REGISTERED NUMBER: 09178742 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ENVENT CAPITAL MARKETS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Cash Flow Statement

20

Notes to the Consolidated Cash Flow Statement

21

Notes to the Consolidated Financial Statements

22

DIRECTORS:

F Gaudenti

P Verna

REGISTERED OFFICE:

42 Berkeley Square

London

United Kingdom

W1J 5AW

REGISTERED NUMBER:

09178742 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

The Directors of EnVent Capital Market Limited ("EnVent") present the strategic report together with the audited

financial statements for the year end 31 December 2024.

This report provides an overview of the Group and Company's principal activities and performance. The report also sets out the strategy, objectives and measures in place within EnVent to achieve and monitor its performance

REVIEW OF BUSINESS

Strategy

Our ambition is to become the institutional and corporate broker of choice for small and mid-cap private and public companies. We aim to achieve this through:

- Widening our services to assure the broadest and fastest access to private and public funds

- Providing a premium corporate access services to an optimum number of corporate clients

- Providing an efficient and high professional execution in M&A and Restructuring deals

- Growing sustainable and recurring revenue stream

At the same time managing costs and risk exposures.

Business Model

Envent Capital Markets Limited is a distinctive investment firm dedicated to mid and small market clients providing

Corporate Finance and M&A services, Advisory, Arranging and Placing activity to UK professional and institutional

Investors, Corporate Advisor for AQUIS and Listing Sponsor for Euronext Paris and Vienna Stock Exchange. In

addition, through the Italian subsidiary (100% owned by Envent Capital Market Limited and active from the beginning

of July 2023), it offers Equity and Debt Capital Markets services, Euronext Growth Advisor (EGA) and Global

Coordinator and Equity Research to Italian Mid-small cap companies

Envent Capital Markets Limited is approved and registered by the Financial Conduct Authority (FCA) for advisory,

arranging and placing of financial instruments without firm commitment. The Italian entity, Envent Italia SIM, is

authorised by Consob in Italy for Advisory, Arranging and Placing without firm commitment. Through this authorised

entity, we aim to offer our Corporate Finance, Advisory and Placing services in Italy.

Envent Capital Markets Limited has identified and implemented a business model based on integrated equity/debt

capital markets products and services. This consists of investment banking services and equity research for the EU mid and small market (companies under IPO process or already listed) and advisory and arrangement services for

professional and institutional EU investors.

Market Environment in 2024 and 2025 outlook

In 2024 global economic uncertainty played a central role in the weak corporate finance market. High inflation persisted longer than expected, forcing central banks to maintain restrictive monetary policies for much of the year. The result was a financing environment that remained tight, with elevated borrowing costs discouraging new investments. While some relief came in the second half of the year as inflation pressures eased slightly, the cumulative impact of prior rate hikes continued to weigh on corporate decision-making.

Geopolitical instability added further complexity, exacerbating investor nervousness. Market volatility, trade disruptions, and policy shifts across major economies made corporate planning more difficult, contributing to the hesitancy seen in deal-making. Equity markets remained unstable, and concerns over global growth further eroded confidence.

The year 2024 was particularly challenging for the firm and the broader corporate finance and advisory market. Despite our best efforts to sustain deal flow, the firm faced significant headwinds due to a stagnating market and prolonged uncertainty. Economic turbulence, geopolitical tensions, and fluctuating interest rates severely impacted corporate activity, leading to delays in transactions, increased scrutiny on valuations, and overall reduced demand for advisory services. As a result, the firm's revenue growth was constrained, and margins were under pressure, requiring tight cost management and prudent operational decisions.

Key priorities for 2025 will include navigating persistent volatility, further optimising our service mix to adapt to

shifting client needs and reinforcing our financial position to withstand another uncertain year ahead. Although there are some positive signals on the horizon, uncertainty remains high, and the firm must remain highly adaptable in an

increasingly difficult business climate.

Key Performance Indicators

Envent Capital Markets Limited uses a range of financial and non-financial indicators so that the Directors can monitor and measure the current and expected performance of the business with respect to the budget and prior year.

