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Registration number: 09875461

MOLB UK Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

MOLB UK Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 8
Consolidated Profit and Loss Account | 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 39

MOLB UK Limited

Company Information

Directors | C M Brennan A Berthelet

Company secretary | Hunters Co Sec Ltd

Registered office | c/o Hunters Law LLP Lincoln's Inn 9 New Square United Kingdom WC2A 3QN

Auditors | Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

MOLB UK Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the Group is design and technology services for the automotive industry and intermediate holding company.

Fair review of the business

The company is focusing on developing the design services provided to OEMs and engineering services provided both to OEMs and Tier 1st suppliers.
In 2024 the general trend of the market was positive with a reasonable volume of projects launched by the Car Makers.
2024 was a year of consolidation of the Company’s market shares.The revenue has grown by €2.3m.
The margins are under pressure mainly due to the rise of the hourly costs without having the clients agreeing an increase of the hourly rates of the services. Operating profit has reduced by €1.3m.
The level of inflation of the current and past years was not reflected in pricing revision that the market was, and is still, reluctant to accept.
The Company shows strong stability in its market, maintaining the revenue at the same level and its costs as well, resulting into a similar solid profit level.

Principal risks and uncertainties

The key risks affecting the group are:
Market risk: The group is affected by the dynamic-trend of the car industry and the pressure on the margins.
Operational risk: This is not a specific risk affecting the group as there is strong stability within each team.
Currency risk: The group operate EUR and GBP accounts which help to mitigate currency risk.

Approved and authorised by the Board on 25 March 2026 and signed on its behalf by:

......................................... A Berthelet Director

MOLB UK Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the Group

The directors who held office during the year were as follows:

C M Brennan (appointed 7 February 2024)

H W Ashton (resigned 7 February 2024)

A Berthelet

Financial instruments

Objectives and policies

The directors aim to ensure the group have sufficient working capital to continue to funds its day to day operations.

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

The key risks affecting the group are:
Liquidity risk: This is not a specific risk affecting the company as the group has access to its cash through its current accounts.
Credit risk: This is not a specific risk for the group, because banks are supporting the development of the group.
Price risk: There is pressure on the price versus the inflation for keeping the group's market share.
Cashflow risk: This is not a specific risk affecting the group as the group have sufficient working capital to ensure its day to day payments.

Future developments

The Group will continue to develop and strengthen its collaboration with its established portfolio of Clients with the aim of being a solid strategic key partner for them. Design and Engineering activities for the Car Industry will still be the focus with an extension to the Mobility Industry.
The Group will maintain the necessary level of expertise and keep a dynamic growth strategy based on its international footprint.

Important non adjusting events after the financial period

The Group acquired a company in Italy to accelerate its growth in the design field in this region. MOLB Italia Srl bought the shares of Vallone Consulting Srl in April 2025.

MOLB UK Limited

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 25 March 2026 and signed on its behalf by:

......................................... A Berthelet Director

MOLB UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 Group and the Company 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 apply them consistently;

• | make judgements 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; and

• | 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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MOLB UK Limited

Independent Auditor's Report to the Members of MOLB UK Limited

Opinion

We have audited the financial statements of MOLB UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 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 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 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

MOLB UK Limited

Independent Auditor's Report to the Members of MOLB UK Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 5], 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 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 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.

Auditor Responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions an enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group.
The following laws and regulations were identified as being of significance to the group:

• | Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.

MOLB UK Limited

Independent Auditor's Report to the Members of MOLB UK Limited

| Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available 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.

......................................
Hannah Fowlie (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

25 March 2026

MOLB UK Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 € | (As restated) 2023 €
Turnover | 4 | 16,320,125 | 14,037,898
Cost of sales |  | (2,680,883) | (1,884,110)
Gross profit |  | 13,639,242 | 12,153,788
Administrative expenses |  | (13,215,487) | (10,415,885)
Other operating income | 5 | 25,953 | 23,071
Operating profit | 6 | 449,708 | 1,760,974
Other interest receivable and similar income | 7 | 16,701 | -
Interest payable and similar expenses | 8 | (104,519) | (66,092)
|  | (87,818) | (66,092)
Profit before tax |  | 361,890 | 1,694,882
Tax on profit | 12 | (171,405) | (391,724)
Profit for the financial year |  | 190,485 | 1,303,158
Profit/(loss) attributable to: |  |  |
Owners of the Company |  | 190,485 | 1,303,158

The Group has no recognised gains or losses for the year other than the results above.

