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Treves UK Limited Registered number: 02434099 Annual report and financial statements For the year ended 31 December 2024
TREVES UK LIMITED COMPANY INFORMATION
Director | C B Noe
Company secretary | MH Secretaries Limited
Registered number | 02434099
Registered office | 80 Cheapside
| London
| EC2V 6EE
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 5th Floor
| 3 Wellington Place
| Leeds
| LS1 4AP
Bankers | National Westminster Bank plc
| 8 Park Row
| Leeds
| LS1 5HD
| The Royal Bank of Scotland plc
| Bankside 3
| 90 - 100 Southwark Street
| London
| SE1 0SW
TREVES UK LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Notes to the Financial Statements | 15 - 33
TREVES UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The director presents the Strategic Report and the financial statements for the year ended 31 December 2024. Principal Activity The principal activity of the Company is the manufacture and supply of acoustic and thermal solutions to automotive manufacturers.
Business review
For Treves UK Limited, 2024 saw much preparation and development work for new customer products and the continuation of large scale investment and reorganisation in the plant for long-term business, with both existing and new customers. Further new business has been awarded to the plant and secures the business for the foreseeable future. The Company has continued to focus on cost reduction and improving the production processes and production efficiency with support from the management team and Group functions. Principal risks and uncertainties The principal risk to the Company is the demand from our UK automotive customers. The automotive industry as a whole continues to go through a period of significant change and challenge with dropping demand and tighter emissions regulations. With support from our Group Global R&D Network we are working with customers to develop innovative and sustainable products that meet these new challenges. Customers order books remain healthy, raw material supply issues have in the main been resolved and customer demand remains high, all pointing to positive trends in the industry. Both natural hedges and foreign currency hedging is in place for 2025 to limit our exposure. Treves UK Limited continues to meet and exceed quality and delivery levels and standards for its customers. Quality risk is mitigated by the superior quality of the products, which is ensured by regular quality audits and continuous improvement measures. Personnel are regularly trained in accordance with their duties and in particular with respect to Control plans and FMEA changes. The achievement of high quality levels is sustained by necessary investments into new products and technologies. For further risk awareness managers and employees are sharing extensive Treves Group best practices. The change in automotive industry quality standards from the TS16949 and ISO 14001 2004 to the new standards of IATF 16949 and ISO 14001 2015, will continue to support the customer supplier relationships throughout the supply chain. The full life cycle is increasingly forming a key element in the sourcing decisions. The focus of our purchasing activities will reflect this and the ethical sustainability in making sourcing decisions. - 1 -
TREVES UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
During the year sales decreased to £30.6m compared to £31.3m in 2023. This decrease was mainly due to the shutdowns incurred due to COVID-19 in 2022 and the release of built up customer demand in 2023. Losses before tax decreased from a loss of £4,346k in 2023 to a loss of £2,789k in 2024. Through 2024 we have seen customer raw material and supply chain issues being resolved and have seen an increase in customer volumes to clear the pent up consumer orders, this has in turn increased our own turnover and starts us back on track to profitability. The continuing consumer demand for new vehicles and healthy customer order books is positive for the business. EBITDA has increased from £1,293k loss in 2023 to £455k profit by the end of 2024. New business has been awarded to launch in 2024 and continuing through 2025 to 2027, which will further improve the financial position of the Company as the Company continues to build it’s production base, which will improve the profitability further. Treves SAS continues to provide financial support to Treves UK Ltd to enable it to meet its financial obligations as and when they fall due. This report was approved by the board on 19 September 2025 and signed on its behalf.
C B Noe Director
- 2 -
TREVES UK LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The director presents his report and the financial statements for the year ended 31 December 2024.
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Results and dividends
The loss for the year, after taxation, amounted to £2,788,920 (2023 - loss £4,345,717). No dividend has been declared for the year ended 31 December 2024 (2023 - £Nil).
