Year end - financial statement for 2025

NIS ISO 9001:2008 CERTIFIED

5th Floor, Churchgate Tower 2, Plot PC 31, Churchgate Street, Victoria Island, P.O. Box 7793, Marina, Lagos. Postal Code 101241, Nigeria

Tel: 234-01- 201 906 3200

KM 17, Warri - Patani Road,

P.M.B. 48, Ughelli, Delta Nigeria Tel: +234-02-01-906-3208

+234-02-01-906-3209

KM 32, Lagos Badagry Express Road, Agbara Industrial Estate, Ogun State

P.O. Box 2515, Lagos, Nigeria. Tel: +234-02-01-906-3206

BETA GLASS PLC

(RC: 13215)

Unaudited Financial Statements

For the Year Ended 31 December 2025

1

Certification of Unaudited Financial Statements 3

Statement of profit or loss and other comprehensive income 4

Statement of financial position 5

Statement of changes in equity 6

Statement of cash flows 7

Accounting policies and notes to the Financial Statements 8

2

Certification of Unaudited Financial Statements we hereby certify that:

1. We, the undersigned, have reviewed the Unaudited Financial Statements ofEeta Glass Plc ("the Company") for the year ended 3 December 2085.

   Based on our Iwrowledge as officers of the Company, the Financial Statements do not:

   1. contain any untrue statement of material fact, or

   2. omit to state a material fact, which would maI‹e the statement misleading in the light of the circumstances under which the statement was made.

2. Based onourknowledge, the Financial Statements andother financial information included in the quaner1y report fairly represent in all material respects, the financial conditions and results of operations of the Company as of, and for the period presented in the report.

3. We, the undersigned:

   1. are responsible for establishing and maintaining controls.

   2. have designed such internal controls to ensure that material information relating to the Company is made known to us by others within those entities, particularly during the period in which the periodic reports are being prepared.

   3. have evaluated the effectiveness of the Company's internal controls as of the date within go days prior to the report.

   4. have presented in the report our conclusions about the effectiveness of their internal controls

      based on their evaluation as of that date.

4. We have disclosed to the external auditors of the Company and the Audit Committee:

   1. all significant deficiencies in the design or operation of the internal controls which would adversely affect the Company's ability to record, process, summarize and repon financial data and have identified to the Company's Auditors any material wea1‹ness in internal controls, and

   2. any fraud, whether or not material, which involves management or other employees who have a significant role in the Company's internal controls.

5. There are no significant changes in internal controls subsequent to the date oftheir evaluation, including any corrective actions with regard to significant deficiencies and material weakness.

Mr. Alexander Gendis Chief Executive Officei• 3° *anuary zoz6

FRC/2025/PRO/DIR/O 3/424526

Mo. Hélene Paradisi Chief Financial Officer go January zoz6

FRC/2025/PRO/ANAN/ /*3i6go

For the period ended

The accompanying notes to the financial statements are an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION AS AT ii DECEMBER zoz5

Assets

Non-current assets Property, plant and equipment

Notes

'9

3i December

eoe5

N'ooo

6g,io9,6o

3i December

zozq N'ooo

36,oo5,433

Right-of-use assets Intangible assets

2O 37›2OO

iq

*7›°21

Inventories

Trade and other receivables Cash in hand and at bank

*7

88›96O,484

6q›715›445

io,6s3.614

g8,

Total assets

*3j›358'*97

Liabilities:

Non-current liabilities

Borrowings

Borrowings

Trade and other payables Current income tax Dividend payable

i8

83

z6,9io,9ie

3°›*38,773

5›7°l,684

*89› 35

Deferred tax liabilities Current I3abilifies

Totalliabilities

69.s6O,31d

Equity

i8 36,679.°°° 3,°9o,887

39›969,887

q,6J9,9*°

q,6ig,gio

Issued share capital Share premium Other reserves Retained earnings

*5

*5

z6

"7

99.g83

3iz,847

°›489›942

93›438,667

Total e

g6,

Total equity and liabilities

i84›3 ›543

*34›352,i97

The accompanying notes to the financial staI ements are an integral part of these financial statements.

The Unaudited financial statements were approved and authorised for issue by the Board of Directors on 3°

January zoz6 and were signed on its behalf by:

Mr. Alexander Gendis

Chief Executive Officer

FRC/RO 5/PRO/DIR/o 3/4845°6

Mrs. Hélene Paradisi Chief Financial Officer

FRC/zo:•5/PRO/ANAN/ooi/‹3169o

The accompanying notes to the financial statements are an integral part of these financial statements.

