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| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 1 APRIL 2024 TO 31 DECEMBER 2024 |

| FOR |

| TRATOS CAVI UK LTD |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the period 1 April 2024 to 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 6 |

| Other Comprehensive Income | 7 |

| Balance Sheet | 8 |

| Statement of Changes in Equity | 9 |

| Cash Flow Statement | 10 |

| Notes to the Cash Flow Statement | 11 |

| Notes to the Financial Statements | 12 |

| TRATOS CAVI UK LTD |

COMPANY INFORMATION

for the period 1 April 2024 to 31 December 2024

| DIRECTORS: | P Bennett

| Dr M Bragagni

| D Bragagni

| A Bragagni

| M Gori

| E Bragagni Capaccini

| Ms E Bragagni Capaccini

| SECRETARY: | P Bennett

| REGISTERED OFFICE: | Radway Point 2

| Radway Road

| Swindon

| Wiltshire

| SN3 4ND

| REGISTERED NUMBER: | 03971894 (England and Wales)

| AUDITORS: | Hewitt Card Limited

| Statutory Auditors

| 70-72 Nottingham Road

| Mansfield

| Nottinghamshire

| NG18 1BN

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

STRATEGIC REPORT

for the period 1 April 2024 to 31 December 2024

The directors present their strategic report for the period 1 April 2024 to 31 December 2024.

.

REVIEW OF BUSINESS

The principal activity of the Company is the manufacture, sale and installation of fibre optic cable. The results of the Company for the financial year ended 31 December 2024 are shown in the Income Statement on page 6. The state of the Company's affairs at 31 December 2024 is shown in the Balance Sheet on page 8.

On 1st July 2024 Tratos Cavi SpA acquired 100% of the shares of the business, with the Company name changing to Tratos Cavi UK Ltd. There was a fundamental reorganisation, however all key staff have been retained and the business refocused on its core Energy and Industrial markets.

Key performance indicators (KPIs)

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross profit, operating profit and profit before taxation, as set out below:

31.12.2024 31.3.2024

£ £000

Turnover 13,621 26,792

Gross profit 915 1,458

Operating profit (loss) (2,018) (2,425)

Profit (loss) before taxation 729 (5,349)

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from other manufacturers and suppliers of fibre optic cable. This risk is managed through careful monitoring of the market and competition.

ON BEHALF OF THE BOARD:

P Bennett - Director

27 October 2025

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

REPORT OF THE DIRECTORS

for the period 1 April 2024 to 31 December 2024

The directors present their report with the financial statements of the company for the period 1 April 2024 to 31 December 2024.

DIVIDENDS

No dividends will be distributed for the period ended 31 December 2024.

DIRECTORS

P Bennett has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Dr M Bragagni - appointed 1 July 2024

D Bragagni - appointed 1 July 2024

A Bragagni - appointed 1 July 2024

M Gori - appointed 1 July 2024

E Bragagni Capaccini - appointed 1 July 2024

Ms E Bragagni Capaccini - appointed 1 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Bennett - Director

27 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRATOS CAVI UK LTD

Opinion

We have audited the financial statements of Tratos Cavi UK Ltd (the 'company') for the period ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

TRATOS CAVI UK LTD

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Timothy Card FCCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

27 October 2025

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

INCOME STATEMENT

for the period 1 April 2024 to 31 December 2024

| Period |

| 1.4.24 |

| to |  | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

| Notes | £ | £ |

TURNOVER | 13,620,815 |  | 26,792,316 |  |

Cost of sales | 12,705,335 |  | 25,333,848 |  |

GROSS PROFIT | 915,480 |  | 1,458,468 |  |

Administrative expenses | 2,933,645 |  | 3,883,443 |  |

OPERATING LOSS | 4 | (2,018,165 | ) | (2,424,975 | ) |

Cost of fundamental reorg | 5 | 2,817,627 |  | (2,000,279 | ) |

799,462 |  | (4,425,254 | ) |

Interest payable and similar expenses | 6 | 70,589 |  | 924,177 |  |

PROFIT/(LOSS) BEFORE TAXATION | 728,873 |  | (5,349,431 | ) |

Tax on profit/(loss) | 7 | (27,857 | ) | (134,089 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD | 756,730 |  | (5,215,342 | ) |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

OTHER COMPREHENSIVE INCOME

for the period 1 April 2024 to 31 December 2024

| Period |

| 1.4.24 |

| to |  | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE PERIOD | 756,730 |  | (5,215,342 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 756,730 |  | (5,215,342 | ) |

| Note

Prior year adjustment | 8 | (525,341 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | 231,389 |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

BALANCE SHEET

31 December 2024

| 31.12.24 | 31.3.24 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 1,104,300 |  | 2,188,092 |  |