Director
The director who served during the year was:
C B Noe
Future developments
The automotive industry as a whole continues to go through a period of significant change and challenge with dropping demand and tighter emissions regulations. With support from our Group Global R&D Network we are working with customers to develop innovative and sustainable products that meet these new challenges. The second half of the 2022 financial year and the 2023 financial year brought new project launches to Treves UK Limited. This gives the Company the opportunity to sustain further development and income in the coming years. Treves Group is continuously working on retaining old customers through providing competitive quotations and sustainable expertise for the replacement projects, as well as attracting new OEMs for the future development. - 3 -
TREVES UK LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Research and development activities
The Company's research and development activity is managed by another member of the Treves Group and the associated cost in these accounts is the amount recharged to the company on a commercial basis.
Going concern
Due to the losses made during the year and the net current liability position of Treves (UK) Limited the directors and senior management have performed a more detailed assessment to ensure that the Company continues to be a going concern. The directors and senior management have assessed the future funding requirements of the company, including a sensitivity analysis on the key factors which could affect future cash flow and funding facilities. The Company has a written letter of financial support from its parent undertaking which defers the loan payable until such time that the Company is able to repay the liability. Creditors includes £19,024,568 due to group undertakings which will only begin to be repayable once Treves UK Ltd is in a financial position to do so, the parent undertaking has confirmed this in writing. Excluding the intercompany creditor the Company has a balance sheet surplus of £5.7m and also has the continued financial support of its Parent to ensure that all liabilities can be settled in the ordinary course of business as they fall due. In addition, the Company has generated EBITDA of £455k (2023: £1,293k loss). Having considered all of these circumstances the directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis. The directors have considered a period in excess of twelve months in making their assessment.
Qualifying third party indemnity provisions
The Company had Directors' and Officers' insurance in place throughout the year.
Matters covered in the Strategic Report
Matters referring to risks faced by the Company are disclosed within the Strategic Report.
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. - 4 -
TREVES UK LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 19 September 2025 and signed on its behalf.
C B Noe Director
- 5 -
TREVES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVES UK LIMITED Opinion We have audited the financial statements of Treves UK Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 FRS 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 2024 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. 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. - 6 -
TREVES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVES UK LIMITED 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 the 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. Matters on which we are required to report by exception In 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. - 7 -
TREVES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVES UK LIMITED Responsibilities of Director As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 intends either to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's 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 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. Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK employment regulation, anti-money laundering regulation, the Bribery Act and data protection legislation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. - 8 -
TREVES UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TREVES UK LIMITED In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion). Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report. Use of the audit 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 an auditor's report 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. Ashley Barraclough (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 5th Floor 3 Wellington Place Leeds LS1 4AP 19 September 2025 - 9 -
TREVES UK LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 30,597,347 | 31,274,744
Cost of sales |  | (23,575,797) | (25,979,439)
Gross profit |  | 7,021,550 | 5,295,305
Administrative expenses |  | (8,790,743) | (8,782,513)
Operating loss | 5 | (1,769,193) | (3,487,208)
Interest receivable and similar income | 8 | 5,159 | 2,510
Interest payable and similar expenses | 9 | (1,024,886) | (861,019)
Loss before tax |  | (2,788,920) | (4,345,717)
Loss for the financial year |  | (2,788,920) | (4,345,717)
There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2024 (2023: £NIL).
The notes on pages 15 to 33 form part of these financial statements.
- 10 -
TREVES UK LIMITED REGISTERED NUMBER: 02434099 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 3,093,359 |  | 3,197,695
Tangible assets | 12 |  | 5,451,404 |  | 5,932,076
|  |  | 8,544,763 |  | 9,129,771
Current assets |  |  |  |  |
Stocks | 13 | 1,228,568 |  | 1,294,417 |
Debtors: amounts falling due within one year | 14 | 6,750,413 |  | 3,240,592 |
Cash at bank and in hand | 15 | 148,408 |  | 2,037,325 |
|  | 8,127,389 |  | 6,572,334 |
Creditors: amounts falling due within one year | 16 | (10,976,308) |  | (9,848,021) |
Net current liabilities |  |  | (2,848,919) |  | (3,275,687)
Total assets less current liabilities |  |  | 5,695,844 |  | 5,854,084
Creditors: amounts falling due after more than one year | 17 |  | (19,024,568) |  | (16,393,888)
Net liabilities |  |  | (13,328,724) |  | (10,539,804)
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 450,000 |  | 450,000
Profit and loss account | 20 |  | (13,778,724) |  | (10,989,804)
|  |  | (13,328,724) |  | (10,539,804)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.
