| REGISTERED NUMBER: |
| EXOTEC LOGISTICS UK LTD |
| Strategic Report, Director's Report and |
| Financial Statements for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| EXOTEC LOGISTICS UK LTD |
| Strategic Report, Director's Report and |
| Financial Statements for the Year Ended 31 December 2024 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 | to | 3 |
| Director's Report | 4 | to | 5 |
| Director's Responsibilities Statement | 6 |
| Independent Auditors' Report | 7 | to | 10 |
| Statement of Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 | to | 24 |
| EXOTEC LOGISTICS UK LTD |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Statutory Auditor |
| 15 Westferry Circus |
| Canary Wharf |
| London |
| E14 4HD |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors of Exotec Logistics UK Ltd present their strategic report and the audited financial statements for the year ended 31 December 2024. |
| BUSINESS REVIEW AND FUTURE DEVELOPMENTS |
| The Company’s revenue for the year ended 31 December 2024 increased to £24,461,653 (2023: £16,377,995). Project sales remained the principal source of income, contributing to £23,278,895 of 2024 total revenue. Efforts in 2025 will focus on continuing to implement initiatives aimed at enhancing the Company's capacity to accommodate and sustain future growth. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Reliance on key individuals and personnel |
| The success of the group depends on its ability to recruit and to retain high quality and experienced staff. The loss of the services of key personnel or inability to attract additional qualified personal as the group grows could have an adverse effect on the group's business, however, given the current size of the company the organization is not dependent on any individual. |
| Risks associated with regulation |
| The market in which the Group operates is subject to regulation both at the level of the European Union and on an individual country basis. Regulatory changes could impact on the Group's business. The regulatory regime applicable to companies within the Group's economic model or impose a greater burden upon the Group and the industry in terms of additional compliance costs. |
| Foreign Exchange Risk |
| The company operates internationally and is exposed to foreign exchange risk arising from various currency exposure, primarily Euro. The company mitigates its risk to currency exposure predominantly by maintaining foreign currency bank accounts. Any profits or losses resulting from currency fluctuations are recognised as and when they arise. |
| Interest rate risk |
| The company is exposed to interest rate risk as it has finance from a related party on which interest is charged at the 1-month Euribor rate plus 2% per annum. |
| Credit risk |
| Financial instruments that potentially subject the company to concentrations of credit risk consist of cash and cash equivalents, due to the large balances held. The company places its cash and cash equivalents primarily with domestic financial institutions. |
| Liquidity risk |
| Exotec Logistics UK Ltd has a bank balance of £352,025 (2023: £735,270) and there are no foreseeable future events that are likely to result in extensive cash outflows that will detriment the Company's cash position. |
| WORKING CAPITAL REQUIREMENTS |
| As at the date of the report, there is no requirement for further capital fundings as the funding from operations is currently sufficient to oversee the operating activities. |
| FINANCIAL RISK MANAGEMENT |
| The ultimate parent undertaking is Exotec SAS, which has in place a risk management program that seeks to limit the adverse effects on the financial performance of all subsidiaries withing the group. The policies set by the board of the directors of the ultimate parent undertaking are implemented by the company's finance function. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| KEY PERFORMANCE INDICATORS |
| The main key performance indicators ("KPIs") of the Company are similar to those of the Group, which are outlined below. |
| • Revenue £24,461,653 (2023: £16,377,995) |
| • Cash £352,025 (2023: £735,270) |
| APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY: |
| 29 August 2025 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Director's Report |
| for the Year Ended 31 December 2024 |
| The director presents his report with the audited financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the design and manufacture of robotic solutions used for logistical purposes, within the warehouses. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 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. |
| DIRECTOR |
| GOING CONCERN |
| The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and as such, consider it appropriate to prepare financial statements on the going concern basis. |
| CHARITABLE DONATIONS |
| The company made no charitable donations during the year. |
| POLITICAL CONTRIBUTIONS |
| The company made no political donations or incurred any political expenditure during the year. |
| ENVIRONMENT |
| The Company recognises the importance of its environmental responsibilities. Our business is subject to regulation by various local and foreign governmental agencies, including agencies responsible for monitoring and enforcing environmental laws. We monitor and implement policies to comply with these regulation. |
| EMPLOYEE INVOLVEMENT |
