Company registration number 03640289 (England and Wales)
EURO OPTIONS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Monetta LLP
Chartered Accountants
EURO OPTIONS LTD
COMPANY INFORMATION
Directors
P Morley
PD Doherty
P Morris
Secretary
P Morley
Company number
03640289
Registered office
Unit 5A Greenvale Business Park
Todmorden Road
Littleborough
OL15 9FG
Auditor
Monetta LLP
232 Stamford Street Central
Ashton Under Lyne
OL6 7NQ
EURO OPTIONS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
EURO OPTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

BUSINESS REVIEW

The company's key performance indicators are turnover and gross profit percentage. For the year under review the company's turnover decreased by 6.8% from £30.5 million to £28.4 million. The gross profit percentage increased by 3.5% from 1 2.8% to 16.3%. The directors are satisfied with the company's trading performance for the year and consider the state of the company's affairs at the balance sheet date to be satisfactory.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company uses various financial instruments including loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

The main risks arising from the company's financial instruments are market risk, liquidity risk, interest rate risk, cash flow and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Market risk

Market risk encompasses three types of risk being currency risk, interest rate risk and price risk. The company's policies for managing interest rate risk are considered along with those for managing cash flow risk and are set out in the subsection entitled "interest rate risk" below. The company receives foreign currency from its customers and pays foreign currency to its suppliers, these monies are held in separate currency accounts to hedge against any currency fluctuations.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities, and the use of invoice discounting in pound sterling and euro's.

Interest Rate risk

The company finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Credit risk

The company's principal financial assets are trade debtors. The principal credit risk arises from its trade debtors, which are carefully monitored by the company. The company takes out credit insurance against the risk of bad debts.

By order of the board

P Morley
Secretary
18 June 2026
EURO OPTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company during the year was buying and selling computer components.

Directors

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

P Morley
PD Doherty
P Morris
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Share capital

In December 20 24 the company made an acquisition of its own shares, being 40 £1 Ordinary A shares and 3,764 Ordinary B shares for a total consideration of £233,333.

Auditor

The auditor Monetta LLP is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Strategic report

The company has chosen, in accordance with Section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in its Strategic Report the fair review of the company's business required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008.

By order of the board
P Morley
Secretary
18 June 2026
EURO OPTIONS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

EURO OPTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EURO OPTIONS LTD
- 4 -
Opinion

We have audited the financial statements of Euro Options Ltd (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

EURO OPTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EURO OPTIONS LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

EURO OPTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EURO OPTIONS LTD (CONTINUED)
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

EURO OPTIONS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EURO OPTIONS LTD (CONTINUED)
- 7 -

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Platt (Senior Statutory Auditor)
For and on behalf of Monetta LLP, Statutory Auditor
Chartered Accountants
232 Stamford Street Central
Ashton Under Lyne
OL6 7NQ
23 June 2026
EURO OPTIONS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
28,449,024
30,525,567
Cost of sales
(23,810,977)
(26,633,083)
Gross profit
4,638,047
3,892,484
Distribution costs
(261,119)
(372,534)
Administrative expenses
(3,883,807)
(4,127,861)
Operating profit/(loss)
4
493,121
(607,911)
Interest receivable and similar income
8
33,261
41,834
Interest payable and similar expenses
9
(237)
(472)
Profit/(loss) before taxation
526,145
(566,549)
Tax on profit/(loss)
10
(159,321)
128,096
Profit/(loss) for the financial year
366,824
(438,453)

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

EURO OPTIONS LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
261,915
302,413
Current assets
Stocks
14
5,711,306
5,222,408
Debtors
15
4,519,649
3,658,912
Cash at bank and in hand
3,347,183
3,219,398
13,578,138
12,100,718
Creditors: amounts falling due within one year
16
(3,857,261)
(2,547,210)
Net current assets
9,720,877
9,553,508
Total assets less current liabilities
9,982,792
9,855,921
Provisions for liabilities
Deferred tax liability
18
34,595
41,215
(34,595)
(41,215)
Net assets
9,948,197
9,814,706
Capital and reserves
Called up share capital
20
72,249
76,053
Share premium account
168,297
168,297
Capital redemption reserve
32,555
28,751
Profit and loss reserves
9,675,096
9,541,605
Total equity
9,948,197
9,814,706