C B Noe
Director
The notes on pages 15 to 33 form part of these financial statements. - 11 -
TREVES UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 450,000 | (6,644,087) | (6,194,087)
Comprehensive income for the year |  |  |
Loss for the year | - | (4,345,717) | (4,345,717)
Total comprehensive income for the year | - | (4,345,717) | (4,345,717)
At 1 January 2024 | 450,000 | (10,989,804) | (10,539,804)
Comprehensive income for the year |  |  |
Loss for the year | - | (2,788,920) | (2,788,920)
Total comprehensive income for the year | - | (2,788,920) | (2,788,920)
At 31 December 2024 | 450,000 | (13,778,724) | (13,328,724)
| The notes on pages 15 to 33 form part of these financial statements.
- 12 -
TREVES UK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (2,788,920) | (4,345,717)
Adjustments for: |  |
Amortisation of intangible assets | 894,858 | 980,447
Depreciation of tangible assets | 1,329,680 | 1,213,410
Interest paid | 1,024,886 | 861,019
Interest received | (5,159) | (2,510)
Decrease/(increase) in stocks | 65,849 | (274,477)
(Increase) in debtors | (3,509,821) | (794,366)
Increase in creditors | 3,681,754 | 6,965,551
Corporation tax received | - | 197,353
Net cash generated from operating activities | 693,127 | 4,800,710
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (790,522) | (845,739)
Sale of intangible assets | - | 4,319
Purchase of tangible fixed assets | (849,008) | (1,237,416)
Interest received | 5,159 | 2,510
Net cash used in investing activities | (1,634,371) | (2,076,326)
- 13 -
TREVES UK LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (165,879) | (732,835)
Repayment of/new finance leases | (101,424) | (134,425)
Interest paid | (1,024,886) | (861,019)
Net cash used in financing activities | (1,292,189) | (1,728,279)
Net (decrease)/increase in cash and cash equivalents | (2,233,433) | 996,105
Cash and cash equivalents at beginning of year | 2,029,304 | 1,033,199
Cash and cash equivalents at the end of year | (204,129) | 2,029,304
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 148,408 | 2,037,325
Bank overdrafts | (352,537) | (8,021)
| (204,129) | 2,029,304
- 14 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Treves UK Limited ('the Company') is a private limited company, limited by shares, registered number 02434099 and incorporated in England and Wales. The address of its registered office is 80 Cheapside, London, England, EC2V 6EE. The address of its principal place of business is Farnham Lane, Knaresborough, HG5 9JR. The principal activity of the Company is the manufacture of acoustic products for motor vehicles, including floor carpets, boot, dash and sound insulating components. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Treves SAS as at 31 December 2024 and these financial statements may be obtained from Treves SAS, 8, rue Rouget de Lisle, 92130 Issy-les-Moulineaux, France. - 15 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
Due to the losses made during the year and the net current liability position of Treves (UK) Limited the directors and senior management have performed a more detailed assessment to ensure that the Company continues to be a going concern. The directors and senior management have assessed the future funding requirements of the company, including a sensitivity analysis on the key factors which could affect future cash flow and funding facilities. The Company has a written letter of financial support from its parent undertaking which defers the loan payable until such time that the Company is able to repay the liability. Creditors includes £19,024,568 due to group undertakings which will only begin to be repayable once Treves UK Ltd is in a financial position to do so, the parent undertaking has confirmed this in writing. Excluding the intercompany creditor the Company has a balance sheet surplus of £5.9m and also has the continued financial support of its Parent to ensure that all liabilities can be settled in the ordinary course of business as they fall due. In addition, the Company has generated EBITDA of £455k (2023: £1,293k loss). Having considered all of these circumstances the directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis. The directors have considered a period in excess of twelve months in making their assessment.