REGISTERED NUMBER: 13540927 (England and Wales)

CAVELL TAYLOR HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

to

5

Report of the Directors

6

Report of the Independent Auditors

7

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

to

33

DIRECTORS:

C E B Cavell-Taylor

J S McEuen

W Fowler

REGISTERED OFFICE:

16 Mill Street

Oakham

Rutland

LE15 6EA

REGISTERED NUMBER:

13540927 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

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

REVIEW OF BUSINESS

Strategic Management

The group's strategy is to develop individual brands within the United Kingdom, Europe and other markets.

The group has five key brands. Three are distributed in the UK on an exclusive basis (Schöffel Country, KEEN Footwear and Schöffel Ski). Two are owned brands which are being developed for the future (Sherpa Adventure Gear and Artilect).

The group operates in the UK, Europe and the USA and is gaining traction in all three markets. The group services two market sectors - the country market (with Schöffel Countrywear) and the outdoor and ski market (with KEEN, Artilect, Sherpa Adventure Gear and Schöffel Ski).

The Country Market

Schöffel Countrywear is growing strongly in the D2C market in the UK and is now starting to gain traction in the European country market. In the US, Schöffel Country has established a bridgehead with the key country retailers with the launch of a D2C offer in 2024.

The Outdoor and Ski Market

Schöffel Ski is successfully distributed into the UK market and is established as the No 2 premium ski brand in the UK. Keen Footwear is distributed into the UK market to both outdoor retailers and the lifestyle footwear market where the brand is growing strongly.

Sherpa Adventure Gear has a small but vibrant position in the US market with many of the key American premium outdoor retailers and Sherpa enjoys a similar position in the European outdoor market, represented by key outdoor retailers from Scandinavia, Benelux and Germany.

Artilect is a premium technical performance-based brand, created in 2020, and has established a strong following with the core European retailers in Scandinavia, Benelux, Germany and Switzerland.

Business Environment

Trading remains constrained by the competitive environment in wholesale and retail sectors due to the on-going challenges faced by the economy with higher inflation, interest rates, the war in Ukraine and uncertainty with international tariffs.

Business Performance

The board consider that the key performance indicators for the group are those that communicate the financial performance and strength of the group as a whole. The key financial highlights are as follows:

2024

2023

Change

£m

£m

%

Revenue

31.9

35.3

-9.7%

Gross Profit

14.2

13.4

5.8%

Gross Margin %

44.4%

37.9%

17.2%

EBITDA before exceptional items

2.2

0.6

273.0%

Loss on ordinary items before taxation

1.9

4.5

-59.3%

Overall revenues declined in year due to the sale of the retail operations and discontinuing non-core brands and markets. Revenue for continuing operations was £30.9m which was consistent with the prior year (2023: £30.5m).

The D2C channel increased 33.5% to £8.8m (2023: £6.6m) accounting for 31% of continuing product sales (2023: 24%).

Revenue: Continuing and Discontinuing Operations

Continuing

Discontinued

2024

Operations

Operations

Total

£m

£m

£m

Product sales

28.7

1.0

29.7

Service contract income

2.2

-

2.2

Total revenue

30.9

1.0

31.9

United Kingdom

24.2

0.1

24.3

Europe

3.9

0.8

4.7

Rest of the world

2.8

0.1

2.9

Total revenue

30.9

1.0

31.9

Business to business (B2C)

19.9

1.0

20.9

Direct to consumer (D2C)

8.8

-

8.8

Retail operation

-

-

-

Total product sales

28.7

1.0

29.7

Continuing

Discontinued

2023

Operations

Operations

Total

£m

£m

£m

Product sales

28.6

4.8

33.4

Service contract income

1.9

-

1.9

Total revenue

30.5

4.8

35.3

United Kingdom

23.5

1.4

24.9

Europe

3.8

3.1

6.9

Rest of the world

3.2

0.3

3.5

Total revenue

30.5

4.8

35.3

Business to business (B2C)

22.0

4.2

26.2

Direct to consumer (D2C)

6.6

0.2

6.8

Retail operation

-

0.4

0.4

Total product sales

28.6

4.8

33.4

Continuing

Discontinued

Total

Change

Change

Change

%

%

%

Product sales

-0.1%

-78.1%

-11.3%

Service contract income

17.4%

n/a

17.4%

Total revenue

1.0%

-78.1%

-9.7%

United Kingdom

2.2%

-87.4%

-2.7%

Europe

3.4%

-75.3%

-32.0%

Rest of the world

-10.8%

-63.9%

-15.1%

Total revenue

1.0%

-78.1%

-9.7%

Business to business (B2C)

