Company registration number 10866487 (England and Wales)
TALLON COMMODITIES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
TALLON COMMODITIES LTD
COMPANY INFORMATION
Directors
F Antonopoulos
P K Price
P O Romilly
P Tzanetakis
Company number
10866487
Registered office
28 Queen Street
London
England
EC4R 1BB
Auditor
Fisher, Sassoon & Marks
93 Gloucester Place
London
W1U 6JQ
TALLON COMMODITIES LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 25
TALLON COMMODITIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Tallon Commodities Limited (“Tallon” or “Firm”), is an FCA regulated financial services firm focused on the commodities sector and with permissions to carry out the following regulated activities in relation to professional clients and eligible counterparties:

- Dealing as Principal on a matched principal basis;

- Dealing as Agent;

- Making arrangements with a view to transactions in investments;

- Arranging (bringing about) deals in investments;

The Firm’s activities in relation to the commodities markets, are focused in, including but not limited to, Crude & Petroleum Products, Power & Natural Gas, Coal & Carbon Emissions, Wet & Dry Freight, and Base Metals.

Review of the business

The year that passed was a record year for Tallon despite the very tricky market environment which included:

unexpected trade tariffs from the new US Administration with most of world countries.

▪ escalation in the Russian-Ukraine war.

▪ confrontation between Europe and the US on major geopolitical matters such as the sovereign status of Greenland.

▪ US-Iran-Israeli crisis escalation.

Continuing concerns for the year to come remain:

The implications of the war in Ukraine which affects the energy balances globally.

▪ The future regime status of Iran and their relations to US and Israel.

▪ Political uncertainty especially over the future of the Green Agenda which is going through a revision and crisis of confidence status.

Like last year the energy sector is expected to be in transition for the next several years and

this will affect every traded asset in the market. We believe that Tallon has both the human resources and the capital structure to continue its growth path for the years to come.

TALLON COMMODITIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

Price Risk:

Tallon trade on a matched principal basis without maintaining a prop-book. As a result, all positions are booked back-to-back to the market and Tallon bears no direct market price risk.

Client Credit Risk:

Tallon trade with their customers on a bilateral basis. To mitigate client credit risk, Tallon perform a credit check for each client during the onboarding process, and any resulting credit terms provided are approved by the Credit Committee. The terms received by clients can include a multiplication factor of the margins set by the Clearing Exchanges basis SPAN margin. Tallon employs a zero-tolerance policy with respect to any delays of Variation Margin payments by clients and as such, any client failure to make the required payments will result in closure of positions.

Financial Instruments:

The Company holds financial instruments including cash, trade receivables and payables as detailed in the Balance Sheet.

Liquidity Risk:

To ensure sufficient Operational Liquidity in an adverse business environment, Tallon maintain cash reserves (above the required regulatory capital) to cover a full year worth of operating expenses. Moreover, beyond the aforementioned operational liquidity, due to the fact that clients are margined to a multiple versus the SPAN margin requirement, that results to excess liquidity that can address any shot term liquidity shortfall.

Foreign Exchange Risk:

Tallon has very limited FX Risk. Transactional FX Risk (from client transactions) is non-existent as the transactions and associated collaterals are back-to-back and all denominated in the same currency of the assets. Balance Sheet FX Risk (from the multi-currency income) is limited and proportionately hedged every year.

Key performance indicators

The Board recognises the importance of monitoring overall business performance and profitability and, as such, tracks relevant key performance data on a monthly basis. The company is in continuous dialogue with clients to ensure they are satisfied with the services provided.

The Board m onitors the profitability and cost base of the company to ensure the financial health of the business is secure and are a key factor before any key decisions are made.

The operating profit was €3,821,263 (20 2 4: €3,431,419). As at 31st December 20 25 the Company had net assets of €4,312,542 (20 2 4: €4,038,269).

TALLON COMMODITIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Directors' statement of compliance with duty to promote the success of the Company

The directors of the company have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its shareholders, employees and customers as a whole, and in doing so, the directors have considered (amongst other matters):

The likely consequences of any decision in the long term: t he Board takes full responsibility for all strategic matters and meets formally on a regular basis. There are other subordinate forums which have a degree of delegated authority, principally the Executive Management Committee which deals with all matters HR related and the Credit and Risk Committee which deals with client trading, but both of them report directly to the Board. Despite being a small company with less than 10 personnel the constitution of the Board is of 4 Directors each with clearly delineated areas of responsibility.

