Company No: 04399251 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Piotr Dimitri Galitzine (Resigned 25 March 2024)
	Jeremie Le Moal
	Charlie Thompson (Appointed 25 March 2024)

REGISTERED OFFICE	17 Queens Lane
	Newcastle Upon Tyne
	NE1 1RN
	United Kingdom

COMPANY NUMBER

04399251 (England and Wales)

ACCOUNTANT	S&W Partners Newcastle Limited
	17 Queens Lane
	Newcastle
	NE1 1RN

	Note	2024		2023
		£		£
Fixed assets
Investments	3	2,722,933		1,500,622
		2,722,933		1,500,622
Current assets
Stocks		0		17,218
Debtors	4	39,621		37,511
Cash at bank and in hand		214		11,437
		39,835		66,166
Creditors: amounts falling due within one year	5	( 460,464)		( 5,078,730)
Net current liabilities		(420,629)		(5,012,564)
Total assets less current liabilities		2,302,304		(3,511,942)
Net assets/(liabilities)		2,302,304		( 3,511,942)
Capital and reserves
Called-up share capital		0		86,000
Share premium account		28,101,693		71,960
Capital redemption reserve		6,422,120		14,000
Profit and loss account		( 32,221,509 )		( 3,683,902 )
Total shareholders' funds/(deficit)		2,302,304		( 3,511,942)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Utex Industries UK Limited (registered number: 04399251) were approved and authorised for issue by the Board of Directors on 22 October 2025. They were signed on its behalf by:

Jeremie Le Moal Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Utex Industries UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Utex Industries UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	1,500,622		1,500,622
At 31 December 2024	1,500,622		1,500,622
Provisions for impairment
At 01 January 2024	0		0
Change in value of loans receivable	( 1,222,311)		( 1,222,311)
At 31 December 2024	( 1,222,311)		( 1,222,311)
Carrying value at 31 December 2024	2,722,933		2,722,933
Carrying value at 31 December 2023	1,500,622		1,500,622

4. Debtors

	2024		2023
	£		£
Other debtors	39,621		37,511

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	7,601		2,267
Amounts owed to Group undertakings	79,291		4,700,384
Other taxation and social security	( 2,507)		0
Other creditors	376,079		376,079
	460,464		5,078,730