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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
COMPANY INFORMATION
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COMMERCIS PLC
CONTENTS
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COMMERCIS PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report for the period ended 31 December 2025.
The financial year represented an important stage in the Group's continued development as we progressed the execution of our long-term strategy to build an international technology and engineering business.
Over recent years, the Group has successfully evolved from a specialist satellite communications provider into an organisation delivering integrated technology solutions across cloud infrastructure, cybersecurity, connectivity, digital engineering and managed services. Today, the Group operates across Middle East, the United Arab Emirates, Jordan and the United States, while continuing to expand its commercial presence throughout Europe. This international operating platform enables the Group to support governments, multinational organisations and enterprise customers across multiple markets while reducing reliance on any single geography or service line. The Board has remained focused on building a sustainable business supported by technical capability, disciplined financial management and strong operational governance. Investment during the year has been directed towards expanding higher-value technology services, strengthening internal processes and developing relationships with leading global technology providers. These initiatives have improved the quality of the Group's offering, increased opportunities for recurring revenues and created a stronger platform for long-term growth. Demand for secure communications, cloud infrastructure, cybersecurity and digital transformation solutions continues to increase as organisations seek to improve operational resilience and modernise their technology environments. Despite continued economic and geopolitical uncertainty, these underlying market trends remain supportive of the Group's core activities. The Group enters the new financial year with an established international platform, growing customer relationships and a pipeline of opportunities across engineering, connectivity, cloud and cybersecurity. The Board remains committed to disciplined execution, prudent capital management and creating long-term value for shareholders, customers, employees, partners and lenders.
The Group's strategy is centred on delivering mission-critical technology solutions that enable customers to design, implement and manage secure digital infrastructure.
The business has moved beyond its historical focus on satellite communications and now provides a broader range of services including engineering consultancy, systems integration, enterprise connectivity, cloud solutions, cybersecurity and managed technology services. This evolution enables the Group to support customers throughout the technology lifecycle, from initial design and implementation through to ongoing operational support. It also increases opportunities for long-term customer relationships and recurring service revenues. The Group's international operating model is based around complementary capabilities across its key markets. In Middle East, the Group has developed significant expertise in engineering, systems integration and critical infrastructure delivery, supporting customers requiring complex technology implementation and operational capability.
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COMMERCIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Jordan provides an important connectivity platform, supporting secure communications solutions, network infrastructure and regional customer requirements. The United Arab Emirates acts as a regional technology and commercial hub, supporting opportunities across cloud adoption, cybersecurity, enterprise solutions and strategic partnerships.
The United States provides access to international technology ecosystems, global relationships and commercial opportunities, while Europe represents an expanding market for engineering consultancy, digital infrastructure and managed technology services. This operating structure allows the Group to combine international technical capability with local market knowledge, providing customers with solutions that are both technologically advanced and operationally practical. As organisations increasingly seek trusted partners capable of delivering integrated technology solutions, the Group's ability to combine engineering expertise, connectivity capability and digital transformation services represents a key competitive advantage.
During the year, the Group achieved an important milestone through its relationship with Google Cloud, strengthening its ability to deliver enterprise cloud infrastructure, digital transformation and managed technology solutions.
The relationship supports the Group's strategy of expanding its higher-value technology services and providing customers with access to advanced cloud capabilities alongside the Group's own engineering expertise and regional delivery capability. As organisations continue to migrate critical systems and applications to cloud environments, demand is increasing for experienced partners capable of delivering secure, scalable and reliable solutions. The Group is well placed to support this transition through its combination of technical expertise, infrastructure knowledge and customer relationships. The integration of cloud capability with the Group's existing engineering, connectivity and cybersecurity services enables the delivery of more comprehensive solutions, supporting opportunities across consulting, implementation, managed services and ongoing technical support. The opportunity extends across the Group's international operations. In Middle East, cloud capability complements the Group's engineering and infrastructure delivery expertise. In the United Arab Emirates, it supports enterprise digital transformation initiatives within a rapidly developing technology market. In Jordan, it enhances the Group's ability to provide secure connectivity and technology solutions. The Group continues to strengthen international technology relationships through its presence in the United States while developing further commercial opportunities across Europe. The Board believes that relationships with global technology providers enhance the Group's technical capability, broaden customer opportunities and support the continued evolution of the business.
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COMMERCIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The outlook for the Group remains positive, supported by continued investment in digital infrastructure, secure communications, engineering services, cloud computing and cybersecurity across the markets in which it operates.
