REGISTERED NUMBER: 06981687 (England and Wales)

ADEXSI UK LIMITED

Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K M Avenell

R A Davies

P S Fritzinger

REGISTERED OFFICE:

The Business Centre

Cardiff House

Cardiff Road

BARRY

Vale of Glamorgan

CF63 2AW

REGISTERED NUMBER:

06981687 (England and Wales)

AUDITORS:

MHA

Chartered Accountants and Statutory Auditor

Elfed House

Oak Tree Court

Cardiff Gate Business Park

Cardiff

CF23 8RS

FIXED ASSETS

Intangible assets

4

16,202

7,688

Tangible assets

5

22,446

38,493

38,648

46,181

CURRENT ASSETS

Stocks

61,470

39,240

Debtors

6

2,789,272

2,734,830

Cash at bank

254,477

225,956

3,105,219

3,000,026

CREDITORS

Amounts falling due within one year

7

(1,270,974

)

(1,457,936

)

NET CURRENT ASSETS

1,834,245

1,542,090

TOTAL ASSETS LESS CURRENT LIABILITIES

1,872,893

1,588,271

CREDITORS

Amounts falling due after more than one year

8

(612,197

)

(382,250

)

PROVISIONS FOR LIABILITIES

(9,666

)

(11,549

)

NET ASSETS

1,251,030

1,194,472

CAPITAL AND RESERVES

Called up share capital

9

325

325

Share premium

66,824

66,824

Retained earnings

1,183,881

1,127,323

SHAREHOLDERS' FUNDS

1,251,030

1,194,472

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

K M Avenell - Director

1.	STATUTORY INFORMATION

Adexsi UK 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.

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 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 £.

There have been no material departures from Financial Reporting Standard 102 1A.

Going concern

The financial statements have been prepared on a going concern basis. 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.

Turnover

Turnover represents amounts charged and chargeable to customers for the supply and installation of Smoke Ventilation Systems during the year, excluding value added tax.

Gross amounts due from customers for contract work

Services provided to clients, which at the balance sheet date have not been billed to them, have been recognised as turnover and included in debtors. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company.

Gross amounts due to customers for contract work

Services to be provided to clients, which at the balance sheet date are contracts in progress for which progress billings exceed contract expenses plus recognised losses and progress billings. Cost of sales recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & machinery

25% on cost

Office equipment

25% - 33% 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

21,412

Additions

13,731

Disposals

(2,986

)

At 31 December 2025

32,157

AMORTISATION

At 1 January 2025

13,724

Charge for year

5,217

Eliminated on disposal

(2,986

)

At 31 December 2025

15,955

NET BOOK VALUE

At 31 December 2025

16,202

At 31 December 2024

7,688

5.	TANGIBLE FIXED ASSETS

Computer

and

Plant and

office

machinery

equipment

Totals

£

£

£

COST

At 1 January 2025

10,560

106,583

117,143

Additions

3,080

5,277

8,357

Disposals

-

(4,619

)

(4,619

)

At 31 December 2025

13,640

107,241

120,881

DEPRECIATION

At 1 January 2025

9,589

69,061

78,650

Charge for year

897

23,507

24,404

Eliminated on disposal

-

(4,619

)

(4,619

)

At 31 December 2025

10,486

87,949

98,435

NET BOOK VALUE

At 31 December 2025

3,154

19,292

22,446

At 31 December 2024

971

37,522

38,493

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,136,317

2,191,943

Gross amounts due from

customers on contract work

108,154

87,357

Other debtors

472,888

394,132

Unpaid share capital

100

100

VAT debtor

-

1,066

Prepayments and accrued income

71,813

60,232

2,789,272

2,734,830

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

848,243

881,464

Gross amounts due to

customers on contract work

197,557

259,505

Amounts owed to group undertakings

77,512

131,166

Corporation tax

14,677

37,182

Social security and other taxes

46,490

56,633

VAT

30,360

-

Other creditors

12,250

11,376

Accruals and deferred income

43,885

80,610

1,270,974

1,457,936

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

612,197

382,250

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

325

Ordinary

£1

325

325

100 of the Ordinary shares were unpaid at the year end.

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

The Report of the Auditors was unqualified.

Laura Farrow MSc BSc FCA (Senior Statutory Auditor)

for and on behalf of MHA

MHA is the trading name of MHA Audit Services LLP, a limited liability

partnership in England and Wales (registered number OC455542).

11.	OTHER FINANCIAL COMMITMENTS

At 31 December 2025, the company had financial commitments of £206,215 (2024: £242,292).

12.	RELATED PARTY DISCLOSURES

During the year, management charges of £6,513 (2024: £5,664) were paid to the parent company, Adexsi S.A.

13.	ULTIMATE CONTROLLING PARTY