The interest of the company's employees: a s a company with few employees all personnel are viewed as key staff and the fact that the only departures since formation have been due to retirement provides evidence of the collegiate environment the company has cultivated. Annual appraisals provide positive feedback for personal and professional development and the company supports aspirations for further training and qualification. There exists a clear framework of policies and procedures that accord with the legal requirements around equality and diversity, regulatory responsibilities and employment rights but perhaps more importantly the firm has fostered an atmosphere in which all personnel feel comfortable to speak openly on any matter the feel they need to.

The need to foster the company's business relationships with customer and others: a s an STP broker in the institutional energy market derivative space the firm services both its suppliers and the clients. The relationship is governed through sector standard ISDA agreements. The firm has a BWRA system in place around risks associated with the business and operates in accordance with FCA SMCR requirements including annual Conduct Risk training around the following areas:

-You must act with integrity.

-You must act with due skill, care and diligence

-You must be open and cooperative with the FCA, the PRA and other regulators.

-You must pay due regard to the interests of customers and treat them fairly.

-You must observe proper standards of market conduct

Community & environment: the firm takes its broader responsibilities very seriously and operates an active internship programme which offers opportunities to aspiring young people to complete a 6 month desk rotation that allows them to understand the complexities and nuances of the energy and environmental commodity markets for their future career development. The Firm is also committed to sustainability and sponsors ESG events that promote sustainable growth. During the year, the company donated fees for 20 students in Sierra Leone from elementary school to University at the Orthodox Christian College of West Africa (OCCWA).More broadly the firm also provides sponsorship to a local football academy that promotes exercise and wellbeing to over 100 children in the 5-15 age bracket.

The desirability of the company maintaining a reputation for high standards of business conduct: t he company maintains the highest standards of integrity and reputation and would be unable to deal with institutional counterparties in the global energy markets if this were not the case.

The need to act fairly among shareholders, employees and customers of the company: the company shareholders are represented on the Board and are responsible for driving over 7 0% of the revenue through the company. The Board are acutely aware of this symbiosis and defer to the shareholders as necessary.

TALLON COMMODITIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

P K Price
Director
24 March 2026
TALLON COMMODITIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Principal activities

The principal activity of the company continued to be that of FCA regulated commodity trading services.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to €2,800,000. The directors do not recommend payment of a further dividend.

Directors

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

F Antonopoulos
P K Price
P O Romilly
P Tzanetakis
Future developments

Business outlook for 2026 is once again dependent on geopolitics and global economic growth. Major changes in the political scene are expected to change radically the status quo and we wait for the new geopolitical equilibrium that will arise both in Europe and the Middle East which affect the energy flows.

Tallon has a solid business plan due to our strategic shareholder, Motor Oil (Hellas) Corinth Refineries SA, and due to our investment on infrastructure and human talent we are prepared to adjust to any business environment change and grab any market opportunity that may arise. Tallon for one more year has delivered strong performance, achieving above average returns relative to market benchmarks within a robust governance and regulatory framework.

As technological and regulatory developments continue to reshape commodity risk management, and as the energy sector remains in transition, Tallon is well positioned, continuously looking for new opportunities and supported by its human capital and capital structure to sustain long-term growth.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

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.

TALLON COMMODITIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

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.

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.

On behalf of the board
P K Price
Director
24 March 2026
TALLON COMMODITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TALLON COMMODITIES LTD
- 7 -
Opinion

We have audited the financial statements of Tallon Commodities Ltd (the 'company') for the year ended 31 December 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 December 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.

TALLON COMMODITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TALLON COMMODITIES LTD (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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Conduct Authority (FCA), Companies Act 2006, taxation legislation, anti-money-laundering and employment law;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

TALLON COMMODITIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TALLON COMMODITIES LTD (CONTINUED)
- 9 -

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;

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

- understanding the design of the company’s remuneration policies.

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 as 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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the FCA and reviewing the company’s compliance monitoring procedures and findings.

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 through 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.

