Company registration number 04761094 (England and Wales)
S A B SECURITIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
S A B SECURITIES LIMITED
COMPANY INFORMATION
Directors
B Adam
M U Adam
Secretary
M U Adam
Company number
04761094
Registered office
37 Sudbury Court Drive
Harrow
Middlesex
HA1 3SZ
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
Business address
37 Sudbury Court Drive
Harrow
Middlesex
HA1 3SZ
S A B SECURITIES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 22
S A B SECURITIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

SAB Securities Limited is an FCA-authorised investment advisory and securities broking firm operating under a defined and controlled business model. The Company’s strategy is focused on providing regulated advisory and brokerage services to a targeted client base, while maintaining strong governance, financial resilience and full regulatory compliance.

During the year, the Company prioritised operational efficiency, cost discipline and capital preservation, while continuing the transition away from legacy account structures towards a simplified execution and custody framework. The directors consider this approach appropriate given the size, complexity and risk profile of the business.

Principal risks and uncertainties

The directors consider the main business risks being faced by the company to be:

Foreign Exchange R isk

A proportion of revenue and expenses are denominated in foreign currencies, primarily US dollars. The alignment of income and expenditure currencies provides a natural hedge, and the Company does not undertake speculative foreign exchange activity.

Business and Concentration Risk
The Company operates with a relatively small client base. This risk is mitigated through careful client selection, diversification of transactional activity, and maintaining a flexible cost base.

Liquidity and Capital R isk:

The Company maintains capital and liquidity materially above regulatory minimum requirements.

Regulatory and Compliance Risk:

The Company operates in a regulated environment subject to ongoing regulatory change. There are controls in place to ensure compliance with FCA rules, supported by staff training and external professional advice where required.

S A B SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Business Development and Positioning

For the year ended 31 October 2025, the Company reported turnover of £59,435 (2024: £55,593), reflecting increased advisory and transactional activity. Administrative expenses reduced materially to £4 0,934 (2024: £65,429) as a result of improved cost control and operational streamlining.

The Company generated an operating profit of £18,501 (2024: operating loss of £9,836) and a profit after tax of £20,637 (2024: loss of £2,207). Interest income of £7,482 continued to provide a stable supplementary revenue stream derived from surplus cash balances.

At the year end, the Company reported net assets of £27 4,742, supported by strong cash balances and no external borrowings. The directors consider the financial performance during the year to demonstrate improved operational stability and financial resilience.

Business Model and Operational Developments

The Company’s revenue is primarily generated from:

- investment advisory fees;

- brokerage commissions; and

- interest income on cash balances.

During the year, the Company progressed the migration of clients from a legacy managed account and client money structure to an execution and custody framework supported by Interactive Brokers. This transition has reduced operational and compliance complexity, lowered execution costs, and improved margin retention on transactions.

While custody-related income remains modest due to the size of client asset holdings and the gradual pace of migration, the directors believe the revised operating structure is more scalable, lower risk and better aligned with the Company’s regulatory obligations under the FCA regime.

Outlook and Future Developments

The Company’s near-term strategy remains focused on controlled growth, diversification of revenue streams and continued regulatory compliance. Management anticipates that the onboarding of larger equity-focused clients may support higher transaction volumes and improved revenue diversification over time.

The directors do not currently anticipate seeking additional FCA permissions, as existing authorisations are considered appropriate for the Company’s business model and risk profile.

S A B SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

Governance, SM&CR and Control Environment

The Company operates within the Senior Managers and Certification Regime (SM&CR). Responsibilities are clearly allocated, and the directors retain direct oversight of regulatory compliance, financial resources, risk management and internal controls.

Given the size and nature of the business, governance arrangements are proportionate but sufficient to ensure:

- clear accountability and effective decision-making;

- ongoing compliance with FCA rules and guidance; and

- timely identification, management and escalation of material risks.

Where appropriate, the Company engages external professional advisers to support compliance, audit, regulatory reporting and specialist matters.

Prudential Framework and ICARA Alignment

The Company is subject to the UK Investment Firms Prudential Regime (IFPR) and has implemented an Internal Capital and Risk Assessment (ICARA) process proportionate to its activities.

The ICARA framework is embedded within the Company’s governance and financial planning processes and is designed to ensure compliance with the Overall Financial Adequacy Rule (OFAR). The assessment considers whether the Company holds sufficient own funds and liquid assets to support both ongoing operations and an orderly wind-down, should that become necessary.

