The director presents the strategic report for the year ended 31 December 2025.

In the year ended 31 December 2025, Ant Yapi (UK) Limited achieved a revenue of £14,616,113 (2024: £46,449,656) with a loss for the year of £508,763 (2024: profit of £1,994,338). The fall in turnover reflects the completion of major projects in the prior year and the timing of new contracts commencing. The company reported an operating loss of £715,713 compared to an operating profit of £3,091,966 in the prior year, partly mitigated by other operating income of £1,872,652 (2024: £26,185).

The net asset position remained strong at £9,548,227 (2024: £10,056,990), supported by a rise in cash at bank from £1,670,510 to £2,044,799, enhancing liquidity. During the year the company also acquired an investment property of £215,000. Despite a reduction in debtors from £12,314,028 to £9,624,292, current asset levels remain robust at £11,669,091, comfortably exceeding short-term obligations of £2,419,991 (2024: £3,998,573).

Ant Yapi (UK) Limited specialises in high-​end projects and has successfully established a strong reputation in the luxury construction sector in the UK over the last 10 years. This solid reputation has directly translated into increased market demand.

The directors monitor both financial and non-​financial KPIs. Financial KPIs initially focus on turnover and subsequently on profit after tax, while non-​financial KPIs emphasize customer satisfaction and stakeholder relationships, regularly reviewed through stakeholder feedback. An additional non-​financial indicator highlighting improved market positioning is the significant increase in tender invitations: previously averaging 2-​3 invitations per year, the company now consistently receives 12-​15 invitations annually, underscoring Ant Yapi’s enhanced reputation and market presence. Detailed breakdown of KPI as monitored by Ant Yapi (UK) Ltd is as below:-

​

Ant Yapi (UK) Limited uses a set of financial Key Performance Indicators (KPIs) to evaluate its business performance and ensure alignment with strategic goals. These KPIs provide critical insights into the company's growth, efficiency, and financial health. The following metrics are closely monitored:

1. Revenue from Operations (£ million)

Tracks the revenue profile of the business and helps assess the overall financial performance and size of the company.

Year Revenue (£m)

2025 : 14.62

2024 : 46.45

2. Growth in Revenue from Operations (%)

Indicates business growth over the reporting period and reflects the effectiveness of operational strategies.

Growth = (14.62 − 46.45)​ /​ 46.45 ×100 = −68.53%

3. Cost of Services (£ million)

Represents direct costs associated with service delivery, impacting profitability.

Year Cost of Services (£m)

2025: 13.69

2024: 36.11

4. Cost of Services as % of Revenues from Operations

Helps evaluate cost efficiency in relation to total revenue.

2025: Cost % = 13.69 /​ 14.62 × 100 ≈ 93.68%

2024: Cost % = 36.11 /​ 46.45 × 100 ≈ 77.75%

5. EBITDA (£ million)

Measures operational profitability, excluding non-​operating expenses.

EBITDA=Operating Profit+Depreciation

2025 :

Operating Loss = (0.716)

Depreciation = 0.025

EBITDA 2025 = (0.716) + 0.025 = (0.691) (£m)

2024 :

Operating Profit = 3.092

Depreciation = 0.018

EBITDA 2024 = 3.092 + 0.018 = 3.110 (£m)

6. EBITDA Margin (%)

A key efficiency metric that indicates profitability before depreciation and amortization.

EBITDA Margin % = EBITDA /​ Revenue×100

2025 :

EBITDA Margin % = (0.691) /​ 14.62 × 100 = −4.72%

2024 :

EBITDA Margin % = 3.110 /​ 46.45 × 100 = 6.70%

7. Profit after Tax (PAT) (£ million)

Reflects the bottom-​line performance after tax and non-​tax expenses.

Year PAT (£m)

2025:    (0.509)

2024:    1.994

8. PAT Margin (%)

Indicates the overall profitability as a percentage of revenue, showing financial efficiency

PAT Margin = PAT /​ Revenue ×100

2025 : (0.509) /​ 14.62 × 100 = −3.48%

2024 : 1.994 /​ 46.45 × 100 = 4.29%

Going Concern

The directors have assessed the company's reserves and ongoing operations and have not identified conditions casting doubt on its ability to continue as a going concern. Confirmed support from the ultimate parent company has been obtained since incorporation and continues beyond year-​end. A formal letter of support from the parent company reaffirms readiness to provide financial backing if required. New projects expected to materialise within three years further support the company's going concern status. Existing contracts continue through 2026, and new contracts are anticipated in 2026/​27, with nine bids currently under consideration. We draw attention to note 1.2 in the financial statements for detailed going concern assessment.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of construction and development of building projects.

The results for the year are set out on page 10.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements 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 director is 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. He is 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.

We have audited the financial statements of Ant Yapi (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 loss 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 Auditor's 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 director's 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, but we would like to refer to note 1.2 in the notes to the accounts in order to inform the user of these financial statement the basis of the assessment.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's report.

