway,
London
SW1H 0BL





Registered number: 10930806 (England and Wales)





Auditors: Fuller & Roper Limited
Chartered Accountants and Statutory Auditors
12 Old Mills Industrial Estate
Paulton
BS39 7SU

ETISALAT EUROPE LIMITED (REGISTERED NUMBER: 10930806)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £ £
FIXED ASSETS
Tangible assets 4 5,273 3,904

CURRENT ASSETS
Debtors 5 206,076 252,240
Cash at bank 653,551 566,245
859,627 818,485
CREDITORS
Amounts falling due within one year 6 (138,407 ) (177,523 )
NET CURRENT ASSETS 721,220 640,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

726,493

644,866

CAPITAL AND RESERVES
Called up share capital 407,817 407,817
Retained earnings 318,676 237,049
SHAREHOLDERS' FUNDS 726,493 644,866

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 Board of Directors and authorised for issue on 7 July 2025 and were signed on its behalf by:





Mr N Baccouche - Director


ETISALAT EUROPE LIMITED (REGISTERED NUMBER: 10930806)

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

1. STATUTORY INFORMATION

Etisalat Europe 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 company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

Turnover
Turnover represents amounts charged to the company's parent under a sales and marketing agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

Tangible fixed assets
Assets are stated at historic cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measure initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are creditors measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

ETISALAT EUROPE LIMITED (REGISTERED NUMBER: 10930806)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
Cost
At 1 January 2024 13,030
Additions 4,317
At 31 December 2024 17,347
Depreciation
At 1 January 2024 9,126
Charge for year 2,948
At 31 December 2024 12,074
Net book value
At 31 December 2024 5,273
At 31 December 2023 3,904

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£ £
Trade debtors 178,092 218,925
Other debtors 10,500 10,500
VAT 4,225 4,301
Prepayments 13,259 18,514
206,076 252,240

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£ £
Trade creditors - 2,352
Tax 32,048 22,752
PAYE 12,875 16,863
Pension 3,638 4,394
Accrued expenses 89,846 131,162
138,407 177,523

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/24 31/12/23
£ £
Within one year 32,080 22,502

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

The Report of the auditors was unqualified.

Simon Roper (Senior Statutory Auditor)
for and on behalf of Fuller & Roper Limited

ETISALAT EUROPE LIMITED (REGISTERED NUMBER: 10930806)

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

9. ULTIMATE CONTROLLING PARTY

The immediate parent company is considered to be Etisalat Europe and Asia Limited, a company incorporated in the United Arab Emirates.

The ultimate controlling party is considered to be the Emirates Telecommunications Group Company PJSC, a company incorporated in the United Arab Emirates, with registered office at PO Box 3838, Abu Dhabi, United Arab Emirates, and listed on the Abu Dhabi Securities Exchange. Consolidated accounts including Etisalat Europe Limited are drawn, these can be obtained from the company's website www.eand.com.