REGISTERED NUMBER: 07850052 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

TRADING ATELIER LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

P A Acien Sanchez

Tradeland Group Bv

REGISTERED OFFICE:

34a High Street

Wimbledon

London

SW19 5BY

REGISTERED NUMBER:

07850052 (England and Wales)

SENIOR STATUTORY AUDITOR:

Christian Morris BSc ACA

AUDITORS:

TC Group

Statutory Auditors

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

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

Principal Activities

The Company provides dry bulk chartering and commercial logistics services supporting the Group's global trade in cementitious materials, including cement, clinker and supplementary cementitious products.

The Company is responsible for the commercial employment and coordination of vessels utilised in transporting captive cargo generated by the Group's trading units. The Company does not own vessels and does not undertake technical ship management activities.

Its operations primarily comprise chartering execution, fixture negotiation, voyage coordination and logistics planning across established cementitious trade routes.

REVIEW OF BUSINESS

The company has continued to perform well during the financial year under difficult trading conditions in the wider business environment.

The company has maintained the level of sales during the year ended 31 December 2025 at £62,707,387 (2024: £61,208,613) and maintained gross profit of £1,007,134 (2024: £757,040).

Business Model

The Company operates a service-based chartering model focused on facilitating maritime transportation solutions for the Group's trading activities.

Revenue is generated principally through address commission, calculated as a percentage of freight or hire income arising from chartering arrangements concluded on behalf of Group trading entities.

Business Environment

The Company operates within the global dry bulk shipping and cementitious materials logistic market, which is influenced by both maritime freight dynamics and construction sector demand.

During the year ended 31 December 2025, market conditions were characterised by:

- continued infrastructure and urbanisation demand supporting global cementitious trade flows.

- regional imbalances in clinker and cement production creating sustained seaborne transportation requirements.

- moderate volatility in dry bulk freight markets driven by macroeconomic uncertainty and geopolitical developments.

The Company's activity levels are closely aligned with the Group's trading volumes which provides a relatively stable base of captive cargo volumes compared with purely third-party businesses.

Strategic and Performance

Strategic Priorities

The Company's strategy is aligned with supporting the Group's cementitious trading activities through reliable and cost-efficient maritime logistics solutions. Key strategic priorities include:

- Supporting Group Trade Flows - Ensuring consistent vessel availability and efficient cargo execution for captive trading volumes.

- Optimising Chartering Efficiency - Enhancing fixture execution, voyage planning and scheduling efficiency to maximise utilisation of controlled tonnage.

- Strengthening Counterparty Relationships - Maintaining long-term relationships with shipowners, brokers and logistics partners to secure competitive freight solutions.

Key Performance Indicators

The Directors monitor performance using a range of financial and operational indicators, including:

- address commission income generated.

- total cargo volumes transported for Group trading units.

- number of fixtures concluded during the year.

Performance during the year remained stable, supported by consistent Group trading activity and effective execution of chartering programmes.

PRINCIPAL RISKS AND UNCERTAINTIES

Dependence on Group Trading Activity

The Company's revenues are directly linked to cargo volumes generated by the Group's trading units. A reduction in Group trading activity or changes to logistics strategy could affect commission income.

Freight Market Conditions

Although the Company does not bear freight risk directly, chartering activity levels and address commission income are influenced by prevailing dry bulk freight markets and overall shipping demand.

Counterparty Risk

The Company relies on shipowners and logistics counterparties to perform contractual obligations. Counterparty assessment and established industry relationships mitigate this exposure.

SECTION 172(1) STATEMENT

In accordance with Section 172 of the Companies Act 2006, the Directors have had regard to their duty to promote the success of the Company for the benefit of its members, while considering:

- long-term consequences of decisions supporting Group logistics strategy.

- relationships with employees, shipowners, brokers and trading counterparties.

- the importance of maintaining a reputation for reliable and responsible commercial conduct.

FUTURE OUTLOOK

The Directors expect global cementitious trade flows to continue to be supported by long-term infrastructure investment and urbanisation trends across key markets served by the Group.

The Company's activity levels are expected to remain closely aligned with underlying Group trading volumes, which provide a stable operational base for chartering activity. However, ongoing geopolitical uncertainty, macroeconomic conditions and evolving trade dynamics may contribute to continued volatility in freight markets and global shipping logistics.

GOING CONCERN

The Directors have reviewed the Company's financial forecasts, expected address commission income derived from Group trading activities, and available financial resources.

Based on this assessment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

ON BEHALF OF THE BOARD:

P A Acien Sanchez - Director

6 August 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

P A Acien Sanchez

Tradeland Group Bv

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P A Acien Sanchez - Director

6 August 2026

Opinion

We have audited the financial statements of Trading Atelier Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other 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 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 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors 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 Directors 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 Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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:

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;

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

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

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

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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.

