Company registration number 06579082 (England and Wales)
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
COMPANY INFORMATION
Directors
Ms L A M Malik
Mr Amyn Majid Malik
Secretary
Ms L A M Malik
Company number
06579082
Registered office
3-8 Porchester Gate, Flat 41
Bayswater Road,
London
W2 3HP
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
Flat 41
3-8 Portchester Gate
Bayswater Road
London
England
W2 3HP
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the Group Strategic Report for Eurocom Investments Limited and its subsidiary company for the year ended 3 1 October 2025.

Principal activities

The principal activity of the Group is the trading of iron and steel products globally.

Business review and principal risks and uncertainties

During the year the company continued to trade satisfactorily. The directors are satisfied with the results for the year and the financial position at the balance sheet date.

The company’s risk averse strategy means we continue to be far more selective in trades which has reduced volumes significantly. Core demand remains weak in our main markets and regulatory changes are adding new dimensions of risk. We have now seen the introduction of carbon tariffs in Europe, and with the twin lowering of quotas and increase in duties, we can expect the import market to become increasingly challenging.

Turnover has decreased from $57m in 2024 to $15 m in 202 5 with gross profit increasing from a $81k loss in 202 4 to a profit of $395k in 202 5. There is a net profit for the year of $1m c ompared to $5k in 2024. At the year end, the Group had a net current asset position of $30.4 m (202 4 - $2 9.6 m).

Future developments

The Group will continue to operate in its existing markets, working to develop trade with new and existing partners. It will also continue to explore new opportunities to further strengthen the core business.

The Group recognises that inflation is on the rise which may result in an increase in interest rates and consequently the banking costs of international trade squeezing already tight profit margins.

Financial risk management

The Group takes a very cautious approach to risk with open stock positions closely monitored. Sales are largely based on letter of credit or on open terms basis with credit insurance cover where such cover is readily available.

When dealing with a new company or supplier, the Group makes independent enquiries regarding the reputation of the counter party both in their ability to perform and to conduct themselves ethically and fairly in business dealings.

Finally, we continually review our risk management criteria to take into account new industry specific information, external shocks and general macro-economic indicators.

Details of the Group's financial instruments and its policies with regards to financial risk management are given in Note 16 to the financial statements.

On behalf of the board

Ms L A M Malik
Director
30 July 2026
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

The directors present their report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company and group continued to be that of trading iron and steel products globally.

Results and dividends

The profit for the year, after taxation, amounted to $1,042,514 (202 4 - $4,663).

The directors paid a final dividend of $300,000 (202 4 - $Nil).

Directors

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

Ms L A M Malik
Mr Amyn Majid Malik

Matters covered in the Strategic Report

Where necessary, disclosures relating to future developments have been made in the Strategic Report and have not been repeated here in accordance with section 414C of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

- so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This information is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Post reporting date events

There have been no significant events affecting the Company since the year end.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

On behalf of the board
Ms L A M Malik
Director
30 July 2026
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
- 4 -
Opinion

We have audited the financial statements of Eurocom Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 October 2025 and of the group's 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 group and parent 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 group's and 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.

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:

- T he 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.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 group's and parent 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 group or parent 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.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
- 6 -

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

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- Identifying and testing journal entries;

- Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 misrepresentation, or through collusion.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Amit Sharma (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
31 July 2026
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
2025
2024
Notes
$
$
Turnover
3
15,032,641
56,770,683
Cost of sales
(14,637,303)
(56,851,817)
Gross profit/(loss)
395,338
(81,134)
Administrative expenses
(672,666)
(1,400,193)
Other operating income
374,226
295,950
Operating profit/(loss)
4
96,898
(1,185,377)
Share of results of joint ventures
(2,646)
1,326
Interest receivable and similar income
7
1,356,200
1,239,643
Interest payable and similar expenses
8
(76,509)
(81,919)
Fair value gains and losses on foreign exchange contracts
11,856
30,990
Profit before taxation
1,385,799
4,663
Tax on profit
9
(343,285)
-
0
Profit for the financial year
21
1,042,514
4,663
Profit for the financial year is all attributable to the owners of the parent company.
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
$
$
Profit for the year
1,042,514
4,663
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,042,514
4,663
Total comprehensive income for the year is all attributable to the owners of the parent company.
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 9 -
2025
2024
Notes
$
$
$
$
Fixed assets
Tangible assets
11
7,983
11,033
Investments
12
17,563
20,209
25,546
31,242
Current assets
Stocks
16
-
1,641,286
Debtors
17
5,404,250
5,902,728
Cash at bank and in hand
25,955,027
29,172,135
31,359,277
36,716,149
Creditors: amounts falling due within one year
18
(987,887)
(7,092,969)
Net current assets
30,371,390
29,623,180
Net assets
30,396,936
29,654,422
Capital and reserves
Called up share capital
20
480
480
Other reserves
21
(216)
(216)
Profit and loss reserves
21
30,396,672
29,654,158
Total equity
30,396,936
29,654,422
The financial statements were approved by the board of directors and authorised for issue on 30 July 2026 and are signed on its behalf by:
30 July 2026
Ms L A M Malik
Director
Company registration number 06579082 (England and Wales)
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
$
$
$
$
Fixed assets
Investments
12
742,394
592,394
Current assets
Debtors
17
19,489,033
19,300,196
Cash at bank and in hand
219,150
106,468
19,708,183
19,406,664
Creditors: amounts falling due within one year
18
(262,964)
(259,097)
Net current assets
19,445,219
19,147,567
Net assets
20,187,613
19,739,961
Capital and reserves
Called up share capital
20
480
480
Profit and loss reserves
21
20,187,133
19,739,481
Total equity
20,187,613
19,739,961

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was $747,653 (2024 - $662,065 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 July 2026 and are signed on its behalf by:
30 July 2026
Ms L A M Malik
Director
Company registration number 06579082 (England and Wales)
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 November 2023
480
(216)
29,649,495
29,649,759
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
4,663
4,663
Balance at 31 October 2024
480
(216)
29,654,158
29,654,422
Year ended 31 October 2025:
Profit and total comprehensive income
-
-
1,042,514
1,042,514
Dividends
10
-
-
(300,000)
(300,000)
Balance at 31 October 2025
480
(216)
30,396,672
30,396,936
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 November 2023
480
19,077,416
19,077,896
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
662,065
662,065
Balance at 31 October 2024
480
19,739,481
19,739,961
Year ended 31 October 2025:
Profit and total comprehensive income
-
747,652
747,652
Dividends
10
-
(300,000)
(300,000)
Balance at 31 October 2025
480
20,187,133
20,187,613
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash absorbed by operations
26
(3,942,229)
(2,107,029)
Interest paid
(76,509)
(81,919)
Income taxes paid
(292,506)
(15,699)
Net cash outflow from operating activities
(4,311,244)
(2,204,647)
Investing activities
Purchase of tangible fixed assets
(2,974)
(3,308)
Purchase of subsidiaries, net of cash acquired
(150,000)
-
Proceeds from disposal of subsidiaries, net of cash disposed
150,000
-
Interest received
1,356,200
1,239,643
Net cash generated from investing activities
1,353,226
1,236,335
Financing activities
Proceeds from derivatives
30,990
(30,990)
Dividends paid to equity shareholders
(300,000)
-
0
Net cash used in financing activities
(269,010)
(30,990)
Net decrease in cash and cash equivalents
(3,227,028)
(999,302)
Cash and cash equivalents at beginning of year
29,172,135
30,171,437
Cash and cash equivalents at end of year
25,945,107
29,172,135
Relating to:
Cash at bank and in hand
25,955,027
29,172,135
Bank overdrafts included in creditors payable within one year
(9,920)
-
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash absorbed by operations
(347,498)
(1,292,487)
Income taxes paid
(280,334)
(2,019)
Net cash outflow from operating activities
(627,832)
(1,294,506)
Investing activities
Purchase of subsidiaries
(150,000)
-
0
Interest received
1,190,514
1,293,321
Net cash generated from investing activities
1,040,514
1,293,321
Financing activities
Dividends paid to equity shareholders
(300,000)
-
Net cash used in financing activities
(300,000)
-
Net increase/(decrease) in cash and cash equivalents
112,682
(1,185)
Cash and cash equivalents at beginning of year
106,468
107,653
Cash and cash equivalents at end of year
219,150
106,468
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 15 -
1
Accounting policies
Company information

Eurocom Investments Limited (“the company”) is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 06579082). The address of the registered office is Flat 41, 3-8 Porchester Gate, Bayswater Road, London, W2 3HP.