The accompanying notes to the financial statements are an integral part of these financial statements.

1. General information

   Beta Glass Plc ("the Company") manufactures, distributes, and sells glass bottles and containers for the leading soft drinks, breweries, wine and spirits, pharmaceutical, food, and cosmetics companies. The Company has manufacturing plants in Agbara, Ogun State, and in Ughelli, Delta State. Beta Glass Plc exports to some countries, including Ghana, Burkina Faso, Guinea, Sierra Leone, Liberia, and Angola.

   The Company is a public limited company, listed on the Nigerian Exchange Group (NGX) and incorporated and domiciled in Nigeria. The address of its registered office is 5th Floor, Churchgate Tower 2, Plot PC31, Churchgate Street, Victoria Island, Lagos State, Nigeria.

   Beta Glass Plc is a subsidiary of Frigoglass Industries (Nigeria) Limited (the parent Company), which holds 61.9% of the ordinary shares of the Company. The ultimate controlling party is Frigo DebtCo Plc (incorporated in the United Kingdom). All press releases, annual reports, and other information are available at the website of Beta Glass Plc: https://www.betaglass.com.

2. Summary of material accounting policies
   1. Basis of preparation

      These financial statements are the stand-alone financial statements of the Company.

      The financial statements have been prepared in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board, and in accordance with the requirements of the Financial Reporting Council of Nigeria (Amendment) Act 2023 and provisions of Companies and Allied Matters Act (CAMA), 2020. These financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 annual report. The 2024 annual report and audited financial statements can be accessed via this link: https://www.betaglass.com/investor-relations/financials/. Differences that may exist between the figures of the financial statements and those of the notes are due to rounding. Wherever it was necessary, the comparative figures have been reclassified to be comparable with the current year's presentation.

      The financial statements have been prepared on a historical cost basis except for inventories at the lower of cost and net realizable value, zero depreciation for land, and financial assets and financial liabilities measured initially at fair value and subsequently at amortized cost.

      The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires the Directors to exercise judgment in the process of applying the Company's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period in which the assumptions changed. The Directors believe that the underlying assumptions are appropriate and that the Company's financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 4.

      The financial statements comprise the Statement of Financial Position, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, and the Notes to the Unaudited Financial Statements.

      The financial statements have been prepared in Naira and all values are rounded to the nearest thousand (N'000), except where otherwise indicated.

      Notes to the Unaudited Financial Statements - Continued
      1. Basis of preparation - Continued
         1. Going concern

            The Company's management has assessed its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

         2. Changes in accounting policies and disclosures

            New standards, amendments, and interpretations adopted by the Company

            The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025.

            The Company has not early-adopted any standard, interpretation or amendment that has been issued but not yet effective.

            Lack of exchangeability - Amendments to IAS 21

            In August 2023, the IASB issued amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates' to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position, and cash flows.

            The Company is currently assessing the impact of the amendments to determine the impact they will have on the Company's accounting policy disclosures.

            There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company in the current or future reporting period and on foreseeable future transactions.

      2. Segment reporting

         Operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing the performance of the operating segment, has been identified as the Board of Directors of Beta Glass Plc.

      3. Foreign currency translation

         1. Functional and presentation currency

            Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The functional currency and presentation currency of Beta Glass Plc is the Nigerian Naira (N).

         2. Transactions and balances

         Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting date at exchange rates of monetary assets and liabilities denominated in currencies other than the Company's functional currency are recognized in the foreign exchange gain or loss in the profit or loss account.

         Foreign exchange gains and losses are presented in the statement of profit or loss as foreign exchange gain or loss.

         Notes to the Unaudited Financial Statements - Continued
      4. Property, plant and equipment

         All property, plant, and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

         Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. All other repairs and maintenance costs, including costs of property, plant, and equipment below N50,000, are charged to profit or loss during the financial period in which they are incurred.

         Land and other Property, Plant and Equipment under construction are not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:

         	%
         Land	Nil
         Building	3
         Plant and machinery:
         - Factory equipment and tools	10
         - Quarry equipment and machinery-	20
         - Glass moulds	50
         - Other plant and machinery	10
         Furnaces	14
         Motor vehicles	20
         Furniture, Fittings and equipment:
         - Office and house equipment	15
         - Household furniture and fittings	20
         - Computer equipment	25
         Assets under Construction	Nil

         The assets' residual values and useful lives and method of depreciation are reviewed and adjusted, if appropriate, at the end of each reporting date.

