REGISTERED NUMBER: 02844235 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2024

for

Radio Computing Services (UK) Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

J D Earley

P Generali

REGISTERED OFFICE:

The Mill Abbey Mill Business Park

Lower Eashing

Godalming

Surrey

GU7 2QJ

REGISTERED NUMBER:

02844235 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Paul Adams

AUDITORS:

Branston Adams

Statutory Auditors and

Chartered Certified Accountants

Suite 2, Victoria House

South Street

Farnham

Surrey

GU9 7QU

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Our trading performance remained strong throughout 2024 and the company declared and paid a dividend of £600,000 (2023: £550,000). The company's net asset position at the year-end was positive at £509,006 (2023: £524,641).

PRINCIPAL RISKS AND UNCERTAINTIES

In recent years, our business model has overcome the financial impediment of BREXIT, COVID, high consumer inflation and base rate interest hikes. As yet, the imposition of US tariffs has had little effect on our business as our reliance on tangible goods is minimal. Should tariffs be levied on services, it could have a serious impact on our business, as we are 100% US owned. The directors believe our core business cashflow is sufficient to withstand any economic downturn and we are not directly exposed to the threat of higher borrowing costs.

The greatest risk to our long-term sustainability is our reliance on 2 major clients for a considerable proportion of our revenues. These two clients attract over 80% of all commercial radio listening (source: RAJAR. Q1 2025). This represents a threat if one or both were to migrate to a competitor.

Our entire business is founded on the provision of broadcasting software to the UK and Irish radio industries and we are ultimately reliant on the strength and liquidity of those sectors. Commercial Radio is listened to by 69% of all adults in the UK on a weekly basis.

The UK commercial radio sector achieved revenue growth of 3.2% in 2024 and is forecast to improve by 1.9% in 2025 (source: Advertising Association). The company remains cautious in its projections for future revenue growth.

KEY PERFORMANCE INDICATORS

The company is appraised by its owners on its revenue and EBITDA performance in comparison to the previous year's performance and the company's budgets. Other key indicators consider the growth and conversion rates of our new product lines.

The company continually monitors market indicators such as audience share, revenue share and UK advertising growth of its clients. Internally the company evaluates its service quality through regularly soliciting feedback from our clients. The ratio of new to lost clients and the length of new and renewed contracts are also monitored to gauge our future sustainability.

FINANCIAL RISK MANAGEMENT

The company is exposed to a number of financial risks through its financial assets and liabilities.

The key business risks that affect the company are set out below:

Currency risk: the risk has been minimised by the majority of the company's suppliers being invoiced in their home currency. The company has bank accounts for foreign currencies that hold sufficient currency to allow exposure management.

Interest rate risk: This risk is negligible as the company has no borrowings.

Credit risk: This risk is mitigated as the company generally keeps customers on long-term contracts, which are paid monthly. In addition, client access to licences can be restricted for non-payment, which improves recovery of trade debts owed by customers.

Liquidity risk: This risk is alleviated as sufficient surplus funds are kept to fulfil commitments as they fall due.

ON BEHALF OF THE BOARD:

J D Earley - Director

23 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £600,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J D Earley

P Generali

Other changes in directors holding office are as follows:

M Powell - resigned 21 January 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J D Earley - Director

23 September 2025

Opinion

We have audited the financial statements of Radio Computing Services (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management, internal audit and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the documentation of their policies and procedures relating to:

> identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

> detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

> the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists, including tax, valuations, pensions and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Paul Adams (Senior Statutory Auditor)

for and on behalf of Branston Adams

Statutory Auditors and

Chartered Certified Accountants

Suite 2, Victoria House

South Street

Farnham

Surrey

GU9 7QU

23 September 2025

REVENUE

4

3,005,450

3,002,582

Cost of sales

1,437,529

1,428,945

GROSS PROFIT

1,567,921

1,573,637

Administrative expenses

797,329

810,399

OPERATING PROFIT

6

770,592

763,238

Interest receivable and similar income

7

19,194

9,793

PROFIT BEFORE TAXATION

789,786

773,031

Tax on profit

8

205,029

167,391

PROFIT FOR THE FINANCIAL YEAR

584,757

605,640

FIXED ASSETS

Property, plant and equipment

10

6,098

9,193

CURRENT ASSETS

Inventories

11

4,478

16,496

Debtors

12

522,382

171,843

Cash at bank and in hand

369,947

754,244

896,807

942,583

CREDITORS

Amounts falling due within one year

13

393,507

427,135

NET CURRENT ASSETS

503,300

515,448

TOTAL ASSETS LESS CURRENT LIABILITIES

509,398

524,641

CAPITAL AND RESERVES

Called up share capital

16

300,000

300,000

Retained earnings

17

209,398

224,641

SHAREHOLDERS' FUNDS

509,398

524,641

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

J D Earley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

300,000

169,001

469,001

Changes in equity

Dividends

-

(550,000

)

(550,000

)

Total comprehensive income

-

605,640

605,640

Balance at 31 December 2023

300,000

224,641

524,641

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

584,757

584,757

Balance at 31 December 2024

300,000

209,398

509,398

Cash flows from operating activities

Cash generated from operations

1

401,046

829,592

Tax paid

(200,000

)