1,104,300 |  | 2,188,092 |  |

CURRENT ASSETS

Stocks | 11 | 3,226,807 |  | 8,476,676 |  |

Debtors | 12 | 3,411,748 |  | 6,762,886 |  |

Cash at bank and in hand | 1,286,276 |  | 6,164,676 |  |

7,924,831 |  | 21,404,238 |  |

CREDITORS

Amounts falling due within one year | 13 | 4,703,171 |  | 19,353,678 |  |

NET CURRENT ASSETS | 3,221,660 |  | 2,050,560 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,325,960 |  | 4,238,652 |  |

CREDITORS

Amounts falling due after more than one year | 14 | - |  | (7,010,000 | ) |

PROVISIONS FOR LIABILITIES | 16 | (406,375 | ) | (3,490,797 | ) |

NET ASSETS/(LIABILITIES) | 3,919,585 |  | (6,262,145 | ) |

CAPITAL AND RESERVES

Called up share capital | 17 | 9,425,001 |  | 1 |  |

Retained earnings | 18 | (5,505,416 | ) | (6,262,146 | ) |

SHAREHOLDERS' FUNDS | 3,919,585 |  | (6,262,145 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

P Bennett - Director

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

STATEMENT OF CHANGES IN EQUITY

for the period 1 April 2024 to 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1 |  | (1,046,804 | ) | (1,046,803 | ) |

Changes in equity

Total comprehensive income | - |  | (4,690,001 | ) | (4,690,001 | ) |

Balance at 31 March 2024 | 1 |  | (5,736,805 | ) | (5,736,804 | ) |

Prior year adjustment | - |  | (525,341 | ) | (525,341 | ) |

As restated | 1 |  | (6,262,146 | ) | (6,262,145 | ) |

Changes in equity

Issue of share capital | 9,425,000 |  | - |  | 9,425,000 |  |

Total comprehensive income | - |  | 756,730 |  | 756,730 |  |

Balance at 31 December 2024 | 9,425,001 |  | (5,505,416 | ) | 3,919,585 |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

CASH FLOW STATEMENT

for the period 1 April 2024 to 31 December 2024

| Period |

| 1.4.24 |

| to |  | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,944,968 |  | 298,351 |  |

Interest paid | (70,589 | ) | (924,177 | ) |

Redundancy provision | (2,792,978 | ) | 2,899,063 |  |

Warranty provision | (106,056 | ) | (326,000 | ) |

Rework provision | 300,000 |  | - |  |

Tax paid | (86,293 | ) | 654,382 |  |

Net cash from operating activities | 2,189,052 |  | 2,601,619 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (367,941 | ) | (455,000 | ) |

Sale of tangible fixed assets | 1,093,682 |  | 1,000 |  |

Net cash from investing activities | 725,741 |  | (454,000 | ) |

Cash flows from financing activities

New loans in year | - |  | 1,999,057 |  |

Loan repayments in year | (17,218,193 | ) | - |  |

Share issue | 9,425,000 |  | - |  |

Net cash from financing activities | (7,793,193 | ) | 1,999,057 |  |

(Decrease)/increase in cash and cash equivalents | (4,878,400 | ) | 4,146,676 |  |

Cash and cash equivalents at beginning of period | 2 | 6,164,676 |  | 2,018,000 |  |

Cash and cash equivalents at end of period | 2 | 1,286,276 |  | 6,164,676 |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE CASH FLOW STATEMENT

for the period 1 April 2024 to 31 December 2024

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Profit/(loss) before taxation | 728,873 |  | (5,349,431 | ) |

| Depreciation charges | 358,051 |  | 695,974 |  |

| Finance costs | 70,589 |  | 924,177 |  |

1,157,513 |  | (3,729,280 | ) |

| Decrease in stocks | 5,249,869 |  | 2,323,324 |  |

| Decrease/(increase) in trade and other debtors | 3,351,138 |  | (3,831,885 | ) |

| (Decrease)/increase in trade and other creditors | (4,813,552 | ) | 5,536,192 |  |

| Cash generated from operations | 4,944,968 |  | 298,351 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 31 December 2024

| 31.12.24 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 1,286,276 |  | 6,164,676 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

| as restated |

£ | £ |

| Cash and cash equivalents | 6,164,676 |  | 2,018,000 |  |

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| At 1.4.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 6,164,676 |  | (4,878,400 | ) | 1,286,276 |  |

6,164,676 |  | (4,878,400 | ) | 1,286,276 |  |

| Debt

| Debts falling due within 1 year | (10,208,193 | ) | 10,208,193 |  | - |  |

(10,208,193 | ) | 10,208,193 |  | - |  |

| Total | (4,043,517 | ) | 5,329,793 |  | 1,286,276 |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE FINANCIAL STATEMENTS

for the period 1 April 2024 to 31 December 2024

1. | STATUTORY INFORMATION

| Tratos Cavi UK Ltd 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

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

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of nil years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the period 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

| 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.