         An item of property, plant and equipment, and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit or loss and other comprehensive income when the asset is derecognised.

         In the case where an asset's carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference (impairment loss) is recorded as an expense in profit or loss.

         Gains and losses on disposal of property, plant and equipment are determined by the difference between the sales proceeds and the carrying amount of the asset. These gains and losses are included in the profit or loss.

         Interest costs on borrowings directly attributable to the acquisition of property, plant, and equipment are capitalized during the period required to prepare and complete the asset for its intended use. Other borrowing costs are recognized in profit or loss as expenses. Borrowing costs of N1.95 billion related to the furnace rebuild were capitalized in 2025 (2024: Nil).

      5. Leases

      The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration.

      Company as a lessee

      The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

      Notes to the Unaudited Financial Statements - Continued
      1. Leases - Continued
         1. Right-of-use assets

            The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

            Buildings 1- 2 years

            If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

            The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.7 - Impairment of non-financial assets.

         2. Short-term leases and leases of low-value assets

            The Company applies the short-term lease recognition exemption to its short-term lease for some warehouses and guesthouses (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Company has guesthouses leased to accommodate its workers at a proximate location to its plants, which are categorised as short-term leases assets. Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.

         3. Lease liabilities

         At the commencement date of the lease, the Company does not have any lease liabilities measured at the present value of lease payments to be made over the lease term. The lease agreement does not contain/include any exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease.

      2. Intangible assets

         Computer software

         Capitalized software licenses are acquired and carried at acquisition cost less accumulated amortization, less any accumulated impairment. They are amortized using the straight-line method over five (5) years. Computer software maintenance costs are recognized as expenses in the profit or loss as incurred.

         Costs associated with maintaining computer software programmes are recognised as an expense as incurred.

      3. Impairment of non-financial assets

         Assets that have an indefinite useful life not subject to amortisation are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell or value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).

         Notes to the Unaudited Financial Statements - Continued
      4. Financial instruments - initial recognition and subsequent measurement

         A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

         1. Financial assets - initial recognition, classification and measurement

            Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument.

            Financial assets are classified at initial recognition as amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

            The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Company's business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies on revenue from contracts with customers.

            In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.

            The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

         2. Subsequent measurement

            For purposes of subsequent measurement, financial assets are classified in four categories:

            1. Financial assets at amortized cost (debt instruments);

            2. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);

            3. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments);

            4. Financial assets at fair value through profit or loss.

               The Company's financial assets include financial assets at amortised cost.

         3. Financial assets at amortised cost (debt instruments)

            The Company measures financial assets at amortised cost if both of the following conditions are met:

            1. The financial asset is held within a business model with the objective to hold financial assets to collect contractual cash flows, and

            2. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

               Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

               The Company's financial assets at amortised cost include trade receivables, staff advances, receivables from related parties, and cash and bank balances.

               The Company did not own any financial assets that can be classified as fair value through profit and loss or held for trading financial assets during the periods presented in these financial statements.

               Notes to the Unaudited Financial Statements - Continued
         4. Derecognition

            A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Company's statement of financial position) when:

            1. The rights to receive cash flows from the asset have expired, or

            2. The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

               When the Company has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

               Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

         5. Impairment of financial assets

            The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms (if any).

            ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

            For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

            The Company calculates ECLs based on three probability-weighted scenarios to measure the expected cash shortfalls, discounted at an approximation to the EIR. A cash shortfall is the difference between the cash flows that are due to an entity in accordance with the contract and the cash flows that the entity expects to receive.

            Notes to the Unaudited Financial Statements - Continued
            1. Impairment of financial assets - Continued

               The mechanics of the ECL calculations are outlined below and the key elements are as follows:

               PD - The Probability of Default is an estimate of the likelihood of default over a given time horizon.

               EAD - The Exposure at Default is an estimate of the exposure at a future default date, considering expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise.

               LGD - The Loss Given Default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the Company would expect to receive, including from the realisation of any collateral. It is usually expressed as a percentage of the EAD.

               When estimating the ECLs, the Company considers three scenarios (a base case, an upside case, a downside case). Each of these is associated with different PDs, EADs and LGDs. In its ECL models, the Company relies on a broad range of forward-looking information as economic inputs, such as:

               • GDP growth

               • Oil price

               • Exchange rate

               • Inflation rate

            2. Write-offs

            Financial assets are written off either partially or in their entirety only when the Company has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to profit or loss.

      5. Financial liabilities

         Financial liabilities are at amortized cost. These include trade and other payables and loan and borrowings.

