REGISTERED NUMBER: 02535431 (England and Wales)

NEOPERL U.K. LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Mr O Denzler

Ms M Kaiser

Mr F Wildfang

Mr M Burton

SECRETARY:

Ms M Kaiser

REGISTERED OFFICE:

Nimrod Works

Enigma Park

Malvern

Worcestershire

WR14 1GH

REGISTERED NUMBER:

02535431 (England and Wales)

AUDITORS:

FWC Advisory Ltd

St. Leonards Close

Bridgnorth

Shropshire

WV16 4EJ

BANKERS:

Commerzbank AG

30 Gresham Street

London

EC2P 2XY

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company's turnover decreased by almost 1.2 million euros during the current year as compared to the previous year. Further, the gross margin has witnessed a decline, which has had an effect on the EBITDA and EBIT for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

As a member of an international group, the company is subject to the uncertainties of global markets and the effect these can have on customers and suppliers. Our actual global supply chain and our sales are quite stable but are also fragile at the same time due to the actual geopolitical situation. The cost of inputs have been under control in 2025.

The management is making proactive assessment of the current geopolitical situation and its impact on the Group's operations. The global supply chain is likely to be impacted by the present volatile geopolitical tensions. We therefore closely follow and monitor the development, and management meetings are held on a frequent basis. The Neoperl Group is financially healthy and has enough liquid funds and free credit lines to cover liquidity needs in case there are any.

The business can be affected by competition within the industry and fluctuations in worldwide exchange rates. These are mitigated to some extent by the company's trading links with other group companies.

The company is exposed to other financial risks including credit control and cash flow. The company has an established and structured approach to risk management under the control of the directors and senior management. The company also continues to benefit from considerable support provided from group headquarters in areas of general management, financial control, and sales.

The company's production and sales are continually monitored by the directors and senior management. Other key performance indicators which communicate the company's financial performance and strength, for example gross margin, net profitability, and return on capital employed, are also regularly reviewed. A selection of these which can be picked up from the accounts are as follows:

2025

2024

Turnover (Euro)

15.32M

16.56M

Gross profit (Euro)

5.96M

7.48M

Gross margin

39%

45%

DEVELOPMENT AND PERFORMANCE

The company has continued to invest in capital equipment with total expenditure during 2025 of approximately 80,000 euros. The company has firm plans to invest another 275,000 euros during the year 2026.

The directors remain committed to the development of the company's production techniques and manufacturing facilities and will continue to devote resources to the needs of the business.

ON BEHALF OF THE BOARD:

Mr O Denzler - Director

14 April 2026

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 the production of waterflow regulators.

DIVIDENDS

A dividend of €500,000 was paid during the year.

DIRECTORS

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

Mr O Denzler

Ms M Kaiser

Mr F Wildfang

Mr M Burton

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss 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.

AUDITORS

The auditors FWC Advisory Ltd will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr O Denzler - Director

14 April 2026

Opinion

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

In our opinion the financial statements:

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

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

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

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 Strategic Report and the Directors' Report, 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 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.

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 Directors' Report.

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

-	adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment and health and safety law.

We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- agreed the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- reviewed minutes of board meetings.

In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.

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.

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.

Martin Jones FCA (Senior Statutory Auditor)

for and on behalf of FWC Advisory Ltd

St. Leonards Close

Bridgnorth

Shropshire

WV16 4EJ

14 April 2026

TURNOVER

4

15,319,924

16,555,723

Cost of sales

(9,359,183

)

(9,078,798

)

GROSS PROFIT

5,960,741

7,476,925

Administrative expenses

(5,552,919

)

(5,195,259

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

407,822

2,281,666

Tax on profit

9

(169,985

)

(631,128

)

PROFIT FOR THE FINANCIAL YEAR

237,837

1,650,538

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

237,837

1,650,538

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

3,502,181

4,125,067

Investments

13

216,759

216,759

3,718,940

4,341,826

CURRENT ASSETS

Stocks

14

1,368,597

1,523,848

Debtors

15

2,849,171

2,207,909

Cash at bank and in hand

701,425

616,557

4,919,193

4,348,314

CREDITORS

Amounts falling due within one year

16

2,159,539

1,912,412

NET CURRENT ASSETS

2,759,654

2,435,902

TOTAL ASSETS LESS CURRENT LIABILITIES

6,478,594

6,777,728

PROVISIONS FOR LIABILITIES

18

270,213

307,184

NET ASSETS

6,208,381

6,470,544

CAPITAL AND RESERVES

Called up share capital

19

117

117

Retained earnings

20

6,208,264

6,470,427

SHAREHOLDERS' FUNDS

6,208,381

6,470,544

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2026 and were signed on its behalf by:

Mr O Denzler - Director

Called up

share

Retained

Total

capital

earnings

equity

€

€

€

Balance at 1 January 2024

117

7,319,889

7,320,006

Changes in equity

Dividends

-

(2,500,000

)

(2,500,000

)

