Interim Condensed Financial Statements

Condensed Statement of Changes in Equity

Interim Condensed Financial Statements

Statement of Cash Flows

1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

Notes to the Financial Statements

1 Notes to the interim financial statements

General information

Tertre Rouge Assets PLC (the "Company") is a public limited company incorporated and domiciled in England and Wales. The interim condensed financial statements are for the six months ended 30 September 2023. The address of the Company's registered office is 48 Chancery Lane, c/o Keystone Law, London WC2A 1JF. The interim condensed financial statements of the Company were authorised for issue in accordance with a resolution of the Directors on 21 November 2023.

The interim condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006 The interim condensed financial statements have been prepared on a going concern basis.

1.1 Accounting convention

The interim financial statements are for the six months ended 30 September 2023 and have been prepared in accordance with IAS 34 'Interim Financial Reporting'. They do not include all the information required in annual financial statements in accordance with International Financial Reporting Standards ("IFRS"). The financial statements have been prepared under the historical cost convention.

1.2 Accounting policies, critical estimates, and judgements

The accounting policies and methods of computation followed in the interim financial statements are in accordance with those adopted for the historical financial information included in the Company's prospectus dated 23 June 2022. The following additional critical estimates and judgements were made in the preparation of these interim financial statements:

Critical accounting judgements and key sources of estimation uncertainty

In the process of applying the entity's accounting policies, management makes estimates and assumptions that have an effect on the amounts recognised in the financial information. Although these estimates are based on management's best knowledge of current events and actions, actual results may ultimately differ from those estimates. The directors have exercised a critical accounting judgement in their estimate of the extent to which the anticipated costs of the reverse take-over should be included in these interim financial statements and this is key source of estimation uncertainty. There are no other critical accounting judgements or key sources of estimation uncertainly relating to the financial information of the Company.

Notes to the Financial Statements

For the six-month period ended 30 September 2022

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2 Loss per share

Basic EPS is calculated by dividing the loss for the period attributable to ordinary equity holders of the Company, by the weighted average number of ordinary shares outstanding during the period.

Diluted EPS is calculated by dividing the loss attributable to ordinary equity holders of the Company, by the weighted average number of ordinary shares outstanding during the period, plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

Diluted EPS is not separately calculated as the warrants would be anti-dilutive due to the loss.

3 Prepayments

4 Other payables and accruals

Notes to the Financial Statements

For the six-month period ended 30 September 2023

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5 Share Capital

6 Share premium account

7 Events after reporting date

The Company announced on 27 July 2023 that it had entered non-binding heads of terms with several parties, to acquire:

(a) 100% of the issued share capital of The Run To Group Limited for a cash consideration of £4.6 million;

(b) a 1952 Ferrari Formula 2 for a cash consideration of £5.2 million;

(c) a 1963 Jaguar E-Type Lightweight for a cash consideration amount of $US7.5 million (approximately £6.1 million at the date of hereof);

(d) a 1971 Formula One Ferrari for a cash consideration of ?10.6 million (approximately £9.2 million at the date hereof);

(e) a 1969 Lamborghini Miura P400 SV for a cash consideration of ?3.25 million (approximately £2.8 million at the date hereof);

(f) a 1962 Ferrari 250 GT for a cash consideration of US$8 million (approximately £6.5 million at the date hereof); and

(g) a 1958 Mercedes-Benz 300 SL Roadster for a cash consideration of ?1.5 million (approximately £1.3 million at the date hereof),

((b) through (g) together, the "Cars"),

subject to legal, financial and other due diligence and entry into, in the case of The Run To Group Limited, a legally binding share purchase agreement and, in the case of the Cars, several legally binding asset purchase agreements.

As further announced on 9 November 2023, the Company has subsequently entered into purchase agreements with the relevant vendors for the Cars (other than the Car listed in (e) above). Completion of each purchase agreement, and the acquisition of the Cars in accordance with the respective terms of each agreement, is conditional on the readmission of the Company's enlarged issued share capital to trading on the London Stock Exchange's Main Market for listed securities ("Readmission"). The acquisition of the Cars is not interdependent.

As no binding agreements have yet been reached, either in relation to The Run To Group Limited or the Car listed in (e) above, and given that each acquisition is or will be conditional on Readmission, and the fundraising to be completed concurrent therewith (as set out in the announcement dated 27 July 2023), the Company cannot guarantee that the proposed acquisitions (or any part of them) will complete.