THORSE LTD Company accounts

COMPANY REGISTRATION NUMBER: 10720215

THORSE LTD

Unaudited Financial Statements

31 December 2025

THORSE LTD

Financial Statements

Year ended 31 December 2025

Contents	Page

Directors' report	1

Income statement	2

Statement of financial position	3

Statement of changes in equity	4

Notes to the financial statements	5

THORSE LTD

Directors' Report

Year ended 31 December 2025

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2025 .

Principal activities

The principal activity of the company during the year was providing consultancy services.

Directors

The directors who served the company during the year were as follows:

Mrs Despoina Ragia
Mr Efstathios Papazafeiropoulos
Fiduci-Corp Directors Limited

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 21 September 2026 and signed on behalf of the board by:

Mr Efstathios Papazafeiropoulos	Fiduci-Corp Directors Limited
Director	Director

Fiduci-Corp (UK) Services Limited
Company Secretary

THORSE LTD

Income Statement

Year ended 31 December 2025

	2025	2024
Note	€	€
Turnover	63,600	72,000

	--------	--------
Gross profit	63,600	72,000

Administrative expenses	( 8,244)	( 5,987)
	--------	--------
Operating profit	55,356	66,013

Other interest receivable and similar income		130	23
		--------	--------
Profit before taxation	4	55,486	66,036

Tax on profit	( 11,317)	( 13,701)
	--------	--------
Profit for the financial year	44,169	52,335
	--------	--------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

THORSE LTD

Statement of Financial Position

31 December 2025

	2025	2024
Note	€	€

Fixed assets

Tangible assets	5	11,714	3,104

Current assets

Debtors	6	97,500	69,338
Cash at bank and in hand		17,314	8,881
		---------	--------
		114,814	78,219

Creditors: amounts falling due within one year	7	11,485	10,449
		---------	--------
Net current assets		103,329	67,770
		---------	--------
Total assets less current liabilities		115,043	70,874
		---------	--------
Net assets		115,043	70,874
		---------	--------

Capital and reserves

Called up share capital	8	2,500	2,500
Profit and loss account	9	112,543	68,374
		---------	--------
Shareholders funds		115,043	70,874
		---------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 September 2026 , and are signed on behalf of the board by:

Mr Efstathios Papazafeiropoulos	Fiduci-Corp Directors Limited
Director	Director

Company registration number: 10720215

THORSE LTD

Statement of Changes in Equity

Year ended 31 December 2025

	Called up share capital	Profit and loss account	Total
	€	€	€
At 1 January 2024	2,500	106,039	108,539

Profit for the year		52,335	52,335
	-------	---------	---------
Total comprehensive income for the year	–	52,335	52,335

Dividends paid and payable	–	( 90,000)	( 90,000)
	-------	---------	---------
Total investments by and distributions to owners	–	( 90,000)	( 90,000)

At 31 December 2024	2,500	68,374	70,874

Profit for the year		44,169	44,169
	-------	---------	---------
Total comprehensive income for the year	–	44,169	44,169

	-------	---------	---------
At 31 December 2025	2,500	112,543	115,043
	-------	---------	---------

THORSE LTD

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Speen House, Porter Street, London, W1U 6AJ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in euro, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Telephone	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	€	€
Depreciation of tangible assets	167	167
	----	----

5. Tangible assets

	Equipment	Work of art	Total
	€	€	€
Cost
At 1 January 2025	1,667	2,644	4,311
Additions	–	8,777	8,777
	-------	--------	--------
At 31 December 2025	1,667	11,421	13,088
	-------	--------	--------
Depreciation
At 1 January 2025	1,207	–	1,207
Charge for the year	167	–	167
	-------	--------	--------
At 31 December 2025	1,374	–	1,374
	-------	--------	--------
Carrying amount
At 31 December 2025	293	11,421	11,714
	-------	--------	--------
At 31 December 2024	460	2,644	3,104
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6. Debtors

	2025	2024
	€	€
Trade debtors	12,560	27,105
Shareholders account	84,723	41,843
Other debtors	217	390
	--------	--------
	97,500	69,338
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7. Creditors: amounts falling due within one year

	2025	2024
	€	€
Trade creditors	5,137	1,735
Accruals and deferred income	1,031	1,013
Corporation tax	5,317	7,701
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	11,485	10,449
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8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	€	No.	€
Ordinary shares of € 1 each	2,500	2,500	2,500	2,500
	-------	-------	-------	-------

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Related party transactions

The company was under the control of Mr Efstathios Papazafeiropoulos throughout the current year.