These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Ze Box UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Renold Building, 32a Altrincham Street, Manchester, UK, M1 7JR.

These financial statements have been prepared for the period from 1 January 2025 to 31 December 2025. The prior period financial statements prepared were prepared for the period from 4 July 2023, being the company's incorporation date, to 31 December 2024. The comparative amounts presented in these financial statements, including the related notes, are therefore not entirely comparable.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

The principal accounting policies adopted are set out below.

The company has net current liabilities of £true138,008 (2024: £127,585), and net liabilities of £89,557 (2024: £12,196).

During the year, the company operated workspace facilities for entrepreneurs and start-up businesses.

Subsequent to the reporting end date, the company has adopted a new business model and will focus on providing services to the wider group rather than operating physical office space. As such, during the reporting year, the company notified its landlord of its intention to terminate the existing lease and has now ceased operating the workspace facility on 26 September 2026.

The director has reviewed cash flow forecasts for at least 12 months from the date of approval of these financial statements and has considered the group’s ongoing commitment to support the company in delivering its revised strategy.

The company has also received a letter of support from CMA CGM S.A., an intermediate parent company, which is a significant trading entity within the group, who have confirmed they will continue to support the company for a period of at least 12 months from the date of approval of these financial statements.

Based on the forecasts and the level of group support available, the director considers that the company has adequate resources to continue to meet its liabilities as they fall due and therefore continue to adopt the going concern basis in preparing these financial statements.

Revenue comprises services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.

Revenue represents rental income receivable from the company's workspace facilities, net of VAT. This is recognised over the period of the rental service as it is utilised.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are material items of income or expenditure which are of exceptional size or incidence, and are presented within the line items to which they best relate.

New or revised standards

Amendments to FRS 102 issued in September 2024 will apply to the company for accounting periods commencing on or after 1 January 2026. These amendments include significant changes to lease accounting and revenue recognition, together with additional disclosure requirements. The directors are currently assessing the impact of these amendments on the company's future financial statements.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

The company recognises provisions for future dilapidation work in its financial statements as required. The judgements, estimates and associated assumptions where necessary to calculate these provisions are based on historical experience, current information available and discussions with their landlord.

During the year, the company has incurred exceptional costs relating to the business model restructuring, employee termination payments and dilapidations incurred as a result of the business model restructure. These costs are considered exceptional to the extent they were not incurred in the normal course of business as a trading entity in the year.

The average monthly number of persons (including directors) employed by the company during the year was:

The company has no employees and therefore incurs no staff costs directly. Staff providing services to the company are employed by other undertakings within the group. The costs associated with these employees are recharged to the company by other group undertakings and are recognised within administrative expenses.

At the reporting end date, the company reviewed assets for potential impairment. Further details can be found in Note 12.

At the reporting end date, the company had a contingent asset totalling £nil (2024: £33,295). In the prior period, the contingent asset related to rental and service charge claims which has been fully realised in the current year.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Operating lease commitments represent rent payable to third parties.

The above lease commitment includes the element of the rent reduction that has been agreed during the year amounting to £nil (2024: 26,750) in relation to compensation received for rental and service charge claims.

During the year, the company decided to adopt a change in business model and focus on providing services to the wider group rather than operating physical office space.

As such, the company notified its landlord of its intention to terminate the existing lease and has now ceased operating the workspace facility on 26 September 2026. There is no onerous lease deemed to be payable and costs included in Note 11 are calculated in line with the current lease agreement. Dilapidation costs have been provided for, as per Note 9.

As a result of the lease termination post year end, the company has partially disposed of its physical assets, and intends to dispose of the remaining assets. These assets are not deemed impaired as costs will be recovered at book value.

The company has taken advantage of the exemption available under FRS 102 from disclosing transactions with entities that are wholly owned members of the same group.

The immediate parent company is ZE BOX S.A., a company incorporated and registered in France. The registered office is C/O 19 Rue Henri Barbusse, 13001 Marseille, France.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.