STAT HOLDING INTERNATIONAL

LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

F L M Carmigniani

C L Sarri

SECRETARY:

L G Delclos

REGISTERED OFFICE:

4 Churchill Court

Station Road

Harrow

Middlesex

HA2 7ST

BUSINESS ADDRESS:

Innovation House

Innovation Way

Discovery Park

Sandwich

CT13 9FF

REGISTERED NUMBER:

04544194 (England and Wales)

INDEPENDENT AUDITORS:

ADAMS MOORHOUSE LIMITED, Chartered Accountants

Statutory Auditors

4 Churchill Court

Station Road

Harrow

Middlesex

HA2 7ST

BANKERS:

National Westminster Bank PLC

BNP Paribas

The directors present their strategic report, together with the audited financial statements of Stat Holding International Limited (the "Company") for the year ended 31 December 2025.

1. Principal Activities and Business Model

During the year, the Company acted as a holding company. Prior to a major intra-group restructuring (detailed in Section 2), the Company’s subsidiaries operated across a broad spectrum of offshore engineering and technical consultancy, bringing together multi-disciplinary expertise to support complex subsea developments.

These subsidiaries provided specialised engineering services tailored to both conventional shallow-water projects and the technical challenges of deep-water field developments, including:

- Subsea Umbilical, Riser, and Flowline Systems (SURF/URF/UFL): Design, installation, and integrity management of critical subsea infrastructure.

- Subsea Production Systems (SPS): Advanced engineering solutions for wellheads, subsea trees, manifolds, and control systems.

- Mooring Systems & Floating Units Interface Equipment: Station-keeping solutions for floating production units (FPSOs, semi-submersibles, and TLPs).

- Jacket/Pipeline Systems & Terminals Interface Equipment: Structural and pipeline engineering for fixed platforms and offshore terminals.

Strategic Restructuring

During the 2025 financial year, as part of a wider strategic realignment driven by our ultimate parent company, the Company disposed of its entire portfolio of subsidiary undertakings to other entities within the wider group. Consequently, as at 31 December 2025, the Company no longer holds any subsidiaries and operates strictly as a standalone entity within the Doris Group structure.

2. Business Review and Financial Performance

The defining financial event of the 2025 financial year was the successful transfer of the Company's operational subsidiaries to other group undertakings.

This transaction allowed the wider group to streamline its corporate structure while yielding a substantial profit on the disposal of subsidiaries totalling £16,165,941 for the Company. This exceptional item is the primary driver of the Company's financial results for the year and significantly bolsters its balance sheet position.

Because the Company held no subsidiaries at the financial year-end on 31 December 2025, it is exempt from the requirement to prepare consolidated financial statements under Section 401 of the Companies Act 2006, as it is itself a wholly-owned subsidiary included in the consolidated accounts of its ultimate parent.

3. Core Values and Corporate Culture

Throughout its history of managing operational subsidiaries, the Company’s success was deeply rooted in a commitment to core values that shaped its operations and guided its decision-making. Even as a restructured entity, these fundamental principles remain intact:

- Our People: Historically, the Company and its subsidiaries recognised that employees were the backbone of their success. The wider group remains dedicated to fostering a positive, safe, and supportive work environment, upholding best practices in employment policies that promote equal opportunities for all, irrespective of sex, race, colour, disability, or marital status.

- Integrity and Ethics: Ethical conduct is at the heart of our operations. Upholding transparency, honesty, and professionalism in all intra-group and external business dealings fosters a culture of trust. By maintaining the highest standards of integrity, the Company ensures that its reputation remains one of reliability.

4. Strategic Outlook and Future Developments

Following the disposal of its operating subsidiaries, the Company's strategic focus has naturally shifted from operational oversight to capital and group financing management.

The Board is currently working closely with the ultimate parent company, Doris Group SA, to evaluate the Company's ongoing role within the wider corporate structure. The strategic priorities for the immediate future include:

- Capital Management: Prudent management of the financial reserves and intercompany balances generated by the disposal of the subsidiaries.

