STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

TRATOS CAVI UK LTD.

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

P Bennett

Dr M Bragagni

D Bragagni

A Bragagni

M Gori

E Bragagni Capaccini

Ms E Bragagni Capaccini

SECRETARY:

P Bennett

REGISTERED OFFICE:

Radway Point 2

Radway Road

Swindon

Wiltshire

SN3 4ND

REGISTERED NUMBER:

03971894 (England and Wales)

AUDITORS:

Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their strategic report for the year ended 31 December 2025.

.

REVIEW OF BUSINESS

The principal activity of the company is the manufacture, sale and installation of fibre optic cable. The results of the Company for the financial year ended 31 December 2025 are shown in the Income Statement on page 6. The state of the Company's affairs at 31 December 2025 is shown in the Balance Sheet on page 8.

Key performance indicators (KPIs)

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit, operating profit and profit before taxation, as set out below:

31.12.2025 31.12.2024

£    £000

Turnover 11,452 13,621

Gross profit 3,326 1,606

Operating profit (loss) 491 (2,018)

Profit (loss) before taxation 491 729

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from other manufacturers and suppliers of fibre optic cable. This risk is managed through careful monitoring of the market and competition.

ON BEHALF OF THE BOARD:

P Bennett - Director

3 August 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P Bennett

Dr M Bragagni

D Bragagni

A Bragagni

M Gori

E Bragagni Capaccini

Ms E Bragagni Capaccini

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Bennett - Director

3 August 2026

Opinion

We have audited the financial statements of Tratos Cavi Uk Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 Strategic Report or the Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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.

James Timothy Card FCCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

3 August 2026

TURNOVER

11,451,565

13,620,815

Cost of sales

8,125,138

12,014,744

GROSS PROFIT

3,326,427

1,606,071

Administrative expenses

2,835,347

3,624,236

OPERATING PROFIT/(LOSS)

4

491,080

(2,018,165

)

Cost of fundamental reorg

5

85,396

2,817,627

576,476

799,462

Interest receivable and similar income

3,576

-

580,052

799,462

Interest payable and similar expenses

6

88,528

70,589

PROFIT BEFORE TAXATION

491,524

728,873

Tax on profit

7

205,658

(27,857

)

PROFIT FOR THE FINANCIAL YEAR

285,866

756,730

PROFIT FOR THE YEAR

285,866

756,730

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

285,866

Prior year adjustment

(525,341

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

231,389

FIXED ASSETS

Intangible assets

8

29,484

-

Tangible assets

9

991,969

1,104,300

1,021,453

1,104,300

CURRENT ASSETS

Stocks

10

4,073,191

3,226,807

Debtors

11

1,823,878

3,411,748

Cash at bank and in hand

1,873,873

1,286,276

7,770,942

7,924,831

CREDITORS

Amounts falling due within one year

12

4,169,639

4,703,171

NET CURRENT ASSETS

3,601,303

3,221,660

TOTAL ASSETS LESS CURRENT LIABILITIES

4,622,756

4,325,960

PROVISIONS FOR LIABILITIES

13

417,305

406,375

NET ASSETS

4,205,451

3,919,585

CAPITAL AND RESERVES

Called up share capital

14

9,425,001

9,425,001

Retained earnings

15

(5,219,550

)

(5,505,416

)

SHAREHOLDERS' FUNDS

4,205,451

3,919,585

The financial statements were approved by the Board of Directors and authorised for issue on 3 August 2026 and were signed on its behalf by:

P Bennett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

1

(5,736,805

)

(5,736,804

)

Prior year adjustment

-

(525,341

)

(525,341

)

As restated

1

(6,262,146

)

(6,262,145

)

Changes in equity

Issue of share capital

9,425,000

-

9,425,000

Total comprehensive income

-

756,730

756,730

Balance at 31 December 2024

9,425,001

(5,505,416

)

3,919,585

Changes in equity

Total comprehensive income

-

285,866

285,866

Balance at 31 December 2025

9,425,001

(5,219,550

)