The ICARA is reviewed at least annually and approved by the Board. The most recent ICARA was approved in December 2025 and reflects the Company’s business model, risk profile and financial position as at 31 October 2025.
Capital Adequacy and Liquidity

As a non-SNI investment firm with permission to hold client money, the Company is subject to a Permanent Minimum Requirement (PMR) of £150,000. The Company’s Own Funds Threshold Requirement (OFTR) is driven primarily by this PMR.

At the year end, the Company held Common Equity Tier 1 capital of approximately £269,000, providing a substantial surplus above its regulatory requirement. Cash balances of £256,111 further support the Company’s liquidity position.

The directors monitor capital and liquidity levels on an ongoing basis and are satisfied that the Company maintains adequate financial resources to meet its regulatory obligations and withstand plausible stress scenarios.

Stress Testing and Financial Resilience

As part of the ICARA process, the Company has conducted stress testing across a range of plausible but severe scenarios, including:

- a one-off material cost shock;

- sustained increases in overheads; and

- a downturn in trading activity and revenue.

The results of these assessments indicate that the Company would remain able to meet its regulatory capital and liquidity requirements under stressed conditions, without breaching its own funds or liquid asset thresholds.

S A B SECURITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

Financial Resilience and Wind-Down Planning

The Company has assessed its ability to wind down its operations in an orderly manner, in line with its ICARA obligations. The wind-down plan assumes the cessation of new business, the orderly transfer or closure of client positions, and the settlement of outstanding liabilities, while continuing to meet regulatory and contractual obligations.

The Fixed Overheads Requirement is used as the primary wind-down trigger. Based on current capital and liquidity levels, the directors are satisfied that the Company would be able to execute an orderly wind-down without causing undue harm to clients, markets or counterparties, and without reliance on external funding or extraordinary support.

Compliance with Section 172 Statement

In compliance with section 172 of the Companies Act 2006, the directors consider, in good faith, the factors most likely to promote the long-term success of the Company. Board decisions take into account the interests of clients, regulators, suppliers and other stakeholders, alongside the need to maintain financial resilience, ensure regulatory compliance and support sustainable operations.

M U Adam
Director
13 February 2026
S A B SECURITIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company in the year under review was that of Investment Advisors and Security Broking.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Adam
M U Adam
Future developments

The company aims to provide more investment management activities to further diversify the business and to help grow the client base further. The management believe that the current growth suggests that there has been an active move towards obtaining new clients and business.

In the foreseeable future, the company does not plan on requesting enhanced permissions and licenses from the FCA as the directors believe the existing permissions to be sufficient in order for the company to provide the type of services it plans to.

Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Reference to strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

On behalf of the board
M U Adam
Director
13 February 2026
S A B SECURITIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -

The directors are responsible for preparing the annual report 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

S A B SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S A B SECURITIES LIMITED
- 7 -
Opinion

We have audited the financial statements of S A B Securities Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 October 2025 and of its profit for the year 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

S A B SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S A B SECURITIES LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

S A B SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S A B SECURITIES LIMITED (CONTINUED)
- 9 -

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of investment advisory and security broking. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Services and Markets Act 2000, Financial Services Act 2012, Criminal Justice Act 1993, Public Interest Disclosures Act 1998, Companies Act 2006, taxation legislation, data protection, anti-bribery and anti-money-laundering. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators including the Financial Conduct Authority.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

S A B SECURITIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S A B SECURITIES LIMITED (CONTINUED)
- 10 -
Daniel Howarth (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
13 February 2026
S A B SECURITIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
2025
2024
as restated
Notes
£
£
Turnover
3
59,435
55,593
Administrative expenses
(40,934)
(65,429)
Operating profit/(loss)
4
18,501
(9,836)
Interest receivable and similar income
7
7,482
7,629
Profit/(loss) before taxation
25,983
(2,207)
Tax on profit/(loss)
8
(2,923)
-
0
Profit/(loss) for the financial year
23,060
(2,207)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

S A B SECURITIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
2025
2024
as restated
£
£
Profit/(loss) for the year
23,060
(2,207)
Other comprehensive income
-
-
Total comprehensive income for the year
23,060
(2,207)
S A B SECURITIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 13 -
2025
2024
as restated
Notes
£
£
£
£
Current assets
Debtors
9
36,777
14,585
Cash at bank and in hand
256,111
253,920
292,888
268,505
Creditors: amounts falling due within one year
10
(15,723)
(14,400)
Net current assets
277,165
254,105
Capital and reserves
Called up share capital
11
130,000
130,000
Profit and loss reserves
147,165
124,105
Total equity
277,165
254,105
The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
M U Adam
Director
Company registration number 04761094 (England and Wales)
S A B SECURITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 October 2024:
Balance at 1 November 2023
130,000
116,312
246,312
Effect of prior year adjustment
-
10,000
10,000
As restated
130,000
126,312
256,312
Year ended 31 October 2024:
Loss and total comprehensive income
-
(2,207)
(2,207)
Balance at 31 October 2024
130,000
124,105
254,105
Year ended 31 October 2025:
Profit and total comprehensive income
-
23,060
23,060
Balance at 31 October 2025
130,000
147,165
277,165
S A B SECURITIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 15 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
14
(5,291)
13,876
Income taxes paid
-
0
(1)
Net cash (outflow)/inflow from operating activities
(5,291)
13,875
Investing activities
Interest received
7,482
7,629
Net cash generated from investing activities
7,482
7,629
Net increase in cash and cash equivalents
2,191
21,504
Cash and cash equivalents at beginning of year
253,920
232,416
Cash and cash equivalents at end of year
256,111
253,920
S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
1
Accounting policies
Company information

S A B Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 Sudbury Court Drive, Harrow, Middlesex, HA1 3SZ. The business address is 37 Sudbury Court Drive, Harrow, Middlesex, HA1 3SZ.

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents commission received, custody charges and advisory fees.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

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

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.

S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is 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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.8
Leases

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 lease s asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

There are no significant areas of judgement or key sources of estimation uncertainty to note.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Commission
17,021
5,125
Custody charges
-
51
Advisory services
42,414
50,417
59,435
55,593
S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Turnover analysed by geographical market
Asia
232
42,248
Europe
-
32
Africa
18,054
13,313
Middle East
33,363
-
Mauritius
7,786
-
59,435
55,593
2025
2024
£
£
Other revenue
Interest income
7,482
7,629
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
1,264
1,359
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,800
10,620
For other services
CASS audit services
3,000
3,780
Taxation compliance services
1,000
-
0
4,000
3,780
6
Employees

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

2025
2024
Number
Number
Total
2
2
S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,482
7,629
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,482
7,629
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
2,923
-
0

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
25,983
(2,207)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
6,496
(552)
Unutilised tax losses carried forward
-
0
552
Utilisation of tax losses
(3,030)
-
0
Marginal relief
(543)
-
0
Taxation charge for the year
2,923
-
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
35,120
10,124
Prepayments and accrued income
1,657
4,461
36,777
14,585
S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
10
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
2,923
-
0
Accruals and deferred income
12,800
14,400
15,723
14,400
11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
130,000
130,000
130,000
130,000
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

13
Ultimate controlling party

The controlling party of the reporting entity is Mr M U Adam.

14
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit/(loss) after taxation
23,060
(2,207)
Adjustments for:
Taxation charged
2,923
-
0
Investment income
(7,482)
(7,629)
Movements in working capital:
(Increase)/decrease in debtors
(22,192)
23,492
(Decrease)/increase in creditors
(1,600)
220
Cash (absorbed by)/generated from operations
(5,291)
13,876
Difference
-
(10,000)
Per cash flow statement page
(5,291)
3,876
S A B SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
15
Analysis of changes in net funds
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
253,920
2,191
256,111
16
Prior period adjustment

During the preparation of the financial statements for the year ended 31 October 2025, it was identified that certain sales relating to a prior financial year had been recognised in the incorrect period.

Additionally, a trade debtor balance relating to a sales invoice in respect of the 2024 financial year was not included in the accounts for the year ended 31 October 2024.

The comparative figures for the year ended 31 October 2024 have been restated to reflect the correct recognition of these sales and trade debtor. The impact of the restatement is to:

- Increase trade debtors for the year ended 31 October 2024

- Increase reserves for the year ended 31 October 2024

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Oct 2024
£
£
£
Current assets
Debtors due within one year
4,585
10,000
14,585
Capital and reserves
Profit and loss reserves
114,105
10,000
124,105
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 October 2024
£
£
£
Loss for the financial period
(2,207)
-
(2,207)
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