Company registration number 15840348 (England and Wales)
TSS Tubacex UK Limited
Financial Statements
For the period ended 31 December 2025
TSS Tubacex UK Limited
Company information
Directors
Mr A Drønen
(Appointed 16 July 2024)
Mr S J Taylor
(Appointed 4 November 2024)
Company number
15840348
Registered office
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
Business address
Suite 1E, 1st Floor, Atria
Spa Road
Bolton
BL1 4AG
TSS Tubacex UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
TSS Tubacex UK Limited
Statement of financial position
As at 31 December 2025
- 1 -
2025
Notes
£
£
Fixed assets
Tangible assets
4
44,019
Current assets
Debtors
5
157,355
Cash at bank and in hand
26,621
183,976
Creditors: amounts falling due within one year
6
(409,394)
Net current liabilities
(225,418)
Net liabilities
(181,399)
Capital and reserves
Called up share capital
7
40,000
Profit and loss reserves
(221,399)
Total equity
(181,399)

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 April 2026 and are signed on its behalf by:
Mr A Drønen
Director
Company registration number 15840348 (England and Wales)
TSS Tubacex UK Limited
Notes to the financial statements
For the period ended 31 December 2025
- 2 -
1
Accounting policies
Company information

TSS Tubacex UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG.

1.1
Reporting period

The reporting period for the company has been extended beyond a year to bring the year end in line with other companies within the group.

1.2
Basis of preparation

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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support, which has been received in writing, of its parent company not requiring the withdrawal of monies owed until sufficient funds are available.true

1.4
Revenue

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

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 despatch 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.

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 and fittings
15-20% Reducing balance
Motor vehicles
15% Reducing balance

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.

TSS Tubacex UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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 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.

TSS Tubacex UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Retirement benefits

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

1.9
Leases
As lessee

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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going Concern

As indicated above, it is the directors' assessment that the company continues to be a going concern. Accordingly, assets and liabilities have been valued on the basis that the company will continue in business. If this presumption proved to be mistaken the carrying value of assets and liabilities would need to be reappraised to reflect the impact of cessation.

TSS Tubacex UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
Number
Total
1
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 16 July 2024
-
0
-
0
-
0
Additions
7,716
45,823
53,539
At 31 December 2025
7,716
45,823
53,539
Depreciation and impairment
At 16 July 2024
-
0
-
0
-
0
Depreciation charged in the period
1,511
8,009
9,520
At 31 December 2025
1,511
8,009
9,520
Carrying amount
At 31 December 2025
6,205
37,814
44,019
5
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
147,182
Other debtors
2,381
Prepayments and accrued income
7,792
157,355
TSS Tubacex UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
£
Bank loans and overdrafts
355
Trade creditors
122,784
Amounts owed to group undertakings
251,619
Taxation and social security
25,298
Other creditors
9,338
409,394
7
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
40,000
40,000
8
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's 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 2025 and of its loss for the period 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:
Arron Anderson
Statutory Auditor:
DJH Audit Limited
Date of audit report:
16 April 2026
9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
£
Total commitments
7,095
TSS Tubacex UK Limited
Notes to the financial statements (continued)
For the period ended 31 December 2025
- 7 -
10
Parent company

The company's immediate parent is TSS Norway AS, incorporated in Norway.

The ultimate controlling party is Tubacex Sa, incorporated in Spain.

The parent of the smallest and largest group in which these financial statements are consolidated is Tubacex Sa, incorporated in Spain.

The address of Tubacex Sa is:

Tres Cruces 8, PO Box 22, Laudio, Araba, Basque Country, 01400, Spain.

The consolidated financial statements are available to the public and may be obtained from the Company Secretary of Tubacex Sa.

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