ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03933596

KLYTOON LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

KLYTOON LIMITED

COMPANY INFORMATION

Director	A Attoun


Registered number	03933596


Registered office	563 Chiswick High Road
	London
	W4 3AY


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

KLYTOON LIMITED

CONTENTS

	Page
Group Strategic Report	1
Director's Report	2 - 3
Independent Auditor's Report	4 - 6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Statement of Cash Flows	12 - 13
Notes to the Financial Statements	14 - 31

KLYTOON LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Business review

The results for the year and financial position of the Group are shown in the annexed financial statements.

The director is satisfied with the results for the year and anticipates that the Group will continue to trade successfully for the foreseeable future.

Principal risks and uncertainties

The Group seeks to manage the risk of losing customers by providing a high level of service and the Group seeks to manage the risk of losing access to products by maintaining strong relationships with key suppliers.

The main financial risks arising from the Group’s activities are credit risk, liquidity risk and interest rate risk.

The Group’s policy in respect of credit risk is to monitor payments against contractual agreements, to carry out credit checks and to set credit limits.

The Group’s policy in respect of liquidity risk is to maintain readily accessible bank accounts to ensure that the Group has sufficient funds for operations.

The Group’s policy in respect of interest rate risk is to monitor the level of debt finance and related finance costs.

Financial key performance indicators

Key Performance Indicators ("KPIs"), which are set at board level, have been devised to allow the Board to monitor the Group as a whole. The Group monitors KPIs on a regular basis at board level as follows:

31 December 2024 31 December 2023
€ €
1. Turnover 44,483,845 70,671,660
2. Gross profit 10,213,338 15,943,358
3. Operating profit 3,624,692 9,800,676

The cash position of the Group is monitored and reported to the director on a regular basis.

The company’s market has evolved significantly over the financial year. The government decided to review the implementation of the “MaPrimeRénov’” scheme, which resulted in a delay in the commercialization of our main products.

Management expects a comparable level of activity in 2025, with a redeployment of government incentives planned for 2026 and 2027.

This report was approved by the board and signed on its behalf.

A Attoun

Director

Date: 15 December 2025

Page 1

KLYTOON 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.

Principal activity

The principal activities of the Group are the supply of heat pumps and insulation products, and the wholesale of food products such as teas, nuts, dried fruits and spices. The Group also supplies other non-food products.

The Group predominately operates from and serves customers in France.

Director

The director who served during the year was:

A Attoun

Results and dividends

The profit for the year, after taxation and minority interests, amounted to €1,754,497 (2023 - €5,597,017).

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

KLYTOON LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 and the Group'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 and the Group's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

A Attoun

Director

Date: 15 December 2025

Page 3

KLYTOON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KLYTOON LIMITED

Opinion

We have audited the financial statements of Klytoon Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 Group's or 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

KLYTOON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KLYTOON LIMITED (CONTINUED)

Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 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 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 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 director's 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 Director's Responsibilities Statement set out on page 2, 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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have 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 Group financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 5

KLYTOON LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KLYTOON LIMITED (CONTINUED)

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 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 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.

Alan Poole BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

15 December 2025

Page 6

KLYTOON LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	€	€


Turnover	4	44,483,845	70,671,660
Cost of sales		(34,270,507)	(54,728,302)
Gross profit		10,213,338	15,943,358
Administrative expenses		(6,662,612)	(6,275,302)
Other operating income		83,152	302,951
Other operating charges		(4,055)	(170,331)
Operating profit	5	3,629,823	9,800,676
Share of profit of associates	15	441,419	472,699
Revaluation of investment property	16	56,000	(202,000)
Interest receivable and similar income	9	66,475	785,669
Interest payable and similar expenses	10	(1,115,488)	(631,990)
Profit before taxation		3,078,229	10,225,054
Tax on profit	11	(730,748)	(2,409,203)
Profit for the financial year		2,347,481	7,815,851

Profit for the year attributable to:
Non-controlling interests	592,984	2,218,834
Owners of the parent Company	1,754,497	5,597,017
	2,347,481	7,815,851

There was no other comprehensive income for 2024 (2023:€NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 7

KLYTOON LIMITED

REGISTERED NUMBER: 03933596

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		€		€

Fixed assets
Intangible assets	13		4,360		-
Tangible assets	14		650,569		470,628
Investments	15		2,111,243		1,669,824
Investment property	16		1,956,000		1,900,000
			4,722,172		4,040,452
Current assets
Stocks	17	15,732,025		11,255,309
Debtors: amounts falling due within one year	18	19,652,632		19,768,793
Cash at bank and in hand	19	5,456,014		11,705,402
		40,840,671		42,729,504
Creditors: amounts falling due within one year	20	(10,610,352)		(14,355,708)
Net current assets			30,230,319		28,373,796
Total assets less current liabilities			34,952,491		32,414,248
Creditors: amounts falling due after more than one year	21		(10,424,937)		(10,234,175)

