REGISTERED NUMBER: SC323651 (Scotland)

Source Atlantique (UK) Ltd.

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R Feuerstein

Mrs L Feuerstein Maier

REGISTERED OFFICE:

4 North Guildry Street

Elgin

Moray

IV30 1JR

REGISTERED NUMBER:

SC323651 (Scotland)

ACCOUNTANTS:

The Long Partnership

4 North Guildry Street

Elgin

Moray

IV30 1JR

CURRENT ASSETS

Debtors

4

366,902

827,538

Cash at bank

600,404

453,674

967,306

1,281,212

CREDITORS

Amounts falling due within one year

5

214,341

189,962

NET CURRENT ASSETS

752,965

1,091,250

TOTAL ASSETS LESS CURRENT LIABILITIES

752,965

1,091,250

CAPITAL AND RESERVES

Called up share capital

6

2,500

2,500

Retained earnings

7

750,465

1,088,750

SHAREHOLDERS' FUNDS

752,965

1,091,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

Mrs L Feuerstein Maier - Director

1.	STATUTORY INFORMATION

Source Atlantique (UK) Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates

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.

Turnover

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sales of goods are recognised when the company has provided the goods to the customer and collectability of the related receivable is reasonably assured.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Basic 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.

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.

Foreign currencies

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

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

5,508

304,344

Other debtors

361,394

523,194

366,902

827,538

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

601

45,750

Amounts owed to group undertakings

210,000

140,000

Taxation and social security

-

512

Other creditors

3,740

3,700

214,341

189,962

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

2,500

Ordinary

1

2,500

2,500

7.

RESERVES

Retained

earnings

£

At 1 January 2024

1,088,750

Deficit for the year

(338,285

)

At 31 December 2024

750,465

8.	RELATED PARTY DISCLOSURES

At 31 December 2023 Source Atlantique (UK) Ltd. owed Source Atlantique Inc, the holding company of Source Atlantique (UK) Ltd., £70,000. During the year Source Atlantique Inc charged a management fee of £70,000 to Source Atlantique (UK) Ltd. At 31 December 2024 the company owed £210,000 to Source Atlantique Inc. This loan is interest free and has no fixed repayment terms.

At 31 December 2023 Source Atlantique GMBH, a company under common control owed Source Atlantique (UK) Ltd £305,957. During the year Source Atlantique (UK) Ltd met expenditure amounting to £9,249 on behalf of Source Atlantique GMBH. At 31 December 2024 the company was due £315,206 from Source Atlantique GMBH. This loan is interest free and has no fixed repayment terms.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled and wholly owned by Source Atlantique Inc., a company incorporated in the United States of America. Registered office of the parent company is 140 Sylvan Avenue, Englewood Cliffs, New Jersey 07632, USA.