IRIS Accounts Production v25.4.0.155 03450573 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 providing audio-visual and marketing services throughout the United Kingdom, Europe and the rest of the world. true true true false true true false false false true false Ordinary shares 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 03450573 2023-12-31 03450573 2024-12-31 03450573 2024-01-01 2024-12-31 03450573 2022-12-31 03450573 2023-01-01 2023-12-31 03450573 2023-12-31 03450573 ns15:EnglandWales 2024-01-01 2024-12-31 03450573 ns14:PoundSterling 2024-01-01 2024-12-31 03450573 ns10:Director1 2024-01-01 2024-12-31 03450573 ns10:Consolidated 2024-12-31 03450573 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 03450573 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03450573 ns10:Consolidated ns10:FRS102 2024-01-01 2024-12-31 03450573 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 03450573 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 03450573 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03450573 ns10:Consolidated ns10:LargeCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 03450573 ns10:Consolidated ns10:LargeCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03450573 ns10:FullAccounts 2024-01-01 2024-12-31 03450573 1 2024-01-01 2024-12-31 03450573 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 03450573 ns10:Consolidated 2024-01-01 2024-12-31 03450573 ns10:Director2 2024-01-01 2024-12-31 03450573 ns10:Director4 2024-01-01 2024-12-31 03450573 ns10:RegisteredOffice 2024-01-01 2024-12-31 03450573 ns10:Consolidated 2023-01-01 2023-12-31 03450573 ns5:CurrentFinancialInstruments 2024-12-31 03450573 ns5:CurrentFinancialInstruments 2023-12-31 03450573 ns5:ShareCapital 2024-12-31 03450573 ns5:ShareCapital 2023-12-31 03450573 ns5:SharePremium 2024-12-31 03450573 ns5:SharePremium 2023-12-31 03450573 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 03450573 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 03450573 ns5:ShareCapital 2022-12-31 03450573 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 03450573 ns5:SharePremium 2022-12-31 03450573 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03450573 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03450573 1 2024-01-01 2024-12-31 03450573 ns5:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 03450573 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-01-01 2024-12-31 03450573 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 03450573 ns5:PlantMachinery 2024-01-01 2024-12-31 03450573 ns5:FurnitureFittings 2024-01-01 2024-12-31 03450573 ns5:MotorVehicles 2024-01-01 2024-12-31 03450573 ns5:ComputerEquipment 2024-01-01 2024-12-31 03450573 ns5:CostValuation 2023-12-31 03450573 ns5:SubsidiariesWithMaterialNon-controllingInterests 2024-01-01 2024-12-31 03450573 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 03450573 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 03450573 ns5:Non-currentFinancialInstruments 2024-12-31 03450573 ns5:Non-currentFinancialInstruments 2023-12-31 03450573 ns10:OrdinaryShareClass1 2024-12-31

REGISTERED NUMBER: 03450573 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| AVSC EUROPE LIMITED |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

Company Information | 1 |

Group Strategic Report | 2 |  | to |  | 4

Report of the Directors | 5 |  | to |  | 6

Report of the Independent Auditors | 7 |  | to |  | 10

Consolidated Income Statement | 11 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Statement of Financial Position | 13 |

Company Statement of Financial Position | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Statement of Cash Flows | 17 |

Notes to the Consolidated Statement of Cash Flows | 18 |

Notes to the Consolidated Financial Statements | 19 |  | to |  | 37

AVSC EUROPE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr B E Erwin

| Ms S Divkovic

| Mr S K Bangar

| REGISTERED OFFICE: | Union Business Park

| Florence Way

| Uxbridge

| Middlesex

| UB8 2LS

| REGISTERED NUMBER: | 03450573 (England and Wales)

| AUDITORS: | Seymour Taylor Limited, Statutory Auditor

| First Floor North

| 40 Oxford Road

| High Wycombe

| Buckinghamshire

| HP11 2EE

| SOLICITORS: | Berwin Leighton Paisner

| Adelaide House

| London Bridge

| London

| EC4R 9HA

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF THE BUSINESS

The Group's principal activity during the year was providing audio-visual and marketing services throughout the United Kingdom, Europe and the rest of the world. In partnership with event planners, hotels, venues, agencies and staging customers, we create and execute thousands of events annually - in person, virtual and hybrid - of any size, at any venue, anywhere in the world. Our team members are innovators and collaborators at heart - highly trained experts that intuitively combine creative, production and technology services to deliver unparalleled service excellence.

