Company registration number 02270677 (England and Wales)
SOPEX LONDON LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SOPEX LONDON LTD
COMPANY INFORMATION
Directors
P L Y M Kronacker
Q L F Kronacker
P A Radford
H L F Kronacker
Secretary
K T L Roberts
Company number
02270677
Registered office
41 Moorgate
London
United Kingdom
EC2R 6PP
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
SOPEX LONDON LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
SOPEX LONDON LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
$
$
$
$
Non-current assets
Property, plant and equipment
4
14,134
7,652
Investments
5
432
432
14,566
8,084
Current assets
Trade and other receivables
6
3,423,076
5,793,940
Cash and cash equivalents
158,116
60,711
3,581,192
5,854,651
Current liabilities
7
(23,631,409)
(23,067,247)
Net current liabilities
(20,050,217)
(17,212,596)
Net liabilities
(20,035,651)
(17,204,512)
Equity
Called up share capital
9
3,492,169
3,492,169
Share premium account
671,674
671,674
Other reserves
3,486
3,486
Retained earnings
(24,202,980)
(21,371,841)
Total equity
(20,035,651)
(17,204,512)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 6 July 2026 and are signed on its behalf by:
Q L F Kronacker
Director
H L F Kronacker
Director
Company Registration No. 02270677
SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Sopex London Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 41 Moorgate, London, United Kingdom, EC2R 6PP.

1.1
Accounting convention

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 United States dollars, which is the functional currency of the C ompany. Monetary a mounts in these financial statements are rounded to the nearest US $.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements and if necessary to explain how they have reached their conclusion.true

As at the date of signing the financial statements, related parties that have amounts due to them have confirmed that they have no intention to call for repayment from the company for a period of 12 months from today’s date. The directors are aware that should any of the external creditors decide to call on their amounts due to them the company does not have the ability to fully extinguish the debts without further financial support from the ultimate parent company. The directors are of the opinion that the company has the full support of its ultimate parent who has demonstrated they have the resources to provide support; furthermore the parent has confirmed in a non-legally binding letter that it is their intention to provide the financial support the company requires for a period of 12 months from today’s date.

Should the ultimate parent company withdraw its financial support the company would need to secure alternative funding or implement cost-saving measures to ensure sufficient liquidity. The directors are confident that its ultimate parent will provide the support that it requires and thus believe it is appropriate to prepare the financial statements on a going concern basis.

However, due to the inherent uncertainty of non-legally binding support from the ultimate parent company, we highlight that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the Company were unable to continue as a going concern.

1.3
Revenue

Revenue primarily represents the sales value generated from trading sugar and related commodities in the open market. It is measured at the fair value of the consideration received or receivable, excluding discounts and value-added tax.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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:

Fixtures and fittings
25% on cost
Equipment
25% on cost

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.

1.5
Cash and cash equivalents

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.

1.6
Financial instruments

The C ompany 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 C ompany's statement of financial position when the C ompany 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

Basic financial assets, which include trade and other receivables 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.

Other financial assets

Financial assets that are held for trading are d erivative instruments in commodities. These commodity futures are not basic financial instruments and are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from 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 paymen ts 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.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Financial liabilities that are held for trading are d erivative instruments in commodities. These commodity futures are not basic financial instruments and are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the C ompany’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

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 non-current 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 C ompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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.

1.10
Foreign exchange

Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.11

Other operating income

Costs incurred by the Company on behalf of, or in support of, other group companies are recharged at cost. The related recharge income is recognised within other operating income.

SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going conern

At 31 December 2025, related parties that have amounts due to them have confirmed that they have no intention to call for repayment from the company for a period of 12 months. The directors are aware that should any of the creditors decide to call on their amounts due to them the company does not have the immediate ability to fully extinguish the debts without financial support from the group, this indicates the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The directors are of the opinion that the company has the full support of all parties that have amounts due to them and the group has confirmed it is their intention to provide the company with the financial support it needs for a period of 12 months from today’s date.

