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

The principal activity of the group is the operation and management of a casino in the state of Florida, USA. The group provides a range of gaming services, including slot machines, table games, and high-stakes gaming, along with hospitality and entertainment offerings. The group's strategy focuses on enhancing customer experience through loyalty programs, exclusive promotions, and premium gaming services to retain and expand its player base.

The group's primary objective is to achieve sustainable growth and profitability by capitalizing on the increasing number of gamblers and the effectiveness of customer retention strategies. Over the past few years, the group has benefited from a steady rise in casino visitors, driven by targeted marketing campaigns and a robust rewards program for recurring players.

For the year ended 31 December 2024, the group experienced revenue growth, reflecting both increased player engagement and the expansion of its promotional offers. Turnover was stable at €35,379,370 (2023 as restated: €33,144,081). Operating Profit increased to €3,332,386 (2023 as restated: €835,731) and profit before tax increased to €1,879,775 (2023 as restated: €253,377). The group continued to maintain a strong balance sheet position, with net assets at the 31 December 2024 of €53,599,830 (2023 as restated: €49,018,578). Year end cash and equivalents for the group were €4,716,812 (2023 as restated: €5,648,873).

The directors consider the results for the year and the financial position at the year-end to be satisfactory, with expectations for continued growth in the foreseeable future.

The group anticipates sustained performance through ongoing investments in customer acquisition strategies and improvements in gaming offerings. The casino industry's revenue model, which heavily depends on customer footfall and retention, is expected to remain strong, bolstered by innovative player rewards programs and expanded entertainment experiences.

The execution of the group's strategy and management of its operations are subject to various risks. The key risks affecting the group are outlined below:

Regulatory Risk

The casino industry is highly regulated, and any changes in gaming laws, licensing- requirements, or tax policies could impact operations. The group closely monitors regulatory developments and maintains strong compliance programs to mitigate this risk.

Market Competition

The group operates in a competitive environment with the presence of other casinos, online gaming platforms, and entertainment venues. To mitigate competitive pressures, the group invests in superior customer service, unique promotions, and technological enhancements in gaming operations.

Financial Risk Management Objectives and Policies

Revenue Volatility Casino revenues are inherently volatile, influenced by player activity and economic conditions. The group mitigates this risk through diversified gaming offerings and strategic marketing initiatives.

Credit Risk

The group extends credit to VIP players and high-rollers. Credit risk is managed through rigorous credit assessments and strict policies on player account monitoring.

Liquidity Risk

The group ensures liquidity through prudent cash flow management, maintaining a mix of financing options, and efficient capital allocation strategies to support ongoing operations.

Interest Rate Risk

The group's financing structure includes both fixed and variable interest rate obligations. Interest rate exposure is actively monitored and managed within the broader financial strategy of the group.

The directors remain confident in the company's ability to navigate market challenges and sustain its growth trajectory in the Florida casino industry.

The directors do not anticipate any significant changes in the principal activities of the business in the foreseeable future. The group will continue to focus on customer loyalty, enhanced gaming experiences, and operational efficiency to maintain its competitive edge in the Florida casino market.

The directors, in line with their duties under S.172 of the Companies Act (2006), act individually and collectively in the way that they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members, in doing so they have had regard to the following matters:

• The likely consequences of any decision in the long term;

• The interests of the group's employees;

• The need to foster the group's business relationships with suppliers, customers and others;

• The impact of the group's operations on the community and the environment;

• The desirability of the group maintaining a reputation for high standards of business

conduct; and

• The need to act fairly as between members of the group

The directors are involved in the decision-making process, but in order to achieve the group's strategy they must pay due regard to the group's stakeholders, including the staff, suppliers, customers, the local community and the stakeholders.

Feedback is received from stakeholder groups to ensure that their views are taken into account in the decision-making process. This includes direct engagement with Board members, the use of reports and updates from management and coverage in Board papers of relevant stakeholder interests with regard to proposed courses of action. Customer feedback and complaints, as well as staff reports and suggestions are also taken into account.

Where possible we aim to source food and drink stock, and services, from local suppliers as this is to provide benefit to the local community and to lessen the impact on the environment.