The Group's key financial and performance indicators, as used by management in reviewing the performance of the business during the year were as follows:

| 2024 |  | 2023 |  | Change |  |

| £'000 |  | £'000 |  |

Turnover |  | 111,360 |  | 125,650 |  | (11)% |  |

Gross profit |  | 28,846 |  | 47,187 |  | (35%) |  |

Operating loss |  | (7,262) |  | (232) |  |

Earnings before interest, tax, depreciation and amortisation (EBITDA) |  | 703 |  | 6,973 |  |  |

Gross profit as percentage of turnover |  | 26% |  | 38% |  |

EBITDA as percentage of turnover |  | 1% |  | 6% |  |

Average number of employees |  | 779 |  | 819 |  | 0% |  |

Shareholders' funds |  | (30,564) |  | (22,559) |  |

During the year the group continued to provide the hire of audio visual equipment and services to customers in a number of different business sectors as well as overseas. The group experienced a reduction in revenue compared with prior year, as a result of reduced demand in DACH and UAE regions. Our largest single event, the COP climate change conference which occurred in UAE in 2023 did not repeat in 2024. Inflation in our cost base has continued to be challenging, as has the concentration of events into key weeks of the year. The Group continues to actively manage key relationships with venues and end customers to provide high quality services that allow them to "Connect and Inspire".

The Board continued with significant investment in new equipment with increased investment in new fixed assets of 5% of revenues (2023: 5%). The business was also pleased to be able to add new team members to our operation during the year.

The business ended 2024 with confidence and has traded successfully in 2025 and 2026 until the date of this report (although macroeconomic factors including the ongoing war in Ukraine and the recent developments in the UAE are starting to impact current trading). The Board remains confident in the strength and future of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company are as follows:

Competitor risks

The group has recognised competitive risks from alternative suppliers. The group seeks to differentiate itself from competitors, providing a premium service in addition to the supply of high quality equipment. The group constantly monitors its competitive offering and adjusts as challenges present themselves.

General economic uncertainty

The group is exposed to uncertainty arising from a major portion of revenue arising from broadly discretionary aspects of corporate customer budgets which are vulnerable to macroeconomic uncertainty.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Foreign currency

Intercompany balances held in foreign currency, especially US dollars and Euros, affect the group's performance. The group will closely monitor these risks and take action where required.

Liquidity risk

Cash balances and forecasts are monitored regularly with the assistance of Global HQ staff to ensure the group maintains sufficient liquidity to meet its obligations as they fall due. Funding is provided by the group's shareholders as required by these obligations.

Directors' insurance and indemnities

The Directors have the benefit of the indemnity provisions contained in the company's Articles of Association ('Articles'), and the group has maintained throughout the year Directors' and officers' liability insurance for the benefit of the company and its subsidiaries, Directors and officers. The company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Going Concern

The directors have scrutinised and reviewed budgets and forecasts to assess the effect on the group. Following a review of the group's performance since 2020 and stress testing of forecasts for 2026 and into 2027, the directors believe that the group's return to sustained profitability and positive cash flows from operations means that the Going Concern assumption is appropriate.

Additionally, the group is supported by its parent company who will address its financing requirements through debt and equity financings, assets sales, and rights offerings to existing shareholders.

Emissions and energy consumption

Disclosure in respect of Greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as no individual subsidiary company is required to report on this matter.

SECTION 172(1) DISCLOSURES

The following disclosure describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the directors' statement required under section 414CZA of The Companies Act 2006.

The directors consider that customers, investors, suppliers and workforce are key stakeholders and are considered in key decisions.

Customers

Our corporate culture of Purpose, Mission and Values are focussed on delivering value for our Customers. We consider delivering for our customer requirements as key to continued success. The inclusion of "Do the Right Thing" as one of our Values is due to recognition of the desirability of the company maintaining a reputation for high standards of business conduct.

Investors

We create value for our investors by generating strong and sustainable results. We set out KPIs in our Strategic Report. We discuss key decisions in regular meetings with management. Our investors have considered the funding requirements of the business to grow when determining that no dividend be paid from the 2024 results.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Suppliers

Our suppliers are important to our business success and each supplier has a named relationship contact person within the business for communication when required. We maintain good relationships with a range of suppliers to ensure the availability and flexibility that our customers require. During 2024 and 2025, in common with other businesses we encountered supply chain challenges, especially obtaining new equipment, but we engaged positively with suppliers to communicate effectively and provide reliable service for customers.