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
P Morley
Director
Company registration number 03640289 (England and Wales)
EURO OPTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2023
76,053
168,297
28,751
11,033,768
11,306,869
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
-
(438,453)
(438,453)
Dividends
11
-
-
-
(1,053,710)
(1,053,710)
Balance at 30 September 2024
76,053
168,297
28,751
9,541,605
9,814,706
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
366,824
366,824
Own shares acquired
-
-
-
(233,333)
(233,333)
Redemption of shares
20
(3,804)
-
0
3,804
-
0
-
0
Balance at 30 September 2025
72,249
168,297
32,555
9,675,096
9,948,197
EURO OPTIONS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(83,159)
369,495
Interest paid
(237)
(472)
Income taxes refunded/(paid)
431,723
(68,798)
Net cash inflow from operating activities
348,327
300,225
Investing activities
Purchase of tangible fixed assets
(21,047)
(79,452)
Proceeds on disposal of tangible fixed assets
500
-
0
Interest received
33,261
41,834
Net cash generated from/(used in) investing activities
12,714
(37,618)
Financing activities
Purchase of own shares
(233,333)
-
0
Dividends paid
-
0
(1,053,710)
Net cash used in financing activities
(233,333)
(1,053,710)
Net increase/(decrease) in cash and cash equivalents
127,708
(791,103)
Cash and cash equivalents at beginning of year
3,213,933
4,005,036
Cash and cash equivalents at end of year
3,341,641
3,213,933
Relating to:
Cash at bank and in hand
3,347,183
3,219,398
Bank overdrafts included in creditors payable within one year
(5,542)
(5,465)
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
1
Accounting policies
Company information

Euro Options Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5A Greenvale Business Park, Todmorden Road, Littleborough, OL15 9FG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Leasehold improvements
10% on a reducing balance basis
Fixtures and fittings
25% on a reducing balance basis
Computers
25% on a reducing balance basis

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

EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of goods plus import duty and freight charges for goods purchased from overseas plus other costs incurred in bringing the stocks to their present location and conditio n.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

There is no material difference between the replacement cost of stocks and the amounts stated above.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

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

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

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Invoice discounting agreement

The company has entered into an invoice discounting agreement. Debts approved by the invoice discounting company are assigned to it with 100% recourse to the company. Refundable advances are made to the company by the invoice discounting company in respect of 85% of the debt assigned. The balance with the invoice discounting company is reflected within bank loans and overdrafts.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sales of computer components
28,449,024
30,525,567
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,270,804
16,564,826
Overseas
10,178,220
13,960,741
28,449,024
30,525,567
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Turnover and other revenue
(Continued)
- 17 -
2025
2024
£
£
Other revenue
Interest income
33,261
41,834
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(167,538)
(153,707)
Depreciation of tangible fixed assets
60,457
70,973
Loss on disposal of tangible fixed assets
588
3,983
Impairment of stocks recognised or reversed
30,347
539,251
Operating lease charges
142,249
123,867
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
11,500
For other services
All other non-audit services
2,000
2,000
6
Employees

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

2025
2024
Number
Number
40
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,399,636
2,475,918
Social security costs
284,957
291,340
Pension costs
33,601
36,491
2,718,194
2,803,749
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 18 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
403,385
515,176
Company pension contributions to defined contribution schemes
1,354
1,290
404,739
516,466

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
285,196
397,483
Company pension contributions to defined contribution schemes
677
645
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
22,385
22,995
Other interest income
10,876
18,839
Total income
33,261
41,834
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
204
174
Interest on invoice finance arrangements
33
298
237
472
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
150,000
(133,000)
Adjustments in respect of prior periods
15,941
(82)
Total current tax
165,941
(133,082)
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10
Taxation
2025
2024
£
£
Current tax
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(6,620)
4,986
Total tax charge/(credit)
159,321
(128,096)