         Recognition and measurement

         Trade payables are initially recognized at the amount required to be paid, less, when material, a discount to reduce the payables to fair value. Subsequently, trade payables are measured at amortized cost using the effective interest method.

         Loan and borrowings are recognized initially at fair value, net of any transaction costs incurred, and subsequently at amortized cost using the effective interest method. These are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non-current liabilities.

         Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. The Company has given financial guarantees to Note holders on behalf of Frigo Debt Co Plc as disclosed in Note 30.

         Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of:

         • The amount of the loss allowance; and

         • The premium received on initial recognition less income recognized in accordance with the principles of IFRS 15.

         The loss allowance is recognized as a provision.

         Derecognition

         A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss.

         Notes to the Unaudited Financial Statements - Continued
      6. Offsetting financial instruments

         Financial assets and liabilities are offset, and the net amount is reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

      7. Inventories

         Inventories are recorded at the lower of cost and net realisable value. The cost of inventory includes expenditure incurred in acquiring the inventory, production or conversion costs, and other costs incurred in bringing them to their existing location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses.

         Raw and packaging materials is measured based on purchase cost, including transportation and clearing costs on a weighted average basis. The cost of finished goods and work in progress is determined using the weighted average cost of raw and packaging materials, direct labour, other direct costs, and related production overheads (based on normal operating capacity), incurred in bringing inventory to its present location and condition.

         The cost of engineering spares and other consumables is determined using the weighted average method. Goods in transit are based on the purchase cost incurred to date.

         Allowance is made for excessive, obsolete, and slow-moving items. Write-downs to net realizable value and inventory losses are expensed in the period in which the write-downs or losses occur.

      8. Trade receivables

         Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method less provision for impairment. A provision for impairment for trade receivables is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the receivables. Trade receivable is impaired using a provision matrix to calculate Expected Credit Loss (ECL). The Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date.

         Subsequent recoveries of amounts previously written off are credited against administrative expenses in profit or loss.

      9. Cash and cash equivalents

         Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

      10. Borrowing cost

          General and specific borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale.

          The Company incurred borrowing costs of N1.95 billion in 2025 (2024: Nil) on the furnace rebuild, which have been capitalized as part of the cost of the asset. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

          Notes to the Unaudited Financial Statements - Continued
      11. Corporate income tax
          1. Current income tax

             The tax for the period comprises current, education, and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is recognised in other comprehensive income or directly in equity, respectively.

             The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting date. The Company Income Tax (CIT) rate is 30%

             Education Tax (Tertiary Education Tax - TET) is 3% of assessable profit calculated for the purpose of Company Income Tax (CIT).

          2. Deferred tax

             Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

             The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity.

             Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax liabilities on a net basis.

             Deferred tax assets and liabilities are presented as non-current in the statement of financial position.

             Notes to the Unaudited Financial Statements - Continued
      12. Employee benefit obligation

          The Company operates a defined contribution pension plans for its employees.

          A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

          The Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

      13. Export expansion grant

          Export Expansion Grants (EEG) from the Federal Government of Nigeria are recognized at fair value when there is a reasonable assurance that the grant will be received, and the Company has complied with all attached conditions.

          The following conditions must be met by the Company to receive the EEG:

          • The Company must be registered with the Nigerian Export promotion Council (NEPC).

          • The Company must have a minimum annual export turnover of N5 million and evidence of repatriation of proceeds of exports.

          • The Company shall submit its baseline data which includes audited financial statements and information on operational capacity to NEPC.

          • An eligible company shall be a manufacturer, producer or merchant of products of Nigerian origin for the export market (i.e. the products must be made in Nigeria).

          • Qualifying export transactions must have the proceeds fully repatriated within 300 days, calculated from the date of export and as approved by the EEG Implementation Committee.

      14. Revenue recognition from Contracts with customers

      The Company is in the business of manufacturing and sales of glassware and glass bottles for soft drinks, breweries, pharmaceutical and cosmetic companies among others.

      Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

      Revenue comprises the fair value for the sale of goods and services net of value-added tax, rebates and discounts.

      Revenue is measured at the fair value of the consideration received or receivable and represents amounts received or receivable for goods supplied stated net of discounts, returns and value added taxes. Revenue from the sale of goods is recognized when all the following conditions are satisfied:

      • the Company has identified a sales contract with a customer;

      • the performance obligations within this contract have been identified;

      • the transaction price has been determined;

      • this transaction price has been allocated to the performance obligations in the contract; and

      • revenue is recognized as or when each performance obligation is satisfied.

