REGISTERED NUMBER: 10147331 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Opteven UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Quail

A Waite

L Troyes

M C C Gouttenoire

S E Kilbourne

SECRETARY:

Pramex International Ltd

REGISTERED OFFICE:

Suite 1, Oxford House

Oxford Road

Thame

OX9 2AH

REGISTERED NUMBER:

10147331 (England and Wales)

BANKERS:

NatWest Bank Plc

208 Piccadily

London

W1J 9HE

FIXED ASSETS

Tangible assets

4

35,761

52,469

CURRENT ASSETS

Debtors

5

9,291,867

7,996,200

Cash at bank

3,687,411

2,015,236

12,979,278

10,011,436

CREDITORS

Amounts falling due within one year

6

5,241,517

3,291,228

NET CURRENT ASSETS

7,737,761

6,720,208

TOTAL ASSETS LESS CURRENT LIABILITIES

7,773,522

6,772,677

CREDITORS

Amounts falling due after more than one year

7

913,865

1,138,252

NET ASSETS

6,859,657

5,634,425

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

6,859,656

5,634,424

SHAREHOLDERS' FUNDS

6,859,657

5,634,425

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 26 September 2025 and were signed on its behalf by:

S E Kilbourne - Director

1.	STATUTORY INFORMATION

Opteven UK Limited 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 FRS 102 applicable in the UK 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 have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements present information about the company as an individual entity and not about its group.

Turnover

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

During the 2023 year a change in accounting practice was made to the Company's unrecognised revenue rules in relation to the policy administration services on behalf of its customers. The Company's key tasks include initial customer set up and policy administration throughout the duration of the policy. Whilst all revenue is invoiced at the inception date of the policy, the companies view is that not all of the revenue is earned at the point of invoicing. As such, Opteven UK Ltd recognises 50% of the invoiced revenue at the point of policy inception with the remaining 50% recognised on a straight line basis over the term of the policy to match revenue to the costs of post inception obligations.

This change was applied in the reporting of the holding company (Opteven Holdings UK Limited) in 2023 but not the subsidiary company before filing. The previous year comparison has been corrected to show this adjustment with £711,823 relating to the 2023 financial year, £2,153,248 relating to years 2022 and before and an additional charge of £576,539 being recorded to reflect the associated corporation tax at 2023 rates.

Tangible fixed assets

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

IT Equipment: Straight line over 3 years.

Fixtures, fittings, plant and equipment: Straight line over 5 years.

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.

Going concern

The company continued operating profitably and has healthy cash reserves. The financial statements have therefore been prepared on a going concern basis.

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 balance sheet 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, loans from fellow group companies, cash and bank balances, 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, accruals and loans from fellow group companies 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 payments 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 that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks.

Employee benefits

The cost of 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

96,031

Additions

7,855

At 31 December 2024

103,886

DEPRECIATION

At 1 January 2024

43,562

Charge for year

24,563

At 31 December 2024

68,125

NET BOOK VALUE

At 31 December 2024

35,761

At 31 December 2023

52,469

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as

restated

£

£

Trade debtors

681,010

755,712

Amounts owed by group undertakings

8,583,730

7,213,061

Other debtors

6,700

1,049

Accrued income and prepayments

20,427

26,378

9,291,867

7,996,200

Amounts owed by Group Undertakings are unsecured, interest free and are repayable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

as

restated

£

£

Trade creditors

19,007

27,252

Amounts owed to group undertakings

41,725

-

Tax

1,690,051

1,158,620

Social security and other taxes

-

73,628

VAT

384,462

304,910

Accruals and deferred income

3,106,272

1,726,818

5,241,517

3,291,228

Trade creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.

The term of the accruals are based on the underlying contracts.

Taxes are payable at various dates over the coming months in accordance with the applicable statutory provisions.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

as

restated

£

£

Accruals and deferred income

913,865

1,138,252

8.	RELATED PARTY DISCLOSURES

The total amount owed by the controlling parties to the company as at 31 December 2024 is £8,583,730 (2023: £7,213,061).

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Opteven Holdings UK Ltd, a company registered in England and Wales under company number 07104868.

The ultimate controlling party is Opteven Services SAS, a company registered in France whose registered office address is 10 rue Olympe de Gouges, 69100 Villeurbanne, France.