Cercons UK Limited

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

1. General Information

Cercons UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08949532 . The registered office is 19 The Circle , Queen Elizabeth Street, London, SE1 2JE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

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 £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Stocks and Work in Progress

Stock is comprised wholly of work in progress. Work in progress is measured on a contract-by-contract basis and represents costs incurred together with the related contractual margin, less amounts invoiced to customers. Costs incurred include all direct costs and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated recoverable amount is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.5. 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 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.

...CONTINUED

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Cercons UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Financial Instruments - continued

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, 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

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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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 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.

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

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Cercons UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. 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.

2.9. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs

are required to be recognised as part of the cost of stock or fixed assets.

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

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably

committed to terminate the employment of an employee or to provide termination benefits.

2.10. Retirement benefits

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

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 6)

4. Stocks & WIP

	2025	2024
	£	£
WIP	227,714	307,134

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	578,411	577,852
Other debtors	85,781	400,354

	664,192	978,206

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	940	574,318
Amounts owed to group undertakings	1,904,602	1,544,066
Other creditors	846,371	1,210,592
Taxation and social security	516,229	1,008,663

	3,268,142	4,337,639

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

Ordinary share capital at the year-end comprised of: 1 share (2024: 1)

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Cercons UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is Incoga Norte, S.L. . Incoga Norte, S.L. was incorporated in Spain. Copies of the group accounts may be obtained from the secretary. The ultimate controlling party is Mr Francisco Cernadas Ares .

9. Audit Information

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

The auditor's report was signed by Ahsan Miraj (Senior Statutory Auditor) for and on behalf of Bright Grahame Murray , Statutory Auditor.

Bright Grahame Murray

Emperor's Gate

114a Cromwell Road

Kensington

London

SW7 4AG

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		2025		2024
	Notes	£	£	£	£
CURRENT ASSETS
Stocks & WIP	4	227,714		307,134
Debtors	5	664,192		978,206
Cash at bank and in hand		5,954,052		5,427,640

		6,845,958		6,712,980
Creditors: Amounts Falling Due Within One Year	6	(3,268,142 )		(4,337,639 )

NET CURRENT ASSETS (LIABILITIES)			3,577,816		2,375,341

TOTAL ASSETS LESS CURRENT LIABILITIES			3,577,816		2,375,341

NET ASSETS			3,577,816		2,375,341

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			3,577,815		2,375,340

SHAREHOLDERS' FUNDS			3,577,816		2,375,341