REGISTERED NUMBER: NI693996 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Terminal Stations Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Brannan

REGISTERED OFFICE:

Clockwise Offices

River House

48-60 High Street

Belfast

BT1 2BE

REGISTERED NUMBER:

NI693996 (Northern Ireland)

ACCOUNTANTS:

Wilson Partners Limited

1st Floor

One Suffolk Way

Sevenoaks

Kent

TN13 1YL

FIXED ASSETS

Tangible assets

4

21,082

61,155

CURRENT ASSETS

Debtors

5

537,015

1,669,287

Cash at bank

546,014

75,814

1,083,029

1,745,101

CREDITORS

Amounts falling due within one year

6

191,733

105,363

NET CURRENT ASSETS

891,296

1,639,738

TOTAL ASSETS LESS CURRENT LIABILITIES

912,378

1,700,893

CAPITAL AND RESERVES

Called up share capital

7

1

1

Share premium

8

8,312,517

5,908,645

Retained earnings

8

(7,400,140

)

(4,207,753

)

SHAREHOLDERS' FUNDS

912,378

1,700,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 August 2026 and were signed by:

D Brannan - Director

1.	STATUTORY INFORMATION

Terminal Stations Limited is a private company, limited by shares , registered in Northern Ireland. 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 Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies the directors are 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 3 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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

Going concern

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2025

and 31 December 2025

120,219

DEPRECIATION

At 1 January 2025

59,064

Charge for year

40,073

At 31 December 2025

99,137

NET BOOK VALUE

At 31 December 2025

21,082

At 31 December 2024

61,155

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Intercompany

-

954,327

Tax

479,566

622,467

VAT

24,820

26,773

Prepayments

15,024

53,697

519,410

1,657,264

2025

2024

£

£

Amounts falling due after more than one year:

Rent deposit

16,680

9,792

Cycle scheme deposit

925

2,231

17,605

12,023

Aggregate amounts

537,015

1,669,287

During the period the parent Company subscribed to £0.01 share capital to repay the intercompany loan at a cash price of $3.232 million using an exchange rate of 1.34449745 which converted to £2,403,872.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

74,111

65,622

Pension payable

19,446

35,671

Intercompany

48,530

-

Directors' current accounts

-

20

Accrued expenses

49,646

4,050

191,733

105,363

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

102

Ordinary shares

0.01

1

1

1 Ordinary shares share of 0.01 was allotted as fully paid at a premium of £2,403,872 during the year.

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2025

(4,207,753

)

5,908,645

1,700,892

Deficit for the year

(3,192,387

)

(3,192,387

)

Cash share issue

-

2,403,872

2,403,872

At 31 December 2025

(7,400,140

)

8,312,517

912,377

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Terminal Station Holdings, Inc..

The ultimate controlling party is Terminal Station Holdings, Inc..

10.	SHARE-BASED PAYMENT TRANSACTIONS

Employee's of the Company have equity options in the parent Company, Terminal Industries, inc. under an equity settled sub-plan.

The employee's had 9,211,237 options outstanding at the beginning of the period.

During the period nil (2024: nil) options were granted to employees.

During the period 5,362,671 (2024: nil) options were forfeited.

During the period 1,790,542 (2024: nil) options were exercised.

During the period nil (2024: nil) options expired

The employee's had 2,058,024 options outstanding at the end of the period.

The employee's have 1,029,012 (2024: 2,302,809) exercisable options at the end of the period.

The fair value of the share options has been valued at £0.05.

The total change in valuation of the vested options was £48,140, this was charged to the profit and loss. The total carrying amount is £48,140 (2024: nil) which is reflected in the intercompany loan with Terminal Industries, inc.