We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 an auditor's report 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We exercise professional judgement and maintain professional scepticism throughout the audit.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risk, such procedures include examining, on a sample basis, evidence regarding the amounts and disclosures in the financial statements, holding discussions with management or those charged with governance to identify instances of fraud and non-compliance with laws and regulations, testing journal entries for appropriateness and carrying out analytical review to identify anomalies for further testing.

We obtain understanding of internal controls relevant to the audit and design audit procedures that are appropriate in the circumstances.

We evaluate the appropriateness of accounting policies used and the reasonableness of any significant accounting estimates made by management as well as evaluate the overall presentation of the financial statements.

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: Health and safety legislation regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Conclude whether, in our judgement, there are conditions or events which could affect the ability of the company to continue as a going concern for the foreseeable future, being a period of at least 12 months following the approval of the financial statements.

Because of inherent limitations of an audit, there is a risk we will not detect all irregularities, including those which result in material misstatement in the financial statements or non-compliance with laws and regulations. The risk is greater where the irregularity is due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Ant Yapi (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is , 1 Knightsbridge Green, 5th Floor, London, SW1X 7QA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group under section 400 of the companies act 2006 where the parent of that group prepares publicly available consolidated financial statements, including this company and its subsidiary, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

Ant Yapi (UK) is 100% owned by the parent company, Ant Yapi Sanayi Ve Ticaret A.S, which is based in Turkey. The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Ant Yapi Sanayi Ve Ticaret AS, and copies of the consolidated financial statements can be obtained from its registered office at Istanbul province, Umraniye County, Saray District, Akcakoca Avenue No. 11, Turkey.

The financial statements have been prepared on the going concern basis, which assumes that Ant Yapi (UK) Limited will continue its operations for the foreseeable future. The directors have carefully assessed the company's financial position. Turnover reduced to £14,616,113 in 2025 (2024: £46,449,656) as major projects completed in the prior year, resulting in an operating loss of £715,713 (2024: operating profit of £3,091,966) and a loss for the year of £508,763 (2024: profit of £1,994,338). Notwithstanding this, the company retains a strong positive net asset position of £9,548,227 as of 31 December 2025. Ant Yapi specialises in high-end projects in the UK and has built a strong reputation and respected name in the luxury construction sector over the last 10 years, leading to increased demand in the market.true

Cash at bank has continued to improve, rising from £1,670,510 in 2024 to £2,044,799 in 2025, further strengthening liquidity. Although debtors have decreased from £12,314,028 to £9,624,292, the directors believe current asset levels of £11,669,091 comfortably exceed the short-term obligations of £2,419,991, providing ample liquidity and operational flexibility.

At the year-end, the company was in a Net Asset position of £9,548,227 (2024 Net Asset: £10,056,990). The company generated a Gross Profit of £923,930 (2024: £10,335,560) and other operating income of £1,872,652 (2024: £26,185). The directors acknowledge that the reduction in activity and the loss for the year are financial indicators that could suggest material uncertainty concerning the company's ability to realise its assets and discharge its liabilities in the normal course of business. However, the directors have confirmed that the company has sufficient financial backing from the group companies to continue operations for the foreseeable future. To support this view, they have reviewed financial and cash flow projections for the next 12 months from the date of approval of these financial statements.

Currently, there is no immediate need for additional financial support. Nonetheless, should a risk of cash flow needs arise, the parent company and related parties have expressed their willingness to provide personal guarantees and financial support as required. Furthermore, the parent company has formally provided a letter of support, affirming their commitment to helping the company meet its financial obligations if working capital proves insufficient.

Additionally, the directors have confirmed there are new projects in the pipeline expected to materialise within the next three years. Existing projects will continue through 2026, and since the year-end the company has secured six new projects during 2026 with a total contract value of £147 million, providing a substantial secured workload and significantly strengthening the company's revenue and cash flow outlook for 2026/27 and beyond. The directors therefore remain confident in the company's ability to continue as a going concern.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rendering of services

The Company undertakes design, consultancy, engineering and construction activities under construction contracts. Management has assessed that these activities represent a single integrated service delivered to customers as part of one overall construction project.

Where contracts include multiple activities, including design, consultancy, project management and construction services, these activities are not considered distinct as they are highly interrelated and collectively contribute to the delivery of a completed asset ready for its intended use.

Revenue is recognised over time as performance obligations are satisfied, measured primarily by reference to externally certified work completed, contractual milestones achieved and project progress. Contract modifications, variations and additional works are accounted for as part of the existing performance obligation where they relate to the same underlying project and do not represent a distinct good or service.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

There is no tax liability in the current year as the company has unutilised losses b/fwd from previous years.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Long term contracts - Construction

Revenue Recognition – Construction Contracts

The Company undertakes construction and fit-out contracts which are generally accounted for as a single performance obligation. Revenue is recognised over time as control of the work performed passes to the customer and the customer receives the benefit of the construction services as the project progresses.

The Company measures progress towards completion using the value of work certified by independent contract administrators, quantity surveyors or customer representatives. Revenue recognised during the year is based on external valuation certificates and approved applications for payment, adjusted where necessary for contract retentions, accrued income, deferred income, variations and other contractual adjustments.