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 USD, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $.

In preparing the separate financial statements of the Parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

- Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliation for the Group and the Parent Company would be identical;

- No Statement of Cash Flows has been presented for the Parent Company; and

- No disclosures have been given for the aggregate remuneration of the key management personnel of the Parent Company as their remuneration is included in the totals for the Group as a whole.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Eurocom Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

The directors have carefully reviewed the future prospects of the Company and its future cash flows, including an assessment of the countries and markets in which the Company is active. Having assessed this, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements. This is based on their assessment of current trading, the structure of any deals undertaken, strong cash reserves and a sensitivity analysis conducted on costs to the business. In addition the directors continue to monitor their exposure to inventory risk to ensure they are not subjected to any going concern threats.

1.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is USD.

Transactions and balances

Transactions in foreign currencies are translated into dollars at the average rate ruling in the month of the transaction according to HMRC guidance. The directors have considered this against using the spot exchange rates at the date of transactions noting an immaterial difference.

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses are presented in profit or loss within administrative expenses.

The average sterling exchange rate for the period used by the Group was $1.3086 = £1 (202 4 - $1.2712). The sterling exchange rate at the year end used by the Group was $1.3139 = £1 (202 4 - $1.2855). The average euro exchange rate for the period used by the Group was $1.1083 = €1 (202 4 - $1.0859). The euro exchange rate at the year end used by the Group was $1.1542 = €1 (202 4 - $1.0855).

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Revenue is recognised to the extent that is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on the shipment date of goods, being when the risks and rewards of ownership are transferred to the buyer. As the substance of the transaction is that the Group is acting as principal, turnover is recognised as the gross amount received or receivable in respect of its performance under sales contracts with the customer.

1.6
Operating leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. At the statement of financial position date all leases are classified as operating leases.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the terms of the relevant lease.

1.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.8
Tangible fixed assets

Tangible fixed assets comprise fixtures, fittings and equipment and are stated at cost less accumulated depreciation and any recognised impairment loss.

Depreciation is charged 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:

Fixtures and fittings
Over 4 years
Computers
Over 4 years

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.

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 recognised in the profit and loss account.

1.9

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
1.10

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

Investments in joint ventures are measured at cost and are then subsequently adjusted to reflect the Group's share of the profit or loss of the joint venture less accumulated impairment in the financial statements of the Company.

1.11

Current asset investment

Current asset investments relate to US treasury notes. These are classified as basic financial instruments and measured on initial recognition at transaction price. They are subsequently measured at amortised cost using the effective interest rate method.

1.12
Stocks

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

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.13
Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise of cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company's cash management.

Derivative financial instruments are classified as other financial instruments. They are measured at fair value on initial recognition and at the end of each reporting period, with changes in fair value recognised in profit or loss.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 19 -
1.14
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 group’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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practices requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the Statement of Financial Position date and the reported amounts of revenues and expenses during the reporting period.

Judgements

Revenue recognition

The directors consider that the Group is acting as "principal" for all trades completed. As a result, the associated sales and cost of sales are recognised gross in profit or loss. FRS 102 provides limited guidance regarding such considerations. Accordingly, we have considered previous UK GAAP guidance and IFRS guidance, and given the Group has credit risk on its sale to the buyer with letters of credit being in the Group name, the Group has price risk and the Group has stock risk on its purchase the directors consider that the Group has exposure to significant risks and rewards.

Bad debt provisions

The trade debtor balances of $3,714,903 (202 4 - $4,471,223) recorded in the Consolidated Statement of Financial Position comprise a relatively small number of large balances. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectible.

