REGISTERED NUMBER: 09899833 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2025 TO 31 JANUARY 2026

FOR

F. INITIATIVES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

X F Cazabon

F. Iniciativas I Mas D Mas I SL

REGISTERED OFFICE:

40 Leadenhall Street

London

EC3A 2BJ

REGISTERED NUMBER:

09899833 (England and Wales)

AUDITORS:

BDO Northern Ireland

Metro Building

1st Floor

6-9 Donegall Square South

Belfast

BT1 5JA

FIXED ASSETS

Tangible assets

4

2,097

11,119

CURRENT ASSETS

Work in progress

654,911

558,031

Debtors

5

580,153

591,393

Cash at bank

306,423

159,320

1,541,487

1,308,744

CREDITORS

Amounts falling due within one year

6

1,090,036

3,678,785

NET CURRENT ASSETS/(LIABILITIES)

451,451

(2,370,041

)

TOTAL ASSETS LESS CURRENT LIABILITIES

453,548

(2,358,922

)

CAPITAL AND RESERVES

Called up share capital

8

10,000

10,000

Retained earnings

443,548

(2,368,922

)

SHAREHOLDERS' FUNDS

453,548

(2,358,922

)

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 30 April 2026 and were signed on its behalf by:

X F Cazabon - Director

1.	STATUTORY INFORMATION

F. Initiatives Limited 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 functional and presentational currency is the pound sterling (£).

The company's accounting year end was changed to 31 January to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, as the directors are satisfied that ongoing financial support from the parent company, F. Iniciativas I+D+I, S.L.U., will continue for a period of at least 12 months and one day from the date of signing the audit report.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent and fellow wholly owned subsidiaries within the group.

Turnover

Turnover represents the agreed percentage fee earned on R&D tax claims submitted on behalf of clients to HMRC, in accordance with the terms of individual contracts. Revenue is recognised when the outcome of a claim can be measured reliably and it is probable that economic benefits will flow to the company. This is typically upon submission of the R&D claim to the client and where there is sufficient certainty over the expected tax credit. Where there is significant uncertainty regarding the ultimate recovery from HMRC, revenue is recognised only when the tax credit has been agreed or received.

Tangible fixed assets

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

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

Computer equipment - 50% on cost

Work in progress

Work in progress represents amounts recognised as revenue in respect of completed R&D claims that have not yet been agreed by HMRC or for which payment has not yet been received. WIP is measured at the value of revenue recognised and is included within current assets. Upon agreement of the claim by HMRC or receipt of funds, invoices are raised to customers and WIP balances are reclassified to trade debtors and subsequently settled in cash.

Taxation

Taxation for the period 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 period 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.

Basic financial instruments

Basic financial instruments are measured at amortised cost. The company does not have any other financial instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 23 (2024 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2025

37,305

Additions

1,675

At 31 January 2026

38,980

DEPRECIATION

At 1 January 2025

26,186

Charge for period

10,697

At 31 January 2026

36,883

NET BOOK VALUE

At 31 January 2026

2,097

At 31 December 2024

11,119

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.12.24

£

£

Trade debtors

473,965

482,733

Amounts owed by group undertakings

32,632

54,148

Other debtors

73,556

54,512

580,153

591,393

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.26

31.12.24

£

£

Trade creditors

8,114

35,115

Amounts owed to group undertakings

784,117

3,391,479

Taxation and social security

183,390

172,228

Other creditors & accruals

114,415

79,963

1,090,036

3,678,785

7.	LEASING AGREEMENTS

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

31.1.26

31.12.24

£

£

Within one year

221,902

321,747

Between one and five years

-

45,653

221,902

367,400

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.26

31.12.24

value:

£

£

10,000

Ordinary

£1

10,000

10,000

The ordinary shares hold full and equal rights to participate in voting in all circumstances and in dividends and in capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel V W Harra (Senior Statutory Auditor)

for and on behalf of BDO Northern Ireland

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11.	ULTIMATE PARENT COMPANY

The ultimate parent company is EPSA HOLDING SAS a company incorporated in France.

F. Iniciativas I+D+I, S.L.U is the smallest entity preparing group financial statements which include the results and net assets of the company. Copies of the consolidated financial statements of F. Iniciativas I+D+I, S.L.U are available from their registered office address: Recinto Industrial Colonia Guell, Calle A, Edificio Filaturas 4-1, 08690 Santa Coloma de Cervello, Barcelona, Spain.

12.	OTHER INCOME

Other income includes an amount of £3,433,709 arising from the waiver of an intercompany loan and the associated accrued interest during the year. The loan and associated interest were formally forgiven by the counterparty, and the resulting credit has been recognised in the profit and loss account within other income.