REGISTERED NUMBER: 04256108 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HUBLE DIGITAL GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Consolidated Income Statement

5

Consolidated Other Comprehensive Income

6

Consolidated Balance Sheet

7

Company Balance Sheet

8

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

R J Dearsley

V J Dearsley

M A Norton

D C Smith

R J Harris

A Dwyer

A O'Connor

M Charbit

SECRETARY:

R J Dearsley

REGISTERED OFFICE:

123 Buckingham Palace Road

London

SW1W 9SH

REGISTERED NUMBER:

04256108 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

INTRODUCTION

Huble is a software and services consultancy providing consultancy services to organisations implementing and accelerating their activities with the HubSpot CRM platform.

Huble enjoys a close working relationship with HubSpot (NYSE ticker: HUBS) as the services it provides are typically delivered alongside the customer purchasing HubSpot or where the client has already purchased HubSpot and is looking to an external consultancy to help it to get value more quickly than it could itself.

HubSpot has developed a number of AI tools which are embedded within the software platform and it is seen to be one of the leaders in the software market able to take advantage of these AI-based enhancements.

Huble operates at the top end of HubSpot's ecosystem supporting larger organisations and its primary USP is in its ability to support international businesses who are looking to deploy the software across a number of locations, time zones and languages.

To date Huble has implemented many hundreds of HubSpot systems and supports businesses in about 20 countries and three primary languages - English, German and French.

REVIEW OF BUSINESS

This year

Consolidated turnover for the group was £14.4m (2024: £14.3m). Our consulting revenue increases from £10.8m to £11.1m.

EBITDA for the Group in 2025 increased to £1.2m (2024: £345k). A significant increase from 2.5% to 8.5% of revenues. During 2024 we installed new software to control and monitor our customer billings. This software provided us with significantly more detailed analysis of revenue recognition and in 2024 our profits were affected by this. This new software is now driving the business in it's reporting and management of revenue recognition. We are delighted with the profits reported in our 2025 Financial Statements and expect to improve upon them substantially in the current year.

We closed the year with 125 customers (having started with 119) but having signed 20 new customers over the course of the year. At the beginning of the year, project-based work made up 56% vs 44% retainers. By the end of year this was 54% retainer business and 46% projects. Project based support for customers tends to be website builds & HubSpot implementation. Our renewal rates are improving based upon re-signing ongoing arrangements with customers who value our support in marketing advice and sales consultancy.

Growth in HubSpot income continued throughout the year with £1.6m received (2024: £1m).

The years ahead

The growth of Huble is linked to HubSpot and the vision for the business is to become the largest international provider of HubSpot consultancy services through its specialisation in complex, multi-national business set-ups and technically challenging integrations with other software products.

A key goal for many years has been to become the Global HubSpot Partner of the Year. Which is an accolade provided by HubSpot to the HubSpot Partner which has sold the most licences in a year, whilst supporting and retaining its customers. I am delighted to report that Huble started the Year by being named Global HubSpot Partner for 2024. A great achievement for the business for the first time and unseating the established leader who had held the title for several years.

Our goals for the future are tightly based around continued, sustainable, profitable growth to ensure the long term future of the business in an at times turbulent technology market.

Maintaining a steady flow of opportunities is key for Huble's continued growth and although we will work hard to maintain and further develop our relationship with HubSpot's direct sales team, we will continue to expand our Partner relationships in an effort to maintain further interest in our services and new clients opportunities.

OPPORTUNITIES AND THREATS

AI is the massive talking point in technology and looks set to make a profound change upon the way we work. AI initiatives are already well ingrained in the daily working practices of most of our fee earners. Productivity gains are easy to see in having AI agents support with automated report writing, intelligence gathering and task planning. The business will require catalysts and evangelists to drive these activities throughout our business and in helping our clients to take advantage of the opportunities that they either cannot see or lack the experience and knowledge to implement themselves.