- Group Support: Acting in alignment with the wider Doris Group's strategic objectives, which may include serving as a financing vehicle or holding new investments as directed by the parent company.

- Administrative Efficiency: Maintaining a disciplined approach to financial stability, statutory compliance, and cost management in its new capacity.

5. Principal Risks and Uncertainties

The risk profile of the Company fundamentally changed during the 2025 financial year.

Historical Operational Risks (Pre-Disposal)

For the portion of the year in which the Company held its subsidiaries, it was indirectly exposed to a range of complex global market risks. These included geopolitical instability, sudden regulatory and fiscal policy changes by state owned enterprises, and the inherent risks of operating in developing markets (such as infrastructure limitations and foreign exchange volatility). The operating subsidiaries successfully navigated these pressures through proactive partnerships and robust project management prior to their transfer.

Current Risk Profile (Post-Disposal)

As at 31 December 2025, having disposed of its trading subsidiaries, the Company is no longer directly exposed to the operational, political, or commodity price risks of the global offshore energy sector. The principal risks and uncertainties currently facing the Company are purely financial:

- Credit and Liquidity Risk: The Company’s primary financial relationships are now intra-group. Its liquidity and asset security depend on the ongoing financial health and performance of the wider Doris Group and the related parties to which balances are owed.

- Strategic Uncertainty: As a non-trading entity holding financial balances, the Company is reliant on the strategic direction of its ultimate parent to determine its future operational or holding activities.

The Board continuously monitors these intra-group financial metrics to ensure the Company's ongoing stability and compliance.

ON BEHALF OF THE BOARD:

C L Sarri - Director

18 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS

A dividend of £0.59m (2024 - £0.81m) was paid during the year. The Board does not propose payment of a final dividend.

FUTURE DEVELOPMENTS

In the year under review, all subsidiary undertakings previously held by the Company were transferred to other group undertakings. The Company therefore held no subsidiaries as at 31 December 2025. The directors have no current intention to alter this structural position in the foreseeable future.

DIRECTORS

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

F L M Carmigniani

C L Sarri

Other changes in directors holding office are as follows:

A Rego - resigned 23 December 2025

PRINCIPAL PLACE OF BUSINESS

Stat Holding International Limited is a company incorporated and domiciled in England and has its principal place of business at Innovation House, Innovation Way, Sandwich, CT13 9FF.

The registered office of the company is at 4 Churchill Court, 58 Station Road, North Harrow, HA2 7ST.

GOING CONCERN

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The Directors' Report should be read in conjunction with the Strategic Report for completeness of disclosure requirements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' 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. 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

Adams Moorhouse Limited were appointed as auditors to the Company during the year, succeeding Forvis Mazars LLP. In accordance with Section 489 of the Companies Act 2006, a resolution proposing that they be reappointed will be put to the members at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C L Sarri - Director

18 June 2026

Opinion

We have audited the financial statements of Stat Holding International Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 Strategic Report and the Directors' Report, 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 Strategic Report and the Directors' Report 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.

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 Strategic Report or the Directors' Report.

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 five, 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.

We planned and performed our audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error. Our audit was conducted in accordance with International Standards on Auditing (ISAs) (UK) and included procedures designed to identify and assess risks of material misstatement. These procedures included:

- Performing inquiries of management and those charged with governance about their assessment of the risks of fraud.

- Considering the inherent risks of misstatement in the context of the entity and its industry.

- Identifying and understanding internal controls relevant to the prevention and detection of fraud.

- Testing the operating effectiveness of key controls.

- Performing analytical procedures to identify unusual or unexpected relationships.

- Obtaining audit evidence about transactions and account balances.

Based on our procedures, we did not identify any material irregularities, including fraud, that affected the financial statements. However, it is important to note that the inherent limitations of an audit, such as sampling and the use of professional judgment, mean there is a residual risk that material misstatements may not be detected.