These KPIs aim to measure the profitability and productivity of the business, the development of a new business

pipeline, current work in progress, fees earned during the respective periods and client feedback.

EnVent Capital Markets Limited considers the following as the KPIs of the business:

- Number of Corporate clients

- Income and margin per professional

- Revenue per client

- Monthly revenue, costs and Ebitda margin

- Monthly Net Financial Position

- Capital adequacy ratio

PRINCIPAL RISKS AND UNCERTAINTIES

Envent Capital Markets Limited faces a range of risks and uncertainties inherent in the financial advisory and investment business. The management continually identifies, assesses and manages these principal risks to protect the firm's performance and reputation.

Below are the key risks for the firm, along with a brief description of each and its potential impact:

Market Risks

The risk of adverse movements in financial markets or a decline in overall transaction activity that could reduce the

advisory deal flow and revenue. In 2024, market risk was evident in periods of subdued M&A due to economic

uncertainty. Sharp changes in equity valuations, interest rates or credit spreads can all affect client appetite for deals. A market downturn could lead to fewer completed transactions and lower fee income for the firm. We mitigate market risk by maintaining a diversified pipeline across industries and offering services (i.e. debt advisory or restructuring) that can be in demand even in down markets. Nonetheless, the firm remains exposed to macroeconomic cycles - a significant slowdown in corporate finance activity would negatively impact our financial performance.

Envent Capital Markets Limited also sets out to maintain a strong balance sheet and surplus cash to protect against the effect of any prolonged market downturn.

Reputational Risks

The risk that negative publicity, client dissatisfaction, or ethical lapses could damage the firm's reputation and erode the trust that underpins our business. As an advisory firm, our reputation for integrity and quality is paramount. Any incident (such as a deal gone wrong, a conflict of interest, or a regulatory sanction) could lead to loss of existing clients and hinder new client acquisition. In 2024, we managed this risk by enforcing strict compliance standards and by diligently delivering on client expectations.

The impact of a reputational hit would be broad and potentially long-lasting - it could mean reduced business, talent

attrition, and increased scrutiny. We treat this risk with utmost seriousness: maintaining our reputation through consistent professional conduct is a core part of the firm's culture and risk management: all our employees are expert professionals and are expected to be of the highest integrity.

People Risks

The risk of losing key personnel or failing to attract and retain talented professionals, which could undermine our service quality and client relationships. Our business is highly dependent on the expertise and experience of our advisors and analysts. If multiple senior team members were to depart (for example, to competitors or through retirement), the firm could face challenges in executing deals and maintaining client confidence. Likewise, an industry shortage of advisors means recruiting new talent is critical. The impact of people risk is significant: it can disrupt ongoing engagements and weaken the firm's strategic capabilities.

We mitigate this risk through succession planning, offering competitive compensation, fostering a positive work

environment, and investing in training and career development

Economic slowdown

The risk of a broad economic downturn or recession that leads to reduced corporate activity and lower demand for our services. An economic slowdown typically results in companies postponing investments, acquisitions, and capital

raising. In 2024, while certain regions saw slower growth, a deep recession was avoided; however, this remains a salient risk as we enter 2025. The impact of a serious economic contraction would be a decline in new mandates and fee income, but potentially an increase in clients needing restructuring advice (altering our service mix).

The firm's strategy to handle this risk is to stay close to clients' evolving needs; Envent Capital Markets Limited is

focused on mitigating the impact of these uncertainties on the business to the extent possible, also through the newly established Italian subsidiary and the passportation to Europe.

Operational Risks

The risk of loss or business disruption resulting from inadequate or failed internal processes, people, or systems, or from external events. Operational risks for our firm range from process errors (such as a valuation mistake or documentation error in a transaction) to external events (like a pandemic resurgence or natural disaster impacting our offices). Any significant operational breakdown could lead to financial losses (through errors or fraud), regulatory penalties, and reputational damage.

We manage operational risk through robust internal controls, regular audits, business continuity planning, and insurance coverage. We did not encounter significant operational risk incidents in 2024.

