ORI INDUSTRIES 1 LIMITED


Directors	Paul Anthony McNabb
	Mehdi Yahya


Registered Address	Tintagel House
	Albert Embankment
	London
	SE1 7TY


Registered Number	11622392 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		19,161		20,708
Tangible assets	4		63,428		95,719
Investments	5		3,399,575		3,399,575
			3,482,164		3,516,002
Current assets
Debtors		19,516,532		458,108
Cash at bank and on hand		24,932,533		304,341
		44,449,065		762,449
Creditors amounts falling due within one year	6	(5,429,684)		(231,571)
Net current assets (liabilities)			39,019,381		530,878
Total assets less current liabilities			42,501,545		4,046,880
Creditors amounts falling due after one year			(53,838,198)		(8,407,746)
Net assets			(11,336,653)		(4,360,866)
Capital and reserves
Called up share capital			2		2
Share premium			7,108,575		7,108,574
Profit and loss account			(18,445,230)		(11,469,442)
Shareholders' funds			(11,336,653)		(4,360,866)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 30 September 2025, and are signed on its behalf by:

Mehdi Yahya
Director
Registered Company No. 11622392

ORI INDUSTRIES 1 LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are split into separate classes of assets based on their use or function. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows: Software: 3 years Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets. IP addresses are stated using the revaluation model. Under they revaluation model used, they are initially stated at cost, then carried a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows: IP Addresses: 20 years Amortisation is included in 'administrative expenses' in the profit and loss account.

Intangible assets

Intangible assets are split into separate classes of assets based on their use or function. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows: Software: 3 years

Costs associated with maintaining computer software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets. IP addresses are stated using the revaluation model. Under they revaluation model used, they are initially stated at cost, then carried a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows: IP Addresses: 20 years

Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	3
	Fixtures and fittings	4
	Office Equipment	4

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified. During the year the company had the following balances with group undertakings: Intercompany loan payable: £17.2m (2023: £0).

2.	Average number of employees


		2024		2023
	Average number of employees during the year	18		20

3.	Intangible assets
	The above contains multiple classes of assets held at differing models of measurement. Details of these models and the classes of assets effected can be found in Note 3 Intangible Fixed Assets.

	Other	Total
	£	£
Cost or valuation
At 01 January 24	76,489	76,489
At 31 December 24	76,489	76,489
Amortisation and impairment
At 01 January 24	55,781	55,781
Charge for year	1,547	1,547
At 31 December 24	57,328	57,328
Net book value
At 31 December 24	19,161	19,161
At 31 December 23	20,708	20,708

4.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 January 24	324,522	43,127	367,649
Additions	-	25,662	25,662
At 31 December 24	324,522	68,789	393,311
Depreciation and impairment
At 01 January 24	242,380	29,550	271,930
Charge for year	45,716	12,237	57,953
At 31 December 24	288,096	41,787	329,883
Net book value
At 31 December 24	36,426	27,002	63,428
At 31 December 23	82,142	13,577	95,719

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 24	3,399,575	3,399,575
At 31 December 24	3,399,575	3,399,575
Net book value
At 31 December 24	3,399,575	3,399,575
At 31 December 23	3,399,575	3,399,575

	Notes
	¹Investments in group undertakings and participating interests

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	1,009,044	43,864
Taxation and social security	5,204	18,470
Other creditors	148,996	68,107
Accrued liabilities and deferred income	4,266,440	101,130
Total	5,429,684	231,571


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Related party transactions
	The company has an outstanding balance due to group undertakings of £17.26m (2024: £0.0m). The balance is interest free and is repayable on demand The loan is provided by Ori Industries 1 Ltd to its wholly owned subsidiary Ori Industries Inc as part of the group’s financing arrangements. No guarantees have been given or received in respect of this balance.