| The Company is committed to involve employees in the performance and development of the group. Our culture is based on building a deep understanding of our customers, partners and employees that we believe makes us an attractive company to work with and for. We also foster extensive collaboration and open communication, crowdsourcing of ideas and frequent collection of input that we believe leads to rapid and improved decision -making. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is 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 he 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. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Director's Report |
| for the Year Ended 31 December 2024 |
| AUDITORS |
| The auditors, PKF Littlejohn LLP, will be proposed for re-appointment in accordance with the Companies Act 2006. |
| APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY: |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Director's Responsibilities Statement |
| for the Year Ended 31 December 2024 |
| The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law): including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). |
| Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| Independent Auditors' Report to the Members of |
| EXOTEC LOGISTICS UK LTD |
| Opinion |
| We have audited the financial statements of Exotec Logistics Uk Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 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 Auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report4. 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. 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 course of 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. |
| Independent Auditors' Report to the Members of |
| EXOTEC LOGISTICS UK LTD |
| 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| • the Director's Report has 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 directors' report. |
| We have nothing to report in respect of the following matters in relation to which 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; or |
| • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. |
| Responsibilities of director |
| As explained more fully in the directors' responsibilities statement, 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 is 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. |
| Independent Auditors' Report to the Members of |
| EXOTEC LOGISTICS UK LTD |
| 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 an auditor's report 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| • We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. |
| • We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006, Employment law, Tax legislation, Anti-Money Laundering legislation, Anti-bribery laws, Local health and safety regulations, Local statutory regulations for overseas payroll, GDPR Legislation and United Kingdom Generally Accepted Accounting Practice. |
| • We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to: |
| o Enquiries of management |
| o Review of minutes |
| o Review of legal account |
| o Review of the Company's related party transactions and disclosures |
| • We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to revenue and deferred revenue. We addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate. |
| • As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| 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 Auditors' Report. |
| Independent Auditors' Report to the Members of |
| EXOTEC LOGISTICS UK LTD |
| 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 an Auditors' Report 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. |
| for and on behalf of |
| Statutory Auditor |
| 15 Westferry Circus |
| Canary Wharf |
| London |
| E14 4HD |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Statement of Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 582,442 | (124,519 | ) |
| Other operating income | 4 |
| OPERATING PROFIT/(LOSS) | 6 | ( |
) |
| Interest receivable and similar income |
8 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 9 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Share capital | 14 |
| Profit and loss account | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the board of the director and authorised for issue on |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Profit |
| Share | and loss | Total |
| capital | account | equity |
| £ | £ | £ |
| Balance at 1 January 2023 | ( |
) | ( |
) |
| Profit for the year | - | 384,394 | 384,394 |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Profit for the year | - | 761,045 | 761,045 |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | GENERAL INFORMATION |
| Exotec Logistics UK Ltd is a private company, limited by shares, registered in England and |
| Wales. The company's registered number can be found on the Company Information page. The registered office address is 8th Floor South, 11 Old Jewry, London, EC2R 8DU |
| 2. | ACCOUNTING POLICIES |
| 2.1 Basis of preparing the financial statements |
| All amounts are rounded to the nearest £. |
| The following principal accounting policies have been applied: |
| This information is included in the consolidated financial statements of Exotec SAS as at |
| 31 December 2024 and these financial statements may be obtained from 251 Rue Jean Monnet, Croix, France, 59170. |
| 2.2 Going concern |
| The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and future cash flows and have concluded that there are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern for at least 12 months from the date of approval of the financial statements. |
| 2.3 Financial reporting standard 102 - reduced disclosure exemptions |
