BBS_Tech_Global_-_FY2024_Unaudited_FS

1 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements BBS TECH GLOBAL PTE. LTD. (Incorporated in Singapore. Registration Number: 202338357H) Unaudited Financial Statements For Financial Year Ended 31 August 2024 


      2 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements Directors’ statement We are pleased to submit this annual report to the members together with the unaudited financial statements of BBS TECH GLOBAL PTE. LTD. (the “Company”) for the financial period ended 31 August 2024. In the opinion of the directors, a) The financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 August 2024, the financial performance, changes in equity and cash flows of the Company for the financial period ended on that date in accordance with the provisions of the Singapore Companies Act Chapter 50 and Singapore Financial Reporting Standards; and b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. The Board of Directors has authorised these financial statements for issue on the date of this statement. Directors The directors in office at the date of this report are as follows: HASHIMOTO KAZUMA (Appointed on 24 September 2023) OHTSUKA KENGO (Appointed on 24 September 2023) Arrangements to enable directors to acquire shares or debentures Neither at the end of nor at any time during the financial period was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisitions of shares in, or debentures of the Company or any other body corporate. Directors’ interests in shares or debentures The following directors, who held office at the end of the financial year, had according to the register of directors’ shareholdings required to be kept under Section 164 of the Companies Act, an interest in shares of the company as stated below: Holdings registered in Holdings in which director is name of director deemed to have an interest At At At At 31.08.2024 24.09.2023 31.08.2024 24.09.2023 Company (No. of ordinary shares) HASHIMOTO KAZUMA 80,000 80,000 - - OHTSUKA KENGO - - - - 


      3 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements Directors’ statement (cont’d) Directors’ interests in Contracts Since the date of incorporation, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest. Share options During the financial period, there were; a) no option granted by the Company to any person to take up unissued shares in the Company; and b) no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial period, there are no unissued shares of the Company under option. On behalf of the Board of Directors, ______________________________ HASHIMOTO KAZUMA Director ______________________________ OHTSUKA KENGO Director Singapore Dated: 


      4 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024 Note 2024 USD Assets Current assets Cash and cash equivalents 4 58,926 Trade and other receivables 5 136,195 195,122 Total assets 195,122 Liabilities and equity Current liabilities Trade and other payables 6 12,451 Provision for tax 3,125 Due to shareholder 30,331 45,907 Total liabilities 45,907 Equity Share capital 9 80,000 Retained earnings 69,215 Total equity 149,215 Total liabilities and equity 195,122 


      5 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024 Note 2024 USD Revenue 7 342,902 COGS (28,619) Gross profit 314,284 Operating expenses Administrative expenses (241,338) Finance cost (230) Total operating expenses (241,568) Non-operating expenses Currency variance - realised (376) Total non-operating expenses (376) Net profit before tax 8 72,340 Income tax 10 (3,125) Net profit after tax 69,215 Other comprehensive profit/(loss): - Total comprehensive profit for the year 69,215 


      6 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024 Share capital Retained earnings Total USD USD USD At 24 September 2023 80,000 - 80,000 Dividend paid - - - Total comprehensive profit for the year - 69,215 69,215 Balance as at 31 August 2024 80,000 69,215 149,215 


      7 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 The accompanying notes form an integral part of these financial statements STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024 2024 USD Cash flows from operating activities Profit before tax 72,340 Changes in working capital: Trade and other receivables (136,195) Trade and other payables 12,451 Tax paid - Net cash generated from operating activities (51,405) Cash flows from financing activities Ordinary shares issued at the incorporation 80,000 Loan from shareholders 30,331 Net cash used in financing activities 110,331 Net movement in cash and cash equivalents 58,926 Cash and cash equivalents at beginning of the year - Cash and cash equivalents at end of the year 58,926 


      8 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Directors on the date as in the Director’s statement. 1. General corporate information BBS TECH GLOBAL PTE. LTD. (the “Company”), with Company registration number 202338357H, is incorporated and domiciled in the Republic of Singapore. Its registered office is located at 18 Ann Siang Road, #02-01, Singapore 069698. The principal activities of the Company are those relating to DEVELOPMENT OF SOFTWARE AND APPLICATIONS (EXCEPT GAMES AND CYBERSECURITY). 2. Summary of significant accounting policies (a) Basis of preparation of financial statements The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements are prepared on the historical cost basis except as disclosed in the accounting policies below. During the financial year, the Company adopted the new or revised FRS that are relevant to their operations and effective for the current financial year. Changes to the Company’s accounting policies have been made as required in accordance with the relevant transitional provisions in the respective FRS. The adoption of the new or revised FRS did not result in any substantial changes to the Company’s accounting policies and has no material effect on the amounts reported for the current and prior financial years. (b) Foreign currencies Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The financial statements are presented in UNITED STATES OF AMERICA, DOLLARS which is the functional currency of the Company and the presentation currency for the financial statements. In preparing the financial statements, transactions in a currency other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing on the date of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing on the end of the reporting period Non- monetary items carried at fair value that are denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Exchange differences arising on the settlement of monetary items and on re-translating of monetary items are recognised in profit or loss for the financial year. Exchange differences arising on the re-translation of non-monetary items carried at fair value are recognised in profit or loss for the financial year. 


