REGISTERED NUMBER: 14030237 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AUDAX MANAGEMENT COMPANY (UK) LIMITED

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

Directors:

Mr A H Gardiner

Mr D H Weintraub

Registered office:

Suite 2, First Floor

10 Temple Back

Bristol

BS1 6FL

Registered number:

14030237 (England and Wales)

Auditors:

Ernst & Young LLP

25 Churchill Place

Canary Wharf

London

E14 5EY

CURRENT ASSETS

Debtors

4

102,693

244,577

Cash at bank

1,148,740

616,398

1,251,433

860,975

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5

(786,456

)

(600,408

)

NET CURRENT ASSETS

464,977

260,567

TOTAL ASSETS LESS CURRENT LIABILITIES

464,977

260,567

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

464,976

260,566

464,977

260,567

464,977

260,567

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of profit or loss and other comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Mr A H Gardiner - Director

1.	STATUTORY INFORMATION

Audax Management Company (UK) Limited ("the Company") 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 are 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 and on a going concern basis.

The Company has taken advantage of the following disclosure exemptions 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;

- the requirement of paragraph 3.17(d).

Turnover

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

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

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 initially recognised at transaction price.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Profit or Loss and Other Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation is not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to Statement of Profit or Loss and Other Comprehensive Income 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 Statement of Profit or Loss and Other Comprehensive Income in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

4.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

-

185,047

Other receivables

31,200

20,160

Rent deposit

-

31,200

VAT receivable

13,742

8,170

Prepayments

12,652

-

57,594

244,577

Amounts falling due after more than one year:

Deferred tax

99

-

Prepayments

45,000

-

45,099

-

Aggregate amounts

102,693

244,577

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

-

7,200

Amounts owed to group undertakings

55,077

-

Tax (Note 5)

68,469

50,917

Social security and other taxes

599,752

502,291

Accrued expenses

63,158

40,000

786,456

600,408

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

334,200

126,300

Between one and five years

118,200

-

452,400

126,300

Operating lease rent charged to Statement of Profit or Loss and Other Comprehensive income for the period amounted to £181,486 (exclusive of VAT).

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

The Auditors' report was unqualified.

Ahmer Huda (Senior Statutory Auditor)

for and on behalf of Ernst & Young LLP

8.	ULTIMATE CONTROLLING PARTY

Audax Management Company LLC is the Company's immediate and ultimate parent company, with registered office at 101 Huntington Avenue, 24th Floor, Boston, MA 02199 USA. It is also the largest and smallest group in which the results of the company are consolidated.

9.	SUBSEQUENT EVENTS

Management has considered the effects, if any, of events occurring after the date of the financial statements and throughout the date the financial statements were authorised to be issued. The Company has concluded that there are no material items that warrant disclosure.