REGISTERED NUMBER: 03313024 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Telford International Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

Mr E Bracco

Mr G Olivieri

Mr S Azhiyakath Purushoth

REGISTERED OFFICE:

5th Floor 10 Brook Street

Mayfair

London

W1S 1BG

REGISTERED NUMBER:

03313024 (England and Wales)

AUDITORS:

Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

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

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr E Bracco

Mr G Olivieri

Other changes in directors holding office are as follows:

Ms T Kim - resigned 10 December 2025

Mr S Azhiyakath Purushoth - appointed 10 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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). 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. 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;

-	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 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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr G Olivieri - Director

20 May 2026

Opinion

We have audited the financial statements of Telford International Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, 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 Statement of Directors' Responsibilities set out on page two, 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 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.

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:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Lorraine Curtis ACA BFP FCCA (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

20 May 2026

TURNOVER

3

1,955,874

2,567,380

Cost of sales

1,472,255

2,188,727

GROSS PROFIT

483,619

378,653

Administrative expenses

241,469

397,132

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

242,150

(18,479

)

Tax on profit/(loss)

6

13,397

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

228,753

(18,479

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

228,753

(18,479

)

FIXED ASSETS

Tangible assets

7

11,267

12,347

Investments

8

547,622

547,622

558,889

559,969

CURRENT ASSETS

Stocks

9

681

2,413

Debtors

10

1,052,217

1,144,388

Cash at bank and in hand

11

630,793

633,730

1,683,691

1,780,531

CREDITORS

Amounts falling due within one year

12

614,156

750,618

NET CURRENT ASSETS

1,069,535

1,029,913

TOTAL ASSETS LESS CURRENT LIABILITIES

1,628,424

1,589,882

CAPITAL AND RESERVES

Called up share capital

14

571,405

571,405

Foreign exchange reserve

127,505

317,716

Retained earnings

929,514

700,761

SHAREHOLDERS' FUNDS

1,628,424

1,589,882

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

Mr G Olivieri - Director

Called up

Foreign

share

Retained

exchange

Total

capital

earnings

reserve

equity

€

€

€

€

Balance at 1 January 2024

571,405

719,240

232,079

1,522,724

Changes in equity

Movement for the year

-

-

85,637

85,637

Total comprehensive income

-

(18,479

)

-

(18,479

)

Balance at 31 December 2024

571,405

700,761

317,716

1,589,882

Changes in equity

Movement for the year

-

-

(190,211

)

(190,211

)

Total comprehensive income

-

228,753

-

228,753

Balance at 31 December 2025

571,405

929,514

127,505

1,628,424

Cash flows from operating activities

Cash generated from operations

1

19,583

294,580

Tax paid

(13,397

)

-

Net cash from operating activities

6,186

294,580

Cash flows from investing activities

Purchase of tangible fixed assets

(8,873

)

(831

)

Net cash from investing activities

(8,873

)

(831

)

(Decrease)/increase in cash and cash equivalents

(2,687

)

293,749

Cash and cash equivalents at beginning of year

2

633,480

339,731

Cash and cash equivalents at end of year

2

630,793

633,480

1.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

€

€

Profit/(loss) for the financial year

228,753

(18,479

)

Depreciation charges

8,539

10,614

(Gain)/loss on revaluation of fixed assets

(1,414

)

11,979

Decrease/(increase) in group balances

141,189

568,866

Foreign exchange differences

(48,290

)

71,674

Foreign exchange reserve movement

(139,093

)

-

Taxation

13,397

-

203,081

644,654

Decrease/(increase) in stocks

1,732

(777

)

Decrease/(increase) in trade and other debtors

42,944

(372,645

)

(Decrease)/increase in trade and other creditors

(228,174

)

23,348

Cash generated from operations

19,583

294,580

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

€

€

Cash and cash equivalents

630,793

633,730

Bank overdrafts

-

(250

)

630,793

633,480

Year ended 31 December 2024

31.12.24

1.1.24

€

€

Cash and cash equivalents

633,730

339,731

Bank overdrafts

(250

)

-

633,480

339,731

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

€

€

€

Net cash

Cash at bank and in hand

633,730

(2,937

)

630,793

Bank overdrafts

(250

)

250

-

633,480

(2,687

)

630,793

Total

633,480

(2,687

)

630,793

1.	STATUTORY INFORMATION

Telford International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Preparation of consolidated financial statements

The financial statements contain information about Telford International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

The preparation of the company's financial statements requires management to make significant accounting judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgements and estimates.

Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made.

Provision for bad debts

Allowance for doubtful debts is determined using a combination of factors to ensure that the trade receivables are not overstated. The allowance for doubtful debts for all customers is based on a variety of factors, including the overall quality and ageing of receivables, continuing credit evaluation of the customers' financial condition and collateral requirements from customers in certain circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All turnover is recognised in the period in which goods are delivered or the service is provided. Income is invoiced monthly in arrears and is based on the time based cost of consultants engaged. Turnover is recognised gross of local withholding taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

Financial instruments

The company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter, trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Functional and presentation currency

The company's functional and presentational currency is Euro.

Transactions and balances

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 profit or loss.

Non-monetary items in respect of the company's foreign branch which are measured at historical cost are translated using the exchange rate at the date of the transaction, monetary items are translated using the closing rate. Income and expense items for the branch are translated at the average exchange rate for the year.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

€

€

Europe

34,445

39,804

Abu Dhabi

1,356,847

1,764,121

Africa

-

209,920

Oceania

564,582

553,535

1,955,874

2,567,380

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

€

€

Wages and salaries

139,270

153,355

The average number of employees during the year was as follows:

31.12.25

31.12.24

Directors

3

3

Staff

29

25

32

28

31.12.25

31.12.24

€

€

Directors' remuneration

57,047

61,039

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.12.25

31.12.24

€

€

Depreciation - owned assets

8,539

10,614

Auditors' remuneration

24,666

13,637

Foreign exchange differences

(48,290

)

71,674

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

€

€

Current tax:

Foreign tax

13,397

-

Tax on profit/(loss)

13,397

-

UK corporation tax was charged at 25%) in 2024.

Tax on items charged to equity

31.12.25

31.12.24

€

€

Foreign tax on income for the year

13,397

-

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

€

€

Profit/(loss) before tax

242,150

(18,479

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

60,538

(4,620

)

Effects of:

Expenses not deductible for tax purposes

(292

)

-

Depreciation in excess of capital allowances

2,394

187

Foreign Income tax

13,397

-

Movement in unrelieved losses

(62,640

)

4,433

Total tax charge

13,397

-

The company has carried forward tax losses that will relieve future profits of €1.168m (2024: €1.475m). The resulting deferred tax asset, at 25%, of €292k (2024: €369k) has not been recognised in these financial statements as it is not considered sufficiently certain that suitable future taxable profits will be available against which the losses can be utilised.

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

€

COST

At 1 January 2025

430,629

Additions

8,873

Exchange differences

(49,322

)

At 31 December 2025

390,180

DEPRECIATION

At 1 January 2025

418,282

Charge for year

8,539

Exchange differences

(47,908

)

At 31 December 2025

378,913

NET BOOK VALUE

At 31 December 2025

11,267

At 31 December 2024

12,347

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

€

COST

At 1 January 2025

and 31 December 2025

547,622

NET BOOK VALUE

At 31 December 2025

547,622

At 31 December 2024

547,622

The company's investments at the Balance Sheet date in the share capital of companies include the following:

'Proteco' Societe a Responsibilite

Registered office: Rue Pili-Kondi, Immeuble Nana, 5eme Etage, Bureau 503 - Centre Ville, B.P.627, Point Noire, Congo

Nature of business: provision of services in the oil and gas industry

%

Class of shares:

holding

Ordinary

100.00

31.12.25

31.12.24

€

€

Aggregate capital and reserves

822,861

535,504

(Loss)/profit for the year

(127,159

)

242,391

9.

STOCKS

31.12.25

31.12.24

€

€

Stocks

681

2,413

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

€

€

Trade debtors

791,417

774,461

Amounts owed by group undertakings

-

49,227

Other debtors

209,907

150,278

VAT

2,854

-

Prepayments and accrued income

48,039

170,422

1,052,217

1,144,388

11.	CASH AT BANK AND IN HAND

31.12.25

31.12.24

€

€

GBP Bank account

3,559

10,874

EUR Bank account

744

-

USD Bank account

625,421

621,263

Cash in hand

1,069

1,593

630,793

633,730

Cash at hand and in bank includes margin money under lien of €Nil (2024: €Nil) and bank fixed deposits of €18,631 (2024: €20,104).

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

€

€

Bank loans and overdrafts (see note 13)

-

250

Trade creditors

193,113

391,411

Amounts owed to group undertakings

91,962

-

VAT

-

766

Other creditors

269,023

288,866

Accruals and deferred income

60,058

69,325

614,156

750,618

13.

LOANS

An analysis of the maturity of loans is given below:

31.12.25

31.12.24

€

€

Amounts falling due within one year or on demand:

Bank overdrafts

-

250

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

€

€

500,000

Ordinary

£1

571,405

571,405

15.	CONTINGENT LIABILITIES

There are no contingent liabilities at the date of the statement of financial position.

16.	RELATED PARTY DISCLOSURES

Sales to related parties€

Payable€

Receivable€

2025

Parent company

-

91,962

-

Fellow subsidiaries

-

-

-

2024

Parent company

-

38,462

-

Fellow subsidiaries

-

-

45,731

17.	POST BALANCE SHEET EVENTS

Subsequent to the reporting date, geopolitical tensions in certain regions, including the Middle East, have continued to evolve.

Whilst these developments may have broader economic implications, management has assessed that there is no direct or material impact on the Company’s operations or financial position at the reporting date.

Accordingly, these events are considered non-adjusting subsequent events, and no adjustments have been made to the financial statements.

Management will continue to monitor the situation and assess any potential future impact on the business.