REGISTERED NUMBER: 01678234 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Nesstra Services (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

8

Energy and Carbon Report forming part of the Report of the Directors

10

Report of the Independent Auditors

11

Statement of Profit or Loss

15

Statement of Profit or Loss and Other Comprehensive Income

16

Statement of Financial Position

17

Statement of Changes in Equity

19

Statement of Cash Flows

20

Notes to the Statement of Cash Flows

21

Notes to the Financial Statements

22

DIRECTORS:

A Hitti

R A Hitti

Mrs N E E Hitti

C A Hitti

K A Hitti

SECRETARY:

G Oliver

REGISTERED OFFICE:

22/23 Progress Business Centre

Whittle Parkway

Slough

Berkshire

SL1 6DQ

REGISTERED NUMBER:

01678234 (England and Wales)

SENIOR STATUTORY AUDITOR:

Yvonne Miles FCCA

AUDITORS:

PKB Accountants Limited

Chartered Certified Accountants

Statutory Auditor

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

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

REVIEW OF BUSINESS

We are pleased to report a strong improvement in Nesstra's performance during 2025. Revenue increased to USD 122.65 million, compared with USD 85.68 million in 2024, reflecting substantial growth in volumes and a broader geographic sales base. Gross profit increased to USD 6.01 million, operating profit was USD 1.54 million and profit before tax was USD 1.53 million.

The polyurethane sector remained the principal driver of growth.

Although average selling prices remained under pressure during 2025, with polyol prices approximately 18% lower and TDI prices approximately 6% lower than in 2024, this was more than offset by major volume growth. Full-year polyol volumes reached almost 49,000 metric tonnes, an increase of 38% on 2024, while TDI and MDI volumes reached approximately 20,000 metric tonnes, double the 2024 volumes. It was also encouraging to see that this volume growth was achieved across a wide range of geographical markets.

This progress reflects Nesstra's close relationships with suppliers and customers, its technical expertise, and its ability to provide machinery, ancillary products and foam-production support through the wider group. During the year the company was able to forge relationships with new suppliers while strengthening its ties with long established partners.

Meanwhile turnover in our other major sector, the Engineering, Technical, and Construction department, more than tripled in 2025. This was in part due to the delivery of a major port project in Ghana which will provide an important reference for further engineering and infrastructure opportunities in the country and the wider West African market, and in fact we have subsequently won a further contract in this area.

The other major factor in this growth was our diversification into heavy mining machinery by partnering with a major producer and we expect to see considerable further in this area.

The company's continued growth and profitability during recent challenging times for global trade highlights its strong market position, unique offerings, and effective diversification strategy.

Key performance indicators

The key performance indicators used by the company are sales volumes, revenue $122,650,641 (2024: $85,861,124) , operating profit $1,544,739 (2024: $1,547,861) and retention of key personnel. In 2025, revenue increased materially, polyol and TDI volumes reached record levels, operating profit remained positive, and the company continued to add to its experienced and professional team.

Future developments

Trading during 2026 has begun exceptionally strongly, with invoiced sales for the five months to 31 May 2026 reaching almost USD 74 million compared to USD 48 million at the same point in 2025. Polyol volumes shipped up to this date were 28% ahead of the corresponding period in 2025, while TDI volumes were 47% higher.

Growth has continued to be broad-based with significantly higher volumes sold across most of the regions we operate in)

In the second half of the year Nesstra will be entering a new major territory where the company expects to achieve significant volume growth with good profitability. The company will also thereby broaden its customer base and be able to sell more specialised polyurethane products. This expansion involves both old and new supplier partnerships.

Significant growth is also expected to continue in the Engineering, Technical, and Construction business, particularly in the mining sector with the sale of heavy machinery.

The above developments demonstrate that the company is successfully pursuing its strategy of geographic and product diversification by partnering with leading, financially strong, and well-managed market players who value Nesstra's full package and support.

Our goal is to build lasting, mutually beneficial relationships and to enhance our competitive edge by focusing on customer-centric strategies.

We greatly appreciate the ongoing support from our diverse business partners without whom this success would not be possible-including customers, suppliers, shipping lines, financial institutions, and many others-as well as the dedication and professionalism of our loyal staff.

Management's current forecast is for 2026 revenue of approximately USD 180 million.

