REGISTERED NUMBER: 03758068 (England and Wales)

URSA U.K. LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

4

DIRECTORS:

Mr K R Slos

Mr W B Skorek

REGISTERED OFFICE:

1 St. James Court

Whitefriars

Norwich

Norfolk

NR3 1RU

REGISTERED NUMBER:

03758068 (England and Wales)

ACCOUNTANTS:

Carston ETL

Chartered Accountants

Second Floor

34 Lime Street

London

EC3M 7AT

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of URSA U.K. Limited for the year ended 31st December 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of URSA U.K. Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of URSA U.K. Limited and state those matters that we have agreed to state to the Board of Directors of URSA U.K. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than URSA U.K. Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that URSA U.K. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of URSA U.K. Limited. You consider that URSA U.K. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of URSA U.K. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carston ETL

Chartered Accountants

Second Floor

34 Lime Street

London

EC3M 7AT

18th September 2026

CURRENT ASSETS

Debtors

5

13,483

9,136,343

Cash at bank

499,739

227,492

513,222

9,363,835

CREDITORS

Amounts falling due within one year

6

460,973

2,351,796

NET CURRENT ASSETS

52,249

7,012,039

TOTAL ASSETS LESS CURRENT LIABILITIES

52,249

7,012,039

CAPITAL AND RESERVES

Called up share capital

8

1

6,897,501

Retained earnings

52,248

114,538

SHAREHOLDERS' FUNDS

52,249

7,012,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 18th September 2026 and were signed on its behalf by:

Mr K R Slos - Director

Mr W B Skorek - Director

1.	STATUTORY INFORMATION

URSA U.K. 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.

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

The company ceased trading at the year-end and all trade and assets will transfer to Etex UK Insulation Limited, a group company.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the view of the directors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised when the goods are despatched to the customer.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

IT costs - 33% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

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 by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Due to the profit levels, a deferred tax asset has been included into the current year accounts based on the main rate of tax of 25% on the losses carried forward.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Going concern

During the year a group decision was made and agreement signed to re-structure and move all UK trading activities into one UK company within the group. As such, URSA UK ceased trading as at the 31 December 2024 and all trade and assets have transferred to a UK company within the group, Etex UK Insulation Limited on the 1 January 2025. It is intended that URSA UK Limited will then enter a Member's Voluntary Liquidation.

As the company has ceased trading it is, by definition, no longer a going concern.

Debtors and creditors

Short term debtors are measured at transaction price, less any impairment.

Trade debtors were factored with Credit Agricole Leasing & Factoring without recourse until September 2024 and derecognised when all the risks and rewards had been fully transferred.

Short term trade creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method if due more than one year.

4.	EMPLOYEES AND DIRECTORS

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

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

1,165,327

Amounts owed by group undertakings

13,297

5,494,197

Other debtors

186

2,476,819

13,483

9,136,343

The Amounts due from Group Undertakings comprises a cash-pooling account under an agreement between Etex Finance S.A., a Luxembourg based company, and URSA UK Limited.

Included in other debtors in the prior year is a deferred tax asset of £1,119,549.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

-

963,208

Amounts owed to group undertakings

389,040

1,003,072

Taxation and social security

71,807

302,121

Other creditors

126

83,395

460,973

2,351,796

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

-

37,980

Between one and five years

-

33,138

-

71,118

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

0.59

1

6,897,501

On 10 December 2025 a written resolution was passed that the share capital of the company be reduced from £6,897,500.58 divided into 11,690,679 Ordinary Shares of £0.59 each to £0.59 by cancelling and extinguishing 11,690,678 Ordinary Shares of £0.59 each in the capital of the company and the amount by which the share capital was so reduced was credited to the appropriate reserve of the company.

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY

The controlling party is URSA Insulation, S.A..

The ultimate controlling party is Etex NV.

11.	TRANSFER OF TRADE AND ASSETS

At the 31 December 2024, URSA UK Limited ceased trading and all trade and assets were transferred to Etex UK Insulation Limited, a UK based company in the same group, from 1 January 2025.

The company is in the process of liquidation.