MOLB UK Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

| 2024 € | (As restated) 2023 €
Profit for the year | 190,485 | 1,303,158
Total comprehensive income for the year | 190,485 | 1,303,158
Total comprehensive income attributable to: |  |
Owners of the Company | 190,485 | 1,303,158

MOLB UK Limited

(Registration number: 09875461)
Consolidated Balance Sheet as at 31 December 2024

| Note | 2024 € | (As restated) 2023 €
Fixed assets |  |  |
Intangible assets | 13 | 767,138 | 223,433
Tangible assets | 14 | 290,325 | 131,538
|  | 1,057,463 | 354,971
Current assets |  |  |
Debtors | 17 | 3,336,212 | 4,327,354
Cash at bank and in hand |  | 5,386,204 | 5,444,494
|  | 8,722,416 | 9,771,848
Creditors: Amounts falling due within one year | 19 | (4,113,463) | (4,718,828)
Net current assets |  | 4,608,953 | 5,053,020
Total assets less current liabilities |  | 5,666,416 | 5,407,991
Creditors: Amounts falling due after more than one year | 19 | (2,347,300) | (2,367,151)
Provisions for liabilities | 21 | (400,401) | (312,610)
Net assets |  | 2,918,715 | 2,728,230
Capital and reserves |  |  |
Called up share capital | 23 | 143 | 143
Other reserves | 24 | 40,215 | 40,215
Retained earnings | 24 | 2,878,357 | 2,687,872
Equity attributable to owners of the company |  | 2,918,715 | 2,728,230
Shareholders' funds |  | 2,918,715 | 2,728,230

Approved and authorised by the Board on 25 March 2026 and signed on its behalf by:

......................................... A Berthelet Director

MOLB UK Limited

(Registration number: 09875461)
Balance Sheet as at 31 December 2024

| Note | 2024 € | 2023 €
Fixed assets |  |  |
Tangible assets | 14 | 5,866 | 51,299
Investments | 15 | 2,126,977 | 2,126,977
|  | 2,132,843 | 2,178,276
Current assets |  |  |
Debtors | 17 | 831,557 | 1,059,461
Cash at bank and in hand |  | 92,895 | 1,112,322
|  | 924,452 | 2,171,783
Creditors: Amounts falling due within one year | 19 | (819,612) | (2,194,927)
Net current assets/(liabilities) |  | 104,840 | (23,144)
Net assets |  | 2,237,683 | 2,155,132
Capital and reserves |  |  |
Called up share capital | 23 | 143 | 143
Retained earnings |  | 2,237,540 | 2,154,989
Shareholders' funds |  | 2,237,683 | 2,155,132

The company made a profit after tax for the financial year of €82,551 (2023 - profit of €98,422).

Approved and authorised by the Board on 25 March 2026 and signed on its behalf by:

......................................... A Berthelet Director

MOLB UK Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital € | Other reserves € | Retained earnings € | Total € | Total equity €
At 1 January 2024 | 143 | 40,215 | 3,055,225 | 3,095,583 | 3,095,583
Prior period adjustment | - | - | (367,353) | (367,353) | (367,353)
At 1 January 2024 (As restated) | 143 | 40,215 | 2,687,872 | 2,728,230 | 2,728,230
Profit for the year | - | - | 190,485 | 190,485 | 190,485
At 31 December 2024 | 143 | 40,215 | 2,878,357 | 2,918,715 | 2,918,715

| Share capital € | Other reserves € | Retained earnings € | Total € | Total equity €
At 1 January 2023 | 143 | 40,215 | 1,874,518 | 1,914,876 | 1,914,876
Prior period adjustment | - | - | (489,804) | (489,804) | (489,804)
At 1 January 2023 (As restated) | 143 | 40,215 | 1,384,714 | 1,425,072 | 1,425,072
Profit for the year | - | - | 1,303,158 | 1,303,158 | 1,303,158
At 31 December 2023 | 143 | 40,215 | 2,687,872 | 2,728,230 | 2,728,230

