Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 1 | 1 | |||
| Current assets | ||||
| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| 40,072,968 | 40,001,027 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current assets | 16,194,437 | 16,013,742 | ||
| Total assets less current liabilities | 16,194,438 | 16,013,743 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Capital contribution reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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The notes on pages 12 to 20 form part of these financial statements
The financial statements of Tarsat UK Holdings Limited (registered number:
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D Ofer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Tarsat UK Holdings Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The Directors have a reasonable expectation that the Company has adequate resources to meet future working capital requirements and to continue in operational existence for the foreseeable future and they consider it appropriate to prepare the financial statements on a going concern basis.
The Company is dependent upon financial support from its parent undertaking, Tarsat 1 Investments Ltd, to enable it to meet its liabilities as they fall due. The directors have received confirmation that Tarsat 1 Investments Ltd will continue to provide financial support to the Company for a period of at least 12 months from the date of approval of these financial statements and has both the intention and ability to do so.
As a result, the Directors have prepared the financial statements on a going concern basis.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue relates to gain and losses on the Company's investment portfolio which is recognised when the gains and losses arise.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares and debt instruments, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on
remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 January 2025 |
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| At 31 December 2025 |
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| Carrying value at 31 December 2025 |
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| Carrying value at 31 December 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by own subsidiaries |
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| 2025 | 2024 | ||
| £ | £ | ||
| Listed investments – at fair value |
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| Unlisted investments - at fair value |
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| 5,294,125 | 5,139,409 |
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to group undertakings |
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| Taxation and social security |
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| Other creditors |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transaction between wholly-owned group companies.
Included within other debtors are amounts of £34,777,730 (2024: £34,834,317) due to a company under common control.
During 2026, the capital loan notes of £23,831,500 issued by the ultimate parent undertaking were repaid in full.
The audit report was signed by Michael Wedge FCA on behalf of BKL Audit LLP.
The ultimate controlling party is D Ofer.