Ukraine

The continuing war in Ukraine has not had a material direct effect on Nesstra. The company does not trade with Russian companies, and the initial effects of higher energy and freight costs have subsided or been absorbed. Management continues to monitor indirect effects on supply chains, foreign exchange rates and customer markets.

As a trading company with only office premises, we have not been unduly affected by higher energy costs.

Middle East

The escalation of the conflict in the Middle East during 2026 to involve Iran and the USA has increased uncertainty in shipping, energy and raw material markets. However, the company has no customer exposure in Israel, the Palestinian territories or of course Iran, and only limited exposure in the Gulf.

Meanwhile we have been able to maintain a high level of volumes in other regions during this period thanks to the strong supplier relationships we have fostered with strategic suppliers in recent years. Meanwhile, although market prices rose, affecting our purchase prices, since this was an industry-wide phenomenon our customers accepted the necessary to ensure security of supply during this uncertain period.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to a variety of risks in the course of its business, and we have developed strategies for mitigating these risks as far as possible:

Price risk: Most of our sales are still made on a back-to-back basis, so we are not at risk of losses associated with holding stock when prices fall. In cases where we do hold stock, we have usually agreed selling prices for most purchases prior to receiving the product into stock. For balance, we can also expect to receive support from our principal suppliers if there are any major adverse fluctuations.

Supplier risk: In recent years we have reduced the likelihood that the production problems of any single supplier will have a major impact on our business by developing relationships with alternative suppliers of similar products.

Market risk: We are continuing our policy of geographical diversification to mitigate the effect that a downturn in any specific industry or country might have on the overall position of the company.

Exchange rate risk: Most of our sales are made in the same currency as the purchases, to create a natural hedge. Where this is not possible, we use foreign exchange contracts to minimize the risk of exchange rate movements.

Liquidity risk:Liquidity risk is the risk that insufficient working capital will be generated by the company's business activities and that in this event suitable sources of funding may not be available.The company controls this risk by maintaining levels of inventory only to satisfy placed customer orders.

Interest risk: The company has interest bearing assets comprising debtors earning interest at market rate. The company monitors the levels of interest. The company pays interest on trading loans.

Credit Risk: We have developed systems and procedures for assessing customers' creditworthiness and monitoring their payment behavior. We are also present in most of the major markets we sell to and as a result we have a very low incidence of bad debts. Sales to Nigeria are secured against confirmed Irrevocable Letters of Credit. Since late 2025 we have also had a credit insurance policy in place.

Summary

Despite challenging market conditions, the company has significantly increased its turnover and profitability in 2025 and 2026 thanks to the effect of long terms strategies and strong stakeholder relationships. We continue to follow and refine these successful strategies and expect to see this growth trend continue during the rest of 2026 and beyond.

SECTION 172(1) STATEMENT

The company's directors have regards to the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 and have a duty to promote the success of the Company for the benefit of its members and in doing so has regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term.

(b) the interests of the company's employees.

(c) the need to foster the company's business relationships with suppliers, customers and others.

(d) the impact of the company's operations on the community and the environment.

(e) the desirability of the company maintaining a reputation for high standards of business conduct.

(f) the need to act fairly as between members of the company.

SECTION 172(1) STATEMENT - (CONTINUED)

1. Stakeholder mapping and engagement activities within the reporting period.

The company interacts with a variety of stakeholder groups on a continuous basis, and seeks to engage and communicate with each group as transparently as possible within the necessary limitations of both general and specific confidentiality requirements. The stakeholder mapping below summaries the nature of these engagements and communication.

Key Stakeholder Groups

Why it is important to engage with this group

How the Company engaged with this group

Results of the engagement

Shareholders

The long term success of the company is dependent upon the ongoing confidence and support of its shareholders, who provide the bulk of the financing required for the business to function effectively.

We kept the holding company (100% shareholders) updated on a monthly basis with our trading results and financial position, as well as any new developments which serve the company's goals.

In spite of the ongoing challenges to the global economy due to the conflicts in Ukraine and the Middle East, the shareholders are enthusiastive about the company's future prospects and will continue to provide their full support.

Finance providers

Working capital is vital in enabling the company to carry on its business, and as such our banking partners play an important role and need to be kept informed about latest business patterns and new developments and opportunities.

