IRIS Accounts Production v25.1.4.42 09557117 director 1.1.24 31.12.24 31.12.24 providing administrative services to its current and former subsidiaries who provide marine salvage services to the maritime and energy industries worldwide, which includes emergency management preparedness and response and project management for offshore decommissioning, subsea and wreck removal. 0 0 true true false true true false false true true true true false false Auditors Opinion Ordinary 1.00000 Ordinary B 0.01 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh095571172023-12-31095571172024-12-31095571172024-01-012024-12-31095571172022-12-31095571172023-01-012023-12-31095571172023-12-3109557117ns15:EnglandWales2024-01-012024-12-3109557117ns14:USDollar2024-01-012024-12-3109557117ns10:Director12024-01-012024-12-3109557117ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3109557117ns10:FRS1012024-01-012024-12-3109557117ns10:Audited2024-01-012024-12-3109557117ns10:FullAccounts2024-01-012024-12-3109557117ns10:OrdinaryShareClass12024-01-012024-12-3109557117ns10:OrdinaryShareClass22024-01-012024-12-3109557117ns10:RegisteredOffice2024-01-012024-12-3109557117ns5:CurrentFinancialInstruments2024-12-3109557117ns5:CurrentFinancialInstruments2023-12-3109557117ns5:ShareCapital2024-12-3109557117ns5:ShareCapital2023-12-3109557117ns5:SharePremium2024-12-3109557117ns5:SharePremium2023-12-3109557117ns5:RetainedEarningsAccumulatedLosses2024-12-3109557117ns5:RetainedEarningsAccumulatedLosses2023-12-3109557117ns5:ShareCapital2022-12-3109557117ns5:RetainedEarningsAccumulatedLosses2022-12-3109557117ns5:SharePremium2022-12-3109557117ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109557117ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310955711712024-01-012024-12-3109557117ns5:Subsidiary12024-01-012024-12-31095571171ns5:Subsidiary12024-01-012024-12-3109557117ns10:OrdinaryShareClass12024-12-3109557117ns10:OrdinaryShareClass22024-12-3109557117ns5:RetainedEarningsAccumulatedLosses2023-12-3109557117ns5:SharePremium2023-12-31
REGISTERED NUMBER: 09557117 (England and Wales)












Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Ardent Holdings Limited

Ardent Holdings Limited (Registered number: 09557117)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Ardent Holdings Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: F Trautwein





REGISTERED OFFICE: 3rd Floor
33 Glasshouse Street
London
W1B 5DG





REGISTERED NUMBER: 09557117 (England and Wales)





AUDITORS: Venture House Business Service Limited
Chartered Accountants and
Statutory Auditors
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Ardent Holdings Limited (Registered number: 09557117)

Strategic Report
for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of Ardent Holdings Limited (the "Company") is to collect receivables and settle obligations from the time when it headed the Ardent group of companies.

Following a decision in March 2020 to have the group not take on new contracts any more the companies in the group, including the Company, have begun to wind down their operations. Given the long-term nature of some of the group's contracts, this process is expected to take several years.

During the remaining period of winding down operations the Company's and group's objectives will continue to be to:
- settle financial obligations to third parties, and
- maximize returns to related parties.

The overriding financial performance indicator will continue to be cash flow.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company is exposed to financial risks from its financial instruments including credit risk, liquidity risk and market risk.

Credit risk
Credit risk is the risk that the other party to a financial instrument will fail to pay its obligations to the Company. Balances in the Company's statement of financial position subject to credit risk mostly are related party receivables. The credit risk from related party receivables is mitigated by staying in close touch with those parties.

Liquidity risk
Liquidity risk is the risk that the Company will have difficulty paying its financial liabilities under financial instruments when due. The Company is exposed to liquidity risk on its trade and related party payables. The Company mitigates its liquidity risks through its cash flow management processes which include maintaining surplus cash balances at other group companies.

Market risk
Market risk is the risk that the fair value or cash flows of a financial instrument will fluctuate due to changes in market prices, including interest and foreign currency exchange rates.

The Company is not materially exposed to interest rate market risk because neither its bank deposits nor its receivables or payables bear interest.

The Company is exposed to exchange rate market risk on receivables and payables denominated in foreign currencies when they settle at exchange rates different from the rate used for period end revaluation which may lower income or increase expense. The Company mitigates its exchange rate market risks primarily by denominating most of its contracts in USD.

ON BEHALF OF THE BOARD:





F Trautwein - Director


18 June 2025

Ardent Holdings Limited (Registered number: 09557117)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR
F Trautwein held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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;
-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 him 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Venture House Business Service Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F Trautwein - Director


18 June 2025

Report of the Independent Auditors to the Members of
Ardent Holdings Limited

Qualified opinion
We have audited the financial statements of Ardent Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion section, the financial statements:

- give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its profit
for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
Debtors includes $417,500 due from a group company in liquidation.