Financial instruments classification

The classification of financial instruments as "basic" or "other" requires judgement as to whether all the applicable conditions for classification as basic are met. This includes consideration of the form of the instrument and its return.

Key sources of estimation uncertainty

Determination of market rate of interest rate

Interest on the $14,000,000 loan to a subsidiary company (included within the Company's debtors due i n less than one year) is charged at 2% above 90-day US Dollar SOFR rate. This has been deemed to represent a market rate of interest by management on the basis that this is the rate that the subsidiary would be able to borrow at on the open market. This takes into account the financial position of the entity and the assets which can be held as security, including cash. It is also based on rates made available to the Company by current lenders.

3
Turnover and other revenue
2025
2024
$
$
Turnover analysed by class of business
Sale of goods
15,032,641
56,770,683
2025
2024
$
$
Other revenue
Interest income
1,356,200
1,239,643

In the opinion of the directors, the disclosure of analysis of turnover information would be seriously prejudicial to the interests of the Group.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
4
Operating profit/(loss)
2025
2024
$
$
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
(329,233)
(318,922)
Depreciation of tangible fixed assets
6,024
7,190
Operating lease charges
26,186
45,670
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 group and company
5,745
3,857
Audit of the financial statements of the company's subsidiaries
30,942
32,846
36,687
36,703
6
Employees

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

2025
2024
Number
Number
Sales
2
2
Administration
2
2
Total
4
4

Their aggregate remuneration comprised:

2025
2024
$
$
Wages and salaries
64,262
101,399
Social security costs
1,729
1,570
Pension costs
44
72
66,035
103,041
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
7
Interest receivable and similar income
2025
2024
$
$
Interest income
Other interest receivable
1,356,200
1,239,643
8
Interest payable and similar expenses
2025
2024
$
$
Other finance costs:
Other loan interest payable
76,509
81,919
9
Taxation
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
318,097
-
0
Adjustments in respect of prior periods
25,188
-
0
Total current tax
343,285
-
0

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

2025
2024
$
$
Profit before taxation
1,385,799
4,663
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
346,450
1,166
Effects of:
Expenses that are not deductible in determining taxable profit
15,886
(13,785)
Utilisation of tax losses not previously recognised
(3,097)
-
0
Unutilised tax losses carried forward
-
0
27,572
Adjustments in respect of prior years
25,188
-
0
Double tax relief
(41,142)
(15,995)
Group relief
-
0
2,208
Other Tax adjustments
-
0
(1,166)
Taxation charge in the financial statements
343,285
-
10
Dividends
2025
2024
Recognised as distributions to equity holders:
$
$
Final paid
300,000
-
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
$
$
$
Cost
At 1 November 2024
205,739
-
0
205,739
Additions
-
0
2,974
2,974
At 31 October 2025
205,739
2,974
208,713
Depreciation and impairment
At 1 November 2024
194,706
-
0
194,706
Depreciation charged in the year
5,280
744
6,024
At 31 October 2025
199,986
744
200,730
Carrying amount
At 31 October 2025
5,753
2,230
7,983
At 31 October 2024
11,033
-
0
11,033
The company had no tangible fixed assets at 31 October 2025 or 31 October 2024.
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
$
$
$
$
Investments in subsidiaries
13
-
0
-
0
742,300
592,300
Investments in joint ventures
14
17,563
20,209
94
94
17,563
20,209
742,394
592,394
Movements in fixed asset investments
Group
Shares in joint ventures
$
Cost or valuation
At 1 November 2024
20,209
Share of loss
(2,646)
At 31 October 2025
17,563
Carrying amount
At 31 October 2025
17,563
At 31 October 2024
20,209
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
$
Cost or valuation
At 1 November 2024
592,394
Additions
150,000
At 31 October 2025
742,394
Carrying amount
At 31 October 2025
742,394
At 31 October 2024
592,394
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Europa Import Export Limited
Flat 41, 3-8 Porchester Gate, Bayswater Road, London, W2 3HP
Ordinary
100.00
Europa Steel (Suisse) AG
Zugerstrasse 32, Baar, Switzerland
Ordinary
100.00
The loan of $14,000,000 due from the subsidiary undertaking, Europa Import Export Limited, attracts interest at a rate of 2% above 90-day US Dollar SOFR rate. Security is provided for the loan in the form of a debenture with a fixed and floating charge in place. The parent company has the ability to secure the loan over the assets of the subsidiary company at any time. The imputed interest charged is at an estimated market rate of interest as set out in Note 3.
The loan was fully repaid on 19 November 2025.
During the previous year, an additional loan of $2,500,000 was due from the subsidiary undertaking, Europa Import Export Limited. This amount was repayable on demand at a rate of 2% above 90-day US Dollar SOFR.
This loan was also fully repaid on 19 November 2025.
14
Joint ventures

