REGISTERED NUMBER: 13169652 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Aurelius Investment Advisory Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTOR:

T Nagler

REGISTERED OFFICE:

3rd Floor

33 Glasshouse Street

London

W1B 5DG

REGISTERED NUMBER:

13169652 (England and Wales)

AUDITORS:

Venture House Business Service Limited

Chartered Accountants and

Statutory Auditors

Venture House

Calne Road

Lyneham

Chippenham

SN15 4PP

The Company provides consultancy services regarding investments.

REVIEW OF BUSINESS

The trading performance for the financial year under review was below the Board's strategic target and expectation. Total turnover for the year was £14.4m (2023: £15.1m), representing a modest decline on the prior year. The company recorded an operating loss of £822k for the year (2023: operating profit of £71k), driven by higher expenditure in connection with the company's investment activities. The balance sheet reflects net liabilities of £4,540,803 (2023: net liabilities of £3,167,639). The director has considered the financial position of the company carefully and, having obtained a letter of financial support from AUR Portfolio III SE & Co. KGaA, is satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Further detail is set out in Note 15 to the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Trading in a competitive market requires the ability to assess and respond to any issues arising quickly and effectively and maintaining good business relationships with key stakeholders. The firm continues to monitor developments in the broader economic and regulatory environment, ensuring that appropriate controls and procedures are in place to safeguard the business against material risks. Where significant risks are identified, the director takes prompt action to implement management and mitigation measures, with the primary objective of protecting the interests of clients and the long-term sustainability of the business. Management monitors the company's liquidity position on an ongoing basis.

ENGAGEMENT WITH EMPLOYEES

The company employed an average of 14 people during the year ended 31 December 2024 (2023: 15). Given the size of the team, the director engages with employees directly and on an ongoing basis, providing regular updates on business performance, strategic priorities and any matters likely to affect the company's operations.

The company is committed to the fair treatment of all employees and to providing a working environment in which individuals are valued and supported.

The company invests in the professional development of its people, and expenditure on staff training and recruitment increased during the year as the business continued to develop its team. Employee wellbeing is supported through staff welfare initiatives, and the director takes account of the views and interests of the company's employees when making decisions that may affect them

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Corporate Codex

Principles such as responsible, sustainable management are firmly embedded in the Aurelius ESG (Environmental Social Governance) policy, including:

No investment in the arms industry.

No investment in emissions-intensive companies.

No trading in weapons or armaments, tobacco or tobacco products.

Code of Conduct for suppliers and service providers.

Anti-corruption and anti-bribery policy.

Protection and support for whistleblowers.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

Environment:

The Principles for Responsible Investment (PRI) is a UN financial initiative launched with the aim of fostering sustainable investing. Aurelius Investment Advisory Limited ("AURELIUS") has been a member since 2021.

By implementing the PRI, AURELIUS aims to constantly enhance the sustainable investment approach, promoting corresponding business practices and encouraging other market participants to do the same actively and transparently.

AURELIUS is committed to minimising energy consumption and greenhouse gas (GHG) emissions and prioritises promoting sustainable mobility options to reduce the operational footprint and minimise environmental impacts.

At AURELIUS, Social Responsibility underpins the corporate strategy, extending beyond business operations to make impactful contributions to society. Key areas of engagement include employee health and safety, equal opportunities and employee development to attract outstanding talent.

AURELIUS believes that long-term sustainable corporate success is only possible when combined with responsible corporate governance, and this is firmly anchored in the corporate strategy. AURELIUS has identified data protection, independence and diversity of its Board as key governance issues. The corporate governance approach also includes overarching ethical principles, anti-corruption initiatives, measures against money laundering, fair competition and a ban on lobbying and party donations.

Measures have been introduced to permanently reduced CO2 emissions.

Reduction of flights through the increased use of video conferences and online meetings and using train travel as an alternative.

Precautions to prevent environmental damage.

CO2 offsetting of the flights of all holding company employees since the 2019 financial year.

SUBSEQUENT EVENTS

In 2025 the company entered into an agreement to provide investment advice to the co-investment group entities Aurelius Opportunities Fund V and AUR Portfolio III SE & Co. KGaA.

ON BEHALF OF THE BOARD:

T Nagler - Director

21 May 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

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

DIRECTOR

T Nagler held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

T Nagler - Director

21 May 2026

Opinion

We have audited the financial statements of Aurelius Investment Advisory Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 2024 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:

Discussions were held with, and enquiries made of, management and those charged with governance 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 and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

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

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 entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures 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 entity'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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Christopher Baylis (Senior Statutory Auditor)

for and on behalf of Venture House Business Service Limited

Chartered Accountants and

Statutory Auditors

Venture House

Calne Road

Lyneham

Chippenham

SN15 4PP

22 May 2026

REVENUE

14,429,749

15,110,288

Cost of sales

10,841,864

8,594,290

GROSS PROFIT

3,587,885

6,515,998

Administrative expenses

4,410,382

6,444,642

OPERATING (LOSS)/PROFIT

4

(822,497

)

71,356

Interest receivable and similar income

-

7,877

(822,497

)

79,233

Interest payable and similar expenses

5

550,667

313,469

LOSS BEFORE TAXATION

(1,373,164

)

(234,236

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(1,373,164

)

(234,236

)

LOSS FOR THE YEAR

(1,373,164

)

(234,236

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,373,164

)

