EUROPEAN ASSOCIATION OF CERTIFIED TURNAROUND PROFESSIONALS


Directors	:
	KOUTSOURIS, Andreas
	LE BERRE, Alain
	LIEVE, Cornelis Anne
	NASTASE, Vlad
	POMBO BARCENAS, Maria Antonia
	WELLINK, Boudewijn Engelbert Alexander


Company Secretary	POMBO BARCENAS, Maria Antonia


Registered Address	C/O Centora James Limited, Jury Farm, Ripley Lane
	West Horsley
	Leatherhead
	KT24 6JT


Registered Number	08276887 (England and Wales)

Balance Sheet as at
31 December 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		3,159		8,514
			3,159		8,514
Current assets
Stocks	4	-		1,305
Debtors	5	6,868		13,163
Cash at bank and on hand		33,535		2,031
		40,403		16,499
Creditors amounts falling due within one year	6	(9,627)		(5,891)
Net current assets (liabilities)			30,776		10,608
Total assets less current liabilities			33,935		19,122
Creditors amounts falling due after one year	7		(31,875)		(42,893)
Net assets			2,060		(23,771)
Capital and reserves
Profit and loss account			2,060		(23,771)
Reserves			2,060		(23,771)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 14 September 2026, and are signed on its behalf by:

POMBO BARCENAS, Maria Antonia
Director
Registered Company No. 08276887

EUROPEAN ASSOCIATION OF CERTIFIED TURNAROUND PROFESSIONALS

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Revenue from rendering of services
	EACTP is a professional body with an integrated educational platform, and its principal income arises from professional membership, accreditation and educational activities, including the sale and delivery of its courses and associated educational materials.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	26,888	26,888
At 31 December 25	26,888	26,888
Amortisation and impairment
At 01 January 25	18,374	18,374
Charge for year	5,355	5,355
At 31 December 25	23,729	23,729
Net book value
At 31 December 25	3,159	3,159
At 31 December 24	8,514	8,514

4.	Stocks

	2025	2024
	£	£
Payments on account, stocks	-	1,305
Total	-	1,305

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	6,868	12,916
Prepayments and accrued income	-	247
Total	6,868	13,163


	The accounts remain subject to adjustment in respect of certain trade receivables pending formal Board approval of proposed write-offs. As of 31 December 2025, an amount of £1,917.62 remained outstanding within the trade receivables ledger and has not been written off. The balance will be written off upon receipt of formal Board approval for the accounting period from 1 January 2025 to 31 December 2025

The accounts remain subject to adjustment in respect of certain trade receivables pending formal Board approval of proposed write-offs. As of 31 December 2025, an amount of £1,917.62 remained outstanding within the trade receivables ledger and has not been written off. The balance will be written off upon receipt of formal Board approval for the accounting period from 1 January 2025 to 31 December 2025

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	-	3,109
Taxation and social security	3,629	-
Accrued liabilities and deferred income	5,998	2,782
Total	9,627	5,891


	The balance of £5,997.46 comprises accrued liabilities and deferred educational income recognised at the reporting date. Accrued liabilities include £8,433.18 relating to TMA licence fees attributable to the 2025 financial year, together with accruals for accountancy fees. Deferred income primarily represents educational course fees received in advance where course delivery and access extend beyond the reporting date, including adjustments relating to the Mutares corporate programme. The year-end balance reflects the net impact of these accrual and deferred income adjustments as at 31 December 2025

The balance of £5,997.46 comprises accrued liabilities and deferred educational income recognised at the reporting date. Accrued liabilities include £8,433.18 relating to TMA licence fees attributable to the 2025 financial year, together with accruals for accountancy fees. Deferred income primarily represents educational course fees received in advance where course delivery and access extend beyond the reporting date, including adjustments relating to the Mutares corporate programme. The year-end balance reflects the net impact of these accrual and deferred income adjustments as at 31 December 2025

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Convertible loans	31,875	42,893
Total	31,875	42,893


	Included within other creditors is the outstanding balance of an interest-free loan facility provided by TMA Global via TMA Europe. Under the terms of the Loan Addendum dated 22 August 2023, repayment and conversion of the loan facility are linked to agreed performance measures relating to educational activity and membership development. During 2025, EACTP sold 61 CTA Bodies of Knowledge (BOKs), of which 19 were sales outside the Mutares corporate programme, alongside continued growth in paid membership and wider development of the Association. Following the Board's review of performance for the year, a further 25% of the outstanding £42,500 loan balance, amounting to £10,625, was approved for conversion to grant. The outstanding loan balance at 31 December 2025 is therefore £31,875.

Included within other creditors is the outstanding balance of an interest-free loan facility provided by TMA Global via TMA Europe. Under the terms of the Loan Addendum dated 22 August 2023, repayment and conversion of the loan facility are linked to agreed performance measures relating to educational activity and membership development. During 2025, EACTP sold 61 CTA Bodies of Knowledge (BOKs), of which 19 were sales outside the Mutares corporate programme, alongside continued growth in paid membership and wider development of the Association. Following the Board's review of performance for the year, a further 25% of the outstanding £42,500 loan balance, amounting to £10,625, was approved for conversion to grant. The outstanding loan balance at 31 December 2025 is therefore £31,875.