IRIS Accounts Production v26.1.0.640 05152713 Board of Directors 1.1.25 31.12.25 31.12.25 0 0 true false true true false false true false 0 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05152713 2024-12-31 05152713 2025-12-31 05152713 2025-01-01 2025-12-31 05152713 2023-12-31 05152713 2024-01-01 2024-12-31 05152713 2024-12-31 05152713 ns15:EnglandWales 2025-01-01 2025-12-31 05152713 ns14:PoundSterling 2025-01-01 2025-12-31 05152713 ns10:Director1 2025-01-01 2025-12-31 05152713 ns10:CompanyLimitedByGuarantee 2025-01-01 2025-12-31 05152713 ns10:SmallEntities 2025-01-01 2025-12-31 05152713 ns10:Audited 2025-01-01 2025-12-31 05152713 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 05152713 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 05152713 ns10:FullAccounts 2025-01-01 2025-12-31 05152713 ns10:Director2 2025-01-01 2025-12-31 05152713 ns10:Director3 2025-01-01 2025-12-31 05152713 ns10:Director4 2025-01-01 2025-12-31 05152713 ns10:Director5 2025-01-01 2025-12-31 05152713 ns10:Director6 2025-01-01 2025-12-31 05152713 ns10:Director7 2025-01-01 2025-12-31 05152713 ns10:Director8 2025-01-01 2025-12-31 05152713 ns10:Director9 2025-01-01 2025-12-31 05152713 ns10:Director10 2025-01-01 2025-12-31 05152713 ns10:Director12 2025-01-01 2025-12-31 05152713 ns10:Director13 2025-01-01 2025-12-31 05152713 ns10:Director15 2025-01-01 2025-12-31 05152713 ns10:Director16 2025-01-01 2025-12-31 05152713 ns10:CompanySecretary1 2025-01-01 2025-12-31 05152713 ns10:RegisteredOffice 2025-01-01 2025-12-31 05152713 ns10:Director11 2025-01-01 2025-12-31 05152713 ns10:Director14 2025-01-01 2025-12-31 05152713 ns5:CurrentFinancialInstruments 2025-12-31 05152713 ns5:CurrentFinancialInstruments 2024-12-31 05152713 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-12-31 05152713 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 05152713 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 05152713 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 05152713 ns5:CostValuation 2024-12-31 05152713 ns5:Subsidiary1 2025-01-01 2025-12-31 05152713 1 ns5:Subsidiary1 2025-01-01 2025-12-31 05152713 2 ns5:Subsidiary1 2025-01-01 2025-12-31 05152713 ns5:Subsidiary1 2025-12-31 05152713 ns5:Subsidiary1 2024-12-31 05152713 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 05152713 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 05152713 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 05152713 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 05152713 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31

REGISTERED NUMBER: 05152713 (England and Wales)

| REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| ASSOCIATION OF EVENT VENUES LIMITED |

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Report of the Independent Auditors | 4 |

| Income Statement | 8 |

| Balance Sheet | 9 |

| Notes to the Financial Statements | 10 |

| ASSOCIATION OF EVENT VENUES LIMITED |

COMPANY INFORMATION

for the Year Ended 31 December 2025

| DIRECTORS: | D Thurlow

| J P Rees

| A J Griffin

| M Bull

| S Sayer

| K Villa

| I Taylor

| J Broughton

| P Lorimer

| P Michael

| L Hoinkes

| S C Marshall

| A J O'Sullivan

| R Wicks

| SECRETARY: | D Gazzi

| REGISTERED OFFICE: | 119 High Street

| Berkhamsted

| Hertfordshire

| HP4 2DJ

| REGISTERED NUMBER: | 05152713 (England and Wales)

| AUDITORS: | Hillier Hopkins LLP

| Radius House

| 51 Clarendon Road

| Watford

| Hertfordshire

| WD17 1HP

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a trade association for event venues.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

D Thurlow

J P Rees

A J Griffin

M Bull

S Sayer

K Villa

I Taylor

J Broughton

P Lorimer

P Michael

L Hoinkes

S C Marshall

A J O'Sullivan

R Wicks

Other changes in directors holding office are as follows:

R Kitching - resigned 31 January 2025

R C Moorhouse - appointed 16 September 2025

R C Moorhouse ceased to be a director after 31 December 2025 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2025

AUDITORS

The auditors, Hillier Hopkins LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J P Rees - Director

21 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASSOCIATION OF EVENT VENUES LIMITED

Opinion

We have audited the financial statements of Association of Event Venues Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet 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 company's affairs as at 31 December 2025 and of its surplus for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASSOCIATION OF EVENT VENUES LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

- | we have not received all the information and explanations we require for our audit; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASSOCIATION OF EVENT VENUES LIMITED

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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the nature of the industry and sector, control environment and business performance including the remuneration

incentives and pressures of key management;

- the primary responsibility for the prevention and detection of fraud rests with both those charged with governance

of the entity and management. We consider the results of our enquiries of management, about their own

identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and

procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

- the internal controls established to mitigate risks of fraud or non compliance with laws and regulations;