-10.1%

-77.0%

-20.7%

Direct to consumer (D2C)

33.5%

-57.5%

30.4%

Retail operation

n/a

-100.0%

-100.0%

Total product sales

-0.1%

-78.1%

-11.3%

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks arising from the group's activities are liquidity risk, currency risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

Liquidity risk is the risk that the group is unable to meet its payment obligations associated with its liabilities as they fall due. The group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation. The group determines its liquidity requirements by the use of cash flow forecasts. On at least an annual basis, the board reviews and approves any funding requirements of the group which they continue to monitor and review on an ongoing basis.

Currency risk

Currency risk is managed by appropriate use of forward currency contracts.

Interest rate risk

Interest rate risk is managed by regular review of fixed and variable rate facilities available from the group's bankers.

Credit risk

Credit risk is managed by constant monitoring of the creditworthiness of customers and by identifying and addressing any credit issues in a timely manner.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Environmental

We are measuring our Corporate Carbon Footprint in emissions scope 1, 2 and 3. We expect to have a full assessment of our full year 2024 impact by Q4 of 2025. Our climate work in scope 3 will bring us product level carbon footprints. This data will enable us to assess our potential reductions required for a move to net-zero with the near term (2030) and far term (2050) targets. If our potential reductions are in line with the promises required, we will file both intent and targets with the Science Based Targets Initiative. Once our commitments to reduction are in place, we will complete an action plan for our reductions across those scopes. We will then look to our strategies for carbon mitigation and removal. We would like these investments to be in projects that are close to our outdoor community and in the countries in which we manufacture our products.

Building on our assessments from last year, we are continuing to develop our supply chain and are maintaining our drive to move more of our business to manufacturing partners that share our values and understand the impact they have on the planet. We continue a progressive ‘move to natural’ with increased use of natural fibres that are wherever possible certified for responsible, fair and sustainable sourcing. Similarly, we continue to seek to use in our manufacturing renewable and recycled content in any styles that are not natural fibre based.

Key suppliers have signed up to our Vendor Compliance Manual and Operations Guide which highlights our required ESG standards, including factory auditing. We will build further on those vendor assessments to demand more transparency and performance from our supply chain.

We constantly look to improve our business efficiency and reduce our impact on the planet. Specific areas of focus have been:

- Business travel

- Employee commuting

- Electricity and gas (energy usage)

- Vehicle fleet

- Materials used in our product collections

- Vendor locations, fabric sources and ethics

- Packaging reuse and recycling

We set an ethos of being a responsible group, and we work hard to reduce waste in all its forms.

Social

We are committed to investing in our staff and where possible we promote from within and have a very local workforce.

We are assessing and benchmarking our company performance for workers to ensure that we offer the right benefits and policies to support our staff. This includes reviews of bonus structures, sick pay, parental leave, career development opportunity/investment and other such areas. Staff will be given feedback opportunities to make comments or suggestions.

During the year we donated to various charitable causes including Room to Read, The Game and Wildlife Conservation Trust and other local charities.

Governance

The directors meet regularly on at least a monthly basis both in person and via video-calls to monitor operational performance and to make strategic decisions to address the macroeconomic environment and other challenges affecting the business. The responsibility for the social and environmental pieces above is driven by a demand from our board that we embed good practices into every stage of our operation.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

23 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the sale of specialist clothing and footwear.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

C E B Cavell-Taylor

J S McEuen

Other changes in directors holding office are as follows:

W Fowler - appointed 11 November 2024

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise cash, bank term borrowings, bank import loans and overdrafts, trade debtors and trade creditors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C E B Cavell-Taylor - Director

23 December 2025

Opinion

We have audited the financial statements of Cavell Taylor Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, consumer rights and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the group's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

23 December 2025

REVENUE

3

31,899,985

35,324,913

Cost of sales

17,743,873

21,946,072

GROSS PROFIT

14,156,112

13,378,841

Distribution costs

1,672,245

1,779,561

Administrative expenses

11,246,437

12,012,707

12,918,682

13,792,268

1,237,430

(413,427

)

Other operating income

4

270,253

237,936

OPERATING PROFIT/(LOSS)

6

1,507,683

(175,491

)

Exceptional income

7

-

434,240

Exceptional costs

7

(515,798

)

(1,889,526

)

991,885

(1,630,777

)

