REGISTERED NUMBER: OC396432 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

REDHEDGE ASSET MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Reconciliation of Members' Interests

11

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DESIGNATED MEMBERS:

A Seminara

White Hawk Srl

REGISTERED OFFICE:

38 Craven Street

London

WC2N 5NG

REGISTERED NUMBER:

OC396432 (England and Wales)

AUDITORS:

Belluzzo Audit Limited

Chartered Accountants and

Statutory Auditors

38 Craven Street

London

WC2N 5NG

The members present their report with the financial statements of the LLP for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of investment management services.

DESIGNATED MEMBERS

The designated members during the year under review were:

A Seminara

S Giorgetti

White Hawk Srl

S Giorgetti left on 22/10/2025.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was €3,082,628 (2024 - €1,387,943 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of the financial year, taking into account the anticipated cash needs of the LLP.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Belluzzo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

A Seminara - Designated member

23 April 2026

Opinion

We have audited the financial statements of Redhedge Asset Management LLP (the 'LLP') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 December 2025 and of its profit for the year then ended;

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

-	have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, 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.

Matters on which we are required to report by exception

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

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

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

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

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection.

- We understood how Redhedge Asset Management LLP is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the company's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Company as a holding entity, we identified management override of controls as our fraud risk.

- To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation.

- reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tony Castagnetti (Senior Statutory Auditor)

for and on behalf of Belluzzo Audit Limited

Chartered Accountants and

Statutory Auditors

38 Craven Street

London

WC2N 5NG

23 April 2026

TURNOVER

3

7,882,115

4,630,848

Cost of sales

(400,833

)

(534,213

)

GROSS PROFIT

7,481,282

4,096,635

Administrative expenses

(4,380,280

)

(2,668,765

)

3,101,002

1,427,870

Other operating income

-

20,635

Gain/loss on revaluation of assets

(18,654

)

(60,562

)

OPERATING PROFIT

5

3,082,348

1,387,943

Interest receivable and similar income

394

-

3,082,742

1,387,943

Interest payable and similar expenses

6

(114

)

-

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

3,082,628

1,387,943

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

3,082,628

1,387,943

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,082,628

1,387,943

FIXED ASSETS

Intangible assets

8

2,038

2,296

Tangible assets

9

50,995

45,464

Investments

10

123,216

141,870

176,249

189,630

CURRENT ASSETS

Debtors

11

2,033,548

1,415,578

Cash at bank

1,969,720

551,017

4,003,268

1,966,595

CREDITORS

Amounts falling due within one year

12

(1,437,127

)

(571,353

)

NET CURRENT ASSETS

2,566,141

1,395,242

TOTAL ASSETS LESS CURRENT LIABILITIES

2,742,390

1,584,872

CREDITORS

Amounts falling due after more than one year

13

-

(5,134

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,742,390

1,579,738

LOANS AND OTHER DEBTS DUE TO MEMBERS

15

1,926,188

763,536

MEMBERS' OTHER INTERESTS

Capital accounts

816,202

816,202

2,742,390

1,579,738

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

15

1,926,188

763,536

Members' other interests

816,202

816,202

2,742,390

1,579,738

The financial statements were approved by the members of the LLP and authorised for issue on 23 April 2026 and were signed by:

A Seminara - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

€

€

€

Balance at 1 January 2025

816,202

-

816,202

Profit for the financial year available for discretionary division among members

-

3,082,628

3,082,628

Members' interests after profit for the year

816,202

3,082,628

3,898,830

Other divisions of profit

-

(3,082,628

)

(3,082,628

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2025

816,202

-

816,202

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

€

€

Amount due to members

763,536

Amount due from members

-

Balance at 1 January 2025

763,536

1,579,738

Profit for the financial year available for discretionary division among members

-

3,082,628

Members' interests after profit for the year

763,536

4,662,366

Other divisions of profit

3,082,628

-

Drawings on account and distributions of profit

(1,919,976

)

(1,919,976

)

Amount due to members

1,926,188

Amount due from members

-

Balance at 31 December 2025

1,926,188

2,742,390

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

€

€

€

Balance at 1 January 2024

812,487

-

812,487

Profit for the financial year available for discretionary division among members

-

1,387,943

1,387,943

Members' interests after profit for the year

812,487

1,387,943

2,200,430

Other divisions of profit

-

(1,387,943

)

(1,387,943

)

