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Registered number: 00487036
Targeter (UK) Limited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2025
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Targeter (UK) Limited
Registered number: 00487036
Balance sheet
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2026.
The notes on pages 4 to 10 form part of these financial statements.
Page 1
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Targeter (UK) Limited
Statement of changes in equity
For the year ended 31 December 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Transfer of revaluation reserve on impairment of investment
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Total transactions with owners
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The notes on pages 4 to 10 form part of these financial statements.
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Page 2
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Targeter (UK) Limited
Statement of changes in equity
For the year ended 31 December 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
Targeter (UK) Limited ('the company') is a private company limited by shares, incorporated and domiciled in England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London,
E1 6RA and its principal place of business is Potto Grange, Northallerton, North Yorkshire, DL6 3HH. The
principal activity can be found on page 1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 4
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is USD and transactions are rounded to
the nearest $1.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
Page 6
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
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The average monthly number of employees, including the directors, during the year was as follows:
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Investments in subsidiary companies
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The investment in the subsidiary undertaking was fully impaired during the year as the directors considered the recoverable amount to be nil. The subsidiary was subsequently struck off following the year end.
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Finished goods and goods for resale
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Page 7
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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85,200 (2024 - 85,200) Ordinary shares of $1.00 each
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Page 8
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
Revaluation reserve
This reserve represents the revaluation gain recognised on the company's investment less any related
provision for deferred tax.
During the year, Exetex (UK) Limited, a wholly owned subsidiary undertaking, was voluntarily struck off the register. As a result, the Company's investment in Exetex (UK) Limited was fully impaired and the related revaluation reserve was transferred, resulting in a nil balance at the year end.
Called up share capital
This represents the nominal value of shares that have been issued by the company.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any
distributions made to the company's shareholders.
The company is currently using the services of a US lawyer to negotiate with the Center For Environmental Health (CEH) a California based non-Governmental entity which raised a P65 Notice of Violation (NOV) against the company and six others because of the presence of Bisphenol A (BPA) in a product that was sampled and tested by the CEH. There appear to be a number of P65 Violation cases for BPA underway at present. So far no legal case has been raised against Targeter (UK) Ltd but negotiations are under way with the CEH to draw up an agreed level for BPA in consumption for which there is currently no prescribed level. Legal Fees are likely to be between $10,000-$20,000 and there may be an amount to be paid to settle the NOV but, given the relatively low sales of Targeter (UK) products in California, it is not anticipated to be a significant amount and should be offset with a contribution from the manufacturer.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to $46,687 (2024 - $52,938).
Contributions totalling $46,687 (2024 - $63,647) were payable to the fund at the balance sheet date and
are included within accruals.
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Related party transactions
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During the year Targeter (UK) Limited sold goods to ETS Wafic Idriss SARL, a connected company, for $635,070 (2024: $477,790). At the 31 December 2025 Targeter (UK) Limited was owed $85,560 (2024: $165,200) by ETS Wafic Idriss SARL.
During the year the Targeter International SAL, a connected company, paid for expenses of $10,255 (2024: $140,844) on behalf of the company and during the year Targeter (UK) Limited made payments of $Nil (2024: $154,623) toward the expenses. At the 31 December 2025 Targeter (UK) Limited owed $10,255 (2024: $11,700).
As at 31 December 2025 Targeter (UK) Limited owed $Nil (2024: $310,000) to Exetex (UK) Limited, a subsidiary company.
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Page 9
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2025
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Post balance sheet events
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Exetex (UK) Ltd a 100% subsidiary of the company is due to be struck off the register on 29th September 2026.
The ultimate holding party is the Nabil W. Idriss family, who hold 60% of the issue share capital.
The auditors' report on the financial statements for the year ended 31 December 2025 was qualified.
The qualification in the audit report was as follows:
In our report on the financial statements for the year ended 31 December 2024, we qualified our opinion because we were unable to obtain sufficient appropriate audit evidence concerning the recoverability of Targeter (UK) Limited investment in subsidiary undertaking amounting to $310,000. During the year ended 31 December 2025, Targeter (UK) Limited impaired the investment in full. Consequently, the matter giving rise to the prior year qualification has been resolved and does not affect our opinion on the current year's financial statements. However, the corresponding figures presented for the year ended 31 December 2024 have not been restated. Consequently, the comparative information continues to reflect the overstatement identified in our previous year's audit report. Our opinion is therefore qualified solely in respect of the effects of this matter on the comparability of the current year's figures and the corresponding figures.
The audit report was signed on 23 September 2026 by Angela Ingham FCA (Senior statutory auditor) on behalf of Azets Audit Services.
Page 10
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