REGISTERED NUMBER: 11760782 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

COMMERCETOOLS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

D Werner

D M J Hoerig

REGISTERED OFFICE:

43 Eagle Street

First Floor

London

WC1R 4AT

REGISTERED NUMBER:

11760782 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6-8 Bath Street

Bristol

BS1 6HL

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Turnover for the year to 31 December 2024 was in line with the directors' expectations at £15.4 million (2023: £13.7 million).

The company's total overheads increased during the year to £14.75 million, up from £13.12 million in 2023. The slight increase is considered normal for day to day running of the business.

The company recorded an operating profit of £621k for the year to 31 December 2024 (2023: £557k). The directors consider this to be in line with expectations.

Control of operating costs and administrative expenses continues to be a priority for the company and it aims to

maintain an operating profit position into the foreseeable future.

Net cash generated from operating activities amounted to an inflow of £948k for the year to 31 December 2024 (2023: £479k).

After accounting for the net increase in loans from group undertakings in the sum of £963k, the net cash outflow for the company for the year amounted to £131k (2023: £1.04 million).

As at 31 December 2024 cash and cash equivalents amounted to a £71k overdraft (2023: £61k cash surplus).

The directors believe that the company has sufficient working capital to meet its normal trading requirements.

The directors expect the company's level of trading to be maintained into the foreseeable future and no major changes are expected or other risks anticipated. The directors aim to maintain their current management policies.

Future developments

The company will continue to look at all opportunities to continue the growth and increased profitability of the

business.

PRINCIPAL RISKS AND UNCERTAINTIES

At the time of writing, inflation and higher interest rates are having a significant impact on the supply chain and

market place. However, the directors believe the company is in a strong position to adapt and overcome the

challenging times ahead.

Where financial risks do exist, the objectives of financial risk management are to minimise the risk of financial loss

and volatility as detailed below.

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding

and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in

such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to

customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented

in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans

comprise loans from financial institutions and related parties. The interest rates are both variable and fixed with

variable monthly repayments. The business manages the liquidity risk by ensuring that there are sufficient funds to

meet the payments.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by

ensuring that there are sufficient funds to meet the payments.

ON BEHALF OF THE BOARD:

D Werner - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of sales and marketing support.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Werner

D M J Hoerig

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations and incurred no political expenditure during the year (2023: £nil).

DISCLOSURE IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) regulations 2013 requires a Strategic Report to be

prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic

importance these have been included within the Strategic Report rather than the Directors' Report in accordance with s.414C (11) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and 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 company's auditors are aware of that information.

AUDITORS

The auditor, Gravita Audit Western Limited, is deemed to have been reappointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D Werner - Director

29 September 2025

Opinion

We have audited the financial statements of Commercetools Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 Auditors' 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 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the 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, 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 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 page four, 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 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 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

o We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations of most significance were: Companies Act 2006, UK GAAP and UK corporate taxation laws.

o We obtained an understanding of how the company complies with those legal and regulatory frameworks by making inquiries of management.

o We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.

Audit procedures performed by the engagement team included:

o Identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgements made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6-8 Bath Street

Bristol

BS1 6HL

29 September 2025

TURNOVER

3

15,371,944

13,679,057

Administrative expenses

(14,750,855

)

(13,122,531

)

621,089

556,526

Other operating income

68

-

OPERATING PROFIT

5

621,157

556,526

Interest receivable and similar income

1,955

3,581

PROFIT BEFORE TAXATION

623,112

560,107

Tax on profit

7

(176,664

)

52,239

PROFIT FOR THE FINANCIAL YEAR

446,448

612,346

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

446,448

612,346

FIXED ASSETS

Tangible assets

8

139,865

77,661

CURRENT ASSETS

Debtors

9

1,266,862

287,518

Cash at bank

9,198

60,732

1,276,060

348,250

CREDITORS

Amounts falling due within one year

10

(1,198,640

)

(690,040

)

NET CURRENT ASSETS/(LIABILITIES)

77,420

(341,790

)

TOTAL ASSETS LESS CURRENT LIABILITIES

217,285

(264,129

)

PROVISIONS FOR LIABILITIES

13

(34,966

)

-

NET ASSETS/(LIABILITIES)

182,319

(264,129

)

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

182,219

(264,229

)

SHAREHOLDERS' FUNDS

182,319

(264,129

)

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

D Werner - Director

D M J Hoerig - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

(876,575

)