AI will undoubtedly change the manner in which we deliver services and it is already shortening the time it takes to implement and manage services for our clients. Design and copywriting are benefitting already from the development assistance these tools provide and our software development team will also need to adapt to newer ways of working in the coming year.

All of these tools provide productivity improvements for us but also the threat of 'cannibalisation' of the market, as AI tools can remove the need for our services in some areas - there are already AI deployment tools for HubSpot. However, we expect the skill and knowledge of our consultants and our single platform approach of being the best in the HubSpot environment (not working across multiple CRM platforms) will be the key to maintaining our position and value in the market. Productivity will improve and time to value should accelerate, but we expect expert knowledge to make the process of engaging AI in the most effective way a USP for Huble moving forwards.

The years ahead are most likely to see faster more effective support being provided in shorter timeframes and more readily in multiple languages, supported by AI.

Huble will be there to support the expansion and globalisation of its customers' sales, marketing and services businesses with multi-language capabilities and increasing AI-driven business automation.

INVESTMENT PLANS AND GROWTH

There are many challenges presented by running a multi-language and multi-time zone business, however, Huble has developed and spread its key decision makers and business leaders across those time zones. Today our Board is spread from the Pacific, through GMT/BST to CET.

We need to continue to expand the geographies in which we operate and HubSpot is encouraging us to consider joining them in Spain and Australia where they need support from a larger enterprise specialist Partner with clear project management and program planning capability.

Our growth to date has been a mix of organic in geographies such as North America and Singapore and through acquisition in Europe and South Africa all funded internally. The opportunity exists to raise external funding in order to accelerate growth both within existing territories and new markets. The Board will actively pursue this during 2025/26.

I would like to thank my working colleagues on the Board of Directors for their continued hard work and enthusiasm for Huble. Many of the team have now been together for more than a decade and their camaraderie and good humor make Huble a truly extraordinary place to work and to enjoy being in business together.

ON BEHALF OF THE BOARD:

R J Dearsley - Director

22 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

R J Dearsley

V J Dearsley

M A Norton

D C Smith

R J Harris

A Dwyer

A O'Connor

M Charbit

DONATIONS AND EXPENDITURE

During the year, the company made charitable donations amounting to £4,400.

THIRD-PARTY INDEMNITY INSURANCE

The Company has purchased and maintained throughout the financial year, at its expense, third-party indemnity insurance for the benefit of its directors. This insurance in respect of certain losses or liabilities which the directors may incur to third parties in the course of performing their duties.

ON BEHALF OF THE BOARD:

M A Norton - Director

22 December 2025

TURNOVER

3

14,393,535

14,273,790

Cost of sales

7,195,434

8,640,713

GROSS PROFIT

7,198,101

5,633,077

Administrative expenses

6,325,327

5,454,245

OPERATING PROFIT

5

872,774

178,832

Interest receivable and similar income

576

10,818

873,350

189,650

Amounts written off investments

6

-

216,690

873,350

(27,040

)

Interest payable and similar expenses

7

15,757

52,203

PROFIT/(LOSS) BEFORE TAXATION

857,593

(79,243

)

Tax on profit/(loss)

8

352,725

178,833

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

504,868

(258,076

)

Profit/(loss) attributable to:

Owners of the parent

504,868

(258,076

)

PROFIT/(LOSS) FOR THE YEAR

504,868

(258,076

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

504,868

(258,076

)

Total comprehensive income attributable to:

Owners of the parent

504,868

(258,076

)

FIXED ASSETS

Intangible assets

10

1,945,935

2,212,284

Tangible assets

11

65,632

79,908

Investments

12

-

-

2,011,567

2,292,192

CURRENT ASSETS

Debtors

13

2,948,877

3,955,390

Cash at bank

310,792

902,193

3,259,669

4,857,583

CREDITORS

Amounts falling due within one year

14

2,885,762

4,884,469

NET CURRENT ASSETS/(LIABILITIES)