MOLB UK Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital € | Retained earnings € | Total €
At 1 January 2024 | 143 | 2,154,989 | 2,155,132
Profit for the year | - | 82,551 | 82,551
At 31 December 2024 | 143 | 2,237,540 | 2,237,683

| Share capital € | Retained earnings € | Total €
At 1 January 2023 | 143 | 2,056,567 | 2,056,710
Profit for the year | - | 98,422 | 98,422
At 31 December 2023 | 143 | 2,154,989 | 2,155,132

MOLB UK Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 € | (As restated) 2023 €
Cash flows from operating activities
Profit for the year |  | 190,485 | 1,303,158
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 330,913 | 167,140
Loss from disposals of investments |  | - | 250,000
Finance income |  | (16,701) | -
Finance costs |  | 104,519 | 66,092
Income tax expense | 12 | 171,405 | 391,724
|  | 780,621 | 2,178,114
Working capital adjustments |  |  |
Increase in trade debtors | 17 | (1,224,514) | (213,189)
Increase/(decrease) in trade creditors | 19 | 1,143,850 | (1,267,216)
Increase in provisions | 21 | 87,791 | 66,448
Cash generated from operations |  | 787,748 | 764,157
Income taxes paid | 12 | (513,911) | (114,670)
Net cash flow from operating activities |  | 273,837 | 649,487
Cash flows from investing activities |  |  |
Acquisition of subsidiaries | 16 | (578,606) | (220,496)
Acquisitions of tangible assets | 14 | (310,151) | (22,981)
Acquisition of intangible assets | 13 | (318,576) | (16,067)
Net cash flows from investing activities |  | (1,207,333) | (259,544)
Cash flows from financing activities |  |  |
Interest paid |  | (104,519) | (66,092)
Proceeds from bank borrowing draw downs |  | 1,992,141 | -
Repayment of bank borrowing |  | (1,012,416) | (985,930)
Net cash flows from financing activities |  | 875,206 | (1,052,022)
Net decrease in cash and cash equivalents |  | (58,290) | (662,079)
Cash and cash equivalents at 1 January |  | 5,444,494 | 6,106,573
Cash and cash equivalents at 31 December |  | 5,386,204 | 5,444,494

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Hunters Law LLP
Lincoln's Inn
9 New Square
WC2A 3QN
United Kingdom

These financial statements were authorised for issue by the Board on 25 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Euros, which is the functional currency of the group and the parent company.
Two of the subsidiaries have a functional currency different than Euros and have been translated as follows:
MOLB Czech: financial statements are prepared in Czech Koruna and so for the purposes of consolidation, Balance Sheet items have been translated at the year end rate of 1 EUR: 24.5201 CZK (2023: 1 EUR: 24.7069 CZK), and Profit & Loss items have been translated at the average rate of 1 EUR: 25.1207 CZK (2023: 1 EUR: 24.0096 CZK).
MOLB Eastern Europe financial statements are prepared in Romanian Leu and so for the purposes of consolidation, Balance Sheet items have been translated at the year end rate of 1 EUR: 4.9750 RON (2023: 1 EUR: 4.9631 RON), and Profit & Loss items have been translated at the average rate of 1 EUR: 4.9756 RON (2023: 1 EUR: 4.9489 RON).

Summary of disclosure exemptions

As a qualifying entity, the parent company has taken the exemption from disclosing its own cash flow statement as it is consolidated into the consolidated statement of cash flows which is presented in these financial statements.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2024.
No Profit and Loss Account is presented for the Company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £82,551 (2023 - profit of £98,422).

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Where subsidiaries have a functional currency other than Euros, their financial statements have been translated into Euros for their inclusion in the consolidated accounts. Balance sheet items are translated at the year end rate and items relating to the Profit and Loss Account are translated at the average rate for the year. Any foreign exchange movements are accounted for in the foreign exchange translation reserve if material, otherwise these are taken to the Profit and Loss Account reserve. The foreign exchange rates used for translation are disclosed in the ‘basis of preparation’ accounting policy.