      The sale of bottles is based on Ex-works prices agreed with the customers. Haulage services are provided to the customers through third party service providers as an option. The sale of bottles and haulage services for delivery of bottles are distinct and have no bearing on each other and are negotiated separately. Further, the consideration to be paid in one contract does not depend on the price or performance of another contract. Goods or services promised in the separate contracts are not a single performance obligation. There are no other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.

      Notes to the Unaudited Financial Statements - Continued
      1. Revenue recognition from Contract with customers - Continued

         The company performs an obligation once the products or goods are transferred to the customer, that is ownership, legal title, physical possession, control related to the products has been transferred to the customer and the customer has accepted the products.

         The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of bottles, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).

         The consideration to be received is stated in the contract, i.e. invoice as the contract price, which is agreed, accepted and signed by the customer. Revenue comprises the fair value for sales of goods and services net of value-added tax, rebates and discounts. Rebates constitute a variable consideration and are allocated to a single performance obligation affected.

         The transaction price as stated in the invoice relates to the performance of obligation by the entity when the goods have been delivered to the customers.

         Revenue from the sales of goods is recognised when the ownership and control of the goods are transferred to the buyer. Where goods are picked up by customers, risk is transferred immediately. Where goods are delivered, revenue is recognised when order by the customer is delivered to the customers with the evidence of the delivery note acknowledged/signed by the customers.

         Variable consideration

         Rebates constitute a variable consideration and are allocated to a single performance obligation affected.

         Significant financing component

         For bottle sales transactions, the receipt of the consideration by the Company does not match the timing of the delivery of bottles to the customer (e.g., the consideration is paid after the bottles have been delivered). Using the practical expedient in IFRS 15, the Company does not adjust the promised amount of consideration for the effects of a significant financing component since it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less.

         Consideration payable to a customer: No consideration is payable to customers in respect of sales of glass bottles.

         Contract balances:

         Contract assets: There are no contract assets as all sales are unconditional. Trade receivables: A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract.
      2. Provisions

         A provision is recognised if, because of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost.

         Notes to the Unaudited Financial Statements - Continued
      3. Dividend distribution

      Dividend distribution to the Company's shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the Company's shareholders.

3. Financial instruments risk management

   The Company's business activities are exposed to a variety of financial risks: market risk (including foreign exchange, interest rate and price), credit risk and liquidity risk. The objective of the Company's risk management programme is to minimise potential adverse impacts on the Company's financial performance.

   Risk management is carried out in line with policies approved by the Board of Directors. The Board provides written principles for overall risk management, as well as sets the overall risk appetite for the Company. Specific risk management approaches are defined for respective risks such as foreign exchange risk, interest rate risk, credit risk, and investment of excess liquidity. The Company's overall risk management program seeks to minimize potential adverse effects on the Company's financial performance.

   Financial risk management is the responsibility of the Treasury Manager, which aims to effectively manage the financial risk of Beta Glass Plc, according to the policies approved by the Board of Directors. The Treasury Manager identifies and monitors financial risk. The Board provides principles for overall risk management, as well as policies covering specific areas such as foreign exchange, interest rates and credit risks, use of financial instruments and investment of excess liquidity.

   The Company's financial instruments consist of trade and other receivables and trade and other payables, borrowings, cash in hand and at bank.

   Risk Exposure arising from Measurement Management

   Market Risk- Foreign exchange

   Future commercial transactions, recognized financial assets and liabilities not denominated in Naira units

   Cash flow forecasting

   Sensitivity analysis

   Contractual agreements on exchange rates.

   Market risk - interest rate Borrowings at variable rates Sensitivity

   analysis

   Interest rate negotiations

   Credit risk Cash and cash equivalents, trade receivables, and held-to-maturity investments

   Aging analysis Credit ratings

   Diversification of bank deposits, credit limits and letters of credit. Investment guidelines for and held-to-maturity investments.

   Liquidity risk Borrowings and other liabilities Rolling cash flow

   forecasts

   Availability of committed credit lines and borrowing facilities.

   1. Market risk

Market risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, price risk, such as equity price risk and commodity risk, and interest rate risk. Financial instruments affected by market risk include deposits and loans and borrowings.

Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. The Company's interest rate risk arises from borrowings. Borrowings are issued at floating rates exposing the Company to cash flow interest rate risk which is partially offset by cash held at variable rates. The Company's policy on managing interest rate risk is to negotiate favourable terms with the banks to reduce the impact of exposure to this risk and to obtain competitive rates for loans and for deposits. The Company had short-term and medium-term borrowing as at 31 December 2025 (N39.23 billion) and 31 December 2024 (N26.91 billion, short-term borrowing only) which have fixed and variable interest rate.