Prior year adjustment

(10,661

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(244,897

)

FIXED ASSETS

Investments

7

823,487

501,747

CURRENT ASSETS

Debtors

8

11,971,863

7,695,227

Cash at bank

783,709

101,263

12,755,572

7,796,490

CREDITORS

Amounts falling due within one year

9

18,119,862

11,465,876

NET CURRENT LIABILITIES

(5,364,290

)

(3,669,386

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,540,803

)

(3,167,639

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

(4,540,903

)

(3,167,739

)

SHAREHOLDERS' FUNDS

(4,540,803

)

(3,167,639

)

The financial statements were approved by the director and authorised for issue on 21 May 2026 and were signed by:

T Nagler - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

-

(2,922,842

)

(2,922,842

)

Prior year adjustment

-

(10,661

)

(10,661

)

As restated

-

(2,933,503

)

(2,933,503

)

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(234,236

)

(234,236

)

Balance at 31 December 2023

100

(3,167,739

)

(3,167,639

)

Changes in equity

Total comprehensive income

-

(1,373,164

)

(1,373,164

)

Balance at 31 December 2024

100

(4,540,903

)

(4,540,803

)

1.	STATUTORY INFORMATION

Aurelius Investment Advisory Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The Company provides investment advisory services regarding investments.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Aurelius Investment Advisory Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Aurelius Employee Pool Limited, 33 Glasshouse Street, 3rd Floor, London, United Kingdom, W1B 5DG.

Significant judgements and estimates including going concern

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue is recognised based on recoverable amounts invoiced in the period, all costs are matched to these revenues as there is no certainty as to any future revenue related to such expenditure. The company relies upon the continued support of AUR Portfolio III SE & Co. KGaA. In reaching the conclusion as to going concern we have sought and obtained an indication of this continued support.

Turnover

Sales are consultancy services and are recognised when invoiced.

Investments in subsidiaries

Investments in subsidiaries undertakings are recognised at cost net of impairments.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, 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.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,903,248

5,123,373

Social security costs

655,420

685,513

Other pension costs

26,991

27,908

3,585,659

5,836,794

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

31.12.24

31.12.23

14

15

31.12.24

31.12.23

£

£

Director's remuneration

414,639

457,601

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

414,639

457,601

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

173,940

173,940

Auditors' remuneration

12,250

5,250

Auditors' remuneration for non audit work

2,800

2,250

Foreign exchange differences

42,757

(38,868

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Loan

550,667

313,469

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

501,747

Additions

592,471

Impairments

(270,731

)

At 31 December 2024

823,487

NET BOOK VALUE

At 31 December 2024

823,487

At 31 December 2023

501,747

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Aurelius Investment Advisory AG

Registered office: Unterer Anger 3, D-80331 Munich, Germany

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

Aurelius Investment Advisory AB

Registered office: Engelbrektsgatan 7, 114 32 Stockholm, Sweden

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

Aurelius Advisory S.r.l

Registered office: Via San Pietro all'Orto 17, Milan, Italy

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

Aurelius Investment Advisory BV

Registered office: Herengracht 493, NL-1017 BT Amsterdam, Netherlands

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

Aurelius Investment Advisory Inc.

Registered office: 1270 Avenue of the Americas,New York, NY 10020, USA

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

After the year end, additional capital was purchased, the 100% ownership is unchanged.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

10,931,992

3,236,979

Amounts owed by group undertakings

60

311,211

Other debtors

7,765

-

VAT

1,486

2,829

Prepayments and accrued income

1,023,569

4,100,525

Prepayments

6,991

43,683

11,971,863

7,695,227

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

423,880

394,337

Amounts owed to group undertakings

2,509,555

2,298,780

Amounts owed to associates

12,665,921

7,172,613

Social security and other taxes

313,924

137,191

Other creditors

1,695

395,575

Pension control

6,284

5,199

Accrued expenses

2,198,603

1,062,181

18,119,862

11,465,876

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 January 2024

(3,167,739

)

Deficit for the year

(1,373,164

)

At 31 December 2024

(4,540,903

)

12.	ULTIMATE PARENT COMPANY

The majority of shares in the company are owned by Aurelius Employee Pool Limited, with the remainder owned by AEO-UK Limited (previously owned by Aurelius Investments Limited). The

shareholders of Aurelius Employee Pool Limited are senior members of firm management and AEO-UK Limited is 100% owned by AUR Portfolio III SE &. Co. KGaA.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Trade debtors includes £10 million due from companies who form the co-investment group which are the companies' main customer.

Within group balances are loans with interest attached totalling £12 million (2023 £7 million).

Also, there is a sub lease agreement with an associated company, rent is charged at £14,495 per month. The sub lease is ongoing with no period end, however, the lease may be terminated by either party on one month's written notice.

14.	SUBSEQUENT EVENTS

In 2025 the company entered into an agreement to provide investment advice to the co-investment group entities Aurelius Opportunities Fund V and AUR Portfolio III SE & Co. KGaA.

15.	GOING CONCERN

Revenue is recognised based on recoverable amounts invoiced in the period, all costs are matched to these revenues as there is no certainty as to any future revenue related to such expenditure. Nevertheless the company relies upon the continued support of AUR Portfolio III SE & Co. KGaA. It is the intention of the company that it will continue to trade for at least twelve months from the date of the audit report. A letter of support has been obtained. Given this support, the director believes the going concern presumption is appropriate.