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 April 2024 to 31 December 2024

3. | EMPLOYEES AND DIRECTORS

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Wages and salaries | 1,621,238 |  | 4,026,211 |  |

| Social security costs | 314,248 |  | 361,131 |  |

| Other pension costs | 116,831 |  | 265,030 |  |

2,052,317 |  | 4,652,372 |  |

| The average number of employees during the period was as follows:

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

| Operations | 24 |  | 58 |  |

| Administration | 22 |  | 32 |  |

46 |  | 90 |  |

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Directors' remuneration | - |  | - |  |

4. | OPERATING LOSS

| The operating loss is stated after charging:

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Depreciation - owned assets | 358,051 |  | 695,974 |  |

| Foreign exchange differences | 20,795 |  | 62,234 |  |

5. | EXCEPTIONAL ITEMS

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Cost of fundamental reorg | 2,817,627 |  | (2,000,279 | ) |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 April 2024 to 31 December 2024

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Intercompany interest | 41,810 |  | 542,138 |  |

| Interest payable | 28,779 |  | 382,039 |  |

70,589 |  | 924,177 |  |

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the period was as follows:

| Period |

| 1.4.24 |

| to | Year Ended

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Current tax:

| UK corporation tax | 457,531 |  | (134,089 | ) |

| Deferred tax | (485,388 | ) | - |  |

| Tax on profit/(loss) | (27,857 | ) | (134,089 | ) |

8. | PRIOR YEAR ADJUSTMENT

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1 April 2024 | 1,703,187 |  |

| Disposals | (1,703,187 | ) |

| At 31 December 2024 | - |  |

| AMORTISATION

| At 1 April 2024 | 1,703,187 |  |

| Eliminated on disposal | (1,703,187 | ) |

| At 31 December 2024 | - |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 March 2024 | - |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 April 2024 to 31 December 2024

10. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST

| At 1 April 2024 | 8,719,084 |  |

| Additions | 367,941 |  |

| Disposals | (2,991,033 | ) |

| At 31 December 2024 | 6,095,992 |  |

| DEPRECIATION

| At 1 April 2024 | 6,530,992 |  |

| Charge for period | 358,051 |  |

| Eliminated on disposal | (1,897,351 | ) |

| At 31 December 2024 | 4,991,692 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,104,300 |  |

| At 31 March 2024 | 2,188,092 |  |

11. | STOCKS

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Stocks | 593,925 |  | 1,220,676 |  |

| Raw materials | 2,315,575 |  | 6,623,000 |  |

| Work-in-progress | 317,307 |  | 633,000 |  |

3,226,807 |  | 8,476,676 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Trade debtors | 2,726,711 |  | 2,135,352 |  |

| Amounts owed by group undertakings | 12,305 |  | 4,274,517 |  |

| Other debtors | 75 |  | - |  |

| Prepayments and accrued income | 388,355 |  | 124,866 |  |

| Prepayments | 284,302 |  | 228,151 |  |

3,411,748 |  | 6,762,886 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Bank loans and overdrafts (see note 15) | - |  | 10,208,193 |  |

| Trade creditors | 1,899,357 |  | 942,832 |  |

| Amounts owed to group undertakings | 921,100 |  | 6,988,181 |  |

| Tax | 457,531 |  | 86,293 |  |

| Social security and other taxes | 108,042 |  | 11,722 |  |

| VAT | 160,171 |  | 534,125 |  |

| Other creditors | - |  | 205 |  |

| Accrued expenses | 1,156,970 |  | 582,127 |  |

4,703,171 |  | 19,353,678 |  |

| TRATOS CAVI UK LTD (REGISTERED NUMBER: 03971894) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the period 1 April 2024 to 31 December 2024

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Amounts owed to group undertakings | - |  | 7,010,000 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | - |  | 10,208,193 |  |

16. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.3.24

| as restated |

£ | £ |

| Deferred tax | 6,346 |  | 491,734 |  |

| Other provisions | 400,029 |  | 2,999,063 |  |

406,375 |  | 3,490,797 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 April 2024 | 491,734 |  | 2,999,063 |  |

| Provided during period | (485,388 | ) | (2,492,949 | ) |

| Balance at 31 December 2024 | 6,346 |  | 506,114 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.3.24

| value: |  | as restated |

£ | £ |

| 9,425,001 | ORDINARY | 1 | 9,425,001 |  | 1 |  |

| 9,425,000 ORDINARY shares of 1 each were allotted and fully paid for cash at par during the period.

18. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | (5,736,805 | ) |

| Prior year adjustment | (525,341 | ) |

(6,262,146 | ) |

| Profit for the period | 756,730 |  |

| At 31 December 2024 | (5,505,416 | ) |