Across government, energy, telecommunications and enterprise sectors, organisations are increasingly focused on improving operational resilience, modernising infrastructure and strengthening their technology capabilities. These trends continue to support demand for the Group's specialist services. The Group's international operating model provides a strong foundation for future development, with each market contributing complementary capabilities. In Middle East, the Group continues to benefit from its established engineering capability and experience delivering complex infrastructure and technology projects. Demand remains supported by ongoing investment in telecommunications, energy, government programmes and critical infrastructure, where customers require reliable delivery partners with technical expertise and local market knowledge. Jordan remains an important connectivity hub within the region. Through its operations there, the Group supports customers with secure communications, network infrastructure and connectivity solutions, providing a platform for regional service delivery and customer support. The United Arab Emirates continues to provide opportunities across enterprise technology, cloud adoption, cybersecurity and digital transformation. Its position as a regional commercial and technology centre enables the Group to engage with multinational organisations, technology partners and businesses investing in modern infrastructure solutions. The United States strengthens the Group's access to global technology ecosystems, strategic relationships and international customers. The Group continues to develop these relationships while using its US presence to support broader commercial opportunities. Across Europe, the Group is expanding its commercial activities, developing new relationships and pursuing opportunities aligned with its engineering, connectivity, cloud and cybersecurity capabilities. This international platform enables the Group to access multiple markets while maintaining a balanced operating model. By combining local expertise with international technical capability, the Group is able to support customers across different sectors and respond effectively to changing technology requirements. Management continues to see encouraging levels of commercial activity across the Group's core markets, supported by opportunities in engineering, connectivity, cloud infrastructure and cybersecurity. The Board believes the combination of technical capability, established operations and strategic relationships provides a strong basis for continued development.
The Board enters the forthcoming financial year with confidence, supported by secured contracts, advanced-stage commercial opportunities and a growing pipeline across the Group's principal service areas.
Based on current trading, contracted revenues and management's assessment of future opportunities, the Group forecasts revenue of approximately US$28 million for the forthcoming financial year.
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COMMERCIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
US $ Million
Revenue 28.0 Gross Profit 12.2 Gross Margin 42.5% EBITDA 2.6 Profit Before Tax 2.0 The forecast reflects the continued development of the Group's revenue mix, with increasing contributions from engineering services, cloud solutions, cybersecurity and managed technology offerings. The expected improvement in margins reflects the Group's strategic focus on higher-value services that generate stronger returns and create deeper customer relationships. These services provide opportunities for longer-term engagements and improved revenue visibility compared with traditional transactional technology projects. Management remains focused on disciplined project selection, effective cost management and active working capital control. Maintaining strong financial discipline and cash conversion remains a priority as the Group continues to scale. While forecasts remain subject to normal market and operational conditions, the Board believes they are supported by the Group's established customer relationships, international operating platform and structured approach to commercial development.
The Board continues to place strong emphasis on governance, operational discipline and financial control as the Group develops internationally.
During the year, the Group further strengthened its processes across commercial management, financial reporting, project oversight and risk management. New and enhanced procedures ensure that opportunities are evaluated against clear criteria, including technical feasibility, delivery capability, commercial terms and expected financial returns. This approach enables the Group to pursue growth opportunities while maintaining appropriate oversight of operational and financial risks. The Group has also continued to improve financial reporting and performance monitoring, providing management and the Board with greater visibility over project delivery, operational performance and cash management. These improvements support better decision-making and provide increased transparency for shareholders, customers, lenders and strategic partners. The Board recognises that effective governance is essential to supporting sustainable growth. As the Group continues to expand, maintaining strong controls, disciplined processes and responsible financial management will remain fundamental priorities.
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COMMERCIS PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The year ahead will focus on continued execution of the Group's strategy, delivering existing commitments and converting commercial opportunities into sustainable long-term relationships.
Management will continue to prioritise successful project delivery, operational efficiency and the development of higher-value technology services across the Group's international operations. The Board remains committed to maintaining strong governance, disciplined financial management and careful allocation of resources as the business continues to develop. With established capabilities across engineering, connectivity, cloud infrastructure and cybersecurity, supported by experienced teams and long-standing customer relationships, the Group has built a strong foundation for the next phase of its development.
This report was approved by the board on 23 July 2026 and signed on its behalf.
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COMMERCIS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to $3,227,078 (2024 - loss $522,976).