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, and rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. - 16 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.8 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method. - 17 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 18 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The company recognises an intangible asset in respect of development expenditure when in can demonstrate: (a)the technical feasibility of completing the intangible asset so that it will be available for use or sale; (b)its intention to complete the intangible asset and use or sell it; (c)its ability to use or sell the intangible asset; (d)how the intangible asset will generate probable future economic benefits. Among other things. The entity can demonstrate the existence of a marker for the output of the intangible asset itself, or if it is to be used internally, the usefulness of the intangible asset; (e)the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and (f)its ability to measure reliability the expenditure attributable to the intangible asset during its development. Amortisation on capitalisation development expenditure does not commence until the asset it available for use. Amortisation of development expenditure is charged on a straight line basis to administrative expenses in profit and loss over the useful life of the asset. All expenditure not meeting the criteria set out above is considered to form part of the ‘research’ phase, and is expensed in the period in which it is incurred. Intangible assets are amortised at a rate of 10-20% over their useful life. - 19 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2.5%-10%
|  |  |  | Plant & machinery | - | 10%-33%
|  |  |  | Fixtures & fittings | - | 10%-33%
|  |  |  | Land | - | Not depreciated
|  |  |  | Assets under construction | - | Not depreciated
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. - 20 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position 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 Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. - 21 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. - 22 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. - 23 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Critical judgments in applying the Company’s accounting policies The critical judgments that management have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment to assets, management have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty surrounding the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Determining residual values and useful economic lives of intangible and tangible assets The Company depreciates intangible and tangible assets over their estimated useful lives. The estimation of the useful lives of intangible and tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgment is also applied, when determining the residual values for fixed assets. When determining the residual value, the director has assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices. (ii) Sales credit note provision Provision is made, net of VAT, for any overdue invoices where the director considers there to be a significant risk of loss. The director makes this judgment based on historic experience of customers, current communication with customers and financial information in the public domain.
4. | Turnover
The whole of the turnover is attributable to the Automotive sector within the United Kingdom. - 24 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Operating loss
| The operating loss is stated after charging/(crediting):
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 1,329,680 | 1,213,410
| Amortisation of intangible fixed assets | 894,858 | 980,447
| Exchange differences | (942,741) | (254,866)
| Other operating lease rentals | 190,465 | 197,389
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 53,000 | 50,500
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 4,634,021 | 4,734,590
| Social security costs | 557,575 | 526,398
| Cost of defined contribution scheme | 317,900 | 297,163
|  | 5,509,496 | 5,558,151
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 164 | 160
- 25 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 5,159 | 2,510
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 1,024,886 | 861,019
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on loss | - | -
- 26 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (2,788,920) | (4,345,717)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | (697,230) | (1,022,113)
| Effects of: |  |
| Expenses not deductible for tax purposes | 50,672 | 273
| Fixed asset differences | 19,146 | 113,949
| Remeasurement of deferred tax for changes in tax rates | - | (57,095)
| Movement in deferred tax not recognised | 627,261 | 964,794
| Other permanent differences | 151 | 192
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 27 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2024 | 6,932,446
| Additions | 790,522
| Disposals | (179,717)
| At 31 December 2024 | 7,543,251
| Amortisation |
| At 1 January 2024 | 3,734,751
| Charge for the year | 894,858
| Disposals | (179,717)
| At 31 December 2024 | 4,449,892
| Net book value |
| At 31 December 2024 | 3,093,359
| At 31 December 2023 | 3,197,695