We provide monthly management reports to our main bankers and are also in touch with the bank at various levels on a day-to-day basis. We have also developed relationships with other new banks to deliver financing for future growth.

In spite of the cash flow disruptions caused by forex shortages in some countries, we have engaged closely with our bankers to find solutions that all parties are comfortable with, ao that business has been able to continue as usual.

SECTION 729 (1) STATEMENT - (Continued)

Workforce

The workforce, which includes employees, consultants and local agents, is critical to the success of the company. As well as engaging on a daily basis with customers and suppliers they are also responsible for providing the logistics, finance and admin services required for the business to function effectively and efficiently.

As the team is relatively small, the directors are in direct contact with most members of staff on a daily or weekly basis. Communication is focused on task-based and project-based groupings with various whatsapp and skype groups used for sharing information, alongside Teams meetings for more detailed discussions.

Since the pandemic we have been able to allow remote working without any negative impact on workflows. We have also been able to award bonuses from time to time where appropriate. As a result, our staff turnover is low and we have been able to retain a loyal and professional team.

Customers

In the types of specialist markets that Nesstra operates in, customer relationships are fundamental in achieving our corporate goals. Ultimately success can only be achieved through customer satisfaction.

We are in contact with our key customers on a daily or weekly basis to follow up on various aspects of the business, and to offer technical advice and assistance where needed. We aim to visit them as frequently as possible, so that we can constantly improve our service and deepen our relationship with them. We have also held seminars where various aspects of the foam business have been discussed and ideas shared.

We have successfully maintained our customer base during the turbulence of recent years and have won new customers in regions where we were not previously previously active in. Our ability to maintain supply and offer valuable advice strengthened our relationships with many of them.

Suppliers

Supplier relationships are also fundamental to our success, both in terms of long term reliability of supply, and operational logistical efficiency. Our policy therefore is to seek long-term mutually-beneficial relationships with suppliers in the forefront of their markets.

Senior management have regular face-to-face meetings with all the major suppliers, while also maintaining weekly or even daily contact with key partners.

Our key suppliers have been impressed with our ability to move volumes in spite of the various global market disruptions of recent years. We have thereby been able to help mitigate the negative effects on our suppliers' businesses, and this has helped to strengthen our relationships with them, to the extent that they are keen to open up new territories for the company.

THIS REPORT WAS APPROVED BY THE BOARD AND SIGNED:

R A Hitti - Director

1 September 2026

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

PRINCIPAL ACTIVITY

Nesstra is a trusted supplier to various regions worldwide including Africa, Brazil the Middle East and the Balkans of quality chemicals, materials and machinery for use in a wide range of industries.

STRATEGIC REPORT

The directors have included Future Developments disclosure required by s419(4) in the Strategic Report. It forms part of this report by cross reference.

GOING CONCERN

The company does not prepare budgets and forecasts but have assessed their orders and potential markets that cover the period to December 2027 in order to assess going concern. It is anticipated that the company's level of activity will remain fairly constant over that period with similar results being attained in line with the current trading period. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The future developments of the business are disclosed in the Strategic Report.

DIRECTORS

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

A Hitti

R A Hitti

Mrs N E E Hitti

C A Hitti

K A Hitti

PRINCIPAL RISKS AND UNCERTAINTIES

The Company's principal risks are customer credit risk, raw material costs and exposure to exchange rate movements. Exchange rate movements are managed by hedging to minimise the effect of major fluctuations on sales prices. All risks are monitored by the directors.

PRESENTATION CURRENCY

The financial statements are presented in US Dollars.

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 UK-adopted international accounting standards. 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;

-	state that the financial statements comply with IFRS;

-	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

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of PKB Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

THIS REPORT WAS APPROVED BY THE BOARD AND SIGNED:

R A Hitti - Director

1 September 2026

STREAMLINED ENERGY AND CARBON REPORTING

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires Nesstra

Services (UK) Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions

from SECR regulated sources. Energy and GHG emissions have been independently calculated by

Envantage Ltd for the 12-month period ending 31st December 2025.

Reported energy and GHG emissions data is compliant with SECR requirements and has been

calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are

reported from buildings and transport where operational control is held – this includes electricity,

gaseous fuels such as natural gas, and business travel in company-owned vehicles and grey fleet. The

table below details the SECR-regulated energy and GHG emission sources from the current and

previous reporting periods.