The casino is fortunate to have a loyal local clientele who use the gambling, hospitality and entertainment facilities. This relationship has been fostered through loyalty programs, exclusive promotions, and premium gaming services.

The group had good performance over the past ·year and has been able to balance the needs and expectations of investors whilst protecting the skill base and staff so that the casino can continue delivering its high-quality service. Decisions are always made taking into account the interests of all stakeholders and to ensure that the casino can continue to trade for the foreseeable future.

On behalf of the board

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

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Ensors were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

As the group and the company have not consumed more than 40,000 kWh of energy in the United Kingdom in this reporting year, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of the business, principal risks and uncertainties and future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 then apply them consistently;

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

• state whether applicable United Kingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualified audit opinion

We have audited the financial statements of Mixdar Invest Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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;

• 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 qualified opinion

The comparative financial information was unaudited as a result of a disclaimer of opinion, and it has not been

possible to obtain sufficient and appropriate audit evidence to confirm the accuracy of opening balances as at 1 January 2024 and comparative figures in the group statement of comprehensive income.

Any adjustment to the opening balances at 1 January 2024 would have a consequential effect on the group statement of comprehensive income for the year ended 31 December 2024. The figures for the year ended 31 December 2024 and 31 December 2023 are therefore not comparable, and our audit report is qualified in respect of comparative financial information and opening balances as at 1 January 2024.

Furthermore, in the company’s individual balance sheet, the investment was accounted for under merger relief in accordance with section 610 of the Companies Act 2006. The shareholders elected to recognise the investment at the fair value of the shares issued in exchange. However, as at both 31 December 2023 and 31 December 2024, the fair value of the investment has been included at cost and is therefore understated in the accounts. We are unable to quantify the understatement, as the audit evidence to do so was not available.

Management were also unable to provide sufficient supporting information for the existence and valuation of the slot machines with a net book value of €5,090,862 as at 31 December 2024, and therefore we are unable to conclude whether or not the balance at the year end is free from material misstatement. Audit evidence was not available to determine whether any adjustment to the amount was necessary.

Lastly, at the year end the company is owed amounts from connected companies totalling €5,741,052. Management were unable to provide sufficient audit evidence to confirm the recoverability of these balances, both in relation to the amounts due at 31 December 2024 and 31 December 2023. Therefore we have been unable to gain comfort that these balances are not free from material misstatement.

In addition, the above matters also impact the strategic report for both the current and prior year reporting.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 qualified opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

As outlined in the Basis for Qualified Opinion section of our report, our audit opinion is qualified due to the prior year disclaimer of opinion and the resulting impact on the opening balances as at 1 January 2024. In addition, the investment has been recorded at cost rather than fair value and is therefore understated in the financial statements. The qualification also arises from insufficient supporting evidence regarding the existence and valuation of the slot machines. We have concluded that, where the other information relates to these matters, it may also be materially misstated for the same reasons.

Opinions on other matters prescribed by the Companies Act 2006

Except for the matter described in the Basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Except for the matters described in the Basis for Qualified Opinion section of our report, based on the knowledge and understanding of the group and its environment obtained during the audit, we have not identified any material misstatements in the strategic report and the directors’ report.

Arising solely from the matters described in the Basis for Qualified Opinion section above:

• we have not obtained all the information and explanations we considered necessary for the purposes of our audit; and

• we were unable to determine whether adequate accounting records have been maintained.

Except for the matters described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• 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.

As explained more fully in the directors' responsibilities statement, 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was €4,595 (2023 - €9,138 loss).

Mixdar Invest Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Saxon House, Moseley's Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY.

The group consists of Mixdar Invest Ltd and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are presented in Euros, which is the currency used for reporting purposes. The functional currency is US Dollar, the primary economic environment in which the group operates. Monetary amounts in these financial statements rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

During the year, the group identified that a senior member of management at one of its subsidiaries had carried out fraudulent transactions. A forensic investigation was undertaken, which determined that the activity had occurred over several years. Following the completion of the investigation, the full extent of the fraud was assessed and the affected balances were corrected. Further details on the restatement of prior‑year figures are provided in note 28.