- 28 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Freehold property | Plant & machinery | Fixtures & fittings | Assets under construction | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2024 | 4,093,255 | 14,461,259 | 635,401 | 1,148,964 | 20,338,879
| Additions | - | 380,902 | - | 468,106 | 849,008
| Disposals | - | (3,356,986) | (88,790) | - | (3,445,776)
| Transfers between classes | - | 1,077,676 | - | (1,077,676) | -
| At 31 December 2024 | 4,093,255 | 12,562,851 | 546,611 | 539,394 | 17,742,111
| Depreciation |  |  |  |  |
| At 1 January 2024 | 2,394,508 | 11,570,684 | 441,611 | - | 14,406,803
| Charge for the year | 149,221 | 1,141,674 | 38,785 | - | 1,329,680
| Disposals | - | (3,356,986) | (88,790) | - | (3,445,776)
| At 31 December 2024 | 2,543,729 | 9,355,372 | 391,606 | - | 12,290,707
| Net book value |  |  |  |  |
| At 31 December 2024 | 1,549,526 | 3,207,479 | 155,005 | 539,394 | 5,451,404
| At 31 December 2023 | 1,698,747 | 2,890,575 | 193,790 | 1,148,964 | 5,932,076
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 83,052 | 175,368
- 29 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 659,265 | 758,290
| Finished goods and goods for resale | 569,303 | 536,127
|  | 1,228,568 | 1,294,417
14. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,659,576 | 794,200
| Amounts owed by group undertakings | 73,738 | 356,722
| Other debtors | 231,247 | 237,157
| Prepayments and accrued income | 4,785,852 | 1,852,513
|  | 6,750,413 | 3,240,592
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 148,408 | 2,037,325
| Less: bank overdrafts | (352,537) | (8,021)
|  | (204,129) | 2,029,304
- 30 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 352,537 | 8,021
| Bank loans | - | 165,879
| Trade creditors | 4,004,342 | 4,180,360
| Amounts owed to group undertakings | 3,048,702 | 2,419,778
| Other taxation and social security | 506,405 | 522,206
| Obligations under finance lease and hire purchase contracts | 3,752 | 99,838
| Other creditors | 2,791,392 | 2,133,570
| Accruals and deferred income | 269,178 | 318,369
|  | 10,976,308 | 9,848,021
| The bank loans and overdraft are secured by a legal charge over the premises at Farnham Road along with a debenture over all the assets of Treves UK Limited. The bank loans were fully paid during the year. The net obligations under hire purchase contracts are secured against the assets to which they relate. Amounts owed to group undertakings are unsecured, interest bearing and repayable on demand.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 5,338
| Amounts owed to group undertakings | 19,024,568 | 16,388,550
|  | 19,024,568 | 16,393,888
| The net obligations under hire purchase contracts are secured against the assets to which they relate. Amounts owed to group undertakings are unsecured, interest bearing and repayable on demand.
- 31 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | 3,752 | 99,838
| Between 1-5 years | - | 5,338
|  | 3,752 | 105,176
19. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 450,000 (2023 - 450,000) Ordinary Shares shares of £1.00 each | 450,000 | 450,000
20. | Reserves
Profit & loss account This reserve represents the cumulative profits and losses.
| 21. | Analysis of net debt
|  |  | At 1 January 2024 | Cash flows | Repayment of bank loans | Repayment of finance leases | At 31 December 2024
|  |  | £ | £ | £ | £ | £
| Cash at bank and in hand | 2,037,325 | (1,888,917) | - | - | 148,408
| Bank overdrafts | (8,021) | (344,516) | - | - | (352,537)
| Debt due within 1 year | (165,879) | - | 165,879 | - | -
| Finance leases | (105,176) | - | - | 101,424 | (3,752)
|  | 1,758,249 | (2,233,433) | 165,879 | 101,424 | (207,881)
- 32 -
TREVES UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Capital commitments
| At 31 December 2024 the Company had capital commitments as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 309,863 | 160,319
23. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £317,900 (2023: £297,163). Contributions totalling £35,548 (2023: £36,218) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 81,093 | 128,563
| Later than 1 year and not later than 5 years | 82,891 | 99,034
|  | 163,984 | 227,597
25. | Related party transactions
| The Company has taken advantage of the exemptions conferred by FRS 102 Section 33 from the requirement to make disclosures concerning related parties within the Group as its results are included in the consolidated accounts of its ultimate parent company which are publicly available.
26. | Controlling party
The Company is a wholly owned subsidiary of Treves SAS, a company incorporated in France. The consolidated financial statements of Treves SAS as at 31 December 2024 may be obtained from Treves SAS, 8, rue Rouget de Lisle, 92130 Issy-les-Moulineaux, France.
- 33 -