373,907

(26,886

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,385,474

2,265,306

CAPITAL AND RESERVES

Called up share capital

17

159

165

Share premium

18

947,094

947,094

Capital redemption reserve

18

41

35

Retained earnings

18

1,438,180

1,318,012

SHAREHOLDERS' FUNDS

2,385,474

2,265,306

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

M A Norton - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

2,824,087

2,837,966

2,824,087

2,837,966

CURRENT ASSETS

Debtors

13

639,752

1,156,702

Cash at bank

13,373

53,379

653,125

1,210,081

CREDITORS

Amounts falling due within one year

14

1,487,099

2,608,900

NET CURRENT LIABILITIES

(833,974

)

(1,398,819

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,990,113

1,439,147

CAPITAL AND RESERVES

Called up share capital

17

159

165

Share premium

18

947,094

947,094

Capital redemption reserve

18

41

35

Retained earnings

18

1,042,819

491,853

SHAREHOLDERS' FUNDS

1,990,113

1,439,147

Company's profit/(loss) for the financial year

935,666

(223,037

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

M A Norton - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

158

1,576,088

649,137

35

2,225,418

Changes in equity

Issue of share capital

7

-

297,957

-

297,964

Total comprehensive income

-

(258,076

)

-

-

(258,076

)

Balance at 31 March 2024

165

1,318,012

947,094

35

2,265,306

Changes in equity

Purchase of own shares

(6

)

(384,700

)

-

6

(384,700

)

Total comprehensive income

-

504,868

-

-

504,868

Balance at 31 March 2025

159

1,438,180

947,094

41

2,385,474

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

157

714,890

649,137

35

1,364,219

Changes in equity

Issue of share capital

8

-

297,957

-

297,965

Total comprehensive income

-

(223,037

)

-

-

(223,037

)

Balance at 31 March 2024

165

491,853

947,094

35

1,439,147

Changes in equity

Purchase of own shares

(6

)

(384,700

)

-

6

(384,700

)

Total comprehensive income

-

935,666

-

-

935,666

Balance at 31 March 2025

159

1,042,819

947,094

41

1,990,113

Cash flows from operating activities

Cash generated from operations

1

(176,646

)

960,102

Interest paid

(15,757

)

(52,203

)

Tax paid

(346,040

)

(178,833

)

Net cash from operating activities

(538,443

)

729,066

Cash flows from investing activities

Purchase of tangible fixed assets

(19,984

)

-

Purchase of fixed asset investments

-

(9,605

)

Sale of tangible fixed assets

741

4,372

Investment in subsidiaries

-

(1,128,996

)

Interest received

576

10,818

Net cash from investing activities

(18,667

)

(1,123,411

)

Cash flows from financing activities

Share issue

(6

)

297,957

Transaction costs on issue of shares

(20,997

)

-

Net cash from financing activities

(21,003

)

297,957

Decrease in cash and cash equivalents

(578,113

)

(96,388

)

Cash and cash equivalents at beginning of year

2

902,193

960,174

Effect of foreign exchange rate changes

(13,288

)

38,407

Cash and cash equivalents at end of year

2

310,792

902,193

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

(Unaudited)

£

£

Profit/(loss) before taxation

857,593

(79,243

)

Depreciation charges

312,152

304,934

Foreign exchange differences

12,528

-

Finance costs

15,757

52,203

Finance income

(576

)

(10,818

)

1,197,454

267,076

Decrease/(increase) in trade and other debtors

806,853

(1,208,266

)

(Decrease)/increase in trade and other creditors

(2,180,953

)

1,901,292

Cash generated from operations

(176,646

)

960,102

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 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

310,792

902,193

Year ended 31 March 2024

31.3.24

1.4.23

(Unaudited)

£

£

Cash and cash equivalents

902,193

960,174

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

902,193

(591,401

)

310,792

902,193

(591,401

)

310,792

Debt

Debts falling due within 1 year

(268,075

)

236,617

(31,458

)

(268,075

)

236,617

(31,458

)

Total

634,118

(354,784

)

279,334

1.	STATUTORY INFORMATION

Huble Digital Group 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In accordance with section s408 of the Companies Act 2006, the company has elected to take the exemption from presenting its individual profit and loss account.

Additionally as ultimate parent company and a qualifying entity under FRS 102 paragraphs 1.8 to 1.12, the company has applied the exemption from presenting a separate parent company cash flow statement.

Going Concern

The accounts have been prepared on the going concern basis. The directors have assessed the group's financial position and performance and consider that the company has adequate resources to continue in operational existence for a period of at lease 12 months and 1 day from the date of approval of the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Functional and Presentation Currency

The consolidated financial statements are presented in pounds sterling (£), which is the Group’s presentation currency. Subsidiary undertakings with a functional currency other than pounds sterling have their results and financial position translated into pounds sterling for consolidation purposes.

Basis of consolidation

These financial statements present the consolidated results of Huble Digital Group Limited and its subsidiaries: Huble Digital Ltd (UK), Huble Digital Pty Ltd (South Africa), Huble Digital Pte Ltd (Singapore), Huble Digital GmbH (Germany), Huble Digital Inc. (USA), Huble Digital Corp (Canada), and Huble Digital SRL (Belgium). All entities prepare their financial statements to 31 March 2025.

Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the entity’s relevant activities.

Subsidiaries are fully consolidated from the date on which control is obtained and are deconsolidated from the date control ceases.

The Group applies the acquisition method of accounting for business combinations.

All intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless they provide evidence of impairment of the transferred asset.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Group's and Company's financial report requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial statements are as follows:

Revenue from contracts with customers

Timing of revenue recognition: Management exercises judgement in determining whether performance obligations have been satisfied under partnership agreements. For marketing services and software licenses, this includes assessing whether control has transferred to the customer and whether revenue should be recognised over time or at a point in time.

Determining whether services and licenses provided under partnership agreements constitute separate performance obligations requires judgement, as this impacts the allocation of transaction price.

Management believes that the assumptions applied are reasonable; however, actual outcomes may differ, which could impact the amount and timing of revenue recognised.

Depreciation and amortisation

Management uses judgement to estimate the useful lives and residual value of depreciating tangible and intangible assets.

Deferred tax

Management uses judgements concluding whether any possible deferred tax asset should be recognised.

Turnover

Sales

Sales generated from customers are measured at the fair value of the consideration receivable for marketing services rendered and software licenses provided under a partnership agreement. Invoices are generated in line with the work agreement terms which are generally in advance of work being performed. Where work has been invoiced but not yet performed, deferred revenue is accounted for within the financial statements.

Sales generated from fellow group undertakings are measured at the fair value of the consideration receivable for the work performed by the Company.

Media Sales

Media sales are on costs charged to Huble Digital Limited from various media platforms in relation to specific clients. These are recharged to the respective customers. Media sales are recognised on an accruals basis at the point the related media costs have been incurred.

Commissions receivable

Commission sales are commissions received from HubSpot for sales made by them to the Company's clients in line with the partnership agreement. Commission revenue is recognised on an accruals basis.

All turnover is net of discounts and value added tax or other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of 3 years.

Goodwill arising on the acquisition of subsidiaries is recognised as an asset at cost, being the excess of the cost of the business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired.

Goodwill is amortised on a straight-line basis over its estimated useful economic life. The directors consider that a period of 10 years is appropriate, as this reflects the expected period over which the future economic benefits of the business combination will be realised.

The carrying value of goodwill is reviewed for indicators of impairment at each reporting date. If such indicators exist, the recoverable amount of the goodwill is estimated and any impairment loss recognised in the profit and loss account.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently stated at cost less accumulated depreciation and impairment.

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

Fixtures and fittings - 33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Financial instruments

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cashflow statement

The cashflow is prepared under the indirect method.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the group.

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

31.3.25

31.3.24

(Unaudited)

£

£

Marketing services

12,777,898

13,153,141

Media Sales

14,085

78,559

Commissions receivable

1,601,552

1,042,090

14,393,535

14,273,790