FY 2025

FY 2024

change %

Energy (kWh)

Natural gas

32,150

29,073

10.6%

Company vehicles

0.0

575

-100.0%

Electricity

19,031

19,367

-1.7%

Business travel

0.0

0.0

0.0%

Total energy

51,181

49,015

4.4%

Emissions (CO2e)

Natural gas

5.9

5.3

10.6%

Company vehicles

0.0

0.1

-100.0%

Electricity

3.4

4.0

-16.0%

Business travel

0.0

0.0

0.0%

Total SECR emissions

9.3

9.5

-2.2%

Emission intensity ratio

£m turnover

91.191

68.416

33.3%

Emissions intensity (tCO2e) (LB)/ $m turnover

0.101

0.13

-26.6%

Nesstra Services (UK) Limited are committed to reducing their environmental impact and contribution to climate change through increased energy management and awareness and changes to operational procedures at their site.

Methodology

Activity data have been converted into equivalent energy and GHG emissions using emissions factors

published by the UK Government in 2025.

Electricity and natural gas disclosures have been calculated using metered kWh consumption taken

from supplier fiscal invoices via the landlord where available. Natural gas is charged for the entire

office and Nesstra occupy half of the space at Slough, therefore, 50% of consumption was allocated

to Nesstra. Pro rata estimates were made where consumption data was missing.

GHG emissions associated with Scope 2 purchased electricity have been reported using the location

based methodology, using the emissions factor for the residual fuel mix of the UK.

There were no mileage claims or fuel purchases for company vehicles or the grey fleet in FY25.

Opinion

We have audited the financial statements of Nesstra Services (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 IFRSs as adopted by the UK; 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 nine, 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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 misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

. We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework IFRS, Companies Act 2006, Bribery Act 2010, Money Laundering regulations and relevant tax compliance regulations in the United Kingdom.

. We understood how Nesstra Services (UK) Limited is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of the following documentation or completion of the following procedures:

. Review of all minutes of board meetings held during the period and through to the most recent meeting held prior to the approval of these financial statements;

. Review of accounting policies and completion of a disclosure checklist to assess compliance with IFRS and Companies Act 2006

. Review of any relevant correspondence with local tax authorities; and

. Review of any relevant correspondence received from regulatory bodies

. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by holding a discussion within the audit team which included identification of related parties, understanding the company's business, the control environment and assessing the inherent risk for relevant assertions at the significant account level. We also held discussions with management and those charged with governance to gain an understanding of those areas of the financial statements which are susceptible to fraud, as identified by management. Following these procedures, we identified a risk of management override of control and risk of inappropriate revenue recognition. We gained an understanding of the entity level of controls and policies that the company applies.

. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved testing of journal entries, with focus on journals indicating large or unusual transactions, or meeting our defined risk criteria based on our understanding of the business, reviewing accounting estimates for evidence of management bias and enquiries of senior members of the management team regarding their knowledge of any instances of non-compliance with laws and regulations that could impact the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than an error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Yvonne Miles FCCA (Senior Statutory Auditor)

for and on behalf of PKB Accountants Limited

Chartered Certified Accountants

Statutory Auditor

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

1 September 2026

CONTINUING OPERATIONS

Revenue

3

122,650,641

85,681,124

Cost of sales

(116,643,199

)

(80,182,882

)

GROSS PROFIT

6,007,442

5,498,242

Administrative expenses

(4,462,703

)

(3,950,381

)

OPERATING PROFIT

1,544,739

1,547,861

Finance costs

5

(609,352

)

(1,254,033

)

Finance income

5

589,629

486,357

PROFIT BEFORE INCOME TAX

6

1,525,016

780,185

Income tax

7

(399,718

)

(225,809

)

PROFIT FOR THE YEAR

1,125,298

554,376

PROFIT FOR THE YEAR

1,125,298

554,376

OTHER COMPREHENSIVE INCOME

Item that will not be reclassified to profit or loss:

Unrealised exchange rate (Loss ) / gain

(40,653

)

(41,043

)

Income tax relating to item that will not be reclassified to profit or loss

10,163

10,261

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(30,490

)