Net assets			24,527,554		22,180,073

Capital and reserves
Called up share capital	23	75	75
Profit and loss account		18,174,809	16,420,312
Equity attributable to owners of the parent Company		18,174,884	16,420,387
Non-controlling interests		6,352,670	5,759,686
		24,527,554	22,180,073

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Attoun

Director

Date: 15 December 2025

The notes on pages 14 to 31 form part of these financial statements.

Page 8

KLYTOON LIMITED

REGISTERED NUMBER: 03933596

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		€		€

Fixed assets
Investments	15		2,334,850		2,334,850
Investment property	16		1,956,000		1,900,000
			4,290,850		4,234,850
Current assets
Debtors: amounts falling due within one year	18	66,285		183,464
Cash at bank and in hand	19	15,024		16,259
		81,309		199,723
Creditors: amounts falling due within one year	20	(31,553)		(28,659)
Net current assets			49,756		171,064
Total assets less current liabilities			4,340,606		4,405,914

Creditors: amounts falling due after more than one year	21		(3,359,864)		(3,279,095)

Net assets			980,742		1,126,819

Capital and reserves
Called up share capital	23	75	75
Profit and loss account		980,667	1,126,744
		980,742	1,126,819

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Attoun

Director

Date: 15 December 2025

The notes on pages 14 to 31 form part of these financial statements.

Page 9

KLYTOON LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	€	€	€	€	€
At 1 January 2024	75	16,420,312	16,420,387	5,759,686	22,180,073
Comprehensive income for the year
Profit for the year	-	1,754,497	1,754,497	592,984	2,347,481
At 31 December 2024	75	18,174,809	18,174,884	6,352,670	24,527,554

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	€	€	€	€	€
At 1 January 2023	75	10,823,295	10,823,370	4,240,852	15,064,222
Comprehensive income for the year
Profit for the year	-	5,597,017	5,597,017	2,218,834	7,815,851
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(700,000)	(700,000)
At 31 December 2023	75	16,420,312	16,420,387	5,759,686	22,180,073

The notes on pages 14 to 31 form part of these financial statements.

Page 10

KLYTOON LIMITED

COMPANY 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 2024	75	1,126,744	1,126,819
Comprehensive income for the year
Loss for the year	-	(146,077)	(146,077)
At 31 December 2024	75	980,667	980,742

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	€	€	€
At 1 January 2023	75	1,485,202	1,485,277
Comprehensive income for the year
Loss for the year	-	(358,458)	(358,458)
At 31 December 2023	75	1,126,744	1,126,819

The notes on pages 14 to 31 form part of these financial statements.

Page 11

KLYTOON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			€	€

Cash flows from operating activities
Profit for the financial year	2,347,481	7,815,851
Adjustments for:
Amortisation of intangible assets	640	-
Depreciation of tangible assets	141,560	130,140
Interest expense	1,115,488	631,990
Interest received	(66,475)	(785,669)
Taxation charge	730,748	2,409,203
(Increase) in stocks	(4,476,716)	(2,541,656)
Decrease/(increase) in debtors	64,219	(6,590,198)
(Decrease)/increase in creditors	(3,552,774)	5,934,280
Increase/(decrease) in provisions	-	(17,694)
Revaluation of investment property	(56,000)	202,000
Share of profit of associates	(441,419)	(472,699)
Corporation tax paid	(1,875,499)	(1,728,374)
Net cash generated from operating activities	(6,068,747)	4,987,174

Cash flows from investing activities
Purchase of intangible fixed assets	(5,000)	-
Purchase of tangible fixed assets	(321,501)	(59,615)
Sale of tangible fixed assets	-	62,620
Interest received	66,475	785,669
Net cash from investing activities	(260,026)	788,674
Cash flows from financing activities
New bank loans	-	4,000,000
Repayment of bank loans	(1,660,609)	(1,570,702)
Other new loans	75,278	167,843
Interest paid	(1,115,488)	(631,990)
Net cash used in financing activities	(2,700,819)	1,965,151

Page 12

KLYTOON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		€	€


Net (decrease)/increase in cash and cash equivalents	(9,029,592)	7,740,999
Cash and cash equivalents at beginning of year	10,396,912	2,655,913
Cash and cash equivalents at the end of year	1,367,320	10,396,912

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	5,456,014	11,705,402
Bank overdrafts	(4,088,694)	(1,308,490)
	1,367,320	10,396,912

Page 13

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Klytoon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 563 Chiswick High Road, London, W4 3AY.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

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.

