REGISTERED NUMBER: 13959596 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Agicap UK Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

CURRENT ASSETS

Debtors

4

108,113

869,012

Cash at bank

328,435

157,410

436,548

1,026,422

CREDITORS

Amounts falling due within one year

5

3,857,783

3,868,060

NET CURRENT LIABILITIES

(3,421,235

)

(2,841,638

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,421,235

)

(2,841,638

)

CAPITAL AND RESERVES

Called up share capital

7

10,000

10,000

Retained earnings

(3,431,235

)

(2,851,638

)

SHAREHOLDERS' FUNDS

(3,421,235

)

(2,841,638

)

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 June 2026 and were signed on its behalf by:

S Beyet - Director

1.	STATUTORY INFORMATION

Agicap UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

13959596

Registered office:

The St Botolph Building

138 Houndsditch

London

EC3A 7AR

The presentation currency of the financial statements is the Pound Sterling (£).

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 1 A "Small Entities" and the Companies Act 2006.

The financial statements have been prepared on the going concern basis and under the historical cost convention.

All amounts are rounded to the nearest £.

Turnover

Turnover represents amounts receivable, under contracts for services, net of Value Added Tax. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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 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, loans from fellow group companies, 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, accruals and loans from fellow group companies 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 payments 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. 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 cost using the effective interest method.

Taxation

Taxation for the year 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 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.

The assets of the schemes are held separately from those of the company in an independently administered fund.

Employee benefits

The costs of short-term employee benefits are recognized as a liability and an expense.

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

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

Ordinary share capital

The ordinary share capital of the company is presented as equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 21 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

83,740

66,156

Amounts owed from group undertakings

-

731,961

Deposit

22,320

59,025

Other debtors

1,553

6,680

Prepayments

500

5,190

108,113

869,012

Trade debtors and Other debtors are repayable on demand.

There is a bad debt provision of £28,535 (2024: £46,197) recognised against Trade debtors.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

-

167

Amounts owed to group undertakings

2,985,052

2,943,275

Social security and other taxes

37,534

42,430

VAT

77,753

42,669

Accruals

83,272

78,047

Deferred income

674,172

761,472

3,857,783

3,868,060

Trade creditors are payable at various dates in the months after the end of the financial year in accordance with the creditors credit terms.

Creditors for tax and social insurance are payable in the time-frame set down in the relevant legislation.

Amounts owing to group undertakings relate to both trade and finance balances. Trade balances are subject to the group's usual and customary credit terms, are unsecured and non-interest bearing.

The finance portion of amounts owed to group undertakings are repayable in line with the terms of the loan agreement and interest is charged at 3% per annum.

6.	LEASING AGREEMENTS

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

31.12.25

31.12.24

£

£

Within one year

99,540

130,788

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

10,000

Ordinary

£1

10,000

10,000

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

The Report of the Auditors was unqualified.

Aidan Scollard (Senior Statutory Auditor)

for and on behalf of Baker Tilly Ireland Audit Limited

9.	RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is AGICAP SAS, a company incorporated in France, whose registered address is 13 Quai du Commerce 69009, Lyon, France.

11.	GOING CONCERN

The Financial Statements have been prepared on the going concern basis which assumes the entity will continue in operational existence for the foreseeable future and for at least a period of 12 months from the date of approval of the Financial Statements.

The company incurred a loss of £579,597 for the year ended 31 December 2025 and, at that date, the company's liabilities exceeded its assets by £3,421,235. At the date of approval of the financial statements the board of directors have received confirmation from the parent company of its intention to provide continued financial support to the company in order to ensure that the company remains in operational existence for the foreseeable future which may require continued cash funding support of its parent company, including the non-call of the intercompany balance in creditors note 5 of £2,985,052.

Given the support of the parent company the directors are satisfied that the company has the necessary resources to continue trading for the foreseeable future and accordingly believe that it is appropriate for the Financial Statements to be prepared on a going concern basis.

12.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no events affecting the company since the financial year end.