Going concern

The financial statements have been prepared on a going concern basis.The financial statements have been prepared on a going concern basis and assumes that the Company and Group will continue its operations and meet its liabilities as they fall due for at least the next 12 months the signing of the financial statements. This assessment is based on management’s review of forecasts and current trading performance.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Prior period errors

It was identified that in the 2023 consolidated financial statements, and its comparative figures, two intangible assets held by one of the Group's subsidiaries have been amortised over a 5 year period on a straight line basis commencing in 2022. During the preparation of the 2024 consolidated financial statements it was identified that the useful life should have commenced on acquisition of these assets in 2010, rather than commencing in 2022. A prior year adjustment is made to reverse the amortisation charges made in 2023 and its comparative period, and instead to fully amortise the assets in the 2022 opening reserves.

| Relating to the current period disclosed in these financial statements € | Relating to the prior period disclosed in these financial statements € | Relating to periods before the prior period disclosed in these financial statements €
Intangible assets | - | (367,353) | (489,804)
Amortisation charge | - | (122,451) | (122,451)
Retained earnings | 367,353 | 489,804 | 612,255

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.
The Group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Group's activities.
Revenue is recognised in line with the timing of design project delivery to the customer.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Group operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office equipment | 3 years straight line
Leasehold improvements | 6 to 10 years straight line
Motor vehicles | 5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 5 years straight line
Trademarks and licenses | 5 years straight line
Software | 1 to 3 years straight line

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Trade debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, 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.

Key sources of estimation uncertainty

Intangible assets useful life is an estimation uncertainty as it is not known for how long the intangible asset will be used in the business, or carry its initial value. The amortisation rates used have been disclosed in the amortisation accounting policy and are management's best estimate of the useful life of each of the asset categories. The carrying amount is €767,138 (2023 -€223,433).

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4 | Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

| 2024 € | 2023 €
Rendering of services | 16,320,125 | 14,037,898

The analysis of the Group's Turnover for the year by market is as follows:

| 2024 € | 2023 €
UK | 972,416 | 767,530
Europe | 13,052,404 | 12,913,125
Rest of world | 2,295,305 | 357,243
| 16,320,125 | 14,037,898

5 | Other operating income

The analysis of the Group's other operating income for the year is as follows:

| 2024 € | 2023 €
Other operating income | 25,953 | 23,071

6 | Operating profit

Arrived at after charging/(crediting)

| 2024 € | (As restated) 2023 €
Depreciation expense | 74,276 | 79,968
Amortisation expense | 256,637 | 87,171

Amortisation and depreciation expense are included within administrative expenses.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Other interest receivable and similar income

| 2024 € | 2023 €
Interest income on bank deposits | 16,701 | -

8 | Interest payable and similar expenses

| 2024 € | 2023 €
Interest on bank overdrafts and borrowings | 102,343 | 66,092
Interest expense on other finance liabilities | 2,176 | -
| 104,519 | 66,092

9 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 € | 2023 €
Wages and salaries | 7,655,253 | 6,137,398
Social security costs | 1,584,131 | 1,497,755
Pension costs, defined contribution scheme | 365,303 | 280,196
Other employee expense | 181,876 | 133,596
| 9,786,563 | 8,048,945

The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Administration and support | 3 | 3
Other departments | 144 | 125
| 147 | 128

10 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 € | 2023 €
Remuneration | 316,034 | 288,342
Contributions paid to money purchase schemes | 9,692 | 1,534
| 325,726 | 289,876

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2024 No. | 2023 No.
Accruing benefits under money purchase pension scheme | 1 | 1

In respect of the highest paid director:

| 2024 € | 2023 €
Remuneration | 316,034 | 288,342
Company contributions to money purchase pension schemes | 9,692 | 1,534

11 | Auditors' remuneration

| 2024 € | 2023 €
Audit of these financial statements | 46,068 | 38,023
Audit of the financial statements of subsidiaries of the company pursuant to legislation | 10,180 | 5,500
| 56,248 | 43,523
Other fees to auditors |  |
All other non-audit services | 28,107 | 15,392