Page 14

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Group as lessee

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

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

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.

2.11

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.

Page 16

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

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 buildings	-	20 years
Plant and machinery	-	3 to 10 years
Other fixed assets	-	1 to 10 years

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.

2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 17

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

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.

At each balance sheet 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.

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 Consolidated 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 Group'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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 18

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements.

Bad debt provisions
Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of any specific recoverability concerns.

Stock provisions
Provisions are estimated by the company in respect of specific stock items based upon the age and condition of the items and knowledge of any specific recoverability concerns.

Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Page 19

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Heat pumps	34,226,000	55,567,000
Building insulation	4,525,236	11,443,000
Food and other products	3,608,609	3,506,210
Services	2,124,000	155,450
	44,483,845	70,671,660

Analysis of turnover by country of destination:

					2024	2023
					€	€

France	42,508,609	69,456,349
Other	1,975,236	1,215,311
	44,483,845	70,671,660

Depreciation	141,560	130,140
Exchange differences	(289,571)	(389,939)
Other operating lease rentals	848,420	945,531

6.	Auditor's remuneration
		2024	2023
		€	€

	Fees payable to the Group's auditor for the audit of the Group's annual financial statements	21,900	20,750
	Fees payable to the Group's auditor in respect of taxation compliance services	1,200	1,150

Page 20

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

		Group	Group
		2024	2023
		€	€


Wages and salaries	888,458	947,364
Social security costs	335,143	357,178
	1,223,601	1,304,542

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Directors	1	1	1	1
Management	7	7	-	-
other	10	10	-	-

	18	18	1	1

		Group 2024	Group 2023
		€	€


Wages and salaries	888,458	947,364
Social security costs	335,143	357,178
	1,223,601	1,304,542

There were no staff costs for the company during 2023 or 2024.

8.	Director's remuneration
		2024	2023
		€	€


	Director's emoluments	160,361	159,649

The director is considered to be the key management personnel of the Group.

Page 21

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable and similar income
		2024	2023
		€	€

Interest receivable	-	395,730
Exchange rate differences	66,475	389,939
	66,475	785,669

10.	Interest payable and similar expenses
		2024	2023
		€	€

Bank interest payable	795,651	469,990
Exchange rate differences	319,837	162,000
	1,115,488	631,990

Corporation tax
Current tax on profits for the year	678,806	2,474,849
Adjustments in respect of previous periods	(201)	-
	678,605	2,474,849

Total current tax	678,605	2,474,849

Deferred tax
Origination and reversal of timing differences	52,143	(65,646)
Total deferred tax	52,143	(65,646)


	Taxation on profit on ordinary activities	730,748	2,409,203

Page 22

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

3,078,229

10,225,054

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	769,557	2,404,933
Effects of:
Overseas tax at higher than UK rates	-	153,729
Other differences	(38,809)	(149,459)
Total tax charge for the year	730,748	2,409,203

12.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was €9,157 (2023 - loss €358,458).

Page 23

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets
	Group

		Intangible assets
		€
	Cost
	Additions	5,000
	At 31 December 2024	5,000
	Amortisation
	Charge for the year	640
	At 31 December 2024	640
	Net book value
	At 31 December 2024	4,360
	At 31 December 2023	-

Page 24

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	Group

	Freehold buildings	Plant and machinery	Other fixed assets	Total
	€	€	€	€
Cost or valuation
At 1 January 2024	814,340	711,224	661,474	2,187,038
Additions	120,000	73,000	128,501	321,501
At 31 December 2024	934,340	784,224	789,975	2,508,539
Depreciation
At 1 January 2024	590,923	657,399	468,088	1,716,410
Charge for the year	39,357	49,861	52,342	141,560
At 31 December 2024	630,280	707,260	520,430	1,857,970
Net book value
At 31 December 2024	304,060	76,964	269,545	650,569
At 31 December 2023	223,417	53,825	193,386	470,628

Page 25

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

	Company

		Plant and machinery
		€
	Cost or valuation
	At 1 January 2024	53,858
	At 31 December 2024	53,858
	Depreciation
	At 1 January 2024	53,858
	At 31 December 2024	53,858
	Net book value
	At 31 December 2024	-
	At 31 December 2023	-