      9 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (c) Financial assets Classification The Company classify their financial assets as trade receivables and deposit, cash and cash equivalents which consist of cash balances and bank deposits i. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are classified within “trade and other receivables” and “cash and cash equivalents” on the statements of financial position. Recognition and de-recognition Financial assets are recognised on the statements of financial position when, and only when, the Company become parties to the contractual provisions of the financial instruments. Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Company commit to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company have transferred substantially all risks and rewards of ownership. On de-recognition of a financial asset, the difference between the carrying amount and the net consideration proceeds is recognised in profit or loss. Any cumulative gain or loss in the fair value reserve relating to the asset is also recognised in profit or loss. Initial and subsequent measurement Financial assets are initially recognised at fair value plus in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. After initial recognition, loans and receivables are carried at amortised cost using the effective interest method, less impairment loss, if any. The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period. Income and expense is recognised on an effective interest basis for debt instruments. 


      10 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (c) Financial assets (cont’d) Impairment The Company assess at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. i) Loans and receivables An allowance for impairment of loans and receivables is recognised when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The amount of the loss is recognised in profit or loss. If, in a subsequent year, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed either directly or by adjusting on allowance account. Any subsequent reversal of an impairment loss is recognised in profit or loss, to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. ii) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, cash and deposits with banks. Cash and cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (d) Impairment - non-financial assets The carrying amounts of the Company’s non-financial assets (other than investment in an associate and inventories), i.e. plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the Company’s cash-generating-units (“CGU”) to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss, unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. 


      11 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (d) Impairment - non-financial assets (cont’d) An impairment loss for an asset other than goodwill is reversed only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. However, to the extent that an impairment loss on the same revalued asset was previously recognised as an expense, a reversal of that impairment is also credited to profit or loss. (e) Financial liabilities Non-derivative financial liabilities comprise trade and other payables, loans from and amount due to holding corporation. They are recognised on the statement of financial position when, and only when the Company becomes a party to the contractual provisions of the financial instrument. Non-derivative financial liabilities are recognised initially at fair value plus directly attributable transaction costs. Subsequent to initial recognition, all financial liabilities are measured at amortised cost using the effective interest method, except for derivatives which are measured at fair value. A financial liability is derecognised when the obligation under the liability is extinguished, discharged or cancelled or expires. For financial liabilities other than derivatives, gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised, and through the amortisation process. Any gains or losses arising from the changes in fair value of derivatives are recognised in the statement of comprehensive income. Net gains or losses on derivatives include exchange differences. (f) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. (g) Related parties Parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. 


      12 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (h) Revenue from contracts with customers SFRS(I) 15 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of SFRS(I) 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition: • Step 1: Identify the contract(s) with a customer; • Step 2: Identify the performance obligations in the contract; • Step 3: Determine the transaction price; • Step 4: Allocate the transaction price to the performance obligations in the contract; and • Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. Under SFRS(I) 15, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in SFRS(I) 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by SFRS(I) 15. Management anticipates that the initial application of the new SFRS(I) 15 will result in no changes to the accounting policies relating to revenue recognition. Additional disclosures will be made in respect to trade receivables and revenue, including any significant judgement and estimation made. (i) Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Company will comply with the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Government grants relating to assets deducted against the carrying amount of the assets. (j) Finance cost Interest expense and similar charges are recognised in statement of comprehensive income in the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to prepare for its intended use or sale. 


      13 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (k) Income tax Income tax expense comprises current and deferred taxes. Income tax expense is recognised in profit or loss except to the extent that it relates to a business combination or items recognised directly in equity, or in other comprehensive income. Current income tax expense is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to income tax payable in respect of previous financial years. Taxable income differs from profit reported as profit or loss because it excluded items of income or expenses that are taxable or deductible in other years and it further excludes items of income or expenses that are not taxable or tax deductible. Deferred tax is provided, using the balance sheet liability method, for temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is measured using the tax rates expected to be applied to the temporary differences when they are realised or settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that the related tax benefit will be realised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity and deferred tax arising from a business combination is adjusted against goodwill on acquisition. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same tax authority and where there is intention to settle the current tax assets and liabilities on a net basis. Deferred tax liabilities are recognised for all taxable temporary differences associated with investments in subsidiaries and associate, except where the timing of the reversal of the temporary difference can be controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. (l) Key management personnel Key management personnel of the Company are those persons having the authority and responsibility for planning, directing and controlling the activities of the entity. The directors are considered as key management personnel of the Company. 


      14 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 2. Summary of significant accounting policies (cont’d) (m) Provisions for other liabilities and charges Provisions for other liabilities and charges are recognised when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Other provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised in the statement of comprehensive income as finance expenses. Changes in the estimated timing or amount of the expenditure or discount rate are recognised in profit or loss when the changes arise. 3. Critical accounting estimates, assumptions and judgements Estimates and assumptions concerning the future are made in the preparation of the financial statements. They affect the application of the Company’s accounting policies, reported amounts of assets, liabilities, income and expenses, and disclosures made. They are assessed on an ongoing basis and are based on historical experience and relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical accounting estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Impairment of loans and receivables The Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. (b) Critical judgement made in applying accounting policies In the application of the Company’s accounting policies, which are described in note 3, management is of the opinion that there is no instance of application of judgement which is expected to have a significant effect on the amounts recognised in the financial statements, apart from those involving estimations described in the above. 