Details of joint ventures at 31 October 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares
Direct
Majid Sons Developments Limited
11 Dudhope Terrace, Dundee, DD3 6TS
Ordinary
50.00
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
15
Financial instruments
Group
Company
2025
2024
2025
2024
$
$
$
$
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
11,856
30,990
-
-
EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
15
Financial instruments
(Continued)
- 26 -

Financial instruments - Group

The Group's financial instruments comprise cash and cash equivalents, borrowings and items such as trade creditors and trade debtors which arise directly from its operations. The main purpose of these financial instruments is to provide finance for the Group's operations.

The Group's operations expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and foreign currency exchange risk. Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Group's finance department.

Credit risk

The Group's credit risk is primarily attributable to its trade debtors. The Group has implemented policies that require appropriate credit checks on potential customers before sales are made.

The Group extends credit to a limited number of customers who are well known to the directors and with whom the Company has been doing business for a number of years. Furthermore, the amount of credit extended is carefully monitored so that it does not exceed a pre-set amount, determined according to the customer's ability to repay.

The carrying amount of financial assets represents the maximum credit exposure.

Amounts lent to related parties are detailed in Note 24. There is not deemed to be any significant credit risk from these entities.

Liquidity risk

The Group actively monitors its cash balances to ensure it has sufficient available funds for operations and planned expansions.

The Group's financial liabilities comprise trade and other creditors which are measured at amortised cost. The trade creditors are all payable within six months.

The Group will continue to monitor availability of funds from banks as required. However, there is no such reliance on the banks and if this support was to be reduced the Group has the ability to self-finance their activities.

Interest rate risk

The Group has interest bearing assets and interest bearing liabilities. Interest bearing assets comprise cash and cash equivalents which earn interest at a variable rate and US treasury notes which earn interest at both fixed and variable rates.

Foreign currency exchange rate risk

The Group holds cash denoted in other currencies and conducts trade in other currencies from time to time and either hedges the exchange rate risk or holds the currency if the management decide that there may be advantage to do so, or if the Group has perceived the need for the other currency in the short term.

Financial instruments - Company

The Company's financial instruments comprise trade debtors and creditors, intercompany balances and cash and cash equivalents.

The intercompany debtor earned interest at a variable rate based on 90 day US Dollar SOFR rate plus 2% during the year. The carrying amount of financial assets represents the maximum credit exposure.

The Company's financial liabilities, which are all non-derivatives, comprise trade and other creditors which are recorded at amortised cost.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 27 -
16
Stocks
Group
Company
2025
2024
2025
2024
$
$
$
$
Raw materials and consumables
-
1,641,286
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
$
$
$
$
Trade debtors
3,714,905
4,471,233
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
18,010,010
17,724,043
Amounts owed by undertakings in which the company has a participating interest
289,058
282,832
289,058
282,832
Derivative financial instruments
11,856
30,990
-
0
-
0
Other debtors
1,325,723
1,061,220
-
0
-
0
Prepayments and accrued income
62,708
56,453
1,189,965
1,293,321
5,404,250
5,902,728
19,489,033
19,300,196
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
$
$
$
$
Bank loans and overdrafts
9,920
-
0
-
0
-
0
Trade creditors
105,738
1,521,649
-
0
-
0
Corporation tax payable
327,005
276,226
257,614
255,146
Other taxation and social security
-
0
734
-
0
-
0
Other creditors
24,706
4,529,978
94
94
Accruals and deferred income
520,518
764,382
5,256
3,857
987,887
7,092,969
262,964
259,097
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
44
72

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 28 -
20
Share capital
2025
2024
$
$
Allotted, called up and fully paid
240 ordinary shares of £2.00 each
480
480
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
21
Reserves

Other reserves

This account relates to the consolidation adjustment to remove the investment in Europa Import Export Limited.