15.	Fixed asset investments
	Group

		Investments in associates
		€
	Cost or valuation
	At 1 January 2024	1,669,824
	Share of profit	441,419
	At 31 December 2024	2,111,243

Page 26

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Company

		Investments in subsidiary companies
		€
	Cost or valuation
	At 1 January 2024	2,334,850
	At 31 December 2024	2,334,850

Subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Kly Groupe SA

14 Rue des Noels
Gennevilliers, 92230 France

Ordinary

81.61%

Associate
The following was an associate of the Company:
Name	Registered office	Class of shares	Holding

Kly ITE SAS

14 Rue des Noels
Gennevilliers, 92230 France

Ordinary

34%

Page 27

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Investment property
	Group and Company

		Freehold investment property
		€
	Valuation
	At 1 January 2024	1,900,000
	Profit on revaluation	56,000
	At 31 December 2024	1,956,000

The 2024 valuations were made by Office Notarial Etasse et Associes, on an open market value for existing use basis.

If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2024	2023
	€	€

Historic cost

1,346,160

17.	Stocks
		Group	Group
		2024	2023
		€	€

Raw materials and consumables	84,561	62,788
Finished goods and goods for resale	15,647,464	11,192,521
	15,732,025	11,255,309

Page 28

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
€	€	€	€


Trade debtors	12,795,735	16,930,151	-	-
Amounts owed by group undertakings	-	-	61,126	124,370
Other debtors	6,532,827	2,539,583	1,989	3,781
Prepayments and accrued income	324,070	246,916	3,170	3,170
Deferred taxation	-	52,143	-	52,143
	19,652,632	19,768,793	66,285	183,464

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		€	€	€	€

Cash at bank and in hand	5,456,014	11,705,402	15,024	16,259
Less: bank overdrafts	(4,088,694)	(1,308,490)	-	-
	1,367,320	10,396,912	15,024	16,259

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		€	€	€	€

Bank overdrafts	4,088,694	1,308,490	-	-
Bank loans	-	1,770,602	-	-
Other loans	-	5,491	-	-
Trade creditors	4,993,873	8,223,484	-	-
Corporation tax	-	1,196,693	-	-
Other taxation and social security	628,468	1,115,639	-	-
Other creditors	899,317	735,309	31,553	28,659
	10,610,352	14,355,708	31,553	28,659

Page 29

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		€	€	€	€

Bank loans	7,065,073	6,955,080	-	-
Other loans	3,359,864	3,279,095	3,359,864	3,279,095
	10,424,937	10,234,175	3,359,864	3,279,095

Included within other loans is an amount of €2,301,469 (2023: €2,301,469) which is secured on the investment property.

22.	Deferred taxation
	Group

	2024	2023
	€	€

At beginning of year	52,143	(13,503)
Credited to profit or loss	(52,143)	65,646
At end of year	-	52,143

Company

	2024	2023
	€	€

At beginning of year	52,143	(13,503)
Credited to profit or loss	(52,143)	65,646
At end of year	-	52,143

The deferred tax asset is made up as follows:
	Group	Group	Company	Company
	2024	2023	2024	2023
	€	€	€	€

	Other amounts	-	52,143	-	52,143
		-	52,143	-	52,143

Page 30

KLYTOON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Share capital
		2024	2023
		€	€

Allotted, called up and fully paid

5 (2023 - 5) Ordinary shares of £10.00 each	75	75

24.	Commitments under operating leases
	At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		€	€

Not later than 1 year	144,000	144,000
Later than 1 year and not later than 5 years	144,000	288,000
	288,000	432,000

25.

Related party transactions

The director, A Attoun, is also the majority shareholder of SCI LA LIGNE 26. The group leases properties from SCI LA LIGNE 26. The amount of rent payable in respect of the year was €1,016,803 (2023: €945,531). Included within other debtors is a security deposit of €411,451 (2023: €351,000). Included within trade creditors is an amount owed to SCI LA LIGNE 26 of €168,383 (2023: €278,474).

Included within trade debtors is a balance owed to the associated undertaking, Kly ITE, of €2,400,000 (2023: €34,881 owed by Kly ITE).

Included within creditors is a balance owed to the director, A Attoun, of €987 (2023: €2,529).

Included within other loans is a balance owed to a close family member of the director, A Attoun, of €1,058,333 (2022: €1,047,336).

26.	Controlling party

The company is controlled by the director, A Attoun, by virtue of his majority shareholding.

Page 31