The directors who served during the year were:
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COMMERCIS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, McMillan Woods Audits Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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COMMERCIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIS PLC
We have audited the financial statements of Commercis PLC (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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COMMERCIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIS PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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COMMERCIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIS PLC (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk faced by the company, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements,\ including, but not limited to, financial reporting legislation, the Companies Act 2006, distributable profits legislation and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, review of board and committee meeting minutes, enquiries with management, enquiries of external legal advisors, review of correspondence with external legal advisors and review of external press releases. There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals, in particular any entries posted with unusual account combinations or posted by senior management. We evaluated whether there was evidence of bias by the Directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgments made by management in their significant accounting estimates, in particular in relation to contract accounting, the valuation of investment properties and defined contribution pension scheme accounting.
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 Auditors' Report.
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COMMERCIS PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERCIS PLC (CONTINUED)
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 Auditors' 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.
for and on behalf of
42-44 Bishopsgate
United Kingdom
EC2N 4AH
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COMMERCIS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
REGISTERED NUMBER: 12425375
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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COMMERCIS PLC
REGISTERED NUMBER: 12425375
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 44 form part of these financial statements.
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COMMERCIS PLC
REGISTERED NUMBER: 12425375
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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COMMERCIS PLC
REGISTERED NUMBER: 12425375
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 44 form part of these financial statements.
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COMMERCIS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMMERCIS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMMERCIS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Commercis PLC is a public limited company incorporated in England and Wales. The registered office is Third Floor, 6 - 8 James Street, London, England, W1U 1ED.
The principal activity of the company is that of provision of internet services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2023.
The Group made a profit after tax of $3,227,078 (PY loss of $522,976) and had net current assets of $152,438 (PY net current liabilities of $5,460,396) and net assets of $2,187,178 (PY Net liabilities of $947,173).The Director have assessed the going concem risks to the Group and have concluded that Financial projections indicate that the Group and the Subsidiaries will continue to meet its llabilities as they fall due over the next twelve months from the date of approval of these financial statements. Based on these indicators, the Directors believe that it remains appropriate to prepare the Group financial statements on a going concern basis.
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Intangible assets (continued)
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 36
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18.Deferred taxation (continued)
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Following the balance sheet date, the Company achieved a significant strategic milestone through its recognition as an official partner of Google Cloud. This partnership strengthens the Company’s position within the regional technology and connectivity market and enhances its ability to deliver advanced cloud-enabled solutions and digital infrastructure services to enterprise and governmental clients. The partnership is expected to support the Company’s long-term growth strategy by increasing market credibility, expanding service capabilities, and creating opportunities for collaboration on large-scale digital transformation initiatives across the wider region. 2. Market Developments and Regional Opportunities During the post balance sheet period, escalating geopolitical tensions and ongoing conflict in parts of the Middle East have increased demand for resilient connectivity and communications infrastructure in unstable and operationally challenging environments. As a provider specializing in connectivity solutions within complex and high-risk regions, the Company has experienced increased commercial interest from organizations requiring reliable communications infrastructure, operational continuity support, and secure connectivity solutions in areas affected by instability. Management believes this evolving market conditions have created a substantial pipeline of new opportunities across the energy, logistics, infrastructure, and governmental sectors. 3. New Commercial Engagements Subsequent to the balance sheet date, the Company entered into early-stage commercial discussions and preliminary contractual arrangements with a major United States-based industry participant relating to the development of a new oil field project in the Middle East. Due to confidentiality obligations and the early-stage nature of the engagement, the Company is unable to disclose the identity of the counterparty or specific commercial terms at this time. Management considers this development strategically significant and believes the project has the potential to contribute materially to future revenues and regional expansion. 4. Operational and Governance Enhancements Subsequent to the balance sheet date, the Company implemented enhancements to its operational and management structure in response to evolving market conditions, increased regional activity, and anticipated growth in strategic projects. The measures introduced include improved segregation of duties, a more decentralized operating structure, strengthened reporting lines, and enhanced internal oversight mechanisms. The updated structure distributes key responsibilities across designated senior personnel to better support decision-making, improve responsiveness, and reinforce governance across regional operations. Management considers these actions prudent and necessary to support the Company’s expanding operational footprint, improve governance standards, and ensure efficient execution of strategic initiatives in complex operating environments. The Company expects these enhancements to contribute positively to operational effectiveness, accountability, compliance, and overall corporate governance.
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COMMERCIS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
23.Post balance sheet events (continued)
These events do not require adjustment to the financial statements as of the balance sheet date but are considered material for disclosure purposes.
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