(876,475

)

Changes in equity

Profit for the year

-

612,346

612,346

Total comprehensive income

-

612,346

612,346

Balance at 31 December 2023

100

(264,229

)

(264,129

)

Changes in equity

Profit for the year

-

446,448

446,448

Total comprehensive income

-

446,448

446,448

Balance at 31 December 2024

100

182,219

182,319

Cash flows from operating activities

Cash generated from operations

1

947,817

479,142

Net cash from operating activities

947,817

479,142

Cash flows from investing activities

Purchase of tangible fixed assets

(117,767

)

(63,627

)

Sale of tangible fixed assets

-

1,241

Interest received

1,955

3,581

Net cash from investing activities

(115,812

)

(58,805

)

Cash flows from financing activities

Loan repayments in year

(963,453

)

(1,463,004

)

Share issue

-

100

Net cash from financing activities

(963,453

)

(1,462,904

)

Decrease in cash and cash equivalents

(131,448

)

(1,042,567

)

Cash and cash equivalents at beginning of year

2

60,732

1,103,299

Cash and cash equivalents at end of year

2

(70,716

)

60,732

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

623,112

560,107

Depreciation charges

55,563

34,669

Finance income

(1,955

)

(3,581

)

676,720

591,195

(Increase)/decrease in trade and other debtors

(68,130

)

46,864

Increase/(decrease) in trade and other creditors

339,227

(158,917

)

Cash generated from operations

947,817

479,142

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

9,198

60,732

Bank overdrafts

(79,914

)

-

(70,716

)

60,732

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

60,732

1,103,299

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

60,732

(51,534

)

9,198

Bank overdrafts

-

(79,914

)

(79,914

)

60,732

(131,448

)

(70,716

)

Total

60,732

(131,448

)

(70,716

)

1.	COMPANY INFORMATION

Commercetools Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are those of sales and marketing support.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including

Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of

Ireland (FRS 102) and the Companies Act 2006.

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

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment on their business. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates

In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The valuation of the equity participation plans is considered an accounting estimate due to the assumptions required in measuring the liability. At 31 December 2024, the liability was £1,772,340 (2023: £1,699,644).

Turnover

The company’s revenue is derived from recharges to its parent company under a cost-plus arrangement. Costs incurred in operating the UK branch is recharged to the parent company at cost plus a 5% margin.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets

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

Fixtures, fittings & IT equipment

-

33% on cost

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Financial instruments

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

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying an approximate exchange rate as at the date of the transaction. This rate is revised regularly through the course of the year.

Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit and loss.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments

The company has a contractual arrangement that grants employees virtual shares which mirror the value of the company’s actual shares. These virtual shares entitle participants to a cash or share settlement at a future date designated by the company.

The plan is accounted for as a cash-settled share-based payment. A liability is recognised for the services received, measured initially and at each reporting date at the fair value of the obligation, with changes recognised in profit or loss until settlement.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Cross charge services

15,371,944

13,679,057

15,371,944

13,679,057

An analysis of turnover by geographical market is given below:

2024

2023

£

£

Europe

15,371,944

13,679,057

15,371,944

13,679,057

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

9,639,623

8,815,228

Social security costs

1,237,353

1,228,866

Other pension costs

544,423

429,521

11,421,399

10,473,615

The average number of employees during the year was as follows:

2024

2023

Administrative staff

80

70

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

55,563

34,669

Foreign exchange differences

(68

)

1,589

Other operating leases

285,640

205,186

Auditors remuneration

10,370

6,100

6.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,405

6,100

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

89,459

-

Deferred tax

87,205

(52,239

)

Tax on profit

176,664

(52,239

)

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

623,112

560,107

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

155,778

140,027

Effects of:

Expenses not deductible for tax purposes

28,448

26,579

Income not taxable for tax purposes

(14,934

)

(13,393

)

Capital allowances in excess of depreciation

(16,658

)

(7,620

)

Utilisation of tax losses

(63,175

)

(145,593

)

Deferred tax movement

87,205

(52,239

)

Total tax charge/(credit)

176,664

(52,239

)

8.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& IT

equipment

£

COST

At 1 January 2024

124,850

Additions

117,767

At 31 December 2024

242,617

DEPRECIATION

At 1 January 2024

47,189

Charge for year

55,563

At 31 December 2024

102,752

NET BOOK VALUE

At 31 December 2024

139,865

At 31 December 2023

77,661