While there is a material uncertainty regarding the recoverable amount; the director believes this amount is recoverable as there is a commercial dispute over fees.

The liquidators estimated the recoverable amount would fall within the range of £112,400 and £200,958, with a 60% chance of the best outcome. At the year-end exchange rate of 1.2529 this gives a recoverable amount with a range of $140,826 - $251,780. Using weighted probability, the expected recoverable amount is $207,398.

Based on the above, the debtor balance in the financial statements exceeds the recoverable amount, according to the liquidators, by $210,102.

Emphasis of matter
We draw attention to note 2 in the financial statements which explains that the group operations are being wound up and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in this respect of this matter.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ardent Holdings Limited


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Ardent Holdings Limited


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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.




Christopher Baylis (Senior Statutory Auditor)
for and on behalf of Venture House Business Service Limited
Chartered Accountants and
Statutory Auditors
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

23 June 2025

Ardent Holdings Limited (Registered number: 09557117)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes $    $   

TURNOVER - -

Administrative expenses 157,823 895,156
(157,823 ) (895,156 )

Other operating income 3 2,100,000 -
OPERATING PROFIT/(LOSS) 1,942,177 (895,156 )

Interest receivable and similar income 13,855 -
PROFIT/(LOSS) BEFORE TAXATION 5 1,956,032 (895,156 )

Tax on profit/(loss) 6 - (326,965 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,956,032

(568,191

)


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,956,032

(568,191

)

Ardent Holdings Limited (Registered number: 09557117)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes $    $    $    $   
CURRENT ASSETS
Debtors 8 417,500 3,005,820

CREDITORS
Amounts falling due within one year 9 5,333,318 9,877,670
NET CURRENT LIABILITIES (4,915,818 ) (6,871,850 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,915,818

)

(6,871,850

)

CAPITAL AND RESERVES
Called up share capital 10 50,000,312 50,000,312
Share premium 11 18,699,653 18,699,653
Retained earnings 11 (73,615,783 ) (75,571,815 )
SHAREHOLDERS' FUNDS (4,915,818 ) (6,871,850 )

The financial statements were approved by the director and authorised for issue on 18 June 2025 and were signed by:





F Trautwein - Director


Ardent Holdings Limited (Registered number: 09557117)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
$    $    $    $   
Balance at 1 January 2023 50,000,312 (75,003,624 ) 18,699,653 (6,303,659 )

Changes in equity
Total comprehensive income - (568,191 ) - (568,191 )
Balance at 31 December 2023 50,000,312 (75,571,815 ) 18,699,653 (6,871,850 )

Changes in equity
Total comprehensive income - 1,956,032 - 1,956,032
Balance at 31 December 2024 50,000,312 (73,615,783 ) 18,699,653 (4,915,818 )

Ardent Holdings Limited (Registered number: 09557117)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Ardent Holdings Limited (the "Company") is a private company, limited by shares, registered in England and Wales under number 9557117. The company's registered office and principal place of business is 33 Glasshouse Street, London W1B 5DG.

The principal activity of the Company is to provide administrative services to its current and former subsidiaries who provide marine salvage services to the maritime and energy industries worldwide, which includes emergency management preparedness and response and project management for offshore decommissioning, subsea and wreck removal.

Since 7 October 2019 the company's ultimate controlling party has been AUR Portfolio III SE & Co. KGaA, a company registered in Germany. The registered office is Ludwig-Ganghofer-Straße 6, 82031 Grünwald, Germany.

AUR Portfolio III SE & Co. KGaA incorporates the Company into its group financial statements which are due to be published at www.unternehmensregister.de. Accordingly, the company has taken exemptions not to prepare consolidated financial statements for the group headed by it and these financial statements present the results on the company only.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006.

The financial statements are presented in USD, the Company's functional currency.

The financial statements are prepared on a historical cost basis, except as noted in the accounting policies.

Going concern
As the group is winding down its operations the director has not adopted the going concern basis in preparing the Company's financial statements. Therefore, where appropriate, the company's assets have been written down to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the company.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;

Ardent Holdings Limited (Registered number: 09557117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in accordance with FRS 101 requires management to make estimates, assumptions and judgments that may affect the reported amounts of assets, liabilities, revenue, expenses and the disclosure of contingent assets or liabilities. These estimates, assumptions and judgements are based on historical experience and other factors that are considered to be relevant and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Actual amounts may differ materially from estimates due to changes in general economic conditions, changes in laws and regulations, changes in future operating plans and the inherent imprecision associated with estimates.