Jonathan Marks (Senior Statutory Auditor)
For and on behalf of Fisher, Sassoon & Marks, Statutory Auditor
Chartered Accountants
93 Gloucester Place
London
W1U 6JQ
24 March 2026
TALLON COMMODITIES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
€
€
Turnover
3
6,098,730
5,490,387
Cost of sales
(574,101)
(443,798)
Gross profit
5,524,629
5,046,589
Administrative expenses
(2,274,683)
(2,069,757)
Other operating income
571,317
454,587
Operating profit
4
3,821,263
3,431,419
Interest receivable and similar income
8
270,302
452,447
Interest payable and similar expenses
9
(1,180)
(27,218)
Profit before taxation
4,090,385
3,856,648
Tax on profit
10
(1,016,112)
(962,802)
Profit for the financial year
3,074,273
2,893,846

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

TALLON COMMODITIES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
€
€
Profit for the year
3,074,273
2,893,846
Other comprehensive income
-
-
Total comprehensive income for the year
3,074,273
2,893,846
TALLON COMMODITIES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
€
€
€
€
Fixed assets
Intangible assets
12
29,375
-
0
Tangible assets
13
8,387
12,413
37,762
12,413
Current assets
Debtors
14
23,711,121
86,568,311
Cash at bank and in hand
4,578,517
4,207,085
28,289,638
90,775,396
Creditors: amounts falling due within one year
15
(24,014,858)
(86,749,540)
Net current assets
4,274,780
4,025,856
Net assets
4,312,542
4,038,269
Capital and reserves
Called up share capital
17
112
112
Share premium account
335,672
335,672
Other reserves
895,424
895,424
Profit and loss reserves
3,081,334
2,807,061
Total equity
4,312,542
4,038,269
The financial statements were approved by the board of directors and authorised for issue on 24 March 2026 and are signed on its behalf by:
P K Price
Director
Company registration number 10866487 (England and Wales)
TALLON COMMODITIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Other reserve
Profit and loss reserves
Total
Notes
€
€
€
€
€
Balance at 1 January 2024
112
335,672
895,424
2,463,215
3,694,423
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
2,893,846
2,893,846
Dividends
11
-
-
-
(2,550,000)
(2,550,000)
Balance at 31 December 2024
112
335,672
895,424
2,807,061
4,038,269
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
3,074,273
3,074,273
Dividends
11
-
-
-
(2,800,000)
(2,800,000)
Balance at 31 December 2025
112
335,672
895,424
3,081,334
4,312,542
TALLON COMMODITIES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
€
€
€
€
Cash flows from operating activities
Cash generated from operations
22
3,955,051
2,915,488
Interest paid
(1,180)
(27,218)
Income taxes paid
(1,022,741)
(1,080,280)
Net cash inflow from operating activities
2,931,130
1,807,990
Investing activities
Purchase of intangible assets
(30,000)
-
0
Purchase of tangible fixed assets
-
0
(12,884)
Interest received
270,302
452,447
Net cash generated from investing activities
240,302
439,563
Financing activities
Dividends paid
(2,800,000)
(2,550,000)
Net cash used in financing activities
(2,800,000)
(2,550,000)
Net increase/(decrease) in cash and cash equivalents
371,432
(302,447)
Cash and cash equivalents at beginning of year
4,207,085
4,509,532
Cash and cash equivalents at end of year
4,578,517
4,207,085
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Tallon Commodities Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 28 Queen Street, London, England, EC4R 1BB.

1.1
Basis of preparation

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 euros, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest €.

The following exchanges rates were used

£1 : €1.1467 spot rate at 31st December 2025 for balance sheet items

£1 : €1.1679 average rate from 1st January 2025 to 31st December 2025 for profit and loss items

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 is derived from risk management services net of VAT offered within the commodities sector. The company derives its income through execution of Cleared/OTC derivatives in the relevant underlying commodities. The transactions are back to back and turnover is recognised upon execution of the trade.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and Machinery
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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, bank loans, loans from fellow group companies and preference shares 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.

TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward 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 s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

The directors do not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

3
Turnover and other revenue
2025
2024
€
€
Turnover analysed by class of business
Fee income
6,098,730
5,490,387
2025
2024
€
€
Turnover analysed by geographical market
United Kingdom
6,098,730
5,490,387
2025
2024
€
€
Other revenue
Interest income
270,302
452,447
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
€
€
Exchange gains
(44,140)
(16,745)
Depreciation of tangible fixed assets
4,026
2,178
Amortisation of intangible assets
625
-
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
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
28,730
20,323
6
Employees

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

2025
2024
Number
Number
Management and operations team
6
6

Their aggregate remuneration comprised:

2025
2024
€
€
Wages and salaries
1,225,677
1,009,580
Social security costs
6,346
7,343
1,232,023
1,016,923
7
Directors' remuneration
2025
2024
€
€
Remuneration for qualifying services
687,897
698,539
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
€
€
Remuneration for qualifying services
412,000
342,000
8
Interest receivable and similar income
2025
2024
€
€
Interest income
Interest on bank deposits
270,302
452,447
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Interest receivable and similar income
(Continued)
- 21 -
2025
2024
Investment income includes the following:
€
€
Interest on financial assets not measured at fair value through profit or loss
270,302
452,447
9
Interest payable and similar expenses
2025
2024
€
€
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
1,180
27,218
10
Taxation
2025
2024
€
€
Current tax
UK corporation tax on profits for the current period
1,016,112
962,802

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

2025
2024
€
€
Profit before taxation
4,090,385
3,856,648
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,022,596
964,162
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,316
Permanent capital allowances in excess of depreciation
(6,484)
(2,676)
Taxation charge for the year
1,016,112
962,802
11
Dividends
2025
2024
€
€
Final paid
2,800,000
2,550,000
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
12
Intangible fixed assets
Software
€
Cost
At 1 January 2025
-
0
Additions
30,000
At 31 December 2025
30,000
Amortisation and impairment
At 1 January 2025
-
0
Amortisation charged for the year
625
At 31 December 2025
625
Carrying amount
At 31 December 2025
29,375
At 31 December 2024
-
0
13
Tangible fixed assets
Plant and Machinery
€
Cost
At 1 January 2025 and 31 December 2025
16,105
Depreciation and impairment
At 1 January 2025
3,692
Depreciation charged in the year
4,026
At 31 December 2025
7,718
Carrying amount
At 31 December 2025
8,387
At 31 December 2024
12,413
14
Debtors
2025
2024
Amounts falling due within one year:
€
€
Trade debtors
23,180,525
86,041,764
Other debtors
509,426
510,580
Prepayments and accrued income
21,170
15,967
23,711,121
86,568,311
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
15
Creditors: amounts falling due within one year
2025
2024
€
€
Trade creditors
45,476
7,786
Corporation tax
478,798
485,427
Other creditors
22,574,390
85,628,099
Accruals and deferred income
916,194
628,228
24,014,858
86,749,540

Other creditors include customers net equity balances of £22,574,390 (20 2 4:£85,556,716). The corresponding amounts are included in trade debtors.

16
Financial instruments
2025
2024
€
€
Carrying amount of financial assets
Debt instruments measured at amortised cost
23,654,990
86,533,660
Carrying amount of financial liabilities
Measured at amortised cost
23,536,060
86,264,113
17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary share of of €1 each
100
100
112
112
18
Financial commitments, guarantees and contingent liabilities

The Company is involved in legal proceedings which arise from time to time in the normal course of business. The company's lawyers have advised that they do not consider that the proceedings have any merit, and they have recommended that it be contested. No provision has been made in these financial statements as the management do not consider that there is any probable loss.

19
Events after the reporting date

There are no subsequent events to report.

20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
€
€
Aggregate compensation
687,897
698,539
TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Related party transactions
(Continued)
- 24 -
Other information

During the year Tallon Commodities Limited received services of €15,091(2024: €37,307) whereby a director of the supplier is also a director of the company.

During the year the company provided commodity trading services to a shareholder in the company. The total trading income recognise amounted to €5,365,910(2024:€4,465,876). At the year end, a sum of €13,252,287(2024:€70,755,494) included the other creditors.

During the year, the company provided investment management & consultancy services to a shareholder in the company. The total other income recognise amounted to €571,317(2024:€446,237), out of which €571,317(2024:€446,237) due from the company.

During the year Tallon PTE ltd provided consultancy services of €520,000 (2024: €600,000) to the Tallon Commodities Limited. Other debtors include loan receivable of €463,050 from Tallon PTE Ltd the interest rate is 3%, these companies are related to due common ownership.

TALLON COMMODITIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
21
Ultimate controlling party

As at the 31st December 2025 there is no single ultimate controlling party.

22
Cash generated from operations
2025
2024
€
€
Profit after taxation
3,074,273
2,893,846
Adjustments for:
Taxation charged
1,016,112
962,802
Finance costs
1,180
27,218
Investment income
(270,302)
(452,447)
Amortisation and impairment of intangible assets
625
-
0
Depreciation and impairment of tangible fixed assets
4,026
2,178
Movements in working capital:
Decrease in debtors
62,857,190
26,720,497
Decrease in creditors
(62,728,053)
(27,238,606)
Cash generated from operations
3,955,051
2,915,488
23
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
€
€
€
Cash at bank and in hand
4,207,085
371,432
4,578,517
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