Credit risk is the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company is exposed to credit risk from cash and cash equivalents as well as credit exposures to customers, including outstanding receivables and committed transactions.

The Company uses policies to ensure that sales of products are to customers with appropriate credit history. The granting of credit is controlled by credit limits and the application of certain terms of sale. The continuous credit worthiness of the existing customers is monitored periodically based on history of performance of the obligations and settlement of their debt. Appropriate provision for impairment losses is made for specific credit risks. At the year end, Beta Glass Plc considered that there were no material credit risks that had not been covered by Expected Credit Loss (ECL) provisions.

No credit limits on cash amounts were exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties. None of the counterparties renegotiated their terms in the reporting period.

The maximum exposure to credit risk for trade receivables approximates the amount recognized on the statement of financial position. The Company does not hold any collateral as security.

The table below analyses the Company's financial assets into relevant maturity groupings as at the reporting date.

Receivables from related parties and Staff advances are from counterparties with no risk of default.

No security is held in respect of trade receivables, whether in the form of guarantees, deeds of undertaking, or letters of credit that could be called upon in the event of counterparty default. The Company operates a business-to-business sales model, with major customers comprising multinational entities. Credit is granted based on the customers' creditworthiness and historical performance.

The Company has trade receivables from sales of inventory and provision of haulages services, related party receivables and staff advances that are subject to expected credit loss model.

Cash and cash equivalents are also subject to impairment requirements of IFRS 9, the identified impairment loss was immaterial.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for different customers and the calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in table (maturity grouping) above.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables and contract assets.

The objective in managing capital is to safeguard the Company's ability to continue as a going concern to maximise returns for shareholders and benefits for other stakeholders, as well as maintaining the optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, capital returned to shareholders, new shares issued, or debt raised.

Consistent with others in the industry, the Company monitors capital monthly using the gearing ratio. This ratio is calculated as net debt divided by total equity. Net debt is calculated as borrowings plus trade and other payable less Cash in hand and at bank. Total equity is calculated as the sum of all equity components on the statement of financial position.

The carrying value of all financial assets and financial liabilities is a reasonable approximation of fair value. The approximation is due to the short-term nature of the instruments. No further disclosure is required.

1. Critical accounting estimates and judgements

   Critical accounting policies and key sources of estimation uncertainty

   The preparation of financial statements requires directors to use judgment in applying its accounting policies and estimates and assumptions about the future. Estimates and other judgments are continuously evaluated and are based on directors' experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances. Significant accounting judgments and estimates made in the preparation of the financial statements is shown below.

   Plant and machinery

   Plant and machinery are depreciated over its useful life. Beta Glass Plc estimates the useful lives of plant and machinery based on the period over which the assets are expected to be available for use. The estimation of the useful lives of plant and machinery are based on technical evaluations carried out by those staff with knowledge of the machines and experience with similar assets. Estimates could change if expectations differ due to physical wear and tear and technical or commercial obsolescence. It is possible however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the plant and machinery would increase expenses and decrease the value of non-current assets.

   Export Expansion Grant and Negotiable Duty Credit Certificate

   Export Expansion Grant (EEG) is a very vital incentive of the Federal Government of Nigeria, required for the stimulation of export-oriented activities that will lead to significant growth of the non-oil export sector. Having met the eligibility criteria and registered under the scheme by the Nigerian Export Promotion Council (NEPC), the Company is entitled to a rebate on export sales in as much as it can demonstrate that the proceeds of the related sales have been repatriated through an approved channel to the country within 300 days of such export sales.

   The rebate is recognised as a credit to cost of sales and as a receivable from the Federal Government of Nigeria (i.e. EEG receivable). As at 31 December 2025, EEG receivable stood at N3.37 billion (31 December 2024: N2.78 billion) as disclosed in Note 16.

   Although EEG receivables have been outstanding for more than 1 year, no impairment charge has been recognised because they are regarded as sovereign debts. Moreover, Government has not communicated or indicated unwillingness to honour the obligations. Thus, the outstanding balances are classified as current assets accordingly.

   Deferred Tax

   Deferred tax is the tax expected to be payable on differences between the carrying amounts of assets / liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. Such liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other liabilities in a transaction that affects neither the tax profit nor the accounting profit. Management has calculated the deferred tax liability and deferred tax asset based on estimated amounts of underlying transactions. Actual amounts may differ from estimated balances.