The following are the critical judgements that management has made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment
The Company has provided against balances due from its subsidiary based on expectations of future recoverable amounts. This is based on the Company's expectation how much of the balance will be recovered during the liquidation. This fiscal year a group of creditors including the company rejected fee increases requested by the liquidators and forced an interim distribution from which the company received c. $2.1million. The group creditors will continue to reject fee increases and expect to receive another c. $0.4million, which will bring the total recovered to 5.6% (6% : 2023), thus giving $166,403 of impairment in these accounts ($895,156 in 2023). If the actual amounts differ the impairment charge in future years may be higher or lower. In addition, as the claim will be settled in GBP, future amounts may be high or lower depending on exchange rate movements. The Company also has provided against balances due from a former subsidiary based on expectations of future recoverable amounts.

Income taxes
Income tax expense or benefit, deferred tax assets, recognised or unrecognised, and deferred tax liabilities require significant judgement and estimates. The calculation of current tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. Changes in tax laws and rates could also affect deferred tax assets and liabilities in the future. Management uses information that is consistent with the plans and estimates used to manage the underlying business when making its assumptions.

Ardent Holdings Limited (Registered number: 09557117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are any contracts that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Company classifies financial instruments as a financial asset, financial liability or equity when it becomes party to the contractual provisions of the instrument.

The Company's financial assets include related party receivables. The Company's financial liabilities include trade and related party payables.

Financial assets and liabilities are initially measured at fair value less any transactions costs directly attributable to the acquisition or issue of the financial asset or liability and subsequently carried at amortised cost. Amortised costs include amortisation associated with the time value of money, premiums, discounts or other transaction cost using the effective interest method and loss allowance for expected credit losses in the case of financial assets.

The Company has not recognised any amortisation on its financial assets or financial liabilities. Payables have no significant financing component due to the short-term nature of the associated contracts or payment terms. There were no premium, discount or transaction costs associated with the Company's financial assets or liabilities.

The Company does not consider there to be a financing component in its related party receivables and payables as cash is managed on a consolidated basis by the group. Management can determine the timing of the settlement of related party receivables and payables or convert related party payables to capital contributions.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into USD at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into USD at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. OTHER OPERATING INCOME

During the year the company was released from its obligation to pay a group company $2,100,000.

4. EMPLOYEES AND DIRECTORS

There were no employees, no staff costs and no remuneration to directors for the year ended 31 December 2024 nor for the year ended 31 December 2023.

5. PROFIT/(LOSS) BEFORE TAXATION

The loss before taxation is stated after charging foreign exchange gains of $8,580 (previous year: $nil).

Ardent Holdings Limited (Registered number: 09557117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION

Analysis of tax income
31.12.24 31.12.23
$    $   
Current tax:
Tax - (326,965 )
Total tax income in statement of comprehensive income - (326,965 )

Factors affecting the tax expense
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
$    $   
Profit/(loss) before income tax 1,956,032 (895,156 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.520%)

489,008

(210,541

)

Effects of:
Expenses not deductible for tax purposes 39,456 210,541
Income not taxable for tax purposes (528,464 ) -
Adjustments to tax charge in respect of previous periods - (326,965 )
Tax income - (326,965 )

7. INVESTMENTS

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Ardent Maritime UK Ltd (in liquidation)
Registered office: Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA
Nature of business: in liquidation
%
Class of shares: holding
ordinary 100.00

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
$    $   
Amounts owed by group undertakings 417,500 2,685,469
Other debtors - 320,351
417,500 3,005,820

Ardent Holdings Limited (Registered number: 09557117)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
$    $   
Amounts owed to group undertakings 5,328,637 9,877,670
Tax 4,681 -
5,333,318 9,877,670

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: $    $   
37,948,560 Ordinary £1 50,000,291 50,000,291
1,582,880 Ordinary B £0.00001 21 21
50,000,312 50,000,312

B ordinary shares receive a disproportionate amount of some parts of the proceeds in the event that the shareholders sell their interest in the company, as detailed in the Memorandum and Articles of Association. Otherwise, both classes of shares have equal rights.

11. RESERVES
Retained Share
earnings premium Totals
$    $    $   

At 1 January 2024 (75,571,815 ) 18,699,653 (56,872,162 )
Profit for the year 1,956,032 1,956,032
At 31 December 2024 (73,615,783 ) 18,699,653 (54,916,130 )

12. ULTIMATE PARENT COMPANY

AUR Portfolio III SE & Co. KGaA (incorporated in Germany ) is regarded by the director as being the company's ultimate parent company.

The immediate parent company is Athena Holdings B.V., a company registered in the Netherlands.