It is the responsibility of management to prevent and detect fraud. We encourage management to continue to maintain a strong control environment and to be vigilant in identifying and addressing any potential risks of fraud.

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 member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

Shabir Mamdani FCA (Senior Statutory Auditor)

for and on behalf of ADAMS MOORHOUSE LIMITED, Chartered Accountants

Statutory Auditors

4 Churchill Court

Station Road

Harrow

Middlesex

HA2 7ST

19 June 2026

REVENUE

-

-

Administrative expenses

12,938

20,095

OPERATING LOSS

(12,938

)

(20,095

)

(profit)/Loss on sale of investments

6

16,165,941

-

16,153,003

(20,095

)

Income from shares in group undertakings

7

657,194

1,332,861

Interest receivable and similar income

8

575,627

4,142

1,232,821

1,337,003

17,385,824

1,316,908

Reversal of provision for diminution in value of investments

-

224,246

17,385,824

1,541,154

Interest payable and similar expenses

9

2,442

9,234

PROFIT BEFORE TAXATION

10

17,383,382

1,531,920

Tax on profit

11

104,749

-

PROFIT FOR THE FINANCIAL YEAR

17,278,633

1,531,920

PROFIT FOR THE YEAR

17,278,633

1,531,920

OTHER COMPREHENSIVE (LOSS)/INCOME

Profit (loss) on currency translation

(8,149

)

18,096

Income tax relating to other comprehensive (loss)/income

-

-

OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX

(8,149

)

18,096

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

17,270,484

1,550,016

FIXED ASSETS

Investments

14

-

3,345,244

CURRENT ASSETS

Debtors

15

20,191,524

204,142

Cash at bank and in hand

100,244

81,797

20,291,768

285,939

CREDITORS

Amounts falling due within one year

16

118,195

137,176

NET CURRENT ASSETS

20,173,573

148,763

TOTAL ASSETS LESS CURRENT LIABILITIES

20,173,573

3,494,007

CAPITAL AND RESERVES

Called up share capital

17

10,000

10,000

Share premium

1,500,000

1,500,000

Retained earnings

18,663,573

1,984,007

SHAREHOLDERS' FUNDS

20,173,573

3,494,007

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

C L Sarri - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

10,000

1,239,820

1,500,000

2,749,820

Changes in equity

Total comprehensive income

-

1,550,016

-

1,550,016

Dividends

-

(805,829

)

-

(805,829

)

Balance at 31 December 2024

10,000

1,984,007

1,500,000

3,494,007

Changes in equity

Total comprehensive income

-

17,270,484

-

17,270,484

Dividends

-

(590,918

)

-

(590,918

)

Balance at 31 December 2025

10,000

18,663,573

1,500,000

20,173,573

1.	STATUTORY INFORMATION

Stat Holding 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

Preparation of consolidated financial statements

The financial statements present information about the company as an individual entity and not as a group. As at 31 December 2025 the company held no subsidiary undertakings. The company is a wholly owned subsidiary of Doris Group SA and is included in the consolidated financial statements of Doris Group SA, which are publicly available as stated in note 15. The company is therefore exempt under Section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of the exemption available under Financial Reporting Standard 102 not to disclose transactions entered into with other wholly owned members of the Doris Group

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgement which has the most significant effect on the amounts recognised in the financial statements, and have identified the following key source of estimation uncertainty.

Recoverability of amounts owed by group undertakings. The company holds amounts owed by group undertakings of £20,191,524 (2024: £204,142). The directors have assessed the recoverability of these balances by reference to the financial position of the relevant group entities and the ongoing support of the wider Doris Group. The directors consider the balances to be fully recoverable and that no provision for impairment is required.

Investments in subsidiaries

The company’s investments in subsidiary undertakings are stated at cost, less any provision for impairment. Where there is an indication that the investment value has increased, a previous impairment may be reversed, but only to the extent that the carrying value does not exceed the original cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

The company's functional currency is the Euro, being the currency of the primary economic environment in which the company operates. The financial statements are presented in Pounds Sterling, which differs from the functional currency. Sterling has been adopted as the presentation currency because the company is incorporated in the United Kingdom and files its financial statements with the Registrar of Companies.

Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences arising on the settlement and retranslation of monetary items are recognised in profit or loss.

On translation of the results and financial position from the functional currency into the presentation currency, assets and liabilities are translated at the closing rate at the reporting date, income and expenses are translated at the rates prevailing at the dates of the transactions, and all resulting exchange differences are recognised in other comprehensive income.

Debtors

Trade and other debtors are recognised at the settlement amount due after deducting any provision for bad and doubtful debts. Where the effect of the time value of money is material, debtors are initially measured at fair value and subsequently at amortised cost using the effective interest method. A provision is made when recovery of the debt is considered uncertain.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

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

2025

2024

Directors

3

4

The company had no employees during the year other than the directors (2024: none).

5.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

-

-

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

(profit)/Loss on sale of investments

16,165,941

-

During the year, as part of an intra-group restructuring exercise, the Company transferred all of its subsidiary undertakings to other entities within the wider group. This transaction resulted in a realised profit on disposal of £16.2m. This amount has been presented as an exceptional item in the profit and loss account due to its material size and non-recurring nature. Consequently, as at 31 December 2025, the Company held no subsidiary undertakings.

7.

INCOME FROM SHARES IN GROUP UNDERTAKINGS

2025

2024

£

£

Shares in group undertakings

657,194

1,332,861

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Other interest

575,627

4,142

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest payable

2,442

9,234

10.	PROFIT BEFORE TAXATION

The profit is stated after charging:

2025

2024

£

£

Auditors' remuneration

5,175

12,000

11.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

104,749

-

Tax on profit

104,749

-

UK corporation tax has been charged at 25% (2024 - 25%).

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:

2025

2024

£

£

Profit before tax

17,383,382

1,531,920

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

4,345,846

382,980

Effects of:

Income not taxable for tax purposes

(4,205,783

)

(389,277

)

Utilisation of tax losses

(35,314

)

-

Tax effect of losses relinquished through group relief

-

1,773

forward

Tax effect of other comprehensive income

-

4,524

Total tax charge

104,749

-

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Profit (loss) on currency translation

(8,149

)

-

(8,149

)

2024

Gross

Tax

Net

£

£

£

Profit on foreign currency translation

18,096

-

18,096

Income tax expenses represent the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year.

Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax

liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are

recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is

recognised in other comprehensive income or directly in equity respectively.

At the reporting date the company had unused tax losses of £ 245,183 (2024: £ 386,436) available to carry forward against future taxable profits. No deferred tax asset has been recognised in respect of these losses on the grounds that their future recovery is uncertain.

12.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

590,918

805,829

Interim dividend of £590,918 was paid during the year (2024 - £805,829).

13.	EXCHANGE DIFFERENCES

2025

2024

Exchange differences recognised in other comprehensive income on

(8,149

)

18,096

translation into the presentation currency

Exchange differences recognised in profit and loss account

0

0

14.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 January 2025

3,345,244

Disposals

(3,345,244

)

At 31 December 2025

-

Net book value

At 31 December 2025

-

At 31 December 2024

3,345,244

15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

20,191,524

204,142

16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

-

119,122

UK Corporation Tax

104,749

-

VAT

-

14

Accrued expenses

13,446

18,040

118,195

137,176

17.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

10,000

Ordinary

£1

10,000

10,000

18.	ULTIMATE PARENT COMPANY

Doris Group SA (incorporated in France ) is regarded by the directors as being the company's ultimate parent company.

Doris Group SA is the parent undertaking of both the largest and smallest group for which consolidated financial statements are prepared and of which the company is a member. The registered office of Doris Group SA is 58A rue du Dessous des Berges, 75013 Paris, France, from which copies of the consolidated financial statements may be obtained.