Company No: 08313143 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Director

J Marcus

Registered office	The Business Park
	One Maydwell Avenue
	Slinfold
	Horsham
	West Sussex
	England
	RH13 0AS
	United Kingdom

Company number

08313143 (England and Wales)

Accountant	Kreston Reeves LLP
	Springfield House
	Springfield Road
	Horsham
	West Sussex
	RH12 2RG

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	4,033		20,093
Investment property	5	6,050,000		5,400,582
		6,054,033		5,420,675
Current assets
Debtors	6	31,286		45,850
Cash at bank and in hand	7	118,606		11,608
		149,892		57,458
Creditors: amounts falling due within one year	8	( 2,552,934)		( 2,412,406)
Net current liabilities		(2,403,042)		(2,354,948)
Total assets less current liabilities		3,650,991		3,065,727
Creditors: amounts falling due after more than one year	9	( 60,435)		( 160,069)
Provision for liabilities	10	( 537,549)		( 385,435)
Net assets		3,053,007		2,520,223
Capital and reserves
Called-up share capital	11	1		1
Revaluation reserve		1,817,686		1,351,369
Profit and loss account		1,235,320		1,168,853
Total shareholder's funds		3,053,007		2,520,223

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Fersam UK Limited (registered number: 08313143) were approved and authorised for issue by the Director on 24 September 2025. They were signed on its behalf by:

J Marcus Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fersam UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The Registered number is 08313143. The address of the Company's registered office is The Business Park ,One Maydwell Avenue, Slinfold, Horsham, West Sussex, England, RH13 0AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents gross amounts receivable by the company, under operating leases adjusted for lease incentives, excluding VAT and arising wholly within the United Kingdom. Turnover-based rents
are recognised as turnover in the periods in which they are earned.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Investment properties

The Company has investment property with a value of £6,050,000 at the reporting date. The fair value of investment property has been determined by the Director, Mr Julian Marcus, on an open market value for existing use basis. They have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.

Taxation

Provision has been made in the financial statements for deferred tax amounting to £537,549 at the reporting date. This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 January 2024	6,745		24,200		30,945
Disposals	0		( 18,700)		( 18,700)
At 31 December 2024	6,745		5,500		12,245
Accumulated depreciation
At 01 January 2024	6,745		4,107		10,852
Charge for the financial year	0		4,840		4,840
Disposals	0		( 7,480)		( 7,480)
At 31 December 2024	6,745		1,467		8,212
Net book value
At 31 December 2024	0		4,033		4,033
At 31 December 2023	0		20,093		20,093

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	5,400,582
Additions	27,662
Fair value movement	621,756
As at 31 December 2024	6,050,000

Valuation

The 2024 valuations were made by the Director, Mr Julian Marcus, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	3,692,630		3,664,968

6. Debtors

	2024		2023
	£		£
Trade debtors	8,887		26,771
Amounts owed by Parent undertakings	19,460		19,079
Other debtors	2,939		0
	31,286		45,850

7. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	118,606		11,608

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	93,990		87,255
Trade creditors	1,051		69,386
Amounts owed to Parent undertakings	2,346,589		2,240,578
Accruals	73,596		8,772
Taxation and social security	37,708		6,415
	2,552,934		2,412,406

The bank loan is secured against the freehold investment property.

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	60,435		160,069

The bank loan is secured against the freehold investment property.

10. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 385,435)		( 384,245)
Charged to the Profit and Loss Account	( 152,114)		( 1,190)
At the end of financial year	( 537,549)		( 385,435)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	2,135		( 1,190)
Potential capital gains tax on Investment property	( 539,684)		( 384,245)
	( 537,549)		( 385,435)

11. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each	1		1

Investment property revaluation reserve
The company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.

Profit & loss account
The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

12. Related party transactions

During the year Fersam International Limited, a related company, continued to provide a loan to Fersam (U.K.) Limited. The total interest charged during the year was £44,811 (2023 - £43,933). The balance due to Fersam International Limited at 31 December 2024 was £2,285,389 (2023 - £2,240,578).

During the year Touchdown Aviation B.V., a related company, provided a loan to Fersam (U.K.) Limited. The total interest charged during the year was £1,200 (2023 - £Nil). The balance due to Touchdown Aviation B.V. at 31 December 2024 was £61,200 (2023 - £Nil).

During the year Fersam (U.K.) Limited continued to provide a loan to O.K.M. Holdings B.V., a connected group entity. The total interest charged during the year was £381 (2023 - £374). The balance due to Fersam (U.K.) Limited at 31 December 2024 was £19,460 (2023 - £19,079).