   Notes to the Unaudited Financial Statements - Continued
2. Segment information

   IFRS 8 requires operating segments to be determined based on the Company's internal reporting to the Chief Operating Decision Maker ("CODM"). The CODM has been determined to be the Board of Directors which includes executive directors and other key management. It is the Board of Directors that has responsibility for planning and controlling the activities of the Company.

   The company's reportable segment has been identified on a product basis as glass bottles. Beta Glass Plc is a one-segment business.

   Customer sales greater than 10% of sales of Beta Glass Plc are shown below:

   	31 December 2025		31 December 2024
   	N'000	%	N'000	%
   Customer 1	31,515,709	21%	26,036,546	22%
   Customer 2	29,565,072	20%	21,636,825	18%
   Customer 3	17,655,457	12%	11,735,605	10%
   Customer 4	16,776,150	11%	16,752,430	14%

   Revenue is generated from local and international sales. An analysis based on customer location is set out below:

   31 December 2025 31 December 2024

   N'000 % N'000 %

   Local sales 143,650,438 96.3% 107,689,678 91.6%

   Export sales 5,472,085 3.7% 9,890,505 8.4%

   Total revenue 149,122,523 100.0% 117,580,183 100.0%

   The Board of Directors assesses the performance of the operating segments based on profit from operations:

   31 December

   2025

   31 December

   2024

   N'000 N'000

   Operating profit 47,022,132 23,555,671

3. Revenue from contracts with customers

   Disaggregated revenue information

   Oct-Dec

   2025

   31

   December

   2025

   Oct-Dec

   2024

   31

   December

   2024

   N'000 N'000 N'000 N'000

   Type of goods:

   Sales of glassware and bottles 34,740,635 149,122,525 37,818,956 117,580,184

   Geographical markets:

   Local 33,646,036 143,650,440 36,629,321 107,689,679

   Export 1,094,599 5,472,085 1,189,635 9,890,505

   34,740,635 149,122,525 37,818,956 117,580,184

   Revenue from the sale of bottles is recognised at a point in time, generally upon delivery of the bottles.

   Included in sales of glassware and bottles are sales to related party of N31.52 billion (December 2024: N26.04billion). See Note 29.1 for further details.

   Notes to the Unaudited Financial Statements - Continued

   	Oct-Dec 2025	31 December 2025	Oct-Dec 2024	31 December 2024
   	N'000	N'000	N'000	N'000
   Materials consumed	8,349,171	36,355,836	11,410,592	34,406,570
   Depreciation (Note 19)	3,215,189	7,971,240	1,513,805	5,405,208
   Technical know-how fees (Note 29.1)	1,120,385	4,809,201	1,222,762	3,791,961
   Factory salaries and wages (Note 7.4) Pension costs - defined contribution plans	1,271,027	4,893,122	999,583	3,695,598
   (Note 13c)	59,724	241,256	51,712	211,425
   Other personnel cost	227,998	2,150,077	494,190	1,619,985
   Fuel, gas and electricity	7,603,985	32,122,880	8,138,812	30,946,188
   Other factory overheads	2,122,790	7,914,493	2,076,510	6,745,537
   	23,970,269	96,458,105	25,907,966	86,822,472

   1. Expenses by function

      1. Cost of sales

   Materials consumed represent direct materials consumed, net of export incentives, and adjusted for the increase or decrease in the cost of finished goods.

   Other factory overheads comprise repairs and maintenance of plant and machinery, buildings and motor vehicles, insurance premiums, and other factory-related overheads.

   7.2	Administrative expenses
   		Oct-Dec 2025	31 December 2025	Oct-Dec 2024	31 December 2024
   		N'000	N'000	N'000	N'000
   	Depreciation (Note 19)	33,066	109,930	20,787	79,686
   	Amortisation charges (Note 14) Depreciation charges - Right-of- use asset (Note 20)	- (2,606)	- 53,563	852 28,940	3,934 115,707
   	Auditors' remuneration	28,657	67,768	15,320	56,059
   	Legal professional fees	52,375	96,575	20,583	27,883
   	Other Professional and regulatory fees	92,768	495,935	91,497	184,735
   	Salaries and wages (Note 7.4) Pension costs - defined contribution plans (Note 13c)	329,543 19,347	1,259,217 77,802	434,932 16,992	1,320,027 68,986
   	Other personnel cost	168,851	474,754	102,665	315,189
   	Directors' remuneration	195,694	373,694	260,453	329,258
   	Management service charge (Note 29)	361,085	1,661,365	659,095	659,095
   	Accommodation, travel and logistics	86,998	668,617	122,493	476,035
   	Repairs and maintenance of vehicles	127,039	396,875	127,658	329,727
   	Rent and Rates Information technology and	142,412	484,247	113,671	341,536
   	communication expenses Office Operations & Administrative Support	510,914 13,710	1,341,013 194,974	859,461 (18,137)	1,552,971 118,068
   	Corporate Relations & Governance	99,104	243,321	55,076	127,176
   	Other administrative expenses	57,079	339,769	107,309	303,159
   		2,316,036	8,339,419	3,019,647	6,409,231

   Other administrative expenses include guest house and other expenses.