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2024 € | 2023 €
Current taxation |  |
UK corporation tax | - | 201,353
UK corporation tax adjustment to prior periods | (38,744) | -
| (38,744) | 201,353
Foreign tax | 210,149 | 190,371
Tax expense in the income statement | 171,405 | 391,724

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).
The differences are reconciled below:

| 2024 € | (As restated) 2023 €
Profit before tax | 361,890 | 1,694,882
Corporation tax at standard rate | 90,473 | 423,721
Tax increase from effect of capital allowances and depreciation | 18,569 | 19,992
Tax decrease from other short-term timing differences | (28,361) | (38,875)
Effect of revenues exempt from taxation | (6,488) | (5,768)
Tax increase arising from overseas tax suffered/expensed | 210,418 | -
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period | (71,653) | -
Tax decrease from effect of unrelieved loss on foreign subsidiaries | (41,553) | (7,346)
Total tax charge | 171,405 | 391,724

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Group

Deferred tax relates to deferred tax recognised in the subsidiaries.

Deferred tax assets and liabilities

2024 | Asset € | Liability €
Accelerated tax depreciation | - | 7,817
| - | 7,817

2023 | Asset € | Liability €
Accelerated tax depreciation | - | 9,752
| - | 9,752

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13 | Intangible assets

Group

| Goodwill € | Trademarks, patents and licenses € | Internally generated software development costs € | Other intangible assets € | Total €
Cost or valuation
At 1 January 2024 | 220,496 | 1,511 | 1,517,845 | 33,865 | 1,773,717
Additions acquired separately | 481,766 | - | 303,522 | 15,054 | 800,342
At 31 December 2024 | 702,262 | 1,511 | 1,821,367 | 48,919 | 2,574,059
Amortisation
At 1 January 2024 | 22,050 | 1,511 | 1,508,923 | 17,800 | 1,550,284
Amortisation charge | 140,453 | - | 112,163 | 4,021 | 256,637
At 31 December 2024 | 162,503 | 1,511 | 1,621,086 | 21,821 | 1,806,921
Carrying amount
At 31 December 2024 | 539,759 | - | 200,281 | 27,098 | 767,138
At 31 December 2023 | 198,446 | - | 8,922 | 16,065 | 223,433

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Individually material intangible assets

Goodwill - MOLB Czech The carrying amount of this asset is €154,346 (2023 -€198,446) and the remaining amortisation period is 3.5 years.
Goodwill - Vintech LLC The carrying amount of this asset is €385,413 (2023 -€Nil) and the remaining amortisation period is 4 years. The company was purchased during the year and so there is no comparative figure.

14 | Tangible assets

Group

| Leasehold improvements € | Office equipment € | Motor vehicles € | Total €
Cost or valuation
At 1 January 2024 | 22,619 | 736,365 | 28,062 | 787,046
Additions | 1,730 | 254,701 | 53,720 | 310,151
Disposals | (13,888) | (199,165) | - | (213,053)
At 31 December 2024 | 10,461 | 791,901 | 81,782 | 884,144
Depreciation
At 1 January 2024 | 21,406 | 606,040 | 28,062 | 655,508
Charge for the year | 895 | 64,897 | 8,484 | 74,276
Eliminated on disposal | (13,888) | (122,077) | - | (135,965)
At 31 December 2024 | 8,413 | 548,860 | 36,546 | 593,819
Carrying amount
At 31 December 2024 | 2,048 | 243,041 | 45,236 | 290,325
At 31 December 2023 | 1,213 | 130,325 | - | 131,538

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

| Office equipment € | Total €
Cost or valuation
At 1 January 2024 | 118,929 | 118,929
Additions | 5,027 | 5,027
Disposals | (73,557) | (73,557)
At 31 December 2024 | 50,399 | 50,399
Depreciation
At 1 January 2024 | 67,630 | 67,630
Charge for the year | 8,534 | 8,534
Eliminated on disposal | (31,631) | (31,631)
At 31 December 2024 | 44,533 | 44,533
Carrying amount
At 31 December 2024 | 5,866 | 5,866
At 31 December 2023 | 51,299 | 51,299