Where work has been performed but has not yet been certified or invoiced at the reporting date, revenue is recognised as accrued income to the extent that recovery is considered probable and can be measured reliably. Conversely, amounts invoiced in advance of the related performance obligations being satisfied are recognised as deferred income.

Management considers the valuation certificate method to provide the most reliable measure of progress and performance completed under the contract and therefore an appropriate basis for revenue recognition in accordance with FRS 102 Section 23.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The stage of completion is measured by reference to the ration of work performed to date to the total contract price.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significantrisk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments,economic utilisation and the physical condition of the assets.

Recognition of revenue and profit is based on judgement made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review an authorisation.

During the year the Company reported the freehold property known as 97 Sandgate Road as a compensation against the debt owed to Ant Yapi the customer Folkstone which had been w/off in 2024 for a nominal consideration of £2. Management has exercised significant judgement in determining the appropriate accounting treatment of this transaction and the value . The transaction forms part of a wider commercial arrangement involving the proposed development of adjoining land and includes lease arrangements, repurchase rights and other contractual obligations. Management has assessed the substance of the arrangement and concluded that the accounting treatment adopted appropriately reflects the economic substance of the transaction. The valuation of the property was obtained at the date of acquisition as well as at the year end.

Included within admin expenses is a credit amount of £215,000 arising from the acquisition of a freehold property received as part of a settlement relating to the Folkestone project. The underlying receivable had been fully written off in a prior period following the insolvency of the counterparty. Management considers this transaction to be non-recurring in nature and has therefore presented the resulting gain separately as an exceptional item to assist users' understanding of the financial performance of the Company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 1).

During the previous year, loan to one of the group companies was written off as there has been no potential development in the business and this loan seems not possible to be recovered.

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

No liability to UK Corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024 as the company utilised the brought forward losses in 2023 and had been utilised against the 2024 profits. Also the further losses have now been adjusted under group relief.

Based on the current years tax computation, the company has a carried forward loss of £8,931,864 which estimates around £2,232,966 worth of deferred tax asset which will be offset against future profits. Management has decided not accrue this amount as a deferred tax asset and report in the notes to the accounts for the user of these financial statement to understand the future tax liability/asset status of the company..

Included within investment properties is a freehold property located at 97 Sandgate Road, Folkestone acquired during the year as part of a wider commercial arrangement associated with a proposed development project. The property is subject certain contractual rights and obligations as per the agreement of the acquisition which was in regards to an outstanding debt which was compensated by providing the property. Management has assessed the classification and measurement of the property in accordance with FRS 102 Section 16.

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 21 August 2025 which was the acquisition date and 31 December 2025 which is the year end by DGRE, a Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to Market value assuming vacant possession.

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Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Trade debtors balance includes the retention amount of £1,169,989 (2024 :- £2,847,969) which has been disclosed in note 15 of the financial statement.

Included in trade creditors is a netting off of Advances paid to three suppliers with whom the company has an ongoing balance, the total of advance to these suppliers is £741,201, further the above balance includes amount held on retention is £976,925.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

As part of its contractual arrangements with customers, the Company provides performance bonds to secure the satisfactory completion of construction contracts from which revenue is recognised. The performance bonds are issued by third-​party financial institutions and support the Company's obligations under the underlying contracts.

At 31 December 2025, performance bonds of £10.370.255 (2024: £5.574.788) were in place in relation to ongoing projects. The Directors consider the likelihood of any claim under these bonds to be remote, as the Company continues to perform its contractual obligations. Accordingly, no liability has been recognised in the financial statements in respect of these arrangements.

Subsequent to the reporting date management continued discussions regarding the proposed development project associated with the Folkestone property.

No adjustments have been made to these financial statements as management considers the matters to be non-​adjusting events.

Included in the amount owed from group undertakings is the amount receivable from Ant Yapi New York LLC, £1,004,168 (2024 :- £567,419) and £4,219,671 (2024 :- £1,804,107) form the parent company Ant Yapi Sanayi Ve Ticaret A.S. and included in the amount is the balance of £57,013 (2024 :- payable £75,758) receivable from immediate subsidiary company Stellar Heavy industries Limited.

At 31 December 2025, the amount outstanding on the director’s loan account was £918,811, including interest of £21,700 charged during the year.

Following the year end, the outstanding balance was settled as follows:

• £53,000 on 31 January 2026;

• £90,000 on 20 February 2026;

• £90,000 on 23 February 2026;

• £90,000 on 24 February 2026;

• £20,000 on 31 March 2026;

• £29,000 on 30 April 2026;

• £20,000 on 31 May 2026;

• £50,000 on 30 June 2026;

• £300,000 on 31 July 2026; and

• £176,811 on 31 August 2026.

Accordingly, the full balance of £918,811 was settled by 31 August 2026, leaving no amount outstanding.

Ant Yapi (UK) is 100% owned by the parent company, Ant Yapi Sanayi Ve Ticaret A.S, which is based in Turkey. The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Ant Yapi Sanayi Ve Ticaret AS, and copies of the consolidated financial statements can be obtained from its registered office at Istanbul province, Umraniye County, Saray District, Akcakoca Avenue No. 11, Turkey. The shareholders of the parent company are the ultimate controlling party.