In order to satisfy themselves that the going concern basis remains appropriate the directors have taken in to account the above and concluded that the company can continue as a going concern, meeting its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.

Deferred tax assets

Deferred tax assets are only recognised for unutilised losses to the exten t that is it probable that taxable profit will be available against which the losses can be utilised. Significant judg e ment is required to determine the amount of deferred tax asset that can be recognised, based on the likely timing of future taxable profit.

3
Employees

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

2025
2024
Number
Number
Total
10
11
SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Property, plant and equipment
Fixtures and fittings
Equipment
Total
$
$
$
Cost
At 1 January 2025
3,613
38,307
41,920
Additions
-
0
14,131
14,131
Disposals
-
0
(26,964)
(26,964)
At 31 December 2025
3,613
25,474
29,087
Depreciation and impairment
At 1 January 2025
3,613
30,655
34,268
Depreciation charged in the year
-
0
6,077
6,077
Eliminated in respect of disposals
-
0
(25,392)
(25,392)
At 31 December 2025
3,613
11,340
14,953
Carrying amount
At 31 December 2025
-
0
14,134
14,134
At 31 December 2024
-
0
7,652
7,652
5
Fixed asset investments
2025
2024
$
$
Listed investments
432
432
6
Trade and other receivables
2025
2024
Amounts falling due within one year:
$
$
Trade receivables
1,371,692
3,328,989
Financial assets held for trading
8
1,883,625
1,912,671
Other receivables
52,050
362,834
Prepayments and accrued income
80,125
159,121
3,387,492
5,763,615
2025
2024
Amounts falling due after more than one year:
$
$
Other receivables
35,584
30,325
Total debtors
3,423,076
5,793,940
SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Current liabilities
2025
2024
$
$
Bank overdrafts
914
192
Financial liabilities held for trading
8
659,124
1,614,126
Trade payables
1,289,266
702,575
Amounts owed to group undertakings
21,432,308
20,424,047
Taxation and social security
83,426
44,404
Other payables
-
0
51,043
Accruals and deferred income
166,371
230,860
23,631,409
23,067,247

Amounts owed to group undertakings from the Company consist of intercompany loans which are unsecured, bear s an interest which is made up of the SOFR/SORA/FRED/EURIBOR reference rate (depending on the currency) as basis plus 2% margin for debt interest, and minus 1% for credit interest and are repayable on demand.

Within other payables are derivative f inancial liabilities held at f air v alue t hrough p rofit or l oss of £659,124 (202 4: £1,614,126).

8
Financial instruments
2025
2024
$
$
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,443,852
3,698,773
Equity instruments measured at cost less impairment
432
432
Held for trading - measured at fair value through profit or loss
1,883,625
1,912,671
Carrying amount of financial liabilities
Measured at amortised cost
22,888,859
21,408,717
Held for trading - measured at fair value through profit or loss
659,124
1,614,126
SOPEX LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of £1 each
2,164,545
2,164,545
3,492,169
3,492,169

Shares rank equally for voting purposes. On a show of hands each member shall have one vote, and on a poll each member shall have one vote per share held. The voting rights are described in the articles of association.

10
Audit report information

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.

Senior Statutory Auditor:
Daniel Wesolowski
Statutory Auditor:
FLB Audit LLP
Date of audit report:
6 July 2026
11
Operating lease commitments
As lessee

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

2025
2024
$
$
Total commitments
325,318
94,311
12
Related party transactions

The C ompany has taken advantage of the disclosure exemption conferred by FRS102 Section 33, Related Party Disclosures, paragraph 33.1A, from disclosing transactions entered into between two or more wholly owned members of a group.

13
Parent company

The C ompany's immediate and ultimate parent company is N.V. Group Sopex S.A., incorporated and registered in Belgium.

The largest and smallest group in which the company is consolidated is that headed by N.V. Group Sopex S.A., incorporated in Belgium. The consolidated financial statements of the group are available to the public and may be obtained from N.V. Group Sopex S.A., General Lemanstraat 74, Antwerp, B-2600, Belgium.

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