ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

As restated

Company registration number: 03226989

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	EGIS PROJECTS UK LIMITED


EGIS PROJECTS UK LIMITED

COMPANY INFORMATION

Directors	R.Beziade (resigned 1 April 2025)
	X.R.P.Odolant
	P. Viellard (appointed 1 April 2025)


Company secretary	Pinset Masons Secretarial Limited


Registered number	03226989


Registered office	3 Valentine Place
	Southwark
	London
	SE1 8QH


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


EGIS PROJECTS UK LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 8


EGIS PROJECTS UK LIMITED REGISTERED NUMBER:03226989

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£

Fixed assets
Intangible assets	4		174,014		290,053
Tangible assets	5		40,540		69,156
			214,554		359,209
Current assets
Debtors: amounts falling due within one year	6	3,770,888		1,899,615
Cash at bank and in hand		607,776		1,700,518
		4,378,664		3,600,133
Creditors: amounts falling due within one year	7	(2,614,233)		(2,311,898)
Net current assets			1,764,431		1,288,235
Total assets less current liabilities			1,978,985		1,647,444
Provisions for liabilities
Deferred tax		(37,438)		-
Other provisions	8	(119,414)		(85,989)
			(156,852)		(85,989)
Net assets			1,822,133		1,561,455

Capital and reserves
Called up share capital	2	2
Profit and loss account	1,822,131	1,561,453
	1,822,133	1,561,455

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

X.R.P.Odolant

Director

Date: 29 October 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

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

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is rounded to the nearest whole pound.

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.

2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and value added tax.
Revenue from the rendering of services is measures by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated; revenue is recognised only to the extend that it is probably the expenses recognised will be recovered.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Joint venture

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
Joint ventures are accounted for under the equity method. On initial recognition the investment in a joint venture is recognised at cost, and the carrying amount is increased or decreased to recognise the company's share of the profit and loss of the investee after the date of acquisition. Distributions received from an investee reduce the carrying amount of the investment.
The company's share of the investee's profit and loss is recognised within 'share of profits/(losses) in joint ventures' in the statement of comprehensive income.

Page 3


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The useful life of intangible assets is estimated as the length of the contract.

Length of contract - 55 months

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles

Length of contract 55 months

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 4


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	22	24

4.	Intangible assets

		Development expenditure
		£
	Cost
	At 1 January 2024	531,800
	At 31 December 2024	531,800
	Amortisation
	At 1 January 2024	241,747
	Charge for the year	116,039
	At 31 December 2024	357,786
	Net book value
	At 31 December 2024	174,014
	At 31 December 2023	290,053

Page 5


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 January 2024	128,773
	At 31 December 2024	128,773
	Depreciation
	At 1 January 2024	59,617
	Charge for the year	28,616
	At 31 December 2024	88,233
	Net book value
	At 31 December 2024	40,540
	At 31 December 2023	69,156

Debtors

					2024	As restated 2023
					£	£


Trade debtors	682,468	1,169,596
Amounts owed by group undertakings	1,535,826	141,617
Other debtors	75,997	28
Prepayments and accrued income	1,476,597	588,139
Deferred taxation	-	235
	3,770,888	1,899,615

Page 6


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Trade creditors	101,089	523,566
Amounts owed to group undertakings	963,051	239,359
Amounts owed to joint ventures	86,027	-
Corporation tax	139,076	-
Other taxation and social security	68,711	298,396
Other creditors	139	1,081
Accruals and deferred income	1,256,140	1,249,496
	2,614,233	2,311,898

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

8.	Provisions

		Dilapidation provision
		£

	At 1 January 2024	85,989
	Charged to profit or loss	33,425
	At 31 December 2024	119,414

Not later than 1 year	102,100	102,100
Later than 1 year and not later than 5 years	48,214	150,314
	150,314	252,414

10.	Related party transactions
	The company is a wholly owned subsidiary of Egis Projects S.A.S., and as such has taken advantage of the exemption permitted by section 33 of FRS102 'Related Party Disclosures', not to provide disclosure of transactions entered into with other wholly owned members of the group.

Page 7


EGIS PROJECTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Prior year adjustment

During the preparation of the current year's financial statements, it was identified that there was an error with the calculation of management charges as a result of a late invoice raised which should have been accrued in the year ended 31 December 2023. The impact of this error has resulted in an increase in administrative expenditure and accruals by £326,312, with a corresponding decrease in retained earnings for the year ended 31 December 2023.

12.	Post balance sheet events

On the 28 February 2025, the Company received correspondence for part termination of a contract from Transport for Greater Manchester. The estimate of the financial effect is a loss of revenue of £3,700,000 per year from 1 June 2025.

As the project was never fully operational, there is no expected material impact on the Company profit as a result of the termination of this contract.

13.	Parent entity

The parent company of the smallest and largest group of which Egis Projects UK Limited is a member which prepares consolidated accounts is Egis S.A, a company registered at 15, Avenue de Centre, CS20538 Guyancourt, 78286 St Quentin en Yvelines, France.

14.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 October 2025 by Caroline Milton (FCA) (Senior statutory auditor) on behalf of Menzies LLP.

Page 8