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15 | Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
MOLB France SAS | 91 rue du Faubourg Saint-Honore, 75008 Paris | Ordinary shares | 100% | 100%
| France |  |  |
MOLB Italia SRL | Viale Antonio Silvani, 2, 40122 Bologna | Ordinary shares | 100% | 100%
| Italy |  |  |
MOLB Germany GmbH | Neureutherstrasse 26, 80799 Munich | Ordinary shares | 100% | 100%
| Germany |  |  |
MOLB Eastern Europe SRL | Str. Alexandru Borneanu, Bucharest | Ordinary shares | 100% | 100%
| Romania |  |  |
MOLB Czech s.r.o. | Evropska 695/73, Prague 16000 | Ordinary shares | 100% | 100%
| Czech Republic |  |  |
Automotive Exterior Systems Components | 91 rue du Faubourg Saint Honore, 75008 Paris | Ordinary shares | 100% | 100%
| France |  |  |
Automotive Interior Systems Components | 91 rue du Faubourg Saint Honore, 75008 Paris | Ordinary shares | 100% | 100%
| France |  |  |
Concept et Creation | 91 rue du Faubourg Saint Honore, 75008 Paris | Ordinary shares | 100% | 100%
| France |  |  |
Digital Modeling | 91 rue du Faubourg Saint Honore, 75008 Paris | Ordinary shares | 100% | 100%
| France |  |  |
Vintech LLC | 3437 West El Segundo Boulevard Hawthorne CA 90250-4816 | Ordinary shares | 100% | 0%
| USA |  |  |

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Subsidiary undertakings

MOLB France SAS The principal activity of MOLB France SAS is design services.
MOLB Italia SRL The principal activity of MOLB Italia SRL is design services.
MOLB Germany GmbH The principal activity of MOLB Germany GmbH is design services.
MOLB Eastern Europe SRL The principal activity of MOLB Eastern Europe SRL is design services.
MOLB Czech s.r.o. The principal activity of MOLB Czech s.r.o. is design services.
Automotive Exterior Systems Components The principal activity of Automotive Exterior Systems Components is design services.
Automotive Interior Systems Components The principal activity of Automotive Interior Systems Components is design services.
Concept et Creation The principal activity of Concept et Creation is design services.
Digital Modeling The principal activity of Digital Modeling is design services.
Vintech LLC The principal activity of Vintech LLC is design services.

Company

| 2024 € | 2023 €
Investments in subsidiaries | 2,126,977 | 2,126,977

Subsidiaries | €
Cost or valuation
At 1 January 2024 | 2,126,977
Carrying amount
At 31 December 2024 | 2,126,977
At 31 December 2023 | 2,126,977

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16 | Business combinations

On 4 January 2024, MOLB SAS acquired 100% of the issued share capital of Vintech LLC , obtaining control.
Vintech LLC contributed €2,335,457 revenue and €166,115 to the Group's profit for the period between the date of acquisition and the Balance Sheet date.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

| Book value 2024 € | Fair value 2024 €
Assets and liabilities acquired |  |
Financial assets | 1,036,532 | 1,036,532
Tangible assets | 61,492 | 61,492
Financial liabilities | (337,953) | (337,953)
Total identifiable assets | 760,071 | 760,071
Goodwill | 481,766 | 481,766
Total consideration | 1,241,837 | 1,241,837
Satisfied by: |  |
Cash | 1,241,837 | 1,241,837
Cash flow analysis: |  |
Cash consideration | 1,241,837 | 1,241,837
Less: cash and cash equivalent balances acquired | (663,231) | (663,231)
Net cash outflow arising on acquisition | 578,606 | 578,606

The useful life of goodwill is 5 years. Included in goodwill are intangible assets such as the company's customer database, which cannot be separately valued. The purchase method of accounting has been used.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17 | Debtors

|  | Group | Company
Current | Note | 2024 € | 2023 € | 2024 € | 2023 €
Trade debtors |  | 2,566,433 | 3,225,679 | 255,473 | 503,984
Amounts owed by related parties | 27 | 16,028 | 14,072 | 495,555 | 420,513
Other debtors |  | 130,267 | 176,590 | 27,962 | 45,559
Prepayments |  | 124,381 | 142,342 | 8,073 | 3,399
Accrued income |  | 171,651 | 674,591 | - | 80,256
Income tax asset | 12 | 327,452 | 94,080 | 44,494 | 5,750
|  | 3,336,212 | 4,327,354 | 831,557 | 1,059,461

Amounts owed by related parties are interest free and repayable on demand.

