EUROPEAN EXPRESS ENTERPRISES LIMITED 31/12/2025 iXBRL

Company registration number: 05564243

EUROPEAN EXPRESS ENTERPRISES LIMITED

Filleted financial statements

31 December 2025

Pearlman Rose

Chartered Accountants & Statutory Auditors

Suite 1, First Floor

Jack Dash House

2 Lawn House Close

Docklands

London, E14 9YQ

EUROPEAN EXPRESS ENTERPRISES LIMITED

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

EUROPEAN EXPRESS ENTERPRISES LIMITED

Directors and other information


	Directors	Mr Felipe Cosmen Menendez-Castañedo
		Mrs Amalia Rodrigues Cosmen


	Company number	05564243


	Registered office	Fifth Floor
		Building 7, 566 Chiswick High Road
		London
		England
		W4 5YG


	Auditor	Pearlman Rose
		Chartered Acccountants & Statutory Auditors
		Suite 1 First Floor,
		Jack Dash House,
		2 Lawn House Close, Docklands
		London
		E14 9YQ


	Accountants	Tax & Advise Limited
		19 The Circle
		Queen Elizabeth Street
		London
		SE1 2JE




	Bankers	Banca March S.A

		Caixa Bank

EUROPEAN EXPRESS ENTERPRISES LIMITED

Directors responsibilities statement

Year ended 31 December 2025

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EUROPEAN EXPRESS ENTERPRISES LIMITED

Statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Investments	5	40,597,653		103,445,703
		_______		_______
			40,597,653		103,445,703

Current assets
Debtors	6	3,137,810		2,975,107
Cash at bank and in hand		3,228,828		1,608,294
		_______		_______
		6,366,638		4,583,401
Creditors: amounts falling due
within one year	7	( 14,456,042)		( 14,250,157)
		_______		_______
Net current liabilities			( 8,089,404)		( 9,666,756)
			_______		_______
Total assets less current liabilities			32,508,249		93,778,947

Creditors: amounts falling due
after more than one year	8		( 82,757,856)		( 90,275,203)
			_______		_______
Net (liabilities)/assets			( 50,249,607)		3,503,744
			_______		_______

Capital and reserves
Called up share capital			13,503,608		13,503,608
Share premium account			131,187,317		131,187,317
Profit and loss account			( 194,940,532)		( 141,187,181)
			_______		_______
Shareholders (deficit)/funds			( 50,249,607)		3,503,744
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 11 August 2026 , and are signed on behalf of the board by:

Mr Felipe Cosmen Menendez-Castañedo

Director

Company registration number: 05564243

EUROPEAN EXPRESS ENTERPRISES LIMITED

Statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 January 2024	13,503,608	131,187,317	( 134,075,835)	10,615,090

Loss for the year			( 7,111,346)	( 7,111,346)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 7,111,346)	( 7,111,346)

	_______	_______	_______	_______
At 31 December 2024 and 1 January 2025	13,503,608	131,187,317	( 141,187,181)	3,503,744

Loss for the year			( 53,753,351)	( 53,753,351)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 53,753,351)	( 53,753,351)

	_______	_______	_______	_______
At 31 December 2025	13,503,608	131,187,317	( 194,940,532)	( 50,249,607)
	_______	_______	_______	_______

EUROPEAN EXPRESS ENTERPRISES LIMITED

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Fifth Floor, Building 7, 566 Chiswick High Road, London, England, W4 5YG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The Going Concern assessment has been carried out for a period of at least 12 months from the date of approval. The company's major creditors have given an undertaking that they will continue to support the company at least until 31 December 2026.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 January 2025	265,916,742	265,916,742
Additions	3,001,646	3,001,646
	_______	_______
At 31 December 2025	268,918,388	268,918,388
	_______	_______
Impairment
At 1 January 2025	162,471,040	162,471,040
Reversal of impairment loss	( 8,896,593)	( 8,896,593)
Other movements	74,746,288	74,746,288
	_______	_______
At 31 December 2025	228,320,735	228,320,735
	_______	_______
Carrying amount
At 31 December 2025	40,597,653	40,597,653
	_______	_______
At 31 December 2024	103,445,702	103,445,702
	_______	_______

6. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,137,810	2,975,107
	_______	_______

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,000,000	10,000,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,448,385	4,242,500
Social security and other taxes	34	34
Other creditors	7,623	7,623
	_______	_______
	14,456,042	14,250,157
	_______	_______

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	33,577,027	55,888,969
Other creditors	49,180,829	34,386,234
	_______	_______
	82,757,856	90,275,203
	_______	_______

Other creditors represents a loan from Marvel Group limited repayable in 2025. Interest is charged at LIBOR plus 1.75%.

9. Other financial commitments

The Company has provided cross-company guarantees in respect of loan facilities entered into by its fellow subsidiary, Northern Express Enterprises Limited.The facilities covered by the guarantees comprise:A £50,000,000 loan facility maturing on 15 January 2030, secured over listed shares and bearing interest at three-month SONIA plus 0.08%; andA £25,000,000 loan facility with Banca March, secured over 22,150,000 ordinary shares in Mobico Group plc and bearing interest at SONIA plus 1.75%.The guarantees will remain in place until the underlying facilities have been fully repaid.

10. Summary audit opinion

The auditor's report dated 11 August 2026 was unqualified.

The senior statutory auditor was Muhammad Jilani for and on behalf of Pearlman Rose

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Northern Express Enterprises Limited	222,212	261,178	( 4,448,385)	( 4,242,500)
Evolyn Mobility Limited	162,702	173,819	3,137,810	2,975,108
	_______	_______	_______	_______

Northern Express Enterprises Limited – under common control Loans between the Company and Northern Express Enterprises Limited are unsecured, have no fixed repayment date and bear interest at LIBOR plus 1.75% on outstanding balances. Interest payable during the year amounted to £222,212 (2024: £261,178). No interest was receivable during the year (2024: £nil). At 31 December 2025, the amount due to Northern Express Enterprises Limited was £4,448,385 (2024: £4,242,500). Evolyn Mobility Limited – under common control Amounts due from Evolyn Mobility Limited are unsecured, have no fixed repayment date and bear interest at SONIA plus 1.0% on outstanding balances. Interest receivable during the year amounted to £162,702 (2024: £173,819). At 31 December 2025, the amount due from Evolyn Mobility Limited was £3,137,810 (2024: £2,975,108).

12. Controlling party

The immediate parent undertaking of the Company is COMPANIA DE LOS FERROCARRILES ECONOMICOS DE ASTURIAS, S.A.U., by which it is wholly owned. The ultimate controlling parties are the Cosmen family. The largest and smallest group into which the Company is consolidated is headed by Cofinex S.L., incorporated in Spain. Copies of the consolidated financial statements of Cofinex S.L. may be obtained from the Spanish Registro Mercantil Central.