4,205,451

Cash flows from operating activities

Cash generated from operations

1

1,383,440

4,944,968

Interest paid

(88,528

)

(70,589

)

Redundancy provision

-

(2,792,978

)

Warranty provision

(100,029

)

(106,056

)

Rework provision

-

300,000

Tax paid

(582,458

)

(86,293

)

Bad debt provision

96,350

-

Net cash from operating activities

708,775

2,189,052

Cash flows from investing activities

Purchase of intangible fixed assets

(29,484

)

-

Purchase of tangible fixed assets

(95,270

)

(367,941

)

Sale of tangible fixed assets

-

1,093,682

Interest received

3,576

-

Net cash from investing activities

(121,178

)

725,741

Cash flows from financing activities

Loan repayments in year

-

(17,218,193

)

Share issue

-

9,425,000

Net cash from financing activities

-

(7,793,193

)

Increase/(decrease) in cash and cash equivalents

587,597

(4,878,400

)

Cash and cash equivalents at beginning of year

2

1,286,276

6,164,676

Cash and cash equivalents at end of year

2

1,873,873

1,286,276

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Profit before taxation

491,524

728,873

Depreciation charges

207,601

358,051

Amounts due from related parties

12,305

-

Amounts due to related parties

1,316,949

-

Finance costs

88,528

70,589

Finance income

(3,576

)

-

2,113,331

1,157,513

(Increase)/decrease in stocks

(846,384

)

5,249,869

Decrease in trade and other debtors

1,575,565

3,351,138

Decrease in trade and other creditors

(1,459,072

)

(4,813,552

)

Cash generated from operations

1,383,440

4,944,968

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,873,873

1,286,276

Period ended 31 December 2024

31.12.24

1.4.24

£

£

Cash and cash equivalents

1,286,276

6,164,676

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,286,276

587,597

1,873,873

1,286,276

587,597

1,873,873

Total

1,286,276

587,597

1,873,873

1.	STATUTORY INFORMATION

Tratos Cavi Uk Ltd. 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Wages and salaries

2,125,747

1,621,238

Social security costs

240,645

314,248

Other pension costs

262,615

116,831

2,629,007

2,052,317

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

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

Operations

32

24

Administration

11

22

43

46

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Directors' remuneration

121,088

-

Directors' pension contributions to money purchase schemes

25,962

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Other operating leases

559,231

483,952

Depreciation - owned assets

207,601

358,051

Foreign exchange differences

65,379

20,795

5.	EXCEPTIONAL ITEMS

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Cost of fundamental reorg

85,396

2,817,627

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Intercompany interest

88,528

41,810

Interest payable

-

28,779

88,528

70,589

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

Period

1.4.24

Year Ended

to

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

66,123

457,531

Previous year taxation adj

124,926

-

Total current tax

191,049

457,531

Deferred tax

14,609

(485,388

)

Tax on profit

205,658

(27,857

)

8.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

Additions

29,484

At 31 December 2025

29,484

NET BOOK VALUE

At 31 December 2025

29,484

9.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2025

6,095,992

Additions

95,270

At 31 December 2025

6,191,262

DEPRECIATION

At 1 January 2025

4,991,692

Charge for year

207,601

At 31 December 2025

5,199,293

NET BOOK VALUE

At 31 December 2025

991,969

At 31 December 2024

1,104,300

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks

977,255

593,925

Raw materials

2,961,548

2,315,575

Work-in-progress

134,388

317,307

4,073,191

3,226,807

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

1,476,273

2,726,711

Amounts owed by group undertakings

-

12,305

Other debtors

29

75

Prepayments and accrued income

562

388,355

Prepayments

347,014

284,302

1,823,878

3,411,748

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

1,147,117

1,899,357

Amounts owed to group undertakings

2,238,049

921,100

Tax

66,122

457,531

Social security and other taxes

58,731

108,042

VAT

22,879

160,171

Other creditors

129,982

-

Accrued expenses

506,759

1,156,970

4,169,639

4,703,171