REGISTERED NUMBER: 10333653 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

CMOC UK Limited

Page

Company Information

1

Report of the Director

2

Statement of Director's Responsibilities

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTOR:

J Furness

REGISTERED OFFICE:

52 Jermyn Street

London

SW1Y 6LX

REGISTERED NUMBER:

10333653 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of acting as the business development cost centre and financing hub for entities within the CMOC Group.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was $20,182,105 (2024: $Nil)

DIRECTOR

G Pereira held office from 1 January 2025 until after 31 December 2025 but prior to the date of this report.

J Furness was appointed as a director after 31 December 2025 but prior to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J Furness - Director

31 July 2026

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Opinion

We have audited the financial statements of CMOC UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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

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

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

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

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

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation and distributable profits legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include Employment Act.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk the material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

4 August 2026

TURNOVER

4

9,598,065

4,017,851

Administrative expenses

9,982,281

4,034,448

OPERATING LOSS

(384,216

)

(16,597

)

Interest receivable and similar income

1,013,580

2,978,012

629,364

2,961,415

Interest payable and similar expenses

6

21,323

122,197

PROFIT BEFORE TAXATION

7

608,041

2,839,218

Tax on profit

8

481,297

576,123

PROFIT FOR THE FINANCIAL YEAR

126,744

2,263,095

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

126,744

2,263,095

FIXED ASSETS

Tangible assets

10

255,810

135,806

CURRENT ASSETS

Debtors

11

7,874,147

40,185,565

Cash at bank

7,836,128

6,740,394

15,710,275

46,925,959

CREDITORS

Amounts falling due within one year

12

7,699,495

18,850,524

NET CURRENT ASSETS

8,010,780

28,075,435

TOTAL ASSETS LESS CURRENT LIABILITIES

8,266,590

28,211,241

CREDITORS

Amounts falling due after more than one year

13

110,710

-

NET ASSETS

8,155,880

28,211,241

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

8,155,879

28,211,240

SHAREHOLDERS' FUNDS

8,155,880

28,211,241

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

The financial statements were approved by the director and authorised for issue on 31 July 2026 and were signed by:

J Furness - Director

Called up

share

Retained

Total

capital

earnings

equity

$

$

$

Balance at 1 January 2024

1

25,948,145

25,948,146

Changes in equity

Total comprehensive income

-

2,263,095

2,263,095

Balance at 31 December 2024

1

28,211,240

28,211,241

Changes in equity

Dividends

-

(20,182,105

)

(20,182,105

)

Total comprehensive income

-

126,744

126,744

Balance at 31 December 2025

1

8,155,879

8,155,880

1.	STATUTORY INFORMATION

CMOC UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraph 52 and 58 of IFRS 16 Leases;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16; and

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

New standards and amendments and IFRIC interpretations

The company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2025:

- Amendments to IAS 21 - Lack of Exchangeability

The director does not consider the amendment listed above did have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

New and revised IFRS Standards in issue but not yet effective

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company and are not expected to have a material impact on the entity in the current or future reporting periods an on foreseeable future transactions.

- Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (effective for annual periods beginning on or after 1 January 2026)

- Amendment to IFRS 9 and IFRS 7 - Contracts Referencing Nature - dependent Electricity (effective for annual periods beginning on or after 1 January 2026)

- Annual improvements to IFRS - Volume 11 (effective for annual periods beginning on or after 1 January 2026)

- Amendments to IAS21 - Translation to a Hyperinflationary Presentation Currency (effective for annual periods beginning on or after 1 January 2027)

- IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027)

- IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027)

Going concern

The Company had a positive cash balance and net current asset operating position at the balance sheet date. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing financial statements.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. The company recognises revenue when performance obligations have been satisfied and for the company this is when the goods or services have transferred to the customer and the customer has control of these.

The Company provides a service of business development support to group companies of CMOC Group. Revenue from the rendering of services is calculated using the cost markup method and is recognised upon the delivery of the service over the period of time.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Fixtures and fittings - 20% per annum

Computer equipment - 33% per annum

Leasehold improvement - 20% per annum

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.

A tangible fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Financial instruments

Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Financial assets that are measured at amortised cost comprise trade and other debtors and cash and cash equivalents in the balance sheet. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Financial liabilities, including trade creditors and other short-term monetary liabilities, are initially measured at fair value, net of transaction costs before subsequently being measured at amortised cost.

The company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire.

Impairment of financial assets

The company assesses on a forward-looking basis the expected credit loss associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Taxation

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

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

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 based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date.

Foreign currencies

The US dollar is the presentation and functional currency as it best reflects the underlying transactions, events and conditions for the Company.

Transactions in currencies other than the Company’s functional currency (USD) are recognised at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. All exchange differences are recognised in profit or loss in the period.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Dividend distribution

Dividend distributions to the company’s shareholders are recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.

Interest income

Interest income is recognised using the effective interest rate method.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The company leases office with fixed periods of 5 years.

Contracts may contain both lease and non-lease components. The company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the fixed payments (including in-substance fixed payments), less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the company, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the company, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases - continued

Right-of-use assets are measured at cost comprising the following:

- The amount of the initial measurement of lease liability;

- Any lease payments made at or before the commencement date less any lease incentives received;

- Any initial direct costs; and

- Restoration costs

To determine the incremental borrowing rate, the company:

- Where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;

- Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the company, which does not have recent third-party financing, and

- Makes adjustments specific to the lease, e.g. term, currency and security.

