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REGISTERED NUMBER: 14163587















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: R Heitz





SECRETARY: Pramex International Ltd





REGISTERED OFFICE: 8th Floor South
11 Old Jewry
London
EC2R 8DU





REGISTERED NUMBER: 14163587





INDEPENDENT AUDITORS: PKF Littlejohn LLP
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:





R Heitz - Director


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
R Heitz held office during the whole of the period from 1 January 2024 to the date of this report.

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:





R Heitz - Director


29 August 2025

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.




Zahir Khaki (Senior Statutory Auditor)
for and on behalf of PKF Littlejohn LLP
Statutory Auditor
15 Westferry Circus
Canary Wharf
London
E14 4HD

29 August 2025

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 24,461,653 16,377,995

Cost of sales (20,928,186 ) (14,870,627 )
GROSS PROFIT 3,533,467 1,507,368

Administrative expenses (2,951,025 ) (1,631,887 )
582,442 (124,519 )

Other operating income 4 563 -
OPERATING PROFIT/(LOSS) 6 583,005 (124,519 )

Interest receivable and similar
income

8

432,342

598,908
PROFIT BEFORE TAXATION 1,015,347 474,389

Tax on profit 9 (254,302 ) (89,995 )
PROFIT FOR THE FINANCIAL YEAR 761,045 384,394

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

761,045

384,394

EXOTEC LOGISTICS UK LTD (Registered number: 14163587)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,130 -

CURRENT ASSETS
Debtors 11 5,880,901 28,625,896
Cash at bank 352,025 735,270
6,232,926 29,361,166
CREDITORS
Amounts falling due within one year 12 5,157,583 29,045,738
NET CURRENT ASSETS 1,075,343 315,428
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,076,473

315,428

CAPITAL AND RESERVES
Share capital 14 25,000 25,000
Profit and loss account 15 1,051,473 290,428
SHAREHOLDERS' FUNDS 1,076,473 315,428

The financial statements were approved by the board of the director and authorised for issue on 29 August 2025 and were signed by:





R Heitz - Director


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 25,000 (93,966 ) (68,966 )
Profit for the year - 384,394 384,394
Total comprehensive income - 384,394 384,394
Balance at 31 December 2023 25,000 290,428 315,428
Profit for the year - 761,045 761,045
Total comprehensive income - 761,045 761,045
Balance at 31 December 2024 25,000 1,051,473 1,076,473

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
£    £   
Deploy 23,477,255 16,126,630
Maintain 984,398 251,365
24,461,653 16,377,995

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 24,461,653 16,377,995
24,461,653 16,377,995

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 1,110,822 490,133
Social security costs 125,503 60,396
Other pension costs 33,244 15,264
1,269,569 565,793

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
16 8

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 26,516 5,600
Depreciation - owned assets 46 -
Foreign exchange differences 27,833 36,586
Wages 1,110,822 490,133
Travelling 100,039 63,125
Recruitment Fees - 94,705
Social Security 125,503 60,396

Travelling is made up of the following:

31.12.2431.12.23
££

Transport cost on purchase-
Travel expenses - transportation53,14438,480
Travel expenses - lodging and meals46,88823,266
Other travel expenses71,379

Total100,03963,125

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 432,342 598,908

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 254,302 89,995
Tax on profit 254,302 89,995

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 1,015,347 474,389
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 25%)

253,837

118,597

Effects of:
Expenses not deductible for tax purposes 759 275
Capital allowances in excess of depreciation (294 ) -
Utilisation of tax losses - (23,217 )
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 1,176
At 31 December 2024 1,176
DEPRECIATION
Charge for year 46
At 31 December 2024 46
NET BOOK VALUE
At 31 December 2024 1,130

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 4,872,057 6,021,957
Amounts owed by group undertakings 45,226 19,853,210
Other debtors 725,230 826,192
VAT - 1,335,134
Accrued income and prepayments 238,388 589,403
5,880,901 28,625,896

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 157,954 232,397
Amounts owed to group undertakings 2,730,292 15,944,239
Tax 254,302 89,995
Social security and other taxes 61,927 30,540
VAT 698,144 -
Other creditors - 2,000
Accruals 747,469 1,326,138
Deferred income 507,495 11,420,429
5,157,583 29,045,738

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 69,952 12,600
Between one and five years 58,293 -
128,245 12,600

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.