      15 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 4. Cash and cash equivalents 2024 USD Cash in bank 58,926 5. Trade and other receivables 2024 USD Trade receivables 56,195 Due from shareholders 80,000 136,195 6. Trade and other payables 2024 USD Trade payables 12,451 Tax payables 3,125 Due to shareholder 30,331 45,907 7. Revenue 2024 USD Services rendered 342,902 


      16 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 8. Profit before tax The following items have been included in arriving at profit before tax:- 2024 USD This is stated after charging:- Professional fees 6,160 Marketing and sales 210,932 Travel cost 24,246 Finance cost 230 Currency variance 376 241,944 9. Share capital 2024 USD Issued and unpaid: - 80,000 ordinary shares 80,000 The holder of ordinary shares, which have no par value, is entitled to receive dividends as and when declared by the Company. All ordinary shares of the Company carry one vote per share without restrictions. 10. Income tax expense Reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the period ended 31 August 2024 is as follow: - 2024 USD Reconciliation of effective tax rate: Profit before tax 72,340 Income tax using the domestic corporation tax rate of 17% 122,98 Tax exemption (9,173) Current year tax expense 3,125 


      17 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 11. Financial risk management Financial risk factors The Company is not exposed to financial risks arising from the operations and the use of financial instruments during the financial year. The Company’s overall risk management strategy seeks to minimise any adverse effects from the unpredictability of financial markets on the Company’s financial performance. It is, and has been throughout the financial year, the Company’s policy that no trading in derivative financial instruments shall be undertaken. The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Company. This includes establishing detailed policies such as authority levels, oversight responsibilities, risk identification and measurement and exposure limits. (a) Credit risk Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The major classes of financial assets of the Company are deposits. For trade receivables, the Company adopts the policy of dealing with customers of appropriate credit standing and history. It is also the Company’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. Customers with high credit risks are required either to pay on cash term, make advance payments or issue letter of credits. The Company trades only with recognised, creditworthy and secured third parties, there is no requirement for collateral. In addition, receivables balances are monitored on an on-going basis with the result that the Company’s exposure to bad debts is not significant. For other financial assets, the Company adopts the policy of dealing only with high credit quality counterparties. i. Excessive risk concentration Concentrations of credit risk exist when changes in the economic, industry or geographical factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Company’s total credit exposure. It is the Company’s policy to enter into transactions with a diversity of credit-worthy counterparties so as to mitigate any significant concentration of credit risk. ii. Exposure to credit risk The Company has no significant concentration of credit risk. The Company has credit policies and procedures in place to minimise and mitigate its credit risk exposure. iii. Financial assets that are neither past due nor impaired Trade and other receivables that are neither past due nor impaired are with creditworthy debtors with good payment record with the Company. Cash and cash equivalents are placed with reputable financial institutions. 


      18 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 11. Financial risk management (cont’d) (b) Liquidity risk Liquidity risk is the risk that the Company will encounter difficult in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by-credit facilities. The Company’s operations are financed mainly through equity. The directors are satisfied that funds are available to finance the operations of the Company. (c) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk arises primarily from their loan to holding company, cash and cash equivalents and bank borrowings. The Company does not expect any significant effect on the Company’s profit and loss arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the financial year. (d) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s foreign exchange risk arises primarily from cash flows from transactions denominated in foreign currencies. At present, the company does not have a formal policy for hedging against foreign currency risk. The Company ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates, where necessary, to address short term imbalances. (e) Fair value Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties in an arm’s length transaction, other than in a forced or liquidation sale. The carrying amount of cash and cash equivalents and trade and other receivables approximate their respective fair values due to the relative short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. 


      19 | P a g e BBS TECH GLOBAL PTE. LTD. For the financial year ended 31 August 2024 12. Capital management policies and objectives In managing the capital of the Company, the Board of Directors aim to maintain a capital structure which balances the need to maximise the rate of return on capital and at the same time to safeguard the Company’s ability to continue as a going concern in the long term, maintain investors, payables confidence and sustain future development of the business. The Company defines capital as share capital and accumulated losses. The Company manages the level of capital in proportion to risk and future business development requirements while balancing the need to maximise the return on capital. The Company does not stipulate the desired level of capital nor is it subject to externally imposed capital requirements. It monitors and manages its capital structure on an on-going basis and makes adjustments to it in the light of changes in economic conditions and/or events and the Company’s financial performance. As part of its capital management process, the Company may adjust its level of dividends or allot new shares to shareholders where appropriate. The Board takes into consideration the cash position and business requirements of the Company when determining the level of dividends to pay its shareholders. The Company is not subject to any external imposed capital requirement. 13. Authorisation of financial statements for issue The financial statements for the period from 24 September 2023 to 31 August 2024 were authorised for issue in accordance with a resolution of the directors.