Forax Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

Registered number: 09716802

		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Debtors	4	602,277		814,148
Cash at bank and in hand		269,156		81,403

		871,433		895,551
Creditors: Amounts Falling Due Within One Year	5	(764,236 )		(797,129 )

NET CURRENT ASSETS (LIABILITIES)			107,197		98,422

TOTAL ASSETS LESS CURRENT LIABILITIES			107,197		98,422

NET ASSETS			107,197		98,422

CAPITAL AND RESERVES
Called up share capital	6		100		100
Profit and Loss Account			107,097		98,322

SHAREHOLDERS' FUNDS			107,197		98,422

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors and authorised for issue on ________ and are signed on its behalf by:

Mr Juan BLASI

Director

19/05/2026

The notes on pages 2 to 5 form part of these financial statements.

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Forax Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Forax Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09716802 . The registered office is 3rd Floor Portman House, 2, Portman Street, London, W1H 6DU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The 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 201 have been applied other than where additional disclosure is required to show a true and faire view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

· 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognized 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;

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amout of assets and liabilities that are 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 estimates 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.

2.3. Turnover

Turnovers is recognised at fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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Forax Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. 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 balance sheet when the company becomes party to the contractual provisions of the instruments.

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 simultaneaously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction consts and are susequently carried at amortised cost using the effective interest method unless the attangement constitutes a financing transactions, where the transactions 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 liabilitiesm 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 arragement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at the market rate of interest. Financial liabilities classified as paymable within one year are not amortised.

Debt instrument 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 ordinargin course of business from suppliers. Amounts 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 costs using the effective interest method.

2.5. Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of eschange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transactions. Eschange differences are taken into account in arriving at the operating result.

2.6. Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred Tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Forax Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	119,178	138,998
Amounts owed by group undertakings	76,346	318,582
Other debtors	406,753	356,568

	602,277	814,148

5. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	512,636	455,436
Other creditors	249,003	339,087
Taxation and social security	2,597	2,606

	764,236	797,129

6. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

7. Ultimate Controlling Party

The conrtolling party is Traxbel BV, a company registered in Belgium. The company's registered address is Excelsiorlaan 19, 1930 Zaventem, Belgium, BE0738.927.192.

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Forax Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Audit Information

The auditor's report on the accounts of Forax Limited for the year ended 31 December 2025 was unqualified.

The auditor's report was signed by Tony Castagnetti (Senior Statutory Auditor) for and on behalf of Belluzzo Audit Limited , Statutory Auditor.

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

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