Company Registration No. 11393336 (England and Wales)
Contec IAS UK Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Contec IAS UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Contec IAS UK Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,376
21,437
Current assets
Debtors
5
420,761
337,918
Cash at bank and in hand
278,389
226,543
699,150
564,461
Creditors: amounts falling due within one year
6
(321,149)
(215,769)
Net current assets
378,001
348,692
Total assets less current liabilities
395,377
370,129
Creditors: amounts falling due after more than one year
7
(59,464)
-
0
Net assets
335,913
370,129
Capital and reserves
Called up share capital
40,000
40,000
Profit and loss reserves
295,913
330,129
Total equity
335,913
370,129

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 15 September 2025 and are signed on its behalf by:
Patrick De Pryck
Director
Company Registration No. 11393336
Contec IAS UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

Contec IAS UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Neon Building Quorum Business Park, Benton Lane, Newcastle Upon Tyne, NE12 8BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on a going concern basis. The directors have prepared forecasts which cover the going concern period under review and the company is forecast to continue to grow its customer base and operate profitably for the foreseeable future.

The company has a commitment of support from its parent company.

Based on the forecasts of the company and the commitment of support from the parent company, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.7
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 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 recognised 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
8
Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
37,865
Additions
198
At 31 December 2024
38,063
Depreciation and impairment
At 1 January 2024
16,428
Depreciation charged in the year
4,259
At 31 December 2024
20,687
Carrying amount
At 31 December 2024
17,376
At 31 December 2023
21,437
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
344,527
308,514
Other debtors
63,906
28,505
408,433
337,019
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
12,328
899
Total debtors
420,761
337,918
Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
144,415
61,611
Corporation tax
-
0
6,700
Other taxation and social security
59,785
49,334
Other creditors
116,949
98,124
321,149
215,769
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
59,464
-
0
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Davis
Statutory Auditors:
Saffery LLP
Date of audit report:
15 September 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
43,137
-
0
10
Related party transactions
Contec IAS UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
Related party transactions (continued)
8

Other creditors includes loan amounts due to the parent company, Contec Belgium BV, of £80,145 (20 23: £84,156). Of this balance, £20,680 (2023: £84,156) is held within amounts due within one year with the remaining amount due after one year. This loan is subject to interest at Euribor +1% and repayable in full by September 2028.

Other creditors due within one year also includes a further £40,937 relating to cash received from Contec Belgium BV with no payment of interest terms attached.

Within trade debtors at the year end the company was owed £42,372 (2023: £14,254). The company owed £45,241 (2023: £21,361) to Contec Belgium BV, which is the parent company. The company owed fellow subsidiary undertakings Contec Poland £15,006 (2023: £nil) and Contec Romania £17,312 (2023: £114).

11
Parent company

The company is controlled by the immediate and ultimate parent company, Contec CVBA, a company registered in Belgium. The head office of the parent company is Noorderlaan 125, 2030 Antwerpen, Belgium.

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