(180,003

)

Net cash from operating activities

201,046

649,589

Cash flows from investing activities

Purchase of tangible fixed assets

(4,537

)

(1,103

)

Interest received

19,194

9,793

Net cash from investing activities

14,657

8,690

Cash flows from financing activities

Equity dividends paid

(600,000

)

(550,000

)

Net cash from financing activities

(600,000

)

(550,000

)

(Decrease)/increase in cash and cash equivalents

(384,297

)

108,279

Cash and cash equivalents at beginning of year

2

754,244

645,965

Cash and cash equivalents at end of year

2

369,947

754,244

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

31.12.24

31.12.23

£

£

Profit before taxation

789,786

773,031

Depreciation charges

7,632

9,077

Finance income

(19,194

)

(9,793

)

778,224

772,315

Decrease in inventories

12,018

14,402

(Increase)/decrease in trade and other debtors

(351,457

)

87,990

Decrease in trade and other creditors

(37,739

)

(45,115

)

Cash generated from operations

401,046

829,592

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

369,947

754,244

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

754,244

645,965

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

754,244

(384,297

)

369,947

754,244

(384,297

)

369,947

Total

754,244

(384,297

)

369,947

1.	STATUTORY INFORMATION

Radio Computing Services (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Audit Exemption

For the year ended 31 December 2024, the company is exempt from the requirement to have its financial statements audited under Section 479A of the Companies Act 2006.

The members of the company have not required an audit in accordance with Section 476 of the Companies Act 2006.

The company is a subsidiary undertaking of iHeartMedia Management Services, Inc., incorporated in Texas, United States of America.

iHeartMedia Management Services, Inc. has given a guarantee under Section 479C of the Companies Act 2006 in respect of all liabilities outstanding at the year end.

Consolidated accounts for the group are available from:

[iHeartMedia, Inc., 20880 Stone Oak Parkway, San Antonio, TX 78258, USA]

or via the SEC: https://www.sec.gov/edgar/browse/?CIK=1400891

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on the date of invoice and deferred over the period to which it relates.

Revenue from operating lease rentals is recognised in the period to which it relates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. In some instances, the company will provide a customer with a loan to purchase goods, in which case the full value of the loan is recognised on dispatch of goods to the customer and the customer repays the loan in instalments over the period of the loan.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

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

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

The parent company has stipulated an asset threshold for capitalisation of $2,000 (£1,598 at 31 December 2024).

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are accruals, the useful economic life of tangible assets and the provision for doubtful debts.

4.

REVENUE

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

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

31.12.24

31.12.23

£

£

Software revenue

2,765,712

2,765,848

Rentals from operating leases

235,274

225,342

Hardware revenue

4,464

11,392

3,005,450

3,002,582

5.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

424,854

418,217

Social security costs

35,723

34,917

Other pension costs

4,221

5,042

464,798

458,176

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

31.12.24

31.12.23

13

13

31.12.24

31.12.23

£

£

Directors' remuneration

121,389

109,859

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

5,718

5,718

Other operating leases

55,000

54,990

Depreciation - owned assets

7,632

9,076

Foreign exchange differences

8,882

2,875

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.24

31.12.23

£

£

Deposit account interest

6,531

4,728

Other interest receivable

12,663

5,065

19,194

9,793

8.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

204,111

168,644

Deferred tax

918

(1,253

)

Tax on profit

205,029

167,391

9.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary "A" shares shares of 1 each

Interim & final

450,000

412,500

Ordinary "B" shares shares of 1 each

Interim & final

150,000

137,500

600,000

550,000

10.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

37,808

25,969

66,582

130,359

Additions

-

-

4,537

4,537

Disposals

(971

)

-

-

(971

)

At 31 December 2024

36,837

25,969

71,119

133,925

DEPRECIATION

At 1 January 2024

37,808

25,969

57,389

121,166

Charge for year

-

-

7,632

7,632

Eliminated on disposal

(971

)

-

-

(971

)

At 31 December 2024

36,837

25,969

65,021

127,827

NET BOOK VALUE

At 31 December 2024

-

-

6,098

6,098

At 31 December 2023

-

-

9,193

9,193

11.	INVENTORIES

31.12.24

31.12.23

£

£

Stocks

4,478

16,496

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

129,894

134,235

Other debtors

357,850

8,754

Deferred tax asset

154

1,072

Prepayments

34,484

27,782

522,382

171,843

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

5,819

7,967

Corporation Tax

(1,354

)

(5,465

)

Social security and other taxes

10,138

9,655

VAT

113,620

118,526

Other creditors

89,105

119,766

Accruals and deferred income

176,179

176,686

393,507

427,135

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

60,131

60,131

Between one and five years

224,276

224,276

In more than five years

9,167

64,167

293,574

348,574

15.	DEFERRED TAX

£

Balance at 1 January 2024

(1,072

)

Provided during year

918

Balance at 31 December 2024

(154

)

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

225,000

Ordinary "A" shares

1

225,000

225,000

75,000

Ordinary "B" shares

1

75,000

75,000

300,000

300,000

The ordinary 'A' and 'B' shares have the same rights and rank pari passu in all respects with the exception that 'A' shareholders have the right to appoint directors to the board.