Employee engagement

Our workforce deliver great results for our stakeholders and are considered in all key decisions. We are committed to training and workforce welfare and monitor both training hours and employee engagement regularly. We communicate regularly with our workforce including in regular Town Halls (usually held quarterly) where all staff have the opportunity to ask questions to management and Directors. Whilst making key workforce decisions, management and Directors have been available to explain and answer questions about decisions that have been taken for the good of the business overall. During 2025 the Encore businesses in EMEA were accredited as "Great Places to Work" in the majority of eligible countries.

Community

We consider the wider needs of the communities in which we operate through a commitment to minimising our impact on the environment, upholding excellent standards of business conduct and, where possible, supporting local communities in which we operate.

Key Decisions

In dealing with the Group's recovery since 2022 there have been many decisions which have required the above factors to be considered and balanced for the long term success of the company including staffing levels, cash management practices and investment levels.

During 2024 the Group made significant investments in team members with merit increases to reward levels above inflation in local markets and the Group has hired new team members and invested in new equipment to improve our service to customers.

During 2024, the Group continued to assess their property needs, and following up on premises extensions in the UK and France in 2023, the Group moved to a new-build, consolidated warehouse in Dubai in 2024.

During 2025, we have made two strategic investments. On 14th November 2025, the Group purchased 100% of the share capital of RPG Live Ltd, an event production company, in order to consolidate and further expand the Group presence in the UK market.

In addition, on 2nd December 2025, the Group acquired 100% of the share capital of First Protocol Group Ltd, a Global Brand experience agency with a number of worldwide subsidiaries, which complements the business model of the existing group.

The board believes that they have balanced, in good faith, the best long-term interests of stakeholders during the decision-making processes. The board appreciates the hard work and support of team members and other stakeholders in managing the business during this period.

ON BEHALF OF THE BOARD:

Mr S K Bangar - Director

17 March 2026

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

Our strategy of on-going investment in infrastructure, product development and expansion of overseas markets is aimed at maintaining continuous growth and our balance sheet is adequately resourced to support this.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

Mr D W J McEwan - appointed 1 August 2023

Ms S Divkovic was appointed as a director on 4 March 2024 and later resigned 25 July 2024. She was reappointed as a director on 20 December 2024.

Mr B E Erwin resigned as a director on 24 July 2024 and was reappointed on 20 December 2024.

Mr D W J McEwan ceased to be a director after 31 December 2024 but prior to the date of this report.

Mr S K Bangar was appointed a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

Details in relation to the financial risk management objectives and policies are disclosed within the strategic report.

EMPLOYEES

Disabled Employees

The group's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate training to promote their career development within the group. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.

Employee involvement

During the financial year, the policy of providing employees with information about the group has been extended and improved by means of live broadcasts by executives, videos, employee engagement survey, departmental meetings, newsletters and other internal media methods. Our aim is to continue to improve employee involvement and engagement.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr S K Bangar - Director

17 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVSC EUROPE LIMITED

Opinion

We have audited the financial statements of AVSC Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss 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 group 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 group's and the parent 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 Group Strategic Report and the Report of the Directors, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVSC EUROPE LIMITED

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 Statement of Directors' Responsibilities set out on page six, 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 group's and the parent 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 group or the parent 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVSC EUROPE LIMITED

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified in respect of the group's 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 non-compliance;

- 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 and involving relevant internal specialists, including tax 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 Group 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 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 Group's ability to operate or to avoid a material penalty.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVSC EUROPE LIMITED

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.

Elizabeth Horton FCA FCCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

17 March 2026

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £'000 | £'000 |

TURNOVER | 3 | 111,360 |  | 125,650 |  |

Cost of sales | 82,514 |  | 78,463 |  |

GROSS PROFIT | 28,846 |  | 47,187 |  |

Administrative expenses | 39,853 |  | 49,467 |  |

(11,007 | ) | (2,280 | ) |

Other operating income | 3,745 |  | 2,048 |  |

OPERATING LOSS | 5 | (7,262 | ) | (232 | ) |

Interest receivable and similar income | 45 |  | 45 |  |

(7,217 | ) | (187 | ) |

Interest payable and similar expenses | 6 | 2,029 |  | 1,674 |  |

LOSS BEFORE TAXATION | (9,246 | ) | (1,861 | ) |

Tax on loss | 7 | (871 | ) | (108 | ) |

LOSS FOR THE FINANCIAL YEAR | (8,375 | ) | (1,753 | ) |

Loss attributable to:

Owners of the parent | (8,003 | ) | (1,923 | ) |

Non-controlling interests | (372 | ) | 170 |  |

(8,375 | ) | (1,753 | ) |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £'000 | £'000 |

LOSS FOR THE YEAR | (8,375 | ) | (1,753 | ) |

OTHER COMPREHENSIVE INCOME |

Unrealised gain/(loss) on exchange | (2 | ) | 301 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (2 | ) | 301 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (8,377 | ) | (1,452 | ) |

Total comprehensive income attributable to:

Owners of the parent | (8,005 | ) | (1,623 | ) |

Non-controlling interests | (372 | ) | 171 |  |

(8,377 | ) | (1,452 | ) |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Intangible assets | 10 | 5,415 |  | 7,067 |  |

Tangible assets | 11 | 14,825 |  | 14,888 |  |

Investments | 12 | - |  | - |  |

20,240 |  | 21,955 |  |

CURRENT ASSETS

Stocks | 13 | 284 |  | 183 |  |

Debtors | 14 | 20,317 |  | 28,536 |  |

Cash at bank | 12,359 |  | 16,293 |  |

32,960 |  | 45,012 |  |

CREDITORS

Amounts falling due within one year | 15 | 82,929 |  | 88,124 |  |

NET CURRENT LIABILITIES | (49,969 | ) | (43,112 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (29,729 | ) | (21,157 | ) |

CREDITORS

Amounts falling due after more than one year | 16 | (1,329 | ) | (1,196 | ) |

PROVISIONS FOR LIABILITIES | 19 | - |  | (328 | ) |

NET LIABILITIES | (31,058 | ) | (22,681 | ) |

CAPITAL AND RESERVES

Called up share capital | 20 | 477 |  | 477 |  |

Share premium | 21 | 53,301 |  | 53,301 |  |

Retained earnings | 21 | (84,342 | ) | (76,337 | ) |

SHAREHOLDERS' FUNDS | (30,564 | ) | (22,559 | ) |

NON-CONTROLLING INTERESTS | (494 | ) | (122 | ) |

TOTAL EQUITY | (31,058 | ) | (22,681 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2026 and were signed on its behalf by:

Mr S K Bangar - Director

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

COMPANY STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 42,611 |  | 42,611 |  |

42,611 |  | 42,611 |  |

CURRENT ASSETS

Debtors | 14 | 20,815 |  | 21,321 |  |

Cash at bank | 3 |  | 529 |  |

20,818 |  | 21,850 |  |

CREDITORS

Amounts falling due within one year | 15 | 43,902 |  | 45,163 |  |

NET CURRENT LIABILITIES | (23,084 | ) | (23,313 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,527 |  | 19,298 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 477 |  | 477 |  |

Share premium | 21 | 53,301 |  | 53,301 |  |

Retained earnings | 21 | (34,251 | ) | (34,480 | ) |

SHAREHOLDERS' FUNDS | 19,527 |  | 19,298 |  |

Company's profit/(loss) for the financial year | 229 |  | (128 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2026 and were signed on its behalf by:

Mr S K Bangar - Director

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£'000 | £'000 | £'000 |

Balance at 1 January 2023 | 477 |  | (74,715 | ) | 53,301 |  |

Changes in equity

Total comprehensive income | - |  | (1,622 | ) | - |  |

Balance at 31 December 2023 | 477 |  | (76,337 | ) | 53,301 |  |

Changes in equity

Total comprehensive income | - |  | (8,005 | ) | - |  |

Balance at 31 December 2024 | 477 |  | (84,342 | ) | 53,301 |  |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£'000 | £'000 | £'000 |

Balance at 1 January 2023 | (20,937 | ) | (293 | ) | (21,230 | ) |

Changes in equity

Total comprehensive income | (1,622 | ) | 171 |  | (1,451 | ) |

Balance at 31 December 2023 | (22,559 | ) | (122 | ) | (22,681 | ) |

Changes in equity

Total comprehensive income | (8,005 | ) | (372 | ) | (8,377 | ) |

Balance at 31 December 2024 | (30,564 | ) | (494 | ) | (31,058 | ) |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£'000 | £'000 | £'000 | £'000 |

Balance at 1 January 2023 | 477 |  | (34,352 | ) | 53,301 |  | 19,426 |  |

Changes in equity

Total comprehensive income | - |  | (128 | ) | - |  | (128 | ) |

Balance at 31 December 2023 | 477 |  | (34,480 | ) | 53,301 |  | 19,298 |  |

Changes in equity

Total comprehensive income | - |  | 229 |  | - |  | 229 |  |

Balance at 31 December 2024 | 477 |  | (34,251 | ) | 53,301 |  | 19,527 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £'000 | £'000 |

Cash flows from operating activities

Cash generated from operations | 1 | 3,167 |  | 9,496 |  |

Interest paid | (2,029 | ) | (1,674 | ) |

Taxation refund | 538 |  | - |  |

Net cash from operating activities | 1,676 |  | 7,822 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (6,429 | ) | (8,024 | ) |

Sale of intangible fixed assets | 1 |  | - |  |

Sale of tangible fixed assets | 243 |  | 14 |  |

Interest received | 45 |  | 45 |  |

Net cash from investing activities | (6,140 | ) | (7,965 | ) |

Cash flows from financing activities

Intercompany loans | 530 |  | 3,379 |  |

Net cash from financing activities | 530 |  | 3,379 |  |

(Decrease)/increase in cash and cash equivalents | (3,934 | ) | 3,236 |  |

Cash and cash equivalents at beginning of year | 2 | 16,293 |  | 13,057 |  |

Cash and cash equivalents at end of year | 2 | 12,359 |  | 16,293 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£'000 | £'000 |

| Loss before taxation | (9,246 | ) | (1,861 | ) |

| Depreciation charges | 6,309 |  | 5,472 |  |

| Loss on disposal of fixed assets | 189 |  | 1 |  |

| Revaluation and foreign exchange | 86 |  | 9 |  |

| Amortisation charges | 1,651 |  | 1,732 |  |

| Finance costs | 2,029 |  | 1,674 |  |

| Finance income | (45 | ) | (45 | ) |

973 |  | 6,982 |  |

| (Increase)/decrease in stocks | (101 | ) | 721 |  |

| Decrease/(increase) in trade and other debtors | 8,433 |  | (2,304 | ) |

| (Decrease)/increase in trade and other creditors | (6,138 | ) | 4,097 |  |

| Cash generated from operations | 3,167 |  | 9,496 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£'000 | £'000 |

| Cash and cash equivalents | 12,359 |  | 16,293 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£'000 | £'000 |

| Cash and cash equivalents | 16,293 |  | 13,057 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£'000 | £'000 | £'000 |

| Net cash |

| Cash at bank | 16,293 |  | (3,934 | ) | 12,359 |  |

16,293 |  | (3,934 | ) | 12,359 |  |

| Total | 16,293 |  | (3,934 | ) | 12,359 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | GENERAL INFORMATION

| AVSC Europe Limited is a private company, limited by shares, registered in England and Wales. The company's registered office and principal place of business is Union Business Park, Florence Way, Uxbridge, Middlesex, UB8 2LS. The registered number is 03450573.

| The principal activity of the company during the year was that of a holding company for a number of subsidiaries in the audio visual hire and marketing industries, which are the principal activities of the group.

| The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional currency), as such, the results and statement of financial position are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest thousand unless otherwise stated.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The financial statements have been prepared on the going concern basis. Although at the statement of financial position date the company had net current liabilities of £23,084,000 it also had total net assets of £19,527,000. The group had net current liabilities of £49,969,000 and total net liabilities of £31,058,000. The group is able to rely on the support of its immediate parent company and the directors believe it is appropriate for the financial statements to be prepared on this basis.

| The Directors believe that, with continued agreed funding support achieved by the ultimate parent company for its subsidiaries, which it has confirmed is ongoing, the group continues to be a going concern and the financial statements are prepared on this basis.

| Basis of consolidation

| The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertakings as at 31 December 2024. The results of subsidiaries acquired or disposed of during the year are included from, or up to the date of acquisition or disposal.

| Acquisitions have been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

| The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.

| Deferred tax is recongised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Critical accounting 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 amounts 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 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The areas in which significant estimation has been applied are considered to be as follows:

| Determining whether intangible assets acquired in business combinations meet the criteria for separate recognition, and if so, judgements have been applied in determining the value of individually recognised intangible assets.