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

2025
2024
£
£
Profit/(loss) before taxation
526,145
(566,549)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
131,536
(141,637)
Effects of:
Expenses that are not deductible in determining taxable profit
8,521
9,528
Permanent capital allowances in excess of depreciation
6,952
(4,551)
Depreciation on assets not qualifying for tax allowances
2,921
3,246
Other non-reversing timing differences
70
414
Tax under/(over) provided in prior years
15,941
(82)
Deferred tax movement
(6,620)
4,986
Taxation charge/(credit) in the financial statements
159,321
(128,096)
11
Dividends
2025
2024
£
£
Interim paid
-
0
1,053,710
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2024
309,333
539,260
265,778
1,114,371
Additions
-
0
4,146
16,901
21,047
Disposals
-
0
-
0
(3,241)
(3,241)
At 30 September 2025
309,333
543,406
279,438
1,132,177
Depreciation and impairment
At 1 October 2024
175,090
432,317
204,551
811,958
Depreciation charged in the year
13,424
27,773
19,260
60,457
Eliminated in respect of disposals
-
0
-
0
(2,153)
(2,153)
At 30 September 2025
188,514
460,090
221,658
870,262
Carrying amount
At 30 September 2025
120,819
83,316
57,780
261,915
At 30 September 2024
134,243
106,943
61,227
302,413
13
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,277,303
3,056,907
Carrying amount of financial liabilities
Measured at amortised cost
3,610,741
2,425,427
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,711,306
5,222,408
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,020,082
2,861,343
Corporation tax recoverable
-
0
447,664
Other debtors
336,233
195,814
Prepayments and accrued income
163,334
154,091
4,519,649
3,658,912
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
15
Debtors
(Continued)
- 21 -

Included in other debtors above are loans to shareholders of £500 (20 2 4 - £25,23 0).

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
5,542
5,465
Trade creditors
3,444,006
1,462,787
Corporation tax
150,000
-
0
Other taxation and social security
96,520
121,783
Accruals and deferred income
161,193
957,175
3,857,261
2,547,210
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
5,542
5,465
Payable within one year
5,542
5,465

The bank overdraft facility is secured by an unscheduled mortgage debenture dated 22 September 2000 incorporating a fixed and floating charge over all current and future assets of the company.

Also included in bank loans and overdrafts is a balance of £nil (2024 - £nil) representing invoice discounting advances from Royal Bank of Scotland Finance Limited. This is secured by trade debtors and a floating charge over the company's assets.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
34,595
41,215
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
18
Deferred taxation
(Continued)
- 22 -
2025
Movements in the year:
£
Liability at 1 October 2024
41,215
Credit to profit or loss
(6,620)
Liability at 30 September 2025
34,595
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,601
36,491

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
788
788
748
788
Ordinary B Shares of £1 each
75,265
75,265
71,501
75,265
76,053
76,053
72,249
76,053

The Ordinary A and B shares rank pari passu in all respects except that the holders of the Ordinary B shares do not have any voting rights at any general meetings of the company.

In December 20 24 the company made an acquisition of its own shares, being 40 £1 Ordinary A shares and 3,764 Ordinary B shares for a total consideration of £233,333.

21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
97,661
96,290
Years 2-5
122,322
202,697
219,983
298,987
EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
403,385
515,176
Transactions with related parties

During the year ended 30 September 2025, the company had the following transactions with entities over which the company has control, joint control or significant influence:

Sales during the year of £3,735,504 (2024 - £6,859,689).

Purchases during the year of £173,187 (2024 - £5,881,781).

Expenses incurred during the year of £427,182 (2024 - £535,557).

At 30 September 2025 the company had the following balances with entities over which the company has control, joint control or significant influence:

Other debtors of £153 (2024 - £1,019).

At 30 September 2025 the company had the following balances with shareholders:

Other debtors of £500 (2024 - £25,230).

23
Directors' transactions

Dividends totalling £0 (2024 - £1,001,014) were paid in the year in respect of shares held by the company's directors and their families.

24
Ultimate controlling party

During the year ended 30 September 2025 the ultimate controlling party was A G Morris, the majority shareholder of the company.

EURO OPTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
25
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit/(loss) after taxation
366,824
(438,453)
Adjustments for:
Taxation charged/(credited)
159,321
(128,096)
Finance costs
237
472
Investment income
(33,261)
(41,834)
Loss on disposal of tangible fixed assets
588
3,983
Depreciation and impairment of tangible fixed assets
60,457
70,973
Movements in working capital:
(Increase)/decrease in stocks
(488,898)
465,123
(Increase)/decrease in debtors
(1,308,401)
1,438,705
Increase/(decrease) in creditors
1,159,974
(1,001,378)
Cash (absorbed by)/generated from operations
(83,159)
369,495
26
Analysis of changes in net funds
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
3,219,398
127,785
3,347,183
Bank overdrafts
(5,465)
(77)
(5,542)
3,213,933
127,708
3,341,641
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