   Notes to the Unaudited Financial Statements - Continued

   7.3	Selling and distribution expenses
   		Oct-Dec	31 December	Oct-Dec	31 December
   		2025	2025	2024	2024
   		N'000	N'000	N'000	N'000
   	Salaries and wages (Note 7.4)	30,188	126,081	27,931	97,072
   Other distribution expenses 57,779 286,488 54,865 242,010

   		87,967	412,569	82,796	339,082
   		Oct-Dec	31 December	Oct-Dec	31 December
   Total Expenses by function		2025 N'000	2025 N'000	2024 N'000	2024 N'000
   Cost of sales		23,970,269	96,458,105	25,907,966	86,822,472
   Administrative expenses		2,316,036	8,339,419	3,019,647	6,409,231
   Selling and distribution expenses		87,967	412,569	82,796	339,082
   26,374,272 105,210,093 29,010,409 93,570,785
   7.4 Expenses by Nature - Salary and wages
   			31		31
   		Oct-Dec	December	Oct-Dec	December
   		2025 N'000	2025 N'000	2024 N'000	2024 N'000
   Wages and salaries included in:
   Cost of sales (Note 7.1)		1,271,027	4,893,122	999,583	3,695,598
   Administrative expenses (Note 7.2)		329,543	1,259,217	434,932	1,320,027
   Selling and distribution expenses (Note 7.3)		30,188	126,081	27,931	97,072
   		1,630,758	6,278,420	1,462,446	5,112,697
   8 Other income / (loss)
   		Oct-Dec	31 December	Oct-Dec	31 December
   		2025	2025	2024	2024
   		N'000	N'000	N'000	N'000
   Profit/(loss) on disposal of property, plant and equipment		549,820	1,120,833	(1,035)	38,755
   Income/(expense) on transport and others		(826,403)	1,634,260	775,009	960,100

   Proceed from sale of scraps 153,448 354,607 41,730 163,547

   (123,135) 3,109,700 815,704 1,162,402

   9	Foreign exchange (fx) gain / (loss)
   		Oct-Dec	31 December	Oct-Dec	31 December
   		2025	2025	2024	2024
   		N'000	N'000	N'000	N'000
   	Foreign exchange gain/(loss)	(357,597)	(135,451)	223,894	(1,742,362)
   	Analysed as follows:
   	Net realised gain/(loss) (Note 9 (i))	(497,264)	(622,775)	17,500,385	15,339,924
   	Net realised gain/(loss) on borrowings (Note 9 (ii))	215,424	(498,215)	(7,266,312)	(10,788,539)
   	Net unrealised gain/(loss) (Note 9.1)	(75,757)	985,539	(10,010,179)	(6,293,747)
   	Net foreign exchange gain/(loss)	(357,597)	(135,451)	223,894	(1,742,362)

   1. Net realised fx gain/(loss) arises from receipt of foreign trade receivables, payment of foreign trade payables and movements in domiciliary account balances.

   2. Realised fx gain/(loss) on borrowings relates to the repayment of import finance facilities during the period.

1. Foreign exchange gain / (loss) - Continued
   1. Reconciliation of foreign exchange (fx) difference reported in the statement of cash flows

Interest income - fixed deposit 83,566 247,928 59,911 689,764

Interest is recognised using the effective interest rate method (amortised cost).

The current tax charge has been computed at the applicable Corporation Tax rate of 30% (2024: 30%), Education Tax rate of 3% (2024: 3%) and Police Trust Fund of 0.005% (2024: 0.005%) on the profit for the year after adjusting for certain items of expenditure and income which are not deductible or chargeable for tax purposes. Non-deductible expenses include items such as donations and certain provisions which are not allowed as a deduction by the tax authorities. Tax exempt income includes income such as export profits and gain on disposal of assets, which are not taxable.

The tax on the Company's profit before tax differs from the theoretical amount that would arise using the basic tax rate of the Company as follows: