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

Radiant Media Limited, a wholly owned subsidiary of Radiant Holdco Limited, undertakes the principal trading operations of the group, delivering advertising campaigns across its nationwide network of digital billboards. Its activities mirror the strategic objectives of the wider group. The company’s operational focus supports the group in achieving scale, resilience, and long-term self-sufficiency.

The company’s key financial indicators during the year were as follows:

Turnover for the year was £24.1m (2023: £20,9m). Gross profit amounted to £7.2m (2023: £4.3m). The company’s financial performance is closely aligned with that of the group, as it forms the main trading subsidiary. The company remains financially dependent on Radiant Holdco Limited for long-term financing, with investment and capital structuring carried out at group level. The group’s access to investor support, driven by its underlying long-term value creation, provides assurance over the company’s financial stability.

The company’s leverage reflects continued investment in estate expansion. This is justified by the nature of the assets financed, which are revenue-generating, long-lived, and underpinned by historic advertiser demand. Furthermore, as part of the group financing structure, Radiant Holdco Limited has recently secured a new £5.0m shareholder loan note facility, of which £4.0m had been drawn at the date of this report, providing additional liquidity and balance sheet flexibility. The shareholder loan note highlights the continued support from investors.

Capital expenditure of £1.2m was incurred during the year (2023: £3.5m) to expand and improve the company’s digital network. Net assets at year-end were £2.6m (2023: £1.7m). Net current liabilities primarily reflect the use of longer-term financing facilities, including invoice discounting and finance leases, which are aligned with the company’s investment in digital assets. These liabilities are matched by strong advertiser demand and the continued support of both shareholders and lenders. The directors therefore regard the position as a feature of the company’s growth strategy rather than a liquidity constraint.

The company is exposed to a range of risks and uncertainties. The principal risks and the mitigating actions taken by the directors are as follows:

• Economic volatility: demand for advertising is sensitive to economic conditions. Mitigation includes flexible cost structures, scenario planning, and adaptable pricing strategies.

• Energy and cost pressures: exposure to energy price fluctuations is managed through procurement strategies and efficiency initiatives.

• Liquidity and financing: managed through cash flow forecasting, invoice discounting facilities, shareholder loan notes, and finance leases.

• IT systems: reliance on digital infrastructure is mitigated through investment in resilient systems, independent backups and a business continuity plan.

• Competition: managed through maintaining strong customer service, unique geographic coverage, and continued investment in high-quality sites.

• Credit risk: mitigated through credit assessments and monitoring of customer balances.

• Reputational risk: addressed through engagement with consultants, trade bodies, and public relations specialists, alongside a crisis management plan.

Radiant Media Limited’s strategy is aligned to that of the group. The company’s focus is on stable operations, efficient campaign delivery, and modest growth to maintain its market position. Expansion of the digital estate will continue selectively, but emphasis will be placed on operational resilience and effective support of group profitability objectives.

Post balance sheet event

As part of the group financing structure, Radiant Holdco Limited secured a new £5.0 million loan note facility. £2.5 million was drawn on 3 June 2025 and a further £1.5 million on 29 August 2025, with £1.0 million undrawn at the date of this report. This facility underpins the financial strength of the group and ensures that Radiant Media Limited can continue to operate with stability while contributing to the group’s strategic objectives.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of a digital out-of-home media owner.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risk management and likely future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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.

We have audited the financial statements of Radiant Media Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 our 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.

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 in relation to which 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.

As explained more fully in the Directors' Responsibilities Statement, 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 is 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.

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 an auditor's report 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 an auditor's report 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.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 25 form part of these financial statements.

The notes on pages 12 to 25 form part of these financial statements.

The notes on pages 12 to 25 form part of these financial statements.

Radiant Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, United Kingdom, EC4A 1JP.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below, which have been applied consistently in all periods.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Radiant Holdco Limited. These consolidated financial statements are available from its registered office, 12 New Fetter Lane, London, United Kingdom, EC4A 1JP.

During the year, the company reviewed the estimated useful lives of its plant and equipment. As a result of this review, the estimated useful life of certain items of plant and equipment was revised from a range of 6 to 8 years to a range of 8 to 10 years. This change reflects updated expectations regarding the assets’ economic utility and condition.

This is accounted for prospectively from 1 January 2024, in accordance with section 10 of FRS 102.

The effect of this change on the financial statements for the year ended 31 December 2024 is as follows:

• A decrease in the depreciation charge of £360,233

• An increase in the carrying amount of property, plant and equipment of £360,233

This change in estimate is expected to affect the future periods as follows:

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company and group have adequate resources to continue its operations for the foreseeable future, which is considered to be at least 12 months from the date of approval of the financial statements.

In making this assessment, the directors have reviewed the group’s forecasts, projections, and available resources, including current cash reserves, available credit facilities, and expected future cash flows. They have also considered potential risks and uncertainties, including the impact of external factors on trading performance and liquidity.

As part of this evaluation, the directors have also considered the financial support provided by the parent company. The group has received a formal letter of support from the parent, confirming its intention and ability to provide financial assistance as needed to ensure that the group can meet its obligations as they fall due. This support is a significant factor in the directors’ assessment of the company's ability to continue as a going concern.

Based on this review, and taking into account the parent company's commitment, the directors believe that the company is well-positioned to manage its business risks successfully. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

No material uncertainties that cast significant doubt on the company's ability to continue as a going concern have been identified.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account commissions, trade discounts, settlement discounts and volume rebates.

Rendering of services

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

• the amount of turnover can be measured reliably;

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

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

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

The company operates as the principal for trading activities across the Alight Media group. Turnover recognised represents the total fair value of consideration from sales made to third parties across the group, and a corresponding cost of sale is recognised to reflect advertising displayed on screens owned by fellow group undertakings.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

Intangible assets acquired separately from a business or from internal development time are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values on a straight line basis over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values on a straight line basis over their useful lives on the following bases:

Assets in the course of construction and spare parts are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Basic financial assets, which include debtors, amounts owed by group undertakings and cash at bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and amounts owed to group undertakings, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Capital contribution reserve relates to capital contributions from a fellow group undertaking that issues options over its own equity instruments to the company's employees as part of the group's employee share options scheme.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity as a capital contribution from the issuing group company.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 as follows.

Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of share-based payments and the assumptions applied are disclosed in note 16.

Determining the value of the share options requires an estimate of the fair value of each option issued. The options have been valued using a Black-Scholes model, which requires estimates of key inputs including the current market price of a growth share.

The market price of a growth share at grant date was estimated by considering the group's implied equity value per share which was calculated based on annualised cashflows and adjusted industry multiples. Adjusting the current market price by plus or minus 10% results in a £269k adjustment to the total fair value of the share based payment expense recognised over the vesting period.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

Wages and salaries includes employee share based payments of £218,496 (2023: £291,329).

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

The number of directors who exercised share options during the year was 0 (2023 - 0).

From 1 April 2023, the main corporation tax rate in the UK was increased to 25% from 19%. There has been no change to corporation tax rate for the year ended 31 December 2024. For the year ended 31 December 2024 the standard tax rate is 25% (2023: weighted average tax rate is 23.5%). The differences are explained below:

Deferred tax is not recognised in respect of tax losses of £8,844,375 (2023: £11,152,712) as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.

Close Leasing Limited has mortgage charges over a carrying value of fixed assets of £0.6m (2023: £1.7m).

Samsung Electronics (UK) Limited hold securities over equipment included within fixed assets with a carrying amount of £7.0m (2023: £7.0m). The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Close Brothers Limited hold securities in respect of debts owed to the company of £6.5m (2023: £8.0m).

Finance lease payments represent rentals payable by the company for certain items of plant and equipment and motor vehicles. Leases include purchase options at the end of the lease period. No restrictions are placed on the use of the assets. The average lease term is 3-4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

On 29 June 2022, Radiant Holdco Limited, the company's ultimate parent, granted 1,410,000 options over growth shares of £0.001 each for an exercise price of £0.001 per option. The options have a vesting commencement date of 1 September 2020 (backdated from grant date) and has vested in tranches over time, with all share options fully vested in September 2024.

During the year, the company recognised an expense of £218,496 (2023: £291,329) related to equity settled share based payment transactions. This is included in the capital contribution reserve which relates to capital contributions from a fellow group undertaking that issues options over its own equity instruments to the company's employees as part of the group's employee share options scheme.

The company has one class of ordinary shares that carry no right to fixed income. The shares have full voting, dividend and capital distribution rights.

Close Brothers Limited hold a first ranking, all assets debenture over all of the assets of Radiant Media Limited.

HB Sub fund II Limited hold a second ranking, all asset debenture over all of the assets of Radiant Media Limited.

Close Leasing Limited has mortgage charges over a carrying value of fixed assets of £0.6m (2023: £1.7m).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

During the year the company made purchases totalling £376,726 (2023: £282,530) from an entity with a common director considered to be key management personnel and made payments totalling £251,778 (2023: £252,310) to settle purchases made. As at year end £174,485 (2023: £49,537), of which £27,966 (2023: £nil) has not yet been invoiced, remained payable.

During the year the company provided services totalling £36,213 (2023: £nil) to an entity with a common director considered to be key management personnel. As at year end £36,213 (2023: £nil) remained receivable.

The ultimate controlling party is Radiant Holdco Limited, which is also the parent company of the smallest and largest group for which consolidated financial statements are drawn up and of which the company is a member.

Radiant Holdco Limited is incorporated in the United Kingdom and its registered office is 12 New Fetter Lane, London, EC4A 1JP. Consolidated financial statements for the group are available from this address.