Regulatory Risks

The risk of changes in laws or regulations, or non-compliance with existing rules, that could adversely affect the firm. As an FCA-regulated entity, we are subject to extensive regulations covering conduct, capital, client assets, data protection, anti-money laundering, and more. Changes in regulation - for instance, new capital requirements or stricter client suitability rules - could increase compliance costs or constrain certain business activities. Additionally, failure to comply with regulations can result in enforcement actions, fines, or licensing consequences.

For Envent Capital Markets Limited regulatory risk is mitigated by an appropriate compliance program and ongoing

monitoring of regulatory developments. The Company maintains stable relationships with the financial authorities,

ensuring it remains well-informed about regulatory developments. With the support of its legal advisors, The firm

swiftly adapts its procedures to maintain fully compliance with evolving regulations.

Credit Risks

The risk of financial loss if a counterparty (such as a client owing fees or a financial institution holding our deposits)

fails to meet its obligations. In our advisory business, it can arise if a client faces bankruptcy and cannot pay outstanding advisory fees, or if there's a default on a receivable. In 2024, we monitored client creditworthiness closely, especially for clients in weaker sectors, to manage receivable collections.

Credit risk is managed by robust client account and vetting procedures and by limiting exposure to concentration risk. We mitigate this risk negotiating retainers or interim payments on mandates and maintaining diversified banking

relationships for cash holdings.

Liquidity Risks

The risk that the group might be unable to meet its short-term financial obligations as they become due, for example, if operating cash flows fluctuate or if there is an unexpected cash outlay. While our business model is not capital-intensive, timing differences between fee receipts and expenses could strain liquidity if not managed. For example, multiple deal delays (postponing success fees) combined with fixed outflows (salaries, rent) could cause a liquidity crunch. This kind of situation could force the firm to draw on costly emergency financing.

Envent Capital Markets Limited manage this risk through cash flow forecasting and maintaining sufficient cash buffers and credit facilities. In addition, the risk is closely monitored and controlled as part of the group's risk framework through day by day management, periodic business committee meetings and quarterly management meetings.

These principal risks and uncertainties are actively managed through our risk management framework. The Board regularly review these risks, assess our mitigating controls, and ensure that our risk appetite remains appropriate. While not exhaustive, the above list captures the major risks that could impact our business model, financial results, and reputation. By recognising and addressing these risks, the firm strives to minimise surprises and sustain long-term success even in the face of uncertainty.

SECTION 172(1) STATEMENT

A. Likely consequence of any decision in the long term

Envent Capital Markets business model depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The group seeks to put its clients' best interests first, invests in its employees, operates to be fully compliant with the ongoing regulations, supports the communities in which it operates and strives to generate sustainable profits for shareholders.

The Directors of Envent Capital Markets have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006..

Section 172 considerations are embedded in decision making at Board level and throughout the group.

Issues, factors and stakeholders which the Directors have considered when discharging their duty under section 172(1) as far as our vision, purpose, sustainability pillars and values are set out in the Strategic report, as are the risks facing our organisation and the mitigating action we take, our governance practices, examples of stakeholder engagement and information about our engagement with employees, shareholders and suppliers.

All our operating procedures such as the new business committee for acquiring new mandates, the AML and KYC

procedures, the ongoing mandate review are in place and are constantly updated to maintain our reputation at the highest standard of business conduct.

B. Our people

Our people are one of our most important assets, the company is committed to being a responsible business. Our

behaviour is aligned with the expectations of our people, clients, investors, and financial community as a whole. People are at the heart of our services. For our business to succeed we need to manage our people's performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must also ensure we share common values that inform and guide our behaviour so we achieve our goals in the right way.

Being a small company there is high level of visibility on all the deals and projects we manage. Cross fertilisation and sharing information are at the base of our employee professional education.

C. Business relationships

Our strategy prioritises organic growth driven by cross-selling and up-selling services to existing clients and originating new clients. To do this, we need to develop and maintain strong client relationships. We value all our suppliers and have multi-year contracts both with our key clients and suppliers.

Being a regulated entity we have a periodic interaction with the key people from different functions in the Stock Exchanges where we are active as well as with the national financial authorities.

D. Community and Environment

The group's approach is to act every day to create positive change for the people and communities with which we interact. We want to leverage our experiences and enable colleagues to support the communities around us.