(30,782

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,094,808

523,594

ASSETS

NON-CURRENT ASSETS

Owned

Property, plant and equipment

8

-

251

Right-of-use

Property, plant and equipment

8, 17

446,663

601,852

Investments

9

430,680

430,680

Trade and other receivables

11

9,938

9,254

Deferred tax

19

5,974

5,899

893,255

1,047,936

CURRENT ASSETS

Inventories

10

1,648,610

1,671,522

Trade and other receivables

11

66,219,348

65,323,716

Tax receivable

622,442

776

Cash and cash equivalents

12

2,267,808

3,827,456

70,758,208

70,823,470

TOTAL ASSETS

71,651,463

71,871,406

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

13

870,568

870,568

Other non - distributable reserves

14

7,443

37,933

Retained earnings

14

16,137,072

15,011,774

TOTAL EQUITY

17,015,083

15,920,275

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

16, 17

13,650,388

13,919,517

Deferred tax

19

2,481

12,644

13,652,869

13,932,161

CURRENT LIABILITIES

Trade and other payables

15

33,567,548

29,114,644

Financial liabilities - borrowings

Bank overdrafts

16

1,011,788

817,874

Lease liabilities

16, 17

5,135,991

11,690,870

Tax payable

1,268,184

395,582

40,983,511

42,018,970

TOTAL LIABILITIES

54,636,380

55,951,131

TOTAL EQUITY AND LIABILITIES

71,651,463

71,871,406

The financial statements were approved the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

R A Hitti - Director

Called up

Other non

share

Retained

- distributable

Total

capital

earnings

reserves

equity

$

$

$

$

Balance at 1 January 2024

870,568

14,457,398

68,715

15,396,681

Changes in equity

Total comprehensive income

-

554,376

(30,782

)

523,594

Balance at 31 December 2024

870,568

15,011,774

37,933

15,920,275

Changes in equity

Total comprehensive income

-

1,125,298

(30,490

)

1,094,808

Balance at 31 December 2025

870,568

16,137,072

7,443

17,015,083

Cash flows from operating activities

Cash generated from operations

1

6,275,220

5,222,409

Interest paid

(568,661

)

(1,210,761

)

Lease interest paid

(40,691

)

(43,272

)

Tax paid

(148,857

)

(133,211

)

Net cash from operating activities

5,517,011

3,835,165

Cash flows from investing activities

Sale of tangible fixed assets

-

1,252

Interest received

589,629

486,357

Net cash from investing activities

589,629

487,609

Cash flows from financing activities

Loans to related companies

(1,441,801

)

(924,675

)

Loans repaid by related

608,446

226,709

Loans to group companies

(18,181

)

(170,955

)

Loans from related companies

2,294,931

382,957

Payment of lease liabilities

(509,819

)

(857,352

)

Amount introduced by directors

125,000

1,612,071

Amount withdrawn by directors

(2,246,166

)

(1,394,619

)

Trade loans repaid in year

(6,681,712

)

(838,037

)

Loans repaid by group companies

9,100

-

Net cash from financing activities

(7,860,202

)

(1,963,901

)

(Decrease)/increase in cash and cash equivalents

(1,753,562

)

2,358,873

Cash and cash equivalents at beginning of year

2

3,009,582

650,709

Cash and cash equivalents at end of year

2

1,256,020

3,009,582

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

$

$

Profit before income tax

1,525,016

780,185

Depreciation charges

522,712

868,133

Loss/(profit) on disposal of fixed assets

251

(865

)

Unrealised exchange gain / (Loss)

(40,652

)

(41,043

)

Finance costs

609,352

1,254,033

Finance income

(589,629

)

(486,357

)

2,027,050

2,374,086

Decrease in inventories

22,912

594,377

Decrease/(increase) in trade and other receivables

1,705,398

(448,697

)

Increase in trade and other payables

2,519,860

2,702,643

Cash generated from operations

6,275,220

5,222,409

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

$

$

Cash and cash equivalents

2,267,808

3,827,456

Bank overdrafts

(1,011,788

)

(817,874

)

1,256,020

3,009,582

Year ended 31 December 2024

31.12.24

1.1.24

$

$

Cash and cash equivalents

3,827,456

785,228

Bank overdrafts

(817,874

)

(134,519

)

3,009,582

650,709