Christian Morris BSc ACA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditors

Park House

200 Drake Street

Rochdale

Lancashire

OL16 1PJ

6 August 2026

TURNOVER

62,707,837

61,208,613

Cost of sales

61,700,703

60,451,573

GROSS PROFIT

1,007,134

757,040

Administrative expenses

1,010,849

761,281

OPERATING LOSS and

LOSS BEFORE TAXATION

(3,715

)

(4,241

)

Tax on loss

5

-

-

LOSS FOR THE FINANCIAL YEAR

(3,715

)

(4,241

)

LOSS FOR THE YEAR

(3,715

)

(4,241

)

OTHER COMPREHENSIVE INCOME

Foreign exchange movement

38,866

943

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

38,866

943

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

35,151

(3,298

)

CURRENT ASSETS

Debtors

7

8,937,110

7,349,822

Cash at bank

679,052

1,208,074

9,616,162

8,557,896

CREDITORS

Amounts falling due within one year

8

10,033,412

9,010,297

NET CURRENT LIABILITIES

(417,250

)

(452,401

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(417,250

)

(452,401

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Foreign exchange reserve

10

10,705

(28,161

)

Retained earnings

10

(427,956

)

(424,241

)

SHAREHOLDERS' FUNDS

(417,250

)

(452,401

)

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

P A Acien Sanchez - Director

Called up

Foreign

share

Retained

exchange

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

1

(420,000

)

(29,104

)

(449,103

)

Changes in equity

Total comprehensive income

-

(4,241

)

943

(3,298

)

Balance at 31 December 2024

1

(424,241

)

(28,161

)

(452,401

)

Changes in equity

Total comprehensive income

-

(3,715

)

38,866

35,151

Balance at 31 December 2025

1

(427,956

)

10,705

(417,250

)

Cash flows from operating activities

Cash generated from operations

1

(567,888

)

1,166,935

Net cash from operating activities

(567,888

)

1,166,935

(Decrease)/increase in cash and cash equivalents

(567,888

)

1,166,935

Cash and cash equivalents at beginning of year

2

1,208,074

40,196

Effect of foreign exchange rate changes

38,866

943

Cash and cash equivalents at end of year

2

679,052

1,208,074

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(3,715

)

(4,241

)

Increase in trade and other debtors

(1,587,288

)

(4,223,721

)

Increase in trade and other creditors

1,023,115

5,394,897

Cash generated from operations

(567,888

)

1,166,935

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

679,052

1,208,074

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,208,074

40,196

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

1,208,074

(529,022

)

679,052

1,208,074

(529,022

)

679,052

Total

1,208,074

(529,022

)

679,052

1.	STATUTORY INFORMATION

Trading Atelier 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.

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.

Significant judgements and estimates

In the process of applying the entity's accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of the revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Plant and machinery

-

33% on cost

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Functional and presentation currency

The Company's functional currency is USD. This differs from the presentational currency which is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Going concern

At the year end the Company Balance Sheet showed a net liability position amounting to £417,250 (2024: £452,401) and incurred a loss for the year ended 31 December 2025 of £3,715 (2024: £4,241).

The directors have prepared these financial statements on the going concern basis. At the time of approving these financial statements and in coming to this conclusion, the directors have assessed current trade and expected future performance and support for the Company. The Company is reliant upon ongoing support from its parent company who has confirmed financial support for at least twelve months from the date of approval of these financial statements. Therefore the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

66,764

99,974

Social security costs

8,169

12,542

74,933

112,516

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

2025

2024

1

1

2025

2024

£

£

Directors' remuneration

66,764

99,974

4.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Auditors' remuneration

19,000

15,000

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Foreign exchange movement

38,866

-

38,866

2024

Gross

Tax

Net

£

£

£

Foreign exchange movement

943

-

943

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2025

and 31 December 2025

2,174

DEPRECIATION

At 1 January 2025

and 31 December 2025

2,174

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

34,356

54,369

Trade debtors - Group

8,699,489

7,208,990

Other debtors

-

2,030

VAT

-

5,443

Prepayments and accrued income

203,265

78,990

8,937,110

7,349,822

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

9,005,098

8,204,343

Social security and other taxes

2,754

4,591

VAT

225

-

Other creditors

4,441

31,341

Amounts owed to group undertakings

1,020,894

770,022

10,033,412

9,010,297

As at 31 December 2025, the Company owed £1,020,894 (2024: £770,002) to group undertakings. £266,193 (2024: £385,062) is related to trade payables.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Foreign

Retained

exchange

earnings

reserve

Totals

£

£

£

At 1 January 2025

(424,241

)

(28,161

)

(452,402

)

Deficit for the year

(3,715

)

(3,715

)

Foreign exchange movement

-

38,866

38,866

At 31 December 2025

(427,956

)

10,705

(417,251

)

11.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption with FRS 102 33.1A, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Tradeland Group Bv.

The immediate and ultimate parent company is Tradeland Group BV by virtue of their controlling interest in the share capital of the Company. This is a private company whose address is Burnhamstraat 279, 2132 GZ Hoofddorp, Netherlands.

The smallest and largest group into which the Company's results are consolidated are the financial statements of Tradeland Group BV, which are are available at https://www.kvk.nl/bestellen. In the opinion of the directors there is no ultimate controlling party.

13.	RECLASSIFICATION OF COMPARATIVE INFORMATION

During the year, the directors reviewed the presentation of balances due from group undertakings included within debtors. It was determined that these balances principally arise from trading transactions between group companies relating to the sale and purchase of goods and services and are therefore more appropriately classified as trade debtors.

Accordingly, comparative figures have been reclassified to present such balances within Trade debtors rather than Amounts owed by group undertakings. The current year presentation has also been amended on a consistent basis.

The reclassification has no impact on the Company's profit for the year, net assets, shareholders' funds or cash flows.

The effect of the reclassification on the comparative balance sheet is set out below:

Debtors:Amounts falling due with one year

Previous reported£

Adjustment £

Restated£

Trade debtors - Group

54,369

7,208,990

7,263,359

Amounts owed by group undertakings

7,208,990

(7,208,990

)

-

A corresponding reclassification has been made to the current year figures, with £8,699,489 presented within Trade debtors relating to balances arising from trading transactions with group undertakings.