REGISTERED NUMBER: 03725452 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Comex 2000 (UK) Limited

and its subsidiary

Page

Company information

1

Group strategic report

2

to

3

Report of the directors

4

to

6

Report of the independent auditors

7

to

10

Consolidated statement of comprehensive income

11

Consolidated statement of financial position

12

Company statement of financial position

13

Consolidated statement of changes in equity

14

Company statement of changes in equity

15

Consolidated statement of cash flows

16

Notes to the consolidated statement of cash flows

17

to

18

Notes to the consolidated financial statements

19

to

32

Directors:

M Philby

N K Smith

Registered office:

3 Stadium Business Court

Millennium Way, Pride Park

Derby

DE24 8HP

Registered number:

03725452 (England and Wales)

Senior statutory auditor:

Matt Storey, ACA, FCCA, BFP

Auditors:

Sumer Audit

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Review of business

The directors are pleased to present this year's financial statements.

The telecoms industry has seen significant changes during the year with the UK fibre industry transitioning from a rapid, investment-heavy build phase to a competitive consolidation stage. Market growth is shifting toward subscriber acquisition, driving inevitable consolidation due to high overbuild and capital constraints.

Consequently, the group has been impacted by the ceasing of multiple build projects and subsequent restructuring activities resulting in turnover for the group decreasing to £98.2m from £111.7m in the prior year, a reduction of £13.5m or 12.1%. Operating profit dropped to breakeven from £2.6m, a decrease of £2.6m. As a percentage of turnover this is a return down from 2.3% in the prior year.

Significant growth is though now in place with major expansion in new areas in the UK with an existing customer following the recent signing of long-term contracts.

Cashflows from operations in the year were £(5.0m) and capital expenditure was £0.8m. With cash reserves of £7.2m and net assets of £22.1m at the balance sheet date, the group has a strong financial base to fund the future growth.

The directors believe the financial statements show a true and fair view of the group and company's position at the year end, adequately represent the business moving forward, and look forward to reporting renewed success in the future.

Financial Key Performance Indicators

The key performance indicators of the group are set out below:

2025

2024

Change

£

£

%

Turnover

98,164

111,693

12.1

Operating profit

14

2,620

Profit for the financial year

217

2,204

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to fuel costs, inflationary price pressure, loss of key personnel, and future government regulations affecting the industry.

The group is well placed to manage the cost base implications both internally and working with customers and suppliers. The demand for telecommunications services remains buoyant and there is no indication from the market to suggest otherwise.

Management have adopted a rolling forecast which is routinely updated to project and model the implications of all of the key risks facing the business in order to proactively manage the challenges the business faces.

Section 172(1) statement

The board of directors of Comex 2000 (UK) Limited and its subsidiaries consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its member (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 March 2025.

- Our plan was designed to have a long-term beneficial impact on the group and to contribute to its success in delivering a better quality, more reliable telecommunications network across the United Kingdom. We will continue to operate our business within budgetary controls and in line with our regulatory targets.

- Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer and in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.

- Our duty is to maintain, upgrade and expand networks, and connect to them residential and business customers. We work closely with our customers to ensure work is carried out to agreed timescales and high standards. We also aim to act responsibly and fairly in how we engage with our suppliers.

- We pride ourselves in delivering high standard telecommunication services.

- As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours.

As the board of Directors, our intention is to behave responsibly toward our shareholder and treat him fairly.

Going concern

The Directors continuously assess the impact of the changing economic conditions and minimise the risks to the business to ensure business continuity. The group has well established relationships with customers and suppliers. Internal financial forecasts and sensitivity analysis show that the group is expected to remain profitable, generate positive cash flows and meet all liabilities as they fall due well into the foreseeable future. As a consequence, the Directors conclude that the group remains a going concern.

On behalf of the board:

M Philby - Director

13 May 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

Principal activity

The principal activity of the group is providing end-to-end telecoms and digital infrastructure with the majority of work being delivered via long-term alliances and framework contracts.

Dividends

No dividends will be distributed for the year ended 31 March 2025.

Future developments

The directors regularly review the current markets and the group's position within those markets looking for any changes in strategy either required or which would be beneficial to the group. Plans are revised as required at each review. The strategic planning will enable long term continuance of the group in terms of its reliability and results.

Directors

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M Philby

N K Smith

Disabled employees

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

Engagement with employees

During the year, the policy of providing employees with information about the company including business news and financial performance of the company has continued. This has been delivered through internal media methods through which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. Employees are encouraged to participate in the group's performance being rewarded by discretionary bonuses where appropriate.

Engagement with suppliers, customers and others

We work closely with our customers to ensure work is carried out to agreed timescales and high standards. We also aim to act responsibly and fairly in how engage with our suppliers and others.

Streamlined energy and carbon reporting

Scope

We have included scope 1 and 2 emissions for our own operations along with scope 3 grey fleet and waste, where possible.

Outcomes

In absolute terms:

All fuels have risen since the baseline year. However, all scopes have reduced since the previous year (2023/24). As can be seen below, scope 1 transport and gaseous emissions remain the dominant emissions source at 6,230 tonnes CO2e (7,372 tonnes CO2e last year and 4,330 tonnes CO2e in year one).

Scope 2 electricity emissions at 77 tonnes compare favourably against last year at 97.37 tonnes CO2e. However, they have increased from 12 tonnes CO2e at year one. This should improve further as the national grid decarbonises. The 2019/20 figure for electricity appears low and cannot be verified due to lack of data availability pre-2022.

Scope 3 grey fleet, waste and recycling are now at 122 tonnes, a reduction from 235 tonnes CO2e, last year and from 178 tonnes CO2e, in year one. For this year we are reporting water and hotel use. The latter makes a large difference and increases this year's scope 3s to 187 tonnes.

It is understood that there have been no F gas leaks reported from maintenance this year or the previous year.

Total CO2e emissions for this year are 6,493.79 (2023/24: 7,704.09) tonnes compared with 4,520 tonnes in 2019/20 (Baseline year).

The increases are in absolute terms and result from significant growth within the company.

Intensity metrics year ended 31 March 2025

- Tonnes of scope 1, scope 2 and 3 CO2e per million £ of turnover: 0.07 tonnes

- Tonnes of scope 1, scope 2 and 3 CO2e per m2 of area: 0.31 tonnes

- Tonnes of scope 1, scope 2 and 3 CO2e per headcount: 6.9 tonnes

Energy Efficiency

During the Company's fifth SECR year (1st April 2024 to 31st March 2025), they have seen an improvement in their energy efficiency through actions following their ESOS Phase 2 and Phase 3 reports.

Comex 2000 have invested significantly in addressing energy efficiency measures and have actioned all bar one of the ESOS Phase 3 recommendations, completing the following:

- Training on the use of office heaters

- Behavioural poster campaign on monitor and screen use

- Behavioural poster campaign A/C comfort zones

- Training on the opening of windows

- PA testing to allow for the removal of portable heaters

- Checklist solutions to avoid the blocking of external AC units

- Lighting now all LED with appropriate controls.

Verification & External Assurance

We have gathered all required data and contracted the services of CLS Energy (Consultancy) Ltd to collate, assess and deliver this assessment and, as such, it is an independent assessment. CLS Energy have also looked over previous data provided since 2018/2019 - the pre baseline year.

More detailed information is available in our ESOS report upon request to SSHQ@comex2000uk.com

Disclosure in the strategic report

The directors, in accordance with section 414C (11) of the Company Act 2006 Regulations 2013, have prepared the group's strategic report as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations as per page 1.

Statement of directors' responsibilities

The directors are responsible for preparing the Group strategic report, the Report of the directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors

The auditors, Sumer Audit Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

M Philby - Director

13 May 2026

Opinion

We have audited the financial statements of Comex 2000 (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, Notes to the financial statements, including a summary of 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of directors' responsibilities set out on page six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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 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 such as the Companies Act 2006 and taxation legislation.

- 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.

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 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;

- reviewing correspondence with HMRC.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

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 a Report of the auditors 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.

Matt Storey, ACA, FCCA, BFP (Senior Statutory Auditor)

for and on behalf of Sumer Audit

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

13 May 2026

Turnover

4

98,164,103

111,692,537

Cost of sales

70,779,172

82,101,781

Gross profit

27,384,931

29,590,756

Administrative expenses

27,370,484

26,970,290

Operating profit

6

14,447

2,620,466

Interest receivable and similar income

211,207

214,266

225,654

2,834,732

Interest payable and similar expenses

7

8,176

7,045

Profit before taxation

217,478

2,827,687

Tax on profit

8

61,232

624,055

Profit for the financial year

156,246

2,203,632

Other comprehensive income

-

-

Total comprehensive income for the year

156,246

2,203,632

Profit attributable to:

Owners of the parent

156,246

2,203,632

Total comprehensive income attributable to:

Owners of the parent

156,246

2,203,632

Fixed assets

Tangible assets

10

3,023,409

3,030,114

Investments

11

-

-

3,023,409

3,030,114

Current assets

Stocks

12

915,805

1,176,587

Debtors

13

25,470,997

23,695,781

Cash at bank

7,172,181

12,575,534

33,558,983

37,447,902

Creditors

Amounts falling due within one year

14

13,413,158

17,753,128

Net current assets

20,145,825

19,694,774

Total assets less current liabilities

23,169,234

22,724,888

Creditors

Amounts falling due after more than one year

15

(334,188

)

(33,832

)

Provisions for liabilities

18

(602,455

)

(614,711

)

Net assets

22,232,591

22,076,345

Capital and reserves

Called up share capital

19

100

100

Retained earnings

20

22,232,491

22,076,245

Shareholders' funds

22,232,591

22,076,345

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

M Philby - Director

Fixed assets

Tangible assets

10

3,023,409

3,030,114

Investments

11

100

100

3,023,509

3,030,214

Current assets

Stocks

12

915,805

1,176,587

Debtors

13

25,471,096

23,695,880

Cash at bank

7,172,066

12,575,378

33,558,967

37,447,845

Creditors

Amounts falling due within one year

14

13,413,158

17,753,128

Net current assets

20,145,809

19,694,717

Total assets less current liabilities

23,169,318

22,724,931

Creditors

Amounts falling due after more than one year

15

(334,188

)

(33,832

)

Provisions for liabilities

18

(602,455

)

(614,711

)

Net assets

22,232,675

22,076,388

Capital and reserves

Called up share capital

19

100

100

Retained earnings

20

22,232,575

22,076,288

Shareholders' funds

22,232,675

22,076,388

Company's profit for the financial year

156,287

2,203,676

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

M Philby - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

19,872,613

19,872,713

Changes in equity

Total comprehensive income

-

2,203,632

2,203,632

Balance at 31 March 2024

100

22,076,245

22,076,345

Changes in equity

Total comprehensive income

-

156,246

156,246

Balance at 31 March 2025

100

22,232,491

22,232,591

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

19,872,612

19,872,712

Changes in equity

Total comprehensive income

-

2,203,676

2,203,676

Balance at 31 March 2024

100

22,076,288

22,076,388

Changes in equity

Total comprehensive income

-

156,287

156,287

Balance at 31 March 2025

100

22,232,575

22,232,675

Cash flows from operating activities

Cash generated from operations

1

(3,227,578

)

10,229,647

Interest element of hire purchase payments paid

(8,176

)

(7,045

)

Tax paid

-

(2,119,629

)

Net cash from operating activities

(3,235,754

)

8,102,973

Cash flows from investing activities

Purchase of tangible fixed assets

(391,870

)

(1,462,845

)

Sale of tangible fixed assets

-

70,950

Interest received

211,207

214,266

Net cash from investing activities

(180,663

)

(1,177,629

)

Cash flows from financing activities

Loans paid to related parties

(934,212

)

(2,600,939

)

Loan repaid from related

-

82,450

Loan advances received

-

1,000,000

Loans repaid

(1,000,000

)

-

Capital repayments in year

(23,586

)

(30,743

)

Amount introduced by directors

-

33,745

Amount withdrawn by directors

(29,138

)

-

Net cash from financing activities

(1,986,936

)

(1,515,487

)

(Decrease)/increase in cash and cash equivalents

(5,403,353

)

5,409,857

Cash and cash equivalents at beginning of year

2

12,575,534

7,165,677

Cash and cash equivalents at end of year

2

7,172,181

12,575,534

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

£

£

Profit before taxation

217,478

2,827,687

Depreciation charges

776,739

708,139

Profit on disposal of fixed assets

-

(39,167

)

Finance costs

8,176

7,045

Finance income

(211,207

)

(214,266

)

791,186

3,289,438

Decrease/(increase) in stocks

260,782

(167,282

)

(Increase)/decrease in trade and other debtors

(841,004

)

7,092,519

(Decrease)/increase in trade and other creditors

(3,438,542

)

14,972

Cash generated from operations

(3,227,578

)

10,229,647

2.	Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

7,172,181

12,575,534

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

12,575,534

7,165,677

3.	Analysis of changes in net funds

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

12,575,534

(5,403,353

)

7,172,181

12,575,534

(5,403,353

)

7,172,181

Debt

Finance leases

(65,479

)

23,586

-

(420,057

)

(65,479

)

23,586

-

(420,057

)

Total

12,510,055

(5,379,767

)

-

6,752,124