Company registration number 06635456 (England and Wales)
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
240,357
244,384
Tangible assets
5
9,626
13,999
249,983
258,383
Current assets
Stocks
109,105
140,016
Debtors
6
1,877,136
1,709,953
Cash at bank and in hand
545,616
663,524
2,531,857
2,513,493
Creditors: amounts falling due within one year
7
(1,280,002)
(1,439,607)
Net current assets
1,251,855
1,073,886
Total assets less current liabilities
1,501,838
1,332,269
Provisions for liabilities
(2,406)
(3,499)
Net assets
1,499,432
1,328,770
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,499,332
1,328,670
Total equity
1,499,432
1,328,770

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 December 2025 and are signed on its behalf by:
T D Nichols
Director
Company Registration No. 06635456
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Collecte Localisation Satellites (CLS) UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Collect Localisation Satellites. These consolidated financial statements are available from its registered office, 11 Rue Hermes, Parc Technologique du Canal, 31520 Ramonville Saint-Agne, France.

1.2
Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Where a service is incomplete at the year end, turnover represents the sales value of services provided based on an appropriate proportion of time spent. Any partially completed services that are un-billed at year end are recorded in accrued income within trade debtors.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
5 Years straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20.0% on cost
Computer equipment
33.3% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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 or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 11).

2024
2023
Number
Number
Total
13
11
4
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2024
317,794
Additions
65,245
At 31 December 2024
383,039
Amortisation and impairment
At 1 January 2024
73,410
Amortisation charged for the year
69,272
At 31 December 2024
142,682
Carrying amount
At 31 December 2024
240,357
At 31 December 2023
244,384
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2024
8,343
87,010
95,353
Additions
-
0
2,123
2,123
At 31 December 2024
8,343
89,133
97,476
Depreciation and impairment
At 1 January 2024
6,454
74,900
81,354
Depreciation charged in the year
476
6,020
6,496
At 31 December 2024
6,930
80,920
87,850
Carrying amount
At 31 December 2024
1,413
8,213
9,626
At 31 December 2023
1,889
12,110
13,999
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
417,822
368,967
Other debtors
1,459,314
1,340,986
1,877,136
1,709,953
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
319,641
428,551
Taxation and social security
240,994
221,290
Other creditors
719,367
789,766
1,280,002
1,439,607
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
COLLECTE LOCALISATION SATELLITES (CLS) UK LIMITED
(PREVIOUSLY NAMED FULCRUM MARITIME SYSTEMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Kate Taylor FCA
Statutory Auditor:
Simpson Wreford LLP
Date of audit report:
24 December 2025
10
Events after the reporting date

On 24 September 2025, Collecte Localisation Satellites (CLS) UK Limited, purchased a new UK subsidiary, Ground Control Technologies Holdings Ltd. This was funded from the parent company, CLS France, via an intercompany loan of £33m. Terms on the loan have not yet been decided within the group.

11
Group information

The company is a 100% owned subsidiary of Collecte Localisation Satellites, a company registered in France. The address of the registered office is 11 Rue Hermes, Parc Technologique du Canal, 31520 Ramonville Saint-Agne, France.

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