- the matters discussed among the audit engagement team, regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Other matters which we are required to address

The financial statements of the company for the year ended 31 December 2024 were not audited. Consequently, the comparative figures included in the Income Statement, the Balance Sheet and the notes to the financial statements are unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASSOCIATION OF EVENT VENUES LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Speller (Senior Statutory Auditor)

for and on behalf of Hillier Hopkins LLP

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP

21 April 2026

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

INCOME STATEMENT

for the Year Ended 31 December 2025

| 2025 |  | 2024

| as restated |

| Notes | £ | £ |

TURNOVER | 376,303 |  | 366,279 |  |

Cost of sales | 62,219 |  | 63,102 |  |

GROSS SURPLUS | 314,084 |  | 303,177 |  |

Administrative expenses | 295,959 |  | 253,537 |  |

OPERATING SURPLUS | 18,125 |  | 49,640 |  |

Interest receivable and similar income | 5,263 |  | 5,939 |  |

SURPLUS BEFORE TAXATION | 23,388 |  | 55,579 |  |

Tax on surplus | 2,460 |  | 5,696 |  |

SURPLUS FOR THE FINANCIAL YEAR | 20,928 |  | 49,883 |  |

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

BALANCE SHEET

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 5 | 157 |  | 157 |  |

CURRENT ASSETS

Debtors | 6 | 142,544 |  | 181,940 |  |

Cash at bank | 425,290 |  | 331,298 |  |

567,834 |  | 513,238 |  |

CREDITORS

Amounts falling due within one year | 7 | 322,272 |  | 288,604 |  |

NET CURRENT ASSETS | 245,562 |  | 224,634 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 245,719 |  | 224,791 |  |

RESERVES

Capital reserve | 8 | 70,000 |  | 70,000 |  |

Income and expenditure account | 8 | 175,719 |  | 154,791 |  |

245,719 |  | 224,791 |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2026 and were signed on its behalf by:

J P Rees - Director

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Association of Event Venues Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover and revenue recognition

| Turnover represents amounts receivable, excluding value added tax.

| Event income is recognised in the period that the event takes place.

| Subscriptions fee income is recognised in the period to which it relates as is partnership and other income .

| Fees and other amounts paid in advance for the following year are treated as deferred income.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Foreign currencies

| 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.

| Investments

| Fixed asset investments are stated at cost less provision for diminution in value.

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Debtors

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| Creditors

| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank

| loans, are measured initially at fair value, net of transaction costs, and are measured subsequently

| at amortised cost using the effective interest method.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | PRIOR YEAR ADJUSTMENT

| The directors have agreed that the secretariat charge should be included as an administrative expense rather than within cost of sales, as this better represents the services supplied. The amount of £196,038 in the figures for the year ended 31 December 2024 has been reclassified from cost of sales to administrative expenses.

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 157 |  |

| NET BOOK VALUE

| At 31 December 2025 | 157 |  |

| At 31 December 2024 | 157 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Events Industry Alliance Limited

| Registered office: 119 High Street, Berkhamsted, Hertfordshire. HP4 2DJ.

| Nature of business: Providing secretariat services.

| %

| Class of shares: | holding |

| Ordinary C shares | 100.00 |

| Ordinary D shares | 15.65 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 38,191 |  | 38,191 |  |

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 142,464 |  | 181,875 |  |

| Other debtors | 80 |  | 65 |  |

142,544 |  | 181,940 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 68,728 |  | 10,440 |  |

| Corporation tax | 2,491 |  | 5,696 |  |

| VAT | 20,014 |  | 27,317 |  |

| Other creditors | 100 |  | - |  |

| Accruals and deferred income | 230,939 |  | 245,151 |  |

322,272 |  | 288,604 |  |

8. | RESERVES

| Income |

| and |

| expenditure |  | Capital |

| account |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 154,791 |  | 70,000 |  | 224,791 |  |

| Surplus for the year | 20,928 |  | 20,928 |  |

| At 31 December 2025 | 175,719 |  | 70,000 |  | 245,719 |  |

9. | RELATED PARTY DISCLOSURES

| The company subcontracts its day to day management, accounting and secretariat function to Events Industry Alliance Limited (EIA). EIA charged the company £266,409 (2024 - £229,038) for these services.

| Also during the year, EIA recharged expenses of £10,783 to AEV (2024 - £14,936).

| During the year, AEV recharged expenses of £1,500 to EIA (2024 - £0) and recharged expenses of £2,612 to the Association of Event Organisers Limited (AEO), a fellow association (2024 - £0).

| At the year end the company owed EIA £68,728 (2024 - £9,943).

| The company is a trade association for event venues and its board of directors is made up of members whose companies will benefit from this association.

| On occasions the company may use the products and services of companies which are associated with its directors and members. This trade is under normal commercial terms.

10. | SHARE CAPITAL

| The company is limited by guarantee and does not have share capital. If the company is wound up, and its liabilities exceed its assets, the liability of the members is limited to £100 each.

ASSOCIATION OF EVENT VENUES LIMITED (REGISTERED NUMBER: 05152713) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

11. | CONTROL

| The company does not consider it has an ultimate controlling party.