The individual involved is no longer employed by the group. Enhanced controls over bank payments and related accounting processes have since been implemented, and the group has no indication that similar issues have arisen again.

In the parent's accounts, the investment in its subsidiaries was acquired through a share-for-share exchange. The investment is initially recognised at fair value, with the difference between the nominal value of the shares issued and the fair value of the shares acquired being recognised in equity.

Subsequent measurement of the investment is measured at cost less accumulated impairment losses.

The consolidated financial statements have been prepared in accordance with the principles of merger accounting as set out in FRS 102 paragraph 19.29 to 19.31 as if the acquisition had been completed at the beginning of the earliest period presented or combing entities first came under the control of the controlling party because the acquisition was regarded as a business combination under common control of the ultimate shareholders of the company before and after the completion of acquisition.

The company was incorporated on 14 October 2022, as a result of group restructure decided by the ultimate shareholders of the company. Under the group restructure, the company acquired Mixdar Invest S.L. 's shareholding in its wholly owned subsidiaries, Ragnar Association Corp. and Ondiss Corp., which jointly hold a US subsidiary, Dania Entertainment LLC. The company in return issued its ordinary shares to the existing shareholders of Mixdar Invest S.L. based on the proportion of their shareholdings in Mixdar Invest S.L. Following the acquisition, since the ultimate shareholders of the company and Mixdar Invest S.L. remained the same before and after the acquisition, the acquisition is regarded as 'Common Control Combination'. Accordingly, the group has applied merger accounting to account for the acquisition of shares of Ragnar Association Corp. and Ondiss Corp. in accordance with FRS 102. The consolidated financial statements have been prepared in accordance with FRS 102 as if the acquisition had been completed at the beginning of the earliest period presented or combining entities first came under the control of the controlling party.

Accordingly, the results and the cash flows of all combining entities were brought into the company's consolidated financial statements from the beginning of the financial year in which the combination happened. The comparative information was prepared by including total comprehensive income for all entities and their statements of financial position.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future.

The parent company has historically been dependent on financial support from the wider group in order to meet its liabilities as they fall due. The directors have received confirmation from the group that it will continue to provide such financial support for a period of at least 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue from contracts with customers primarily consists of slot machine wagers, cardroom games, pari-mutuel wagers, food and beverage transactions, and entertainment ticket sales.

Slot machine gaming revenue represents the group's net win from slot machine gaming, which is the difference between gross wagers placed by patrons, net of winnings paid to patrons, less slot machine revenue payments to the state, county and city, less accruals for anticipated payouts of progressive slot jackpots, less cash incentives to patrons related to gaming play. Gaming contracts include a performance obligation to honor the patron's wager and typically include a performance obligation to provide a product or service to the patron on a complimentary basis to incentivize gaming or in exchange for points earned under the group's loyalty programs.

For wagering contracts that include complimentary products and services provided by the group to incentivize gaming, the group allocates the relative stand-alone selling price of each product and service to the respective revenue type. Complimentary products or services provided by the group under the group's control and discretion, which are supplied by third parties, are recorded as selling, general, and administrative expenses in the accompanying statements of income.

For wagering contracts that include products and services provided to a patron in exchange for points earned under the group's loyalty program, the group allocates the estimated fair value of the points earned to the loyalty program liability. The loyalty program liability is a deferral of revenue until redemption occurs. Upon redemption of the loyalty program points for group services or products, the stand-alone selling price of each product or service is allocated to the respective revenue type. The point balance under the loyalty program liability is forfeited if the member does not earn or use any points over a three-month period and expires at the end of each month.

After allocation to the products and services provided to patrons as part of a wagering contract, the residual amount is recorded to slot machine gaming as soon as the wager is settled. As all wagers have similar characteristics, the group accounts for its gaming contracts collectively on a portfolio basis versus an individual basis.

Pari-mutuel revenue is recognized from wagering on the group's jai-alai performances, simulcast wagering, and intertrack broadcast events, less amounts paid to the public for winning wagers, pari-mutuel taxes and fees per statutes, and fees paid to, or retained by, other tracks and frontons per agreements.

Food and beverage revenue is recognized when products are delivered. Food and beverage revenue associated with players' points redemptions is recognized at the time products are delivered with the corresponding reduction in deferred revenue, which is included in accrued expenses in the accompanying balance sheets.

