REGISTERED NUMBER: 14032656 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Frit UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Cork

REGISTERED OFFICE:

10 Norwich Street

London

United Kingdom

EC4A 1BD

REGISTERED NUMBER:

14032656 (England and Wales)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

CURRENT ASSETS

Debtors

4

686,831

374,180

Cash at bank

319,960

99,404

1,006,791

473,584

CREDITORS

Amounts falling due within one year

5

(567,380

)

(228,688

)

NET CURRENT ASSETS

439,411

244,896

TOTAL ASSETS LESS CURRENT LIABILITIES

439,411

244,896

PROVISIONS FOR LIABILITIES

7

-

(6,989

)

NET ASSETS

439,411

237,907

CAPITAL AND RESERVES

Called up share capital

8

1

1

Other reserves

306,125

152,554

Retained earnings

133,285

85,352

SHAREHOLDERS' FUNDS

439,411

237,907

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 director and authorised for issue on 19 September 2025 and were signed by:

J Cork - Director

1.	STATUTORY INFORMATION

Frit UK Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Transactions are rounded to the nearest £.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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 profit or loss in the period to which they relate.

Going concern

The company has net current assets at 31 December 2024 of £439,411 (2023: £244,896). The company meets its day-to-day working capital requirements through cash inflows from operations. The companies forecasts and projections, taking account of reasonably possible changes in trading performance show that the company should be able to operate within the levels of funding available to it. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Foreign currencies

i) Functional and presentation currency

The financial statements are presented in pound sterling and rounded to the nearest pound. The Company's functional and presentation currency is the pound sterling.

ii) 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. Non-monetary 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 the consolidated income statement.

iii) Translations

The trading results of the company are translated into sterling at the average exchange rates for

the year. Exchange adjustments arising from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income'.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Share-based payments

The parent group provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non– market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

The corresponding credit is recognised in other reserves as a component of equity.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax.

Other Reserves

The other reserves comprise of the corresponding credit entry to the share based payments as shown above.

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a. Critical judgements in applying the company's accounting policies

i. Share based payments

The company’s employees have been granted share options by the ultimate parent company, Smalto Inc. The company applies judgement around the assumptions applied in determining the valuation of the shares within the scheme and the timings of an exit event in line with the schemes options.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

484,280

177,826

Other debtors

47,055

44,147

Directors' loan accounts

116,259

113,701

Tax

39,237

38,374

VAT

-

132

686,831

374,180

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

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,176

6,204

Amounts owed to group undertakings

-

40,230

Tax

175,992

118,557

Social security & other taxes

29,753

22,590

Other creditors

14,667

22,597

Accruals & deferred income

343,792

18,510

567,380

228,688

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

6.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

34,840

13,800

Between one and five years

56,350

27,600

91,190

41,400

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

-

6,989

Deferred tax

£

Balance at 1 January 2024

6,989

Credit to Income Statement during year

(6,989

)

Balance at 31 December 2024

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10

Ordinary Shares

0.01

1

1

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

The Report of the Auditors was unqualified.

Jason Leach (FCA) (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

J Cork

Balance outstanding at start of year

113,701

-

Amounts advanced

2,558

113,701

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

116,259

113,701

The above advance has interest charged at the HMRC official rate. The amount has no fixed repayment date and was unsecured.

11.	ULTIMATE CONTROLLING PARTY

Funds managed by KPS Capital is regarded as being the company's ultimate parent company and controlling party.

The immediate parent is Smalto Inc. A company registered in Alabama, United States. The address for the parent company is 100 Pemco Dr, Leesburg, AL 35983, United States.