| The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" |
| - The requirement of section 7 Statement of Cash Flows under FRS 102 qualifying entity (1.12(b)): The company is a qualifying entity whose results are included in the publicly available consolidated financial statements of Exotec SAS and these are available at the registered office of the company which is 8th Floor South, 11 Old Jewry, London, United Kingdom, EC2R 8DU. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.4 Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The key estimates used in preparing the financial statements relate mainly to: |
| In line with the revenue recognition accounting policy, management exercise judgement when recognising revenue according to the stage of completion of a contract: |
| - Regarding the sale, and the installation of the Solution at the customer warehouse by Exotec, the revenue is recognized overtime according to the completion method with costs as inputs; |
| - For the maintenance service linked with the deployment of the Solution by Exotec at the customer warehouse, the revenue should be recognized over time on a straight-line basis on the duration of the contract that is generally one year. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.5 Turnover |
| Revenue is measured at the fair value of the consideration received or receivable and is recognised when it is probable that economic benefits will flow to the company and the amount of revenue can be measured reliably. |
| Sale and Installation of Solutions |
| Revenue from the sale and installation of warehouse automation solutions is recognised over time using the percentage of completion method, based on the proportion of costs incurred to date relative to the total estimated costs of the contract. This method reflects the transfer of risks and rewards and the continuous delivery of services to the customer. |
| Revenue is recognised when: |
| - The outcome of the contract can be estimated reliably; |
| - It is probable that the economic benefits will flow to the company; |
| - The stage of completion can be measured reliably; |
| - Costs incurred and costs to complete the contract can be measured reliably. |
| Maintenance Services |
| Revenue from maintenance services associated with deployed solutions is recognised on a straight-line basis over the term of the contract, which is typically one year. This reflects the consistent delivery of services throughout the contract period. |
| Deferred and Accrued Income |
| At the reporting date: |
| - Deferred income represents amounts invoiced in advance of service delivery or goods transfer, including maintenance contracts and uncompleted installation work. |
| - Accrued income represents revenue earned from installation contracts where performance has occurred but invoicing has not yet taken place. |
| As at the reporting date, the company had a deferred income balance of £507,495 and an accrued income balance of £238,388, both primarily related to installation contracts accounted for using the percentage of completion method, and maintenance contracts recognised over time. |
| 2.6 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 |
| Financial assets consist of debtors (trade and other current assets) and other financial assets like cash at bank. These basic financial assets are initially measured at transaction price and subsequently at amortised cost. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial assets (£) | 31 Dec 2024 | 31 Dec 2023 |
| Debtors | 5,880,901 | 28,625,896 |
| Cash at bank | 352,025 | 735,270 |
| Total Financial assets | 6,232,926 | 29,361,166 |
| Basic financial liabilities |
| Financial liabilities consist of creditors (trade payables and other current liabilities). Creditors are initially measured at fair value. At each reporting date, the Group remeasures its financial instruments at fair value. |
| Financial liabilities (£) | 31 Dec 2024 | 31 Dec 2023 |
| Creditors | 5,157,583 | 29,045,738 |
| Total Financial liabilities | 5,157,583 | 29,045,738 |
| 2.7 Creditors |
| 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. |
| 2.8 Cash and cash equivalent |
| Cash and cash equivalents are basic financial instruments and include cash in hand, and deposit held at all in bank. |
| 2.9 Debtors |
| Trade debtors are receivable at various dates over the coming months in accordance with the customary credit terms. |
| 2.10 Finance cost |
| This relates to the interest payable by the company during the year end. |
| 2.11 Finance income |
| This relates to the interest receivable by the company on amounts lent to group undertakings. |
| 2.12 Pension costs |
| 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. |
| 2.13 Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
| Computer equipment: 33.33% straight line |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.14 Foreign currencies translation |
| • Functional and presentational currency. |
| The Company's functional and presentational currency is GBP. |
| • Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'. |
| 2.15 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. |
| 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. |
| There is no deferred tax to disclose. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | 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: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| United Kingdom |
| 4. | OTHER OPERATING INCOME |
| The other operating income of £563 (2023: Nil) relates to minor adjustments. |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Operations | 2 | 1 |
