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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Steconfer Rail Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 61 Mosley Street, Manchester, England, M2 3HZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company's ongoing activities are dependent upon the continued financial support of the parent company who has undertaken to provide such support for at least one year from the date on which these financial statements are approved. At the year end the company had net liabilities of £239,085 (2024: £214,175).true

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The company only 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 non-puttable ordinary shares.

Debt instruments (other then those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investment in non-convertible shares and in non-puttable ordinary and preference shares are measured:

- at fair value with changes recognised in the Income Statement if the shares are publicly traded on their fair value can otherwise be measured reliably;

- at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and present value of estimated cash flow discounted at the asset's original effective interest rate. If a financial asset has variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in them Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income statement within 'other operating income'.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

In the application of the company’s accounting policies, the directors have considered whether there are any significant judgements or key sources of estimation uncertainty requiring disclosure.

Judgements

The principal judgement made by the directors in preparing these financial statements is the adoption of the going concern basis. In reaching this conclusion, the directors considered the company’s net liability position at the year end, its expected cash requirements, and the continuing financial support available from the parent company for at least twelve months from the date of approval of the financial statements.

Key sources of estimation uncertainty

The directors do not consider there to be any key assumptions or other sources of estimation uncertainty at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

In assessing the carrying value of trade debtors, the directors considered the recoverability of the outstanding retention balance and concluded that no impairment provision is required at 31 December 2025.

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

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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.

At 31 December 2025, the total amount due to Steconfer S.A. was £290,578 (2024: £294,771).

In the current year, the full balance is presented within amounts owed to group undertakings. In the prior year, £38,915 of the balance was presented within amounts owed to group undertakings, with the remainder presented within trade creditors and accruals/other creditors.

The balance due to Steconfer S.A. comprised:

• £21,815 (2024: £38,915) relating to the intercompany current account;

• £153,257 (2024: £146,407) relating to costs previously presented within trade creditors; and

• £115,506 (2024: £109,449) relating to costs paid on behalf of Steconfer Rail Ltd and previously presented within accruals/other creditors.

The 2025 presentation reflects a reclassification of balances previously included within trade creditors and accruals/other creditors to amounts owed to group undertakings. This is a presentational reclassification only and has no impact on profit, net assets or total creditors.

The company is a 100% owned subsidiary of Steconfer SA.

The company is a 100% subsidiary of Steconfer SA, a company registered in Portugal. The registered office of Steconfer SA is EN.3 Terra da Calcada km. 43, 5 2000-532 Povoa de Santarem.

The ultimate controlling party is Al Alfia Holding, a company registered in Qatar. The registered office of Al Alfia Holding. is Al Alifa Holding Building, Al Bidda Area, 22077, Qatar.