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REGISTERED NUMBER: 03290687 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

INDIAN OCEAN TRADING COMPANY LIMITED

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| INDIAN OCEAN TRADING COMPANY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | J A S Hobbs

| HL Hobbs

| SECRETARY: | HL Hobbs

| REGISTERED OFFICE: | 155 - 163 Balham Hill

| London

| SW12 9DJ

| REGISTERED NUMBER: | 03290687 (England and Wales)

| ACCOUNTANTS: | Liles Morris Limited

| 1st Floor

| 80 Coombe Road

| New Malden

| Surrey

| KT3 4QS

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | - |  | 2,224 |  |

Tangible assets | 6 | 145,685 |  | 163,629 |  |

145,685 |  | 165,853 |  |

CURRENT ASSETS

Stocks | 1,117,631 |  | 1,095,699 |  |

Debtors | 7 | 1,400,449 |  | 1,350,191 |  |

Cash at bank and in hand | 299,366 |  | 649,932 |  |

2,817,446 |  | 3,095,822 |  |

CREDITORS

Amounts falling due within one year | 8 | 534,277 |  | 559,072 |  |

NET CURRENT ASSETS | 2,283,169 |  | 2,536,750 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,428,854 |  | 2,702,603 |  |

PROVISIONS FOR LIABILITIES | 35,998 |  | 40,390 |  |

NET ASSETS | 2,392,856 |  | 2,662,213 |  |

CAPITAL AND RESERVES

Called up share capital | 300,004 |  | 300,004 |  |

Retained earnings | 2,092,852 |  | 2,362,209 |  |

SHAREHOLDERS' FUNDS | 2,392,856 |  | 2,662,213 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

BALANCE SHEET - continued

31 DECEMBER 2025

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2026 and were signed on its behalf by:

J A S Hobbs - Director

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Indian Ocean Trading Company Limited 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from FRS Section 1A "small entities".

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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.

| Revenue is recognised on delivery to customers.

| 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.

| Trademarks & patents are being amortised evenly over their estimated useful life of three years.

| Tangible fixed assets

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

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 33% on cost

| Stocks

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

| Taxation

| Taxation for the year 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.

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | ACCOUNTING POLICIES - continued

| 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 year 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Share based payments

| The parent of the company issues share based payments to the company's employees in the form of share options.

| Equity settled share based payments are measured at fair value at date of grant of share option. The fair value at date of grant is expensed on a straight line basis over the vesting period.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 24 (2024 - 28 ) .

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 19,646 |  |

| AMORTISATION

| At 1 January 2025 | 17,422 |  |

| Charge for year | 2,224 |  |

| At 31 December 2025 | 19,646 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 2,224 |  |

6. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 725,055 |  |

| Additions | 57,976 |  |

| Disposals | (61,663 | ) |

| At 31 December 2025 | 721,368 |  |

| DEPRECIATION

| At 1 January 2025 | 561,426 |  |

| Charge for year | 75,920 |  |

| Eliminated on disposal | (61,663 | ) |

| At 31 December 2025 | 575,683 |  |

| NET BOOK VALUE

| At 31 December 2025 | 145,685 |  |

| At 31 December 2024 | 163,629 |  |

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

7. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 63,526 |  | 30,362 |  |

| Other debtors | 637,306 |  | 844,671 |  |

700,832 |  | 875,033 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 159,503 |  | 49,919 |  |

| Other debtors | 540,114 |  | 425,239 |  |

699,617 |  | 475,158 |  |

| Aggregate amounts | 1,400,449 |  | 1,350,191 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | - |  | 52,083 |  |

| Client payments on account | 258,341 |  | 233,180 |  |

| Trade creditors | 71,466 |  | 42,647 |  |

| Taxation and social security | 89,918 |  | 61,537 |  |

| Other creditors | 114,552 |  | 169,625 |  |

534,277 |  | 559,072 |  |

| The company's bankers, HSBC Bank PLC, hold a debenture over company assets in respect of any monies or liabilities at any time owing or incurred to the bank by the company.

9. | OTHER FINANCIAL COMMITMENTS

| The company has total commitments of £316,250 (2024: £608,250) under non-cancellable operating leases with reference to the rental of its various premises.

| The company also has total commitments of £10,994 (2024: Nil) under non cancellable operating leases with reference to rental of a motor vehicle.

INDIAN OCEAN TRADING COMPANY LIMITED (REGISTERED NUMBER: 03290687) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| J A S Hobbs

| Balance outstanding at start of year | 264,458 |  | - |  |

| Amounts advanced | 265,752 |  | 634,458 |  |

| Amounts repaid | (265,752 | ) | (370,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 264,458 |  | 264,458 |  |

11. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company was owed £32,101 (2024: £33,187) from its parent Indian Ocean Trading Co (UK) Ltd.

| At the balance sheet date the company was owed £113,176 (2024: £Nil) from Indian Ocean USA Inc, a company incorporated in USA and owned by its parent Indian Ocean Trading Co (UK) Ltd.

| At the balance sheet date the company was owed £14,226 (2024:£Nil) from Pinkys Pavilion Ltd, a company incorporated in the UK and owned by its parent Indian Ocean Trading Co (UK) Ltd.

| During the year the company wrote off an amount of £16,521 owed from Indian Ocean EU BV, a company incorporated in Holland owned by its parent Indian Ocean Trading Co (UK) Ltd.

| The company rents premises from the self administered pension fund of a director and one other. Rent payable was £151,000 (2024: £151,000). The company also rents premises from the self administered pension fund of a director. The rent payable was £141,000 (2024: £141,000).

12. | ULTIMATE CONTROLLING PARTY

| The company is a subsidiary of Indian Ocean Trading Company (UK) Ltd. The ultimate controlling parties are JAS and HL Hobbs.