E. Maintaining a reputation for high standards of business conduct

The group has in place Ethics and Whistleblowing policies, both of which are also reviewed periodically, Procedures for prevention of conflict of interest, Regulatory info and Pillar III disclosure (also available on our website at www.enventcapitalmarkets.co.uk). The group has internal approvals processes that mitigate risk before it takes on new business and as transactions proceed. The group has in place a compliance manual to manage and maintain a reputation for high standards of business conduct. The group acts daily to improve the competence of its employees and expects them to be at the highest level of integrity.

OUTLOOK 2025 AND NON-ADJUSTING POST BALANCE SHEET EVENTS

As we enter 2025, the firm remains cautiously optimistic about the market environment while being alert to potential

challenges. Despite the growing economic uncertainty and market volatility the group remains committed to invest and to maintain the focus on its client's needs amid the complexity of the ongoing volatile scenario. Envent Capital Markets Limited has entered 2025 with a clear strategy, a reliable pipeline, and a commitment to serving the clients' evolving needs. The firm will continue to monitor the external environment and respond swiftly to any changes. Our balance sheet remains strong and we hold cash significantly in excess of our capital adequacy requirements, sufficient to take us through short to medium term difficulties in the markets. In addition, the group continues to monitor its cost base carefully, given the underlying markets conditions.

The group track record has enabled it to develop trusted relationships with a growing number of banks with whom there are stable talks to adapt and integrate the financing to the group needs.

With its evolving and effective business model built around a clear strategy, relatively low overhead and partially

variable employment cost, the Board believes the group is well-equipped to navigate economic and market

fluctuations while seizing new opportunities.

ON BEHALF OF THE BOARD:

Director

8 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a distinctive investment banking firm dedicated to small and mid market clients: Equity and Debt Capital Market Advisor, Equity research and M&A and Corporate finance advisory.

In 2H2023 EnVent Capital Markets transferred all the business for Italian clients to the Italian subsidiary, EnVent Italia SIM, authorised by Consob, with the aim to get a EU passport in the European Economic Area for advisory, arranging and placing without firm commitment.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The Directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

F Gaudenti

P Verna

F Pizzoccheri, appointed as director on 08 May 2025.

Giovanni Francesco Gaudenti, appointed on 20 December 2023, resigned on 08 February 2024.

STRATEGIC REPORT

The group has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of future developments and financial risk management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

F Gaudenti - Director

8 September 2025

Qualified Opinion

Basis for qualified opinion

Included in the group's trade debtors are trade debtors amounting to £112,604 due to the parent company at the year end. We have been unable to satisfy ourselves of the recoverability of these trade debtors as at 31 December 2024.

Consequently, we are unable to determine whether any adjustments to these amounts were necessary.

We conducted our audit in accordance with International Standards on Auditing (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 group 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 qualified 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 group's and the parent 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.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as the group and company's ability to continue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 pages eight and 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 group's and the parent 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 group or the parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the company, including Companies Act 2006, Financial Conduct

Authority's regulations and relevant tax legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and Statutory Auditors

38 Craven Street

London

WC2N 5NG

9 September 2025

TURNOVER

4

3,400,503

4,024,332

Cost of sales

(753,514

)

(2,288,040

)

GROSS PROFIT

2,646,989

1,736,292

Administrative expenses

(2,908,081

)

(1,547,720

)

(261,092

)

188,572

Other operating income

37,264

8,436

OPERATING (LOSS)/PROFIT

6

(223,828

)

197,008

Interest receivable and similar income

8,698

-

(215,130

)

197,008

Interest payable and similar expenses

7

(42,245

)

(23,775

)

(LOSS)/PROFIT BEFORE TAXATION

(257,375

)

173,233

Tax on (loss)/profit

8

(18,074

)

(57,867

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(275,449

)

115,366

(Loss)/profit attributable to:

Owners of the parent

(275,449

)

115,366

(LOSS)/PROFIT FOR THE YEAR

(275,449

)

115,366

OTHER COMPREHENSIVE INCOME

Other comprehensive income

(26,278

)