Introduced by members

3,715

-

3,715

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2024

816,202

-

816,202

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

€

€

Amount due to members

777,718

Amount due from members

-

Balance at 1 January 2024

777,718

1,590,205

Profit for the financial year available for discretionary division among members

-

1,387,943

Members' interests after profit for the year

777,718

2,978,148

Other divisions of profit

1,387,943

-

Introduced by members

-

3,715

Drawings on account and distributions of profit

(1,402,125

)

(1,402,125

)

Amount due to members

763,536

Amount due from members

-

Balance at 31 December 2024

763,536

1,579,738

Cash flows from operating activities

Cash generated from operations

2

3,368,187

1,148,731

Finance costs paid

(114

)

-

Net cash from operating activities

3,368,073

1,148,731

Cash flows from investing activities

Purchase of intangible fixed assets

-

(2,590

)

Purchase of tangible fixed assets

(29,788

)

(10,899

)

Purchase of fixed asset investments

-

(215,996

)

Sale of fixed asset investments

-

326,932

Interest received

394

-

Net cash from investing activities

(29,394

)

97,447

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(1,919,976

)

(1,402,125

)

Contributions by members

-

3,715

Net cash from financing activities

(1,919,976

)

(1,398,410

)

Increase/(decrease) in cash and cash equivalents

1,418,703

(152,232

)

Cash and cash equivalents at beginning of year

3

551,017

703,249

Cash and cash equivalents at end of year

3

1,969,720

551,017

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Profit distributions are classified as operating cash flows as they are paid out of operating cash flows and for services rendered to the LLP as part of its revenue generating activities.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2025

2024

€

€

Profit for the financial year before members' remuneration and profit shares available for discretionary division among members

3,082,628

1,387,943

Depreciation charges

24,515

32,246

Loss on disposal of fixed assets

-

5,565

Loss on revaluation of fixed assets

18,654

60,562

Finance costs

114

-

Finance income

(394

)

-

3,125,517

1,486,316

Increase in trade and other debtors

(617,970

)

(352,669

)

Increase in trade and other creditors

860,640

15,084

Cash generated from operations

3,368,187

1,148,731

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

€

€

Cash and cash equivalents

1,969,720

551,017

Year ended 31 December 2024

31.12.24

1.1.24

€

€

Cash and cash equivalents

551,017

703,249

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

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

€

€

€

€

Net cash

Cash at bank

551,017

1,418,703

1,969,720

551,017

1,418,703

1,969,720

Net funds (before

members' debt)

551,017

1,418,703

-

1,969,720

Loans and other debts

due to members

Other amounts

due to members

(763,536

)

1,919,976

(3,082,628

)

(1,926,188

)

Net (debt)/funds

(212,519

)

3,338,679

(3,082,628

)

43,532

1.	STATUTORY INFORMATION

Redhedge Asset Management LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in euros.

The Members regard EURO as the currency of the primary economic environment in which the company

operate

Turnover

Turnover represents income receivable from providing investment services, advisory services, net of Value Added Tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Leasehold improvements: over the duration of the lease

Plant & Machinery: 25% straight line

Motor Vehicle: 25% straight line

When the item is derecognized, the entity recognize any gain or loss in the income statement as the difference between the net disposal proceeds, if any, and the carrying amount of the item.

The date of disposal of the asset is determined by applying the revenue recognition criteria in section 23 of FRS 102. This will normally be the date when risks and rewards of ownership of the assets are transferred to the buyer.

Financial instruments

A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the futurepayments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are eitherassessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Going concern

The members of the company have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Members' report and financial statements.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by geographical market is given below:

2025

2024

€

€

United Kingdom

745,712

-

Europe

5,601,689

4,630,848

United States of America

1,534,714

-

7,882,115

4,630,848

4.	EMPLOYEE INFORMATION

2025

2024

€

€

Wages and salaries

1,456,236

431,195

Social security costs

206,923

58,161

Other pension costs

8,793

8,133

1,671,952

497,489

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

2025

2024

6

5

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

€

€

Other operating leases

168,977

167,118

Depreciation - owned assets

24,256

31,952

Loss on disposal of fixed assets

-

5,565

Patents and licences amortisation

258

294

Auditors remuneration

9,666

9,097

Foreign exchange differences

46,673

4,429

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

€

€

Interest paid to HMRC

114

-

7.	INFORMATION IN RELATION TO MEMBERS

2025

2024

€

€

The amount of profit attributable to the member with the largest entitlement was

1,536,541

809,923

2025

2024

The average number of members during the year was

5

5