If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the company uses that rate as a starting point to determine the incremental borrowing rate.

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

Management applies significant judgement in assessing the recoverability of VAT receivables recognised in the statement of financial position. The assessment considers the validity of the underlying input VAT claims, the progress of recovery from HMRC, and any uncertainties arising from the application of relevant VAT legislation or the availability of supporting documentation. Where management concludes that recovery of part of the VAT receivable is uncertain, an appropriate provision is recognised. At the reporting date, a provision of $464,082 has been recognised in respect of VAT receivables, representing management's best estimate of the amount that may not be recoverable (Note 11).

The director considers no other critical judgements or key sources of estimation uncertainty applied in the preparation of these financial statements.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

$

$

Service revenue

9,598,065

4,017,851

9,598,065

4,017,851

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

$

$

P.R. China

9,598,065

4,017,851

9,598,065

4,017,851

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

$

$

Wages and salaries

1,154,567

576,770

Social security costs

184,482

145,022

Other pension costs

34,436

33,023

1,373,485

754,815

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

31.12.25

31.12.24

Business development

3

3

31.12.25

31.12.24

$

$

Director's remuneration

254,912

127,897

Director's pension contributions to money purchase schemes

7,908

7,608

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

31.12.25

$

Emoluments etc

254,912

Pension contributions to money purchase schemes

7,908

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

$

$

Interest payable

-

122,197

Interest on lease liabilities

21,323

-

21,323

122,197

7.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):

31.12.25

31.12.24

$

$

Depreciation - owned assets

135,519

62,354

Auditors' remuneration

48,596

42,124

Foreign exchange differences

(2,705

)

164,235

8.

TAXATION

Analysis of tax expense

31.12.25

31.12.24

$

$

Current tax:

Tax

481,297

576,123

Total tax expense in statement of comprehensive income

481,297

576,123

Factors affecting the tax expense

The tax assessed for the year is higher (2024 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

$

$

Profit before income tax

608,041

2,839,218

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

152,010

709,805

Effects of:

Depreciation and capital allowance

34,633

12,707

(Over)/Underprovision of previous year tax

178,633

(152,149

)

Expenses not deductible for tax purposes

116,021

5,760

Tax expense

481,297

576,123

OECD Pillar Two model rules

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2024.

Under the legislation, the company is liable to pay a top-up tax in the UK for the difference between the Globe effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.

The company forms part of a wider group. Any potential impact of OECD Pillar Two model rules is assessed at the group level. Based on current assessments, no material impact is expected on the company.

9.

DIVIDENDS

31.12.25

31.12.24

$

$

Ordinary share of $1

Final

20,182,105

-

The Company declared a dividend of $20,182,105.42 to CMOC Limited on 30 June 2025.

10.	TANGIBLE FIXED ASSETS

Fixtures

Right-of-use

Leasehold

and

Computer

assets

improvement

fittings

equipment

Totals

$

$

$

$

$

COST

At 1 January 2025

-

226,177

91,324

38,117

355,618

Reclassification/transfer

450,924

-

-

-

450,924

At 31 December 2025

450,924

226,177

91,324

38,117

806,542

DEPRECIATION

At 1 January 2025

-

90,471

91,324

38,017

219,812

Charge for year

90,184

45,235

-

100

135,519

Reclassification/transfer

195,401

-

-

-

195,401

At 31 December 2025

285,585

135,706

91,324

38,117

550,732

NET BOOK VALUE

At 31 December 2025

165,339

90,471

-

-

255,810

At 31 December 2024

-

135,706

-

100

135,806

The company reclassed the Right-of-use asset from operating lease for 31 December 2025 accounting period.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$

$

Trade debtors

7,415,556

3,513,450

Amounts owed by group undertakings

-

36,198,476

Other debtors

458,591

473,639

7,874,147

40,185,565

Trade debtors due from group undertakings represent amounts receivable in respect of service costs recharged to a fellow subsidiary.

Other debtors include a VAT receivable of $464,082 (2024: $404,658). A full provision has been recognised against this balance due to uncertainty over its recoverability. Accordingly, the VAT receivable has been fully impaired at the reporting date (2024: No impairment).

The comparative figure included the intercompany loan and unpaid accrued interest of $36 million which was fully settled in 2025.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$

$

Leases (see note 14)

124,129

-

Trade creditors

1,689,541

75,199

Amounts owed to group undertakings

2,860,720

17,036,275

Tax

1,083,777

531,947

Accruals and deferred income

1,941,328

1,207,103

7,699,495

18,850,524

Included in amounts owed to group undertakings, there is a balance of $2.86 million (2024: $2.22 million) relating to payroll costs and service fees paid by a fellow subsidiary on behalf of the Company. The comparative figure included accrued interest of $14.8 million on the shareholder loan which was fully settled in 2025.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

$

$

Leases (see note 14)

110,710

-

14.

FINANCIAL LIABILITIES - BORROWINGS

31.12.25

31.12.24

$

$

Current:

Leases (see note 15)

124,129

-

Non-current:

Leases (see note 15)

110,710

-

Terms and debt repayment schedule

1 year or

less

1-2 years

Totals

$

$

$

Leases

124,129

110,710

234,839

15.

LEASING