The Directors present their annual report and financial statements for the year ended 31 July 2025.

The principal activity of the Company was that of a non-trading entity.

The profit for the year, after taxation, amounted to $60 (2024: $1,582,852). This was due to winding down of operations, and the associated impacts.

The Directors who held office during the year were as follows:

The auditors, MMBA London Ltd, (Chartered Certified Accountants and Statutory Auditors) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

The Directors are responsible for preparing the strategic report, the Director's 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 Directors are 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.

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.

The Company has ceased trading and has not carried on any trading activities during the financial year.

Subsequent to the year end, the Directors resolved to place the Company into liquidation. Formal liquidation proceedings are expected to commence following the filing of these financial statements. Accordingly, the Company is no longer considered to be a going concern.

The accompanying unaudited financial statements have therefore not been prepared on a going concern basis. Instead, they have been prepared on a basis appropriate for an entity in liquidation. Under this basis, assets are measured at the amounts expected to be realised and liabilities are measured at the amounts expected to be settled in the course of the planned solvent liquidation. The Directors expect that the Company's assets will be realised in full and that all liabilities will be settled in full.

As at the date of approval of these financial statements, the Directors have concluded that the Company will not continue in operational existence for the foreseeable future. Accordingly, the Company's assets will not be realised and its liabilities will not be settled in the normal course of business, but rather through the planned solvent liquidation.

While financial support from the ultimate parent, Comtech Telecommunications Corp., was available during the year to assist the Company in meeting its obligations, such support will cease upon the commencement of liquidation proceedings.

Management has therefore concluded that the Company will not continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a liquidation basis, under which assets are measured at the amounts expected to be realised and liabilities are measured at the amounts expected to be settled in the course of the planned solvent liquidation.

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

We have audited the financial statements of Sheet Metal Precision Limited (the 'Company') for the year ended 31 July 2025, which include the Statement of Comprehensive Income, Statement of Financial Position, the Statement of Changes in Equity, and the 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 July 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.

Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to note 1.2 to the financial statements, which explains that the Company has ceased trading and that, subsequent to the year end, the Directors resolved to place the Company into liquidation. Accordingly, the Company is no longer considered to be a going concern and the financial statements have not been prepared on the going concern basis of accounting; they have instead been prepared on a basis appropriate for an entity in liquidation, under which assets are stated at their estimated recoverable amounts and liabilities are stated at the amounts expected to be settled. In our opinion the disclosure of this matter in note 1.2 is adequate.

Our opinion is not modified in respect of this matter.

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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors' report has been prepared in accordance with applicable legal requirements.

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.

• the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Directors' report.

As explained more fully in the Directors' responsibilities statement, 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.

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.

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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and other sector specific laws and regulations applicable to the industry.

We made enquiries of management with regards to compliance with applicable laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the Directors' meetings, minutes of departmental meetings held, legal reports provided by the management and correspondence between the Company. The enquiries from management also covered any impact on financial statements caused by actual or potential litigation and claims.

Our tests also included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We also performed analytical procedures to identify any unusual or expected relationships that may indicate risks of material misstatements due to fraud.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the management that represented a risk of material misstatement due to fraud. We also evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis of the winding down of the X/Y satellite tracking antennas business.

There was no other comprehensive income for 2025 (2024: $Nil).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sheet Metal Precision Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor 2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, M3 5GS.

The principal activity of the Company was that of a non-trading entity.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in United Stated Dollars ($), which is the presentational currency of the Company and the overall group as the majority of the group's transactions are denominated on the USD and the ultimate parent resides in the United States. Monetary amounts in these financial statements are rounded to the nearest $.

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

The Company has ceased trading and has not carried on any trading activities during the financial year.true

Subsequent to the year end, the Directors resolved to place the Company into liquidation. Formal liquidation proceedings are expected to commence following the filing of these financial statements. Accordingly, the Company is no longer considered to be a going concern.

The accompanying unaudited financial statements have therefore not been prepared on a going concern basis. Instead, they have been prepared on a basis appropriate for an entity in liquidation. Under this basis, assets are measured at the amounts expected to be realised and liabilities are measured at the amounts expected to be settled in the course of the planned solvent liquidation. The Directors expect that the Company's assets will be realised in full and that all liabilities will be settled in full.

As at the date of approval of these financial statements, the Directors have concluded that the Company will not continue in operational existence for the foreseeable future. Accordingly, the Company's assets will not be realised and its liabilities will not be settled in the normal course of business, but rather through the planned solvent liquidation.

While financial support from the ultimate parent, Comtech Telecommunications Corp., was available during the year to assist the Company in meeting its obligations, such support will cease upon the commencement of liquidation proceedings.

Management has therefore concluded that the Company will not continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a liquidation basis, under which assets are measured at the amounts expected to be realised and liabilities are measured at the amounts expected to be settled in the course of the planned solvent liquidation.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash without significant risk of change in value.

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 statement of financial position 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.

Basic financial assets, which include trade and other receivables 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. Financial assets classified as receivable within one year are not amortised.

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.

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.

Basic financial liabilities, including trade and other payables, 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 payments 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are translated using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

During the current year, there were no employees, the Directors did not receive any remuneration or pension benefits. The average number of Directors that served during the year was:

The auditor's fees for the year was borne by the Company's fellow undertaking, C G C Technology Limited.

Cumulative profit and loss net of distributions to owners.

The immediate parent of the Company is Comtech UK Holdings Limited, a Company registered in England and Wales. The ultimate controlling party of the Company is Comtech Telecommunications Corp., a Company registered in the USA. This is the smallest and largest group for which consolidated financial statements are prepared. Consolidated financial statements for Comtech Telecommunications Corp. can be obtained from 305 N 54th Street, Chandler, Arizona, 85226, United States.