Profit and loss account

This account relates to the cumulative profit and losses less amounts distributed to shareholders.

22
Financial commitments, guarantees and contingent liabilities

At the year end, the Group was committed to sell €510,000 and £nil (2024- €2,500,000 and £100,000) under forward exchange contracts.

23
Events after the reporting date

Subsequent to the year end, on 3 November 2025, the directors approved an interim dividend totalling USD 20,400,000, GBP 1,800,000 and EUR 5,100,000 in respect of the year ended 31 October 2025.

This represents a non-adjusting event after the reporting date and, accordingly, no liability has been recognised in these financial statements.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 29 -
24
Related party transactions

There is a company with whom it has directors in common. During the year ended 31 October 202 5, the Group did a currency exchange with the company at market exchange rates at a value of $6,160 (202 4: $166,450). During the year ended 3 1 October 202 5, the Group made sales of $nil (202 4: $1,814,887) to the company and purchased stock of $nil (202 4: $nil) from the company. At the year end, $1,340,883 (2024: $1,486,807) was owed from the company and $Nil (2024: $nil) was owed to the company.

During the year, the Group paid rent of $24,160 representing an underlying rent charge of £16,500 (202 4: $48,218 representing an underlying rent charge of £36,000) to a director of the Company.

During 2015, the Group made a loan to a company with whom it has directors in common. $Nil (202 4: $Nil) was repaid during the period. The loan balance at the period end was $785,512 representing an underlying balance of £597,848 (20 24: $768,593, representing an underlying balance of £597,848). No interest is charged on this balance. The Group also rented one floor of a property from the same company on a rent free basis during the year.

Loans due to former directors totalled $nil representing an underlying value of £nil (202 4: $nil). There has been no further interest charged since 2024 (2024: 8% per annum), amounting to a total charge of $nil representing interest of £nil (2024: $2,676 representing interest of £2,098) for the year which remains unpaid at the year end.

Remuneration to close family members for their services provided to the company during the year totalled $14,008 representing an underlying balance of £1 0,661 (202 4: $18,101, representing an underlying balance of £14,193).

Remuneration to key management personnel during the year totalled $13,489 (2024: $32,526) and benefits paid to key management personnel totalled $nil (2024: $5,434).

During the year, the Group made a loan of $250,000 to an entity controlled by the directors. No interest was charged on the balance.

All transactions have been translated in line with the group's foreign currencies accounting policy.

25
Controlling party

The ultimate controlling party are the directors, by virtue of their shareholding and directorship in the ultimate parent undertaking.

EUROCOM INVESTMENTS LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 30 -
26
Cash absorbed by group operations
2025
2024
$
$
Profit after taxation
1,042,514
4,663
Adjustments for:
Share of results of associates and joint ventures
2,646
(1,326)
Taxation charged
343,285
-
0
Finance costs
76,509
81,919
Investment income
(1,356,200)
(1,239,643)
Fair value gain on foreign exchange contracts
(11,856)
(30,990)
Depreciation and impairment of tangible fixed assets
6,024
7,190
Movements in working capital:
Decrease in stocks
1,641,286
4,775,391
Decrease/(increase) in debtors
479,344
(1,590,859)
Decrease in creditors
(6,165,781)
(4,113,374)
Cash absorbed by operations
(3,942,229)
(2,107,029)
27
Analysis of changes in net funds - group
1 November 2024
Cash flows
31 October 2025
$
$
$
Cash at bank and in hand
29,172,135
(3,217,108)
25,955,027
Bank overdrafts
-
0
(9,920)
(9,920)
29,172,135
(3,227,028)
25,945,107
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