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REGISTERED NUMBER: 11819522 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

KTL Europe (UK) Ltd

KTL Europe (UK) Ltd (Registered number: 11819522)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

KTL Europe (UK) Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | M V Daly

| REGISTERED OFFICE: | c/o Ency Associates

| Printware Court

| Cumberland Business Centre

| Portsmouth

| Hampshire

| PO5 1DS

| REGISTERED NUMBER: | 11819522 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Andrew Galliers FCA

| AUDITORS: | Menzies LLP

| Chartered Accountants &

| Statutory Auditor

| 3000a Parkway

| Whiteley

| Hampshire

| PO15 7FX

KTL Europe (UK) Ltd (Registered number: 11819522)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 12,600 |  | 9,033 |  |

CURRENT ASSETS

Debtors | 5 | 1,039,138 |  | 1,016,378 |  |

Cash at bank | 236,053 |  | 249,319 |  |

1,275,191 |  | 1,265,697 |  |

CREDITORS

Amounts falling due within one year | 6 | 1,303,973 |  | 1,222,346 |  |

NET CURRENT (LIABILITIES)/ASSETS | (28,782 | ) | 43,351 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | (16,182 | ) | 52,384 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 483,340 |  | 544,620 |  |

NET LIABILITIES | (499,522 | ) | (492,236 | ) |

CAPITAL AND RESERVES

Called up share capital | 9 | 200 |  | 200 |  |

Share premium | 274,471 |  | 274,471 |  |

Retained earnings | (774,193 | ) | (766,907 | ) |

SHAREHOLDERS' FUNDS | (499,522 | ) | (492,236 | ) |

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 director and authorised for issue on 27 March 2026 and were signed by:

M V Daly - Director

KTL Europe (UK) Ltd (Registered number: 11819522)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| KTL Europe (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.

| The Company's trading address is 25 Barnes Wallis Road, Fareham, Hampshire, PO15 5TT.

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" including the provisions of Section 1A "Small Entities" 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.

| Revenue derived from the export of goods is recognised to the extent that the customer instruction has been fulfilled, which is usually upon departure from the UK. Revenue derived from the import of goods is recognised on arrival in the UK.

| Tangible fixed assets

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

| Fixtures & fittings | - | 25% on cost

| Computer equipment | - | 33% on cost

| Financial instruments

| The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| 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.

KTL Europe (UK) Ltd (Registered number: 11819522)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 17 (2024 - 15 ) .

KTL Europe (UK) Ltd (Registered number: 11819522)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |  | Computer |

| & fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 16,325 |  | 41,116 |  | 57,441 |  |

| Additions | - |  | 12,143 |  | 12,143 |  |

| Disposals | (482 | ) | - |  | (482 | ) |

| At 31 December 2025 | 15,843 |  | 53,259 |  | 69,102 |  |

| DEPRECIATION

| At 1 January 2025 | 11,915 |  | 36,493 |  | 48,408 |  |

| Charge for year | 2,582 |  | 5,663 |  | 8,245 |  |

| Eliminated on disposal | (151 | ) | - |  | (151 | ) |

| At 31 December 2025 | 14,346 |  | 42,156 |  | 56,502 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,497 |  | 11,103 |  | 12,600 |  |

| At 31 December 2024 | 4,410 |  | 4,623 |  | 9,033 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 653,760 |  | 511,679 |  |

| Amounts owed by group undertakings | 9,379 |  | 5,535 |  |

| Other debtors | 12,667 |  | 98,801 |  |

| VAT | 62,768 |  | 30,749 |  |

| Prepayments | 300,564 |  | 369,614 |  |

1,039,138 |  | 1,016,378 |  |

KTL Europe (UK) Ltd (Registered number: 11819522)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | - |  | 10,000 |  |

| Other loans | 68,492 |  | 68,492 |  |

| Trade creditors | 579,757 |  | 419,145 |  |

| Amounts owed to group undertakings | 476,920 |  | 578,616 |  |

| Social security and other taxes | 30,193 |  | 24,885 |  |

| Other creditors | 34,991 |  | 39,620 |  |

| Director's current account due within one year | 124 |  | 124 |  |

| Accrued expenses | 113,496 |  | 81,464 |  |

1,303,973 |  | 1,222,346 |  |

| Included within other creditors is an amount of £11,098 that is secured by way of fixed and floating charges over all the assets of the Company.

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans - 1-2 years | - |  | 10,000 |  |

| Amounts owed to group undertakings | 483,340 |  | 534,620 |  |

483,340 |  | 544,620 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 12,931 |  | 20,497 |  |

| Between one and five years | 14,784 |  | 3,017 |  |

27,715 |  | 23,514 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 200 | Ordinary | £1 | 200 |  | 200 |  |

KTL Europe (UK) Ltd (Registered number: 11819522)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | AUDITORS' INFORMATION

| The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

| The audit report was signed on 27 March 2026

| by Andrew Galliers FCA (Senior statutory auditor) on behalf of

| Menzies LLP.

11. | CONTROLLING PARTY

| The controlling party is Kinay Transport & Logistics Investment Holdings BV.

| The registered office for this company is:

| Strawinskylaan

| 1143

| Amsterdam

| Netherlands

12. | GOING CONCERN

| The accounts have been prepared on a going concern basis. This is considered appropriate because of the continuing support from its parent company for its short and medium term funding requirements.