REGISTERED NUMBER: 06950969 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2025

for

Corten Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R H B Donald

Mr S B Yauner

REGISTERED OFFICE:

Unit W106 Windsor Street

London

GREATER LONDON

N1 8QG

REGISTERED NUMBER:

06950969 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Tangible assets

4

5,937

7,314

CURRENT ASSETS

Debtors

5

2,032,236

882,546

Cash at bank

454,727

152,600

2,486,963

1,035,146

CREDITORS

Amounts falling due within one year

6

(2,473,869

)

(1,418,538

)

NET CURRENT ASSETS/(LIABILITIES)

13,094

(383,392

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,031

(376,078

)

CAPITAL AND RESERVES

Called up share capital

8

34,536

12,700

Share premium

528,163

100,000

Retained earnings

(543,668

)

(488,778

)

SHAREHOLDERS' FUNDS

19,031

(376,078

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 28 November 2025 and were signed on its behalf by:

Mr S B Yauner - Director

1.	STATUTORY INFORMATION

Corten 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of services in the ordinary nature of the business. Turnover is shown net of Value Added Tax as calculated under the accruals scheme.

Turnover is recognised ratably over the period it relates. Income not released to the profit and loss account is carried in the balance sheet in deferred income.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for

investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

78,513

Additions

3,261

At 31 January 2025

81,774

DEPRECIATION

At 1 February 2024

71,199

Charge for year

4,638

At 31 January 2025

75,837

NET BOOK VALUE

At 31 January 2025

5,937

At 31 January 2024

7,314

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

773,209

370,667

Amounts owed by connected companies

138,610

-

Other debtors

1,120,417

511,879

2,032,236

882,546

Included in other debtors are amounts due from directors of £166,082 (2024: £117,507). Interest has been charges at 2.25% per annum and there are no fixed term for repayments.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

-

143,393

Trade creditors

1,089,794

579,127

Taxation and social security

80,291

129,618

Other creditors

1,303,784

566,400

2,473,869

1,418,538

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.25

31.1.24

£

£

Within one year

44,530

36,228

Between one and five years

134,916

7,500

179,446

43,728

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.25

31.1.24

value:

£

£

29,356,309

A Ordinary shares

0.001

29,356

100

5,180,422

B Ordinary shares

0.001

5,180

-

12,600,000

Ordinary shares

0.001

-

12,600

34,536

12,700

During the year, 12,600,000 Ordinary shares of £0.001 each were re-designated as A Ordinary shares of £0.001 each, resulting in a variation of rights attached to those shares in accordance with the prescribed particulars applicable to A Ordinary shares. Additionally, 21,837,731 share options were exercised, leading to the issuance of new shares and an increase in the Company’s issued share capital by £21,837.

During the year, 5,180,422 A Ordinary shares of £0.001 each were re-designated as B Ordinary shares of £0.001 each resulting in a variation of rights attached to those shares in accordance with the prescribed particulars applicable to B Ordinary shares.

As of 31 January 2025, the issued share capital comprised of 29,356,309 A Ordinary shares and 5,180,422 B Ordinary shares.

A Ordinary shares and B Ordinary shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held. Each share ranks equally for any dividend declared and each share ranks equally for any distributions made on winding-up.

The shares are not redeemable.

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024:

31.1.25

31.1.24

£

£

Mr S B Yauner

Balance outstanding at start of year

22,925

(80,079

)

Amounts advanced

85,485

103,004

Amounts repaid

(51,779

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

56,631

22,925

Mr R H B Donald

Balance outstanding at start of year

94,581

-

Amounts advanced

31,527

94,581

Amounts repaid

(16,659

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

109,449

94,581

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Voyfai GMBH.