Cardroom revenue is recognized at the time of play when services are delivered. Revenue is based on a percentage rake or fee from card games.

Other revenues primarily consist of commissions received on ATM transactions and cash advances, which are recorded on a net basis as the group represents the agent in its relationship with the third-party providers, and commissions and fees received in connection with pari-mutuel wagering.

Sales taxes and other taxes collected from customers on behalf of governmental authorities are accounted for on a net basis and are not included in net revenues or operating expenses.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Intangible assets, which comprise gaming licence rights and software licences, are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Gaming licence rights, which represent the fair value of the licence to conduct gaming in Florida, were recorded in conncection with the quasi-reorganisation of the subsidiary, Dania Entertainment Center, LLC in October 2014.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised on a straight-line basis over the estimated useful live of the asset, or if held under a finance lease, over the lease term, whichever is shorter, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at fair value and subsequently measured at cost less any accumulated impairment losses.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Stocks, consisting mostly of food and beverage items, is stated at the lower of cost or net realisable value.

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Transactions denominated in foreign currencies are translated into euros at the rate of exchange ruling at the date of transaction. At the reporting year end date, non-monetary items are translated into euros at the rates of exchange ruling at the balance sheet date. Exchange differences arising in respect of transactions and balances denominated in foreign currencies are reflected in the results for the year.

The trading results of subsidiaries are translated into euros at the average exchange rates for the year. The assets and liabilities of overseas subsidiaries, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised as translation reserves in 'Other comprehensive income'.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

In preparing the financial statements, the directors have made judgements and estimates that affect the carrying value of investments in subsidiaries. These judgements and estimates are reviewed regularly and are based on historical experience and other relevant factors. Where investments are carried at cost less impairment, the directors assess whether there are indicators of impairment at each reporting date. This involves estimating the recoverable amount of the investment, which may include assumptions about future cash flows, discount rates, and market conditions.

The total revenue for the year has benn derived from its principal activities in the United States of America.

An analysis of the group's turnover is as follows:

During the year ended 31 December 2024, fraudulent activities perpetrated by a member of the management team of the subsidiary was discovered. The subsidiary investigated the irregularities and as a result discovered that certain transactions and balances were misstated because of the fraud. These accounts have been corrected retroactively to the years ended 31 December 2024 and 2023.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 31 December 2024 are as follows:

Amounts owed to related parties are unsecured and interest-free, except for balances totaling $Nil (2023: $2,000,000), equivalent to approximately €Nil (2023: €1,811,900), due to related parties under common ownership. These balances bear interest at 6% per annum. All amounts have no fixed repayment terms and are repayable on demand.

Amounts owed to subsidiaries are unsecured, interest-free, have no fixed repayment date, and are repayable on demand.

Notes payable includes long-term loans from financial institutions with principal totalling $19,814,092 (2023: $19,951,984) approximately €19,020,538 (2023: €18,075,500), interest bearing at 6.45%- 7.78% per annum until September 2024 thereafter and at 3%- 3.25% plus 5-year Constant Maturity Treasury Rate until maturity in June 2032.The loans are secured by the mortgage on the group's casino property and subject to restrictive financial covenants.

The remaining represents various notes issued to slot machine and software suppliers payable in monthly instalments with interest ranging from 0% to 6% and with maturity dates up to 2026. The notes are collateralised by the group's slot machines, hardware and software.

The merger reserve represents the difference between the value of shares issued by the Group and the share capital of the undertaking acquired. The reserve is treated as non‑distributable in accordance with the Companies Act 2006.

The foreign currency translation reserve has arisen as a result of translating the financial statements of Group's overseas subsidiaries which are denominated in a foreign currency into the Group's reporting currency.

The profit and loss accounts includes all retained profits less losses to the Balance Sheet date.

The remuneration of key management personnel is as follows.

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The company has applied an exemption under Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland,” which allows it not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities that are eliminated on consolidation are therefore not included in the financial statements.

Details of key management personnel compensation includes members of senior management.

Further detail on the prior period adjustment per accounting policy 1.2.