Total comprehensive income

-

1,650,538

1,650,538

Balance at 31 December 2024

117

6,470,427

6,470,544

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

237,837

237,837

Balance at 31 December 2025

117

6,208,264

6,208,381

Cash flows from operating activities

Cash generated from operations

1

1,051,356

3,419,266

Tax paid

(386,427

)

(359,322

)

Net cash from operating activities

664,929

3,059,944

Cash flows from investing activities

Purchase of tangible fixed assets

(80,061

)

(1,032,661

)

Sale of tangible fixed assets

-

2,303

Net cash from investing activities

(80,061

)

(1,030,358

)

Cash flows from financing activities

Equity dividends paid

(500,000

)

(2,500,000

)

Net cash from financing activities

(500,000

)

(2,500,000

)

Increase/(decrease) in cash and cash equivalents

84,868

(470,414

)

Cash and cash equivalents at beginning of year

2

616,557

1,086,971

Cash and cash equivalents at end of year

2

701,425

616,557

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

€

€

Profit for the financial year

237,837

1,650,538

Depreciation charges

702,947

707,754

Profit on disposal of fixed assets

-

(2,303

)

Taxation

169,985

631,128

1,110,769

2,987,117

Decrease/(increase) in stocks

155,251

(25,229

)

(Increase)/decrease in trade and other debtors

(641,262

)

110,861

Increase in trade and other creditors

426,598

346,517

Cash generated from operations

1,051,356

3,419,266

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31/12/25

1/1/25

€

€

Cash and cash equivalents

701,425

616,557

Year ended 31 December 2024

31/12/24

1/1/24

€

€

Cash and cash equivalents

616,557

1,086,971

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

€

€

€

Net cash

Cash at bank and in hand

616,557

84,868

701,425

616,557

84,868

701,425

Total

616,557

84,868

701,425

1.	STATUTORY INFORMATION

Neoperl U.K. 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 Euro (€).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 prepared in euro, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest €.

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

The financial statements present information about the company as an individual undertaking and not about its group. Group accounts have not been prepared as the inclusion of the subsidiary undertaking is not material for the purpose of giving a true and fair view.

Neoperl U.K. Limited is a wholly owned subsidiary of Neoperl Group AG and the results of Neoperl U.K. Limited are included in the consolidated financial statements of Neoperl Group AG, a company incorporated in Switzerland.

Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. The reason for choosing this period is it was regarded as an appropriate period over which the benefits from combining the businesses would have accrued. Provision is made for any impairment.

Tangible fixed assets

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

Freehold property

-

4%, 6.67%, and 7% on building cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

40% and 20% on cost

Motor vehicles

-

30% on cost

No depreciation is provided on freehold land.

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

Investments in subsidiaries

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 Euro's at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euro's 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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company'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.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

€

€

Production of water regulators

15,319,924

16,555,723

15,319,924

16,555,723

An analysis of turnover by geographical market is given below:

2025

2024

€

€

United Kingdom

2,937,219

2,579,362

Europe

6,767,583

7,656,738

Asia

4,728,114

5,333,605

North America

694,647

887,230

South America

63,005

98,788

Africa

129,356

-

15,319,924

16,555,723

5.	EMPLOYEES AND DIRECTORS

2025

2024

€

€

Wages and salaries

5,504,658

5,307,130

Social security costs

645,665

465,468

Other pension costs

140,851

140,478

6,291,174

5,913,076

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

2025

2024

Directors and staff

25

24

Factory

132

127

157

151

6.	DIRECTORS' EMOLUMENTS

Directors' remuneration

2025

2024

€

€

Remuneration for qualifying services

120,884

122,902

Company pension contributions to money purchase schemes

6,540

6,273

129,175

129,175

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

7.	OPERATING PROFIT

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

2025

2024

€

€

Other operating leases

71,217

72,525

Depreciation - owned assets

702,947

707,754

Profit on disposal of fixed assets

-

(2,303

)

Foreign exchange differences

119,771

34,910

8.	AUDITORS' REMUNERATION

2025

2024

€

€

Fees payable to the company's auditors for the audit of the company's financial statements

33,945

43,447

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

€

€

Current tax:

UK corporation tax

206,957

442,955

Deferred tax

(36,972

)

188,173

Tax on profit

169,985

631,128

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

€

€

Profit before tax

407,822

2,281,666

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

101,956

570,417

Effects of:

Expenses not deductible for tax purposes

621

842

Income not taxable for tax purposes

-

(576

)

Capital allowances in excess of depreciation

-

(134,066

)

Depreciation in excess of capital allowances

109,011

-

Foreign exchange differences

(4,631

)

6,338

Deferred tax adjustment

(36,972

)

188,173

Total tax charge

169,985

631,128

10.

DIVIDENDS

2025

2024

€

€

Final dividend

500,000

2,500,000

11.	INTANGIBLE FIXED ASSETS

Goodwill

€

COST

At 1 January 2025

and 31 December 2025

1,078,996

AMORTISATION

At 1 January 2025

and 31 December 2025

1,078,996

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-