(5,698

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(26,278

)

(5,698

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(301,727

)

109,668

Total comprehensive income attributable to:

Owners of the parent

(301,727

)

109,668

ASSETS

FIXED ASSETS

Intangible assets

10

877,646

980,899

Tangible assets

11

41,595

51,691

Investments

12

-

-

919,241

1,032,590

CURRENT ASSETS

Debtors

13

1,217,741

1,153,587

Cash at bank

733,509

964,084

1,951,250

2,117,671

2,870,491

3,150,261

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

14

125,000

125,000

Retained earnings

15

973,866

1,275,593

SHAREHOLDERS' FUNDS

1,098,866

1,400,593

PROVISIONS FOR LIABILITIES

16

49,849

32,017

CREDITORS

Amounts falling due within one year

17

1,011,672

891,409

Amounts falling due after more than one year

18

710,104

826,242

2,870,491

3,150,261

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

F Gaudenti - Director

ASSETS

FIXED ASSETS

Intangible assets

10

877,646

980,899

Tangible assets

11

3,223

3,073

Investments

12

1,359,123

1,359,123

2,239,992

2,343,095

CURRENT ASSETS

Debtors

13

363,344

883,705

Cash at bank

163,227

252,456

526,571

1,136,161

2,766,563

3,479,256

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

14

125,000

125,000

Retained earnings

15

1,732,547

2,114,628

SHAREHOLDERS' FUNDS

1,857,547

2,239,628

CREDITORS

Amounts falling due within one year

17

390,624

488,922

Amounts falling due after more than one year

18

518,392

750,706

2,766,563

3,479,256

Company's (loss)/profit for the financial year

(382,081

)

938,279

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

F Gaudenti - Director

P Verna - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

125,000

1,165,925

1,290,925

Changes in equity

Total comprehensive income

-

109,668

109,668

Balance at 31 December 2023

125,000

1,275,593

1,400,593

Changes in equity

Total comprehensive income

-

(301,727

)

(301,727

)

Balance at 31 December 2024

125,000

973,866

1,098,866

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

125,000

1,176,349

1,301,349

Changes in equity

Total comprehensive income

-

938,279

938,279

Balance at 31 December 2023

125,000

2,114,628

2,239,628

Changes in equity

Total comprehensive income

-

(382,081

)

(382,081

)

Balance at 31 December 2024

125,000

1,732,547

1,857,547

Cash flows from operating activities

Cash generated from operations

1

65,585

(198,256

)

Interest paid

(42,245

)

(8,275

)

Tax paid

(182,688

)

(61,614

)

Net cash from operating activities

(159,348

)

(268,145

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,791

)

(54,214

)

Interest received

8,698

-

Net cash from investing activities

6,907

(54,214

)

Cash flows from financing activities

Loan repayments in year

(55,941

)

(46,578

)

Repayment of other loan

(230,348

)

(103,385

)

Increase of bank loans

208,403

-

Amount withdrawn by directors

(248

)

(1,483

)

Net cash from financing activities

(78,134

)

(151,446

)

Decrease in cash and cash equivalents

(230,575

)

(473,805

)

Cash and cash equivalents at beginning of year

2

964,084

1,437,889

Cash and cash equivalents at end of year

2

733,509

964,084

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(257,375

)

173,233

Depreciation charges

113,130

54,344

Movement in translation reserve

(26,278

)

(5,698

)

Forex Movement

2,010

-

Finance costs

42,245

23,775

Finance income

(8,698

)

-

(134,966

)

245,654

Decrease/(increase) in trade and other debtors

7,307

(386,293

)

Increase/(decrease) in trade and other creditors

193,244

(57,617

)

Cash generated from operations

65,585

(198,256

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

733,509

964,084

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

964,084

1,437,889

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

964,084

(230,575

)

733,509

964,084

(230,575

)

733,509

Debt

Debts falling due within 1 year

(47,514

)

(46,286

)

(93,800

)

Debts falling due after 1 year

(89,703

)

(106,176

)

(195,879

)

(137,217

)

(152,462

)

(289,679

)

Total

826,867

(383,037

)

443,830