18 | Cash and cash equivalents

| Group | Company
| 2024 € | 2023 € | 2024 € | 2023 €
Cash on hand | 290 | 291 | 290 | 291
Cash at bank | 5,385,914 | 5,444,203 | 92,605 | 1,112,031
| 5,386,204 | 5,444,494 | 92,895 | 1,112,322

19 | Creditors

|  | Group | Company
| Note | 2024 € | 2023 € | 2024 € | 2023 €
Due within one year |  |  |  |  |
Loans and borrowings | 20 | 1,442,868 | 795,250 | - | -
Trade creditors |  | 356,600 | 264,246 | 84,498 | 45,233
Amounts due to related parties | 27 | 241,737 | 1,233,585 | 489,608 | 1,819,558
Social security and other taxes |  | 655,532 | 878,085 | 50,674 | 106,656
Outstanding defined contribution pension costs |  | 93,410 | 60,849 | 8,878 | 4,934
Other payables |  | 1,061,781 | 961,650 | 27,864 | 1,859
Accruals |  | 114,206 | 268,701 | 76,001 | 59,516
Income tax liability | 12 | 147,329 | 256,462 | 82,089 | 157,171
|  | 4,113,463 | 4,718,828 | 819,612 | 2,194,927

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

|  | Group | Company
| Note | 2024 € | 2023 € | 2024 € | 2023 €
Due after one year |  |  |  |  |
Loans and borrowings | 20 | 2,347,300 | 2,367,151 | - | -

Amounts due to related parties are interest free and repayable on demand.

20 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2024 € | 2023 € | 2024 € | 2023 €
Bank borrowings | 2,347,300 | 2,367,151 | - | -

Current loans and borrowings

| Group | Company
| 2024 € | 2023 € | 2024 € | 2023 €
Bank borrowings | 1,442,868 | 795,250 | - | -

Group

Bank borrowings

A business bank loan in MOLB SAS is denominated in Euros with a nominal interest rate of 1.04%, and the final instalment is due on 15 March 2024. The carrying amount at year end is €Nil (2023 - €21,132). The above loan is secured against the assets of MOLB SAS. The loan has been fully repaid during the year.
A Government-backed loan in MOLB SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 15 June 2026. The carrying amount at year end is €378,284 (2023 - €628,276).
A Government-backed loan in MOLB SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 10 January 2027. The carrying amount at year end is €131,081 (2023 - €193,324).
A Government-backed loan in MOLB SAS is denominated in Euros with a nominal interest rate of 0.55%, and the final instalment is due on 14 January 2027. The carrying amount at year end is €130,894 (2023 - €193,193).
A business bank loan in MOLB SAS is denominated in Euros with a nominal interest rate of 0.55%, and the final instalment is due on 26 May 2026. The carrying amount at year end is €356,685 (2023 - €606,795).
A business bank loan in MOLB SAS is denominated in Euros with a nominal interest rate of 0.7%, and the final instalment is due on 15 March 2027. The carrying amount at year end is €90,866 (2023 - €130,794).
A business bank loan in MOLB SAS is denominated in Euros with a nominal interest rate of 4.22%, and the final instalment is due on 24 November 2028. The carrying amount at year end is €1,129,927 (2023 - €1,152,000).

