REGISTERED NUMBER: 09411128 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

COMTRACK (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Dr G O Simonian

REGISTERED OFFICE:

Suite B, 30 Barnes High Street,

Barnes

London

SW13 9LW

REGISTERED NUMBER:

09411128 (England and Wales)

ACCOUNTANTS:

Hovnan & Co Ltd

Chartered Accountants

106 Ashurst Road

Cockfosters

London

EN4 9LG

FIXED ASSETS

Intangible assets

4

108,908

92,820

Tangible assets

5

-

-

108,908

92,820

CURRENT ASSETS

Debtors

6

6,100

12,244

Cash at bank and in hand

2,085

6,681

8,185

18,925

CREDITORS

Amounts falling due within one year

7

302,253

259,399

NET CURRENT LIABILITIES

(294,068

)

(240,474

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(185,160

)

(147,654

)

CREDITORS

Amounts falling due after more than one year

8

-

550

NET LIABILITIES

(185,160

)

(148,204

)

CAPITAL AND RESERVES

Called up share capital

9

451,163

451,163

Retained earnings

(636,323

)

(599,367

)

SHAREHOLDERS' FUNDS

(185,160

)

(148,204

)

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 27 February 2026 and were signed by:

Dr G O Simonian - Director

1.	STATUTORY INFORMATION

Comtrack (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 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 as modified by the revaluation of certain assets.

Intangible assets

The company uses the successful efforts method of accounting for oil and gas operations, under which all licence acquisitions, exploration and evaluation costs are capitalised within intangible assets and classified as exploration and evaluation costs. Directly attributable administration costs are capitalised where they relate to specific exploration activities. Costs incurred prior to obtaining the legal rights to explore an area are expensed to the income statement.

If commercial reserves are not discovered or licenses are relinquished, these exploration and evaluation assets are written off to the income statement. Amounts carried on the balance sheet are at each balance sheet date assessed for impairment.

Tangible fixed assets

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

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 financial statements are prepared on the basis that the Company will continue in operational existence for the foreseeable future given the continuing financial support of its parent company.

Joint venture

The company contracts with others through unincorporated joint ventures to pursue its operations. All such arrangements are jointly controlled operations and the company accounts for its share of income, expenditure, assets and liabilities relating to that arrangement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

92,820

Additions

16,088

At 31 December 2025

108,908

NET BOOK VALUE

At 31 December 2025

108,908

At 31 December 2024

92,820

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

589

DEPRECIATION

At 1 January 2025

and 31 December 2025

589

NET BOOK VALUE

At 31 December 2025

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

6,000

6,000

Amounts owed by group undertakings

-

4,718

Other debtors

100

1,526

6,100

12,244

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

550

600

Trade creditors

8,201

(2

)

Amounts owed to group undertakings

291,501

254,880

Other creditors

2,001

3,921

302,253

259,399

The advances of £284,305 (2024: £254,880) from the parent company Comtrack Ventures Ltd is non-interest bearing and repayable on demand.

The advances of £7,196 (2024: DR£4,718) from the group company Comtrack (UK) Properties Ltd is non-interest bearing and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

-

550

Bank loan is unsecured and is for a term of 5 years, Interest at the rate of 2.5% is payable after the first year.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

451,163

Ordinary

1

451,163

451,163

10.	CONTINGENT LIABILITIES

The parent company, Comtrack Ventures Ltd, has elected not to bill, in part or in whole, for services rendered but to accrue them and submit a request to receive payment only upon a mutually agreed liquidity event arising or alternatively they may elect, if mutually agreed with the company, to receive shares in lieu of such accrued costs. As at 31 December 2025 such unbilled time totalled £75,000 (2024 - £50,000).

11.	POST BALANCE SHEET EVENTS

In February 2026, the Company received confirmation from the UK North Sea Transition Authority (NSTA) that the Initial Term Phase A of both licences has been extended by 24 months from the original expiry date of 31 May 2026 to 31 May 2028.

The Phase C duration remains unchanged at two years and the Second Term remains unchanged at four years. The Third Term will be reduced by a corresponding period of 24 months.

As the confirmation was received after the reporting date, this represents a non-adjusting event under FRS 102. Accordingly, no adjustment has been made to the amounts recognised in these financial statements.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr G O Simonian.