| Technical | 8 | 3 |
| Engineering | 3 | 2 |
| Maintenance | 1 | 1 |
| Sales | 2 | 1 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| The remuneration for the director R Heitz for the current year is Nil (2023: Nil). |
| The key management personnel of the company are R Heitz. |
| The directors of the company are not paid by the company but are remunerated by the ultimate controlling party for their services to the wider group. |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Director's remuneration |
| 6. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Foreign exchange differences |
| Wages |
| Travelling |
| Recruitment Fees |
| Social Security |
| Travelling is made up of the following: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Transport cost on purchase | - |
| Travel expenses - transportation | 53,144 | 38,480 |
| Travel expenses - lodging and meals | 46,888 | 23,266 |
| Other travel expenses | 7 | 1,379 |
| Total | 100,039 | 63,125 |
| 7. | AUDITORS' REMUNERATION |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
25,000 |
25,000 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other interest received |
| Interest income of £402,635 (2023: £598,908) was earned on cash pooling arrangements with group entities. The interest is recognised on an accruals basis in accordance with Section 11 of FRS 102. The arrangement is considered a related party transaction and is disclosed in Note 16. |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Utilisation of tax losses | ( |
) |
| Difference due to the blended tax rate for 2023 | - | (5,660 | ) |
| Total tax charge | 254,302 | 89,995 |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| The computer equipment are depreciated on a straight line basis at 33%. However, the charge for the year is low due to the assets being purchased in November and December 2024. |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Accrued income and prepayments |
| The net amounts being the amounts owed by group undertakings pertains to intercompany loan with Exotec SAS subject to interest at the rate of the Euro short-term rate plus 2% per annum. The amounts due are unsecured and repayable on demand. The interest is charged based on the balance of the cash pool account. |
| The accrued income and prepayment balance of £238,388 (2023: £589,403) mainly related to the AAG UK project which in 2024 was almost fully deployed. |
| As at 31 December 2024, there were no debtors falling due after more than one year and there was no provisions for impairment. |
| The directors consider that the carrying value of trade debtors approximates to fair value. The company’s exposure to credit risk is limited as the majority of customers are long-standing and credit worthiness is reviewed regularly. No significant concentrations of credit risk were identified. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 698,144 | - |
| Other creditors |
| Accruals |
| Deferred income |
| The net amounts being the amounts owed by group undertakings pertains to intercompany loan with Exotec SAS subject to interest at the rate of the Euro short-term rate plus 2.7% per annum. The amounts due are unsecured and repayable on demand. The interest is charged based on the balance of the cash pool account. |
| The deferred income of £507,495 (2023: £11,420,429) mainly related to the AAG UK contract in 2023. The customer made significant payment on the project. Due to the percentage of completion method applied for revenue recognition, those payments were classified has deferred income. As at 31 December 2024, the project was almost fully deployed and the majority of the deferred income has been reversed to revenue. |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 14. | SHARE CAPITAL |
| Allotted, and fully paid: |
| Number: Class: Nominal 31.12.24 31.12.23 |
| value: £ £ |
| 25,000 Ordinary £1 25,000 25,000 |
| There is a simple class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital. |
| 15. | RESERVES |
| Profit and loss account |
| The Statement of Comprehensive Income comprises of profit and losses that have accumulated year-on-year since the Company began trading. |
| EXOTEC LOGISTICS UK LTD (Registered number: 14163587) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 16. | RELATED PARTY DISCLOSURES |
| As at the 31 December 2024, the amount owed by the company to the immediate parent company was £2,685,066 (2023: £15,944,239). |
| Interest income of £402,635 (2023: £598,908) was earned on cash pooling arrangements with group entities. The interest is recognised on an accruals basis in accordance with Section 11 of FRS 102. |
| During the year, the total of all of the transactions with the immediate parent company was £19,002,514, included in this was the following material items: |
| Deployment of Sub-contractors: £1,513,642. |
| Technical Services: £1,249,605. |
| Deployment Project Supplies: £15,702,856. |
| Management fees: £1,028,720. |
| 17. | POST BALANCE SHEET EVENTS |
| There have been no material events occurring after the balance sheet date that require disclosure or adjustment in the financial statements. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Exotec SAS, a company registered in France whose registered address is 251 Rue Jean Monnet, Croix, France, 59170. |
| As at the reporting date, the directors have concluded that there is no ultimate controlling party, as no individual or entity exercises control over Exotec SAS or the reporting entity. |