REGISTERED NUMBER: 05271302 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FORSTA (EUROPE) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Devin Julian Anderson

Mr John Keith McMurran

Mr Clemente Claudio Cohen

SECRETARY:

Fieldfisher Secretaries Limited

REGISTERED OFFICE:

Fieldfisher Riverbank House

2 Swan Lane

London

EC4R 3TT

REGISTERED NUMBER:

05271302 (England and Wales)

AUDITORS:

MGR SD Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

FIXED ASSETS

Tangible assets

4

17,759

24,707

Investments

5

1

1

17,760

24,708

CURRENT ASSETS

Debtors

6

23,674,389

20,339,423

Cash at bank

2,559,899

1,536,847

26,234,288

21,876,270

CREDITORS

Amounts falling due within one year

7

(15,722,246

)

(11,538,297

)

NET CURRENT ASSETS

10,512,042

10,337,973

TOTAL ASSETS LESS CURRENT LIABILITIES

10,529,802

10,362,681

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

10,528,802

10,361,681

SHAREHOLDERS' FUNDS

10,529,802

10,362,681

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 26 September 2025 and were signed on its behalf by:

Mr John Keith McMurran - Director

1.	STATUTORY INFORMATION

Forsta (Europe) Ltd 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Forsta (Europe) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Forsta Worldwide Inc, United States of America.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is separated into two main categories: services and licences.

Turnover in respect of services is recognised by the company when persuasive evidence of arrangement exists, services have been rendered, fees earned are fixed and determinable, and collectability is reasonably assured, exclusive of value added tax and trade discounts.

Turnover in respect of licences is recognised by the company, exclusive of value added tax and trade discounts, on a straight-line basis over the period of the licence.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment - Straight line over 3 years, Straight line over 4 years and Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

105,465

Additions

2,339

Disposals

(2,261

)

At 31 December 2024

105,543

DEPRECIATION

At 1 January 2024

80,758

Charge for year

8,070

Eliminated on disposal

(1,044

)

At 31 December 2024

87,784

NET BOOK VALUE

At 31 December 2024

17,759

At 31 December 2023

24,707

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

The company owns 100% shareholding in Forsta Bulgaria EOOD, incorporated in Bulgaria.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

3,442,909

2,175,695

Amounts owed by group undertakings

20,139,065

17,873,956

Other debtors

92,415

289,772

23,674,389

20,339,423

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

134,945

85,442

Amounts owed to group undertakings

12,328,143

9,627,378

Taxation and social security

343,202

203,994

Other creditors

2,915,956

1,621,483

15,722,246

11,538,297

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

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

The Report of the Auditors was unqualified.

Lydia Warde FCA (Senior Statutory Auditor)

for and on behalf of MGR SD Limited

10.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Forsta Worldwide Inc, a company registered in United States of America.

The ultimate parent undertaking and ultimate controlling party is Azalea Parent Holdings LP, a Delaware Limited Partnership, registered in United States of America, with Azalea GP LLC as its general partner.

The consolidated financial statements of the group are prepared by Azalea Topco Inc., whose registered office is 1173 Ignition Dr, South Bend, IN 46601, United States.