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

A business bank loan in MOLB SAS is denominated in USD with a nominal interest rate of 6.26%, and the final instalment is due on 30 April 2031. The carrying amount at year end is €411,334 (2023 - €Nil). The loan term is for a total period of 7 years, and is payable in monthly instalments. The loan principal repayable in the period after 5 years is €103,134.
A business bank loan in MOLB SAS is denominated in USD with a nominal interest rate of 5.21%, and the final instalment is due on 30 April 2031. The carrying amount at year end is €450,880 (2023 - €Nil). There is a pledge over €250,000 which is held in a savings account with the same bank as this loan provider, as security for this loan. The loan term is for a total period of 7 years, and is payable in monthly instalments. The loan principal repayable in the period after 5 years is €120,322.
A transition bank loan in MOLB SAS is denominated in Euros with a nominal interest rate of 3.1%, and the final instalment is due on 18 September 2027. The carrying amount at year end is €630,753 (2023 - €Nil).
A business bank loan in MOLB Italia SRL is denominated in Euros with a nominal interest rate of 1.5%, and the final instalment is due on 24 August 2026. The carrying amount at year end is €147,540 (2023 - €234,310). This loan is guaranteed by the Government scheme up to 90% of its value.

Included in the loans and borrowings are the following amounts due after more than five years:

| 2024 € | 2023 €
After more than five years by instalments | 223,456 | -

21 | Provisions for liabilities

Group

| Deferred tax € | Other provisions € | Total €
At 1 January 2024 | 9,752 | 302,858 | 312,610
Increase (decrease) in existing provisions | (1,935) | 89,726 | 87,791
At 31 December 2024 | 7,817 | 392,584 | 400,401

Included in other provisions is €370,016 relating to the severance indemnity fund in MOLB Italia, which is a provision required under Italian employment law. Funds are payable to employees when they cease their employment with the company.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

22 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to €365,303 (2023 - €280,196).
Contributions totalling €93,410 (2023 - €60,849) were payable to the scheme at the end of the year and are included in creditors.

23 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | € | No. | €
Ordinary shares of £1 each | 100 | 143 | 100 | 143

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: Each share has full rights in the company with respect to voting, dividends and distributions. No share shall have a preference over other shares in the event that the business is closed or bankrupt. There are no redeemable shares.

24 | Reserves

Group

Other reserves

Other reserves comprise legal reserves, which are a requirement under local company law applicable to MOLB Eastern Europe SRL, MOLB Czech s.r.o., MOLB Italia SRL and MOLB France SAS.

25 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2024 € | 2023 €
Not later than one year | - | 3,057

The amount of non-cancellable operating lease payments recognised as an expense during the year was €Nil (2023 - €282,392).

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Operating leases

The total of future minimum lease payments is as follows:

| 2024 € | 2023 €
Not later than one year | - | 3,057

The amount of non-cancellable operating lease payments recognised as an expense during the year was €Nil (2023 - €69,189).

26 | Dividends

Final dividends paid

|  | 2024 € |  | 2023 €
Final dividend of €Nil per each Ordinary shares |  | - |  | -

27 | Related party transactions

Company

Other transactions with directors

During the year the director paid expenses on behalf of the Group totalling €145,111 (2023: €39,271) and received repayments of €119,883 (2023: €37,798). The balance owed to the director at the year end was €34,869 (2023: €9,642).

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

28 | Financial instruments

Group

Financial assets measured at fair value

Cash at bank
The fair value is €5,386,204 (2023 - €5,444,494) and the change in value included in profit or loss is €Nil (2023 - €Nil).

Trade and other receivables
The fair value is €3,320,184 (2023 - €4,313,282) and the change in value included in profit or loss is €Nil (2023 - €Nil).

Amounts due from related parties
The fair value is €16,028 (2023 - €14,072) and the change in value included in profit or loss is €Nil (2023 - €Nil).

Financial liabilities measured at fair value

Trade and other creditors
The fair value is €6,104,820 (2023 - €5,581,835) and the change in value included in profit or loss is €Nil (2023 - €Nil).

Accruals
The fair value is €114,206 (2023 - €268,701) and the change in value included in profit or loss is €Nil (2023 - €Nil).

Amounts due to related parties
The fair value is €241,737 (2023 - €1,235,443) and the change in value included in profit or loss is €Nil (2023 - €Nil).

29 | Parent and ultimate parent undertaking

The Company's immediate parent is MOLB Asia Ltd, incorporated in Hong Kong.
The ultimate controlling party is A Berthelet.

MOLB UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

30 | Non adjusting events after the financial period

The Group acquired a company in Italy to accelerate its growth in the design field in this region. MOLB Italia Srl bought the shares of Vallone Consulting Srl in April 2025.