Interest receivable and similar income

20,833

3,765

1,012,718

(1,627,012

)

Gain/loss on revaluation of assets

-

(750,933

)

1,012,718

(2,377,945

)

Interest payable and similar expenses

8

1,131,722

1,355,117

Other finance costs

1,705,000

750,669

2,836,722

2,105,786

LOSS BEFORE TAXATION

(1,824,004

)

(4,483,731

)

Tax on loss

9

41,356

(143,040

)

LOSS FOR THE FINANCIAL YEAR

(1,865,360

)

(4,340,691

)

Loss attributable to:

Owners of the parent

(1,865,360

)

(4,340,691

)

LOSS FOR THE YEAR

(1,865,360

)

(4,340,691

)

OTHER COMPREHENSIVE INCOME

Exchange differences on translation of

overseas subsidiaries

21,027

34,265

Revaluation of freehold property

-

1,897,479

Income tax relating to components of other comprehensive income

-

14,000

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

21,027

1,945,744

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,844,333

)

(2,394,947

)

Total comprehensive income attributable to:

Owners of the parent

(1,844,333

)

(2,394,947

)

FIXED ASSETS

Intangible assets

11

1,030,742

1,176,236

Property, plant and equipment

12

5,714,751

6,163,770

Investments

13

Interest in associates

4,605,750

6,310,750

Other investments

2,913,314

2,913,314

Investment property

14

620,000

620,000

14,884,557

17,184,070

CURRENT ASSETS

Inventories

15

11,049,007

16,288,884

Debtors

16

2,674,532

4,594,365

Cash at bank

1,951,298

2,053,654

15,674,837

22,936,903

CREDITORS

Amounts falling due within one year

17

15,738,925

23,695,671

NET CURRENT LIABILITIES

(64,088

)

(758,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,820,469

16,425,302

CREDITORS

Amounts falling due after more than one year

18

(4,534,985

)

(4,258,192

)

PROVISIONS FOR LIABILITIES

23

(189,235

)

(152,203

)

NET ASSETS

10,096,249

12,014,907

CAPITAL AND RESERVES

Called up share capital

24

4,000,003

4,000,003

Revaluation reserve

25

2,521,930

2,521,930

Capital redemption reserve

25

20,821

20,821

Foreign exchange reserve

25

(44,491

)

8,807

Merger reserve

25

1,090

1,090

Retained earnings

25

3,596,896

5,462,256

SHAREHOLDERS' FUNDS

10,096,249

12,014,907

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

C E B Cavell-Taylor - Director

FIXED ASSETS

Intangible assets

11

-

-

Property, plant and equipment

12

-

-

Investments

13

2

2

Investment property

14

-

-

2

2

CURRENT ASSETS

Debtors

16

8,026,406

8,167,852

CREDITORS

Amounts falling due within one year

17

4,026,405

4,167,851

NET CURRENT ASSETS

4,000,001

4,000,001

TOTAL ASSETS LESS CURRENT LIABILITIES

4,000,003

4,000,003

CAPITAL AND RESERVES

Called up share capital

24

4,000,003

4,000,003

SHAREHOLDERS' FUNDS

4,000,003

4,000,003

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

C E B Cavell-Taylor - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

4,000,003

9,785,264

628,134

Changes in equity

Total comprehensive income

-

(4,340,691

)

1,911,479

Transfer

-

17,683

(17,683

)

Balance at 31 December 2023

4,000,003

5,462,256

2,521,930

Changes in equity

Total comprehensive income

-

(1,865,360

)

-

Balance at 31 December 2024

4,000,003

3,596,896

2,521,930

Capital

Foreign

redemption

exchange

Merger

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 January 2023

20,821

(185,474

)

6,182

14,254,930

Changes in equity

Translation of opening reserves

-

160,016

-

160,016

Acquisition of subsidiary

-

-

(5,092

)

(5,092

)

Total comprehensive income

-

34,265

-

(2,394,947

)

Balance at 31 December 2023

20,821

8,807

1,090

12,014,907

Changes in equity

Translation of opening reserves

-

(74,325

)

-

(74,325

)

Total comprehensive income

-

21,027

-

(1,844,333

)

Balance at 31 December 2024

20,821

(44,491

)

1,090

10,096,249

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

4,000,003

-

4,000,003

Changes in equity

Balance at 31 December 2023

4,000,003

-

4,000,003

Changes in equity

Balance at 31 December 2024

4,000,003

-

4,000,003