| Intangible and tangible fixed assets are amortised and depreciated over their useful economic lives taking into account residual values, were appropriate. The actual lives of the assets and, where applicable, residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Where applicable, residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

| Following the business combination in previous periods, an intangible asset in respect of customer relationships, trademarks, venue contracts, developed technology and workforce was recognised as well as goodwill. Amortisation is provided on intangible assets in order to write off the cost over their estimated useful lives as disclosed in the accounting policy. There is estimation uncertainty over the amortisation owing to the subjective nature of determining the intangible assets' useful economic lives. In doing so, the directors have considered existing customer contracts and anticipated development of revenues with customers and as such have determined that a useful economic life of is appropriate.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Revenue recognition

| Revenue is recognised to the extent that the group obtains right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration receives, excluding discounts, rebates, VAT and other sales tax or duty. Revenue is recognised as follows:

| Rendering of services

| Customers hire equipment for a specific period of time. Orders are taken at the beginning of the hire period with income being recognised at the end of the hire period or on a monthly basis for hire periods longer than a month.

| Interest income

| Revenue is recognised as interest accrues using the effective interest method.

| Intangible assets

| Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by the reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

| Intangible assets acquired as part of a business combination are recorded at fair value at the acquisition date. Intangible assets includes, Trade Names and Trademarks, Venue contracts and Customer Relationships.

| The following amortisation rates have been applied to the intangible assets:

| Trademarks |  | 14 years |  |

| Venue contracts |  | 15, 12 and 10 years |  |

| Customer relationships |  | 10 and 6 years |  |

| Positive goodwill |  | 5 years |  |

| Negative goodwill |  | 1 year |  |

| Investments

| In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at costs less any accumulated impairment losses.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

| 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 | - | over the lease term

| Improvements to property | - | reducing balance - 15%

| Plant and machinery | - | reducing balance - 55%, straight line - 50%, straight line - 33% and straight line - 25%

| Fixtures and fittings | - | reducing balance - 10% and straight line over 3 - 10 years

| Motor vehicles | - | straight line - 25% and reducing balance - 25%

| Computer equipment | - | reducing balance - 20%

| All tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Work in progress

| Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity.

| Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

| Financial instruments

| The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

| Taxation

| Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

| Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

| Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it 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 statement of financial position 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.

| 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.

| Non controlling interest

| Non controlling interest in the net assets of consolidated subsidiaries are identified separately from the Group's equity. Non controlling interest consist of the amount of those interest at the date of the original business combination and the minority's share of changes in equity since the date of the combination.

| The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the non controlling interests determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments

| Lease incentives

| The company from time to time receives incentives to enter into new lease agreements. These incentives may take the form of an up-front cash payment ("reverse premium") or the initial period of the lease may be rent free or at a reduced rent.

| In accordance with the standard accounting treatment for operating lease incentives, the benefits receivable by the company are deducted from the rental costs and are allocated on a straight line basis over the full lease term.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Impairment

| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

| For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

| Termination benefits

| Termination benefits are recognised as a liability and expense in profit or loss when the company is demonstrably committed either to terminate the employment of an employee or group of employees before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The company is demonstrably committed to a termination only when there is a detailed formal plan from which there is no realistic possibility of withdrawal.

| Termination benefits are measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date. In the case of an offer made to encourage voluntary redundancy, the measurement of termination benefits shall be based on the number of employees expected to accept the offer.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£'000 | £'000 |

| United Kingdom | 48,459 |  | 47,591 |  |

| Rest Of The World | 62,901 |  | 78,059 |  |

111,360 |  | 125,650 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£'000 | £'000 |

| Wages and salaries | 37,703 |  | 40,752 |  |

| Social security costs | 4,365 |  | 4,541 |  |

| Other pension costs | 1,676 |  | 1,492 |  |

43,744 |  | 46,785 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2024 |  | 2023

| Administration | 126 |  | 14 |  |

| Operations | 653 |  | 805 |  |

779 |  | 819 |  |

| Remuneration of key management personnel |  |

| The remuneration of key management personnel is as follows. |  |

|  | 2024 |  |  | 2023 |  |

|  | £'000 |  |  | £'000 |  |

| Aggregate compensation |  | 1,668 |  |  | 1,983 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 405,098 |  | 732,120 |  |

| Directors' pension contributions to money purchase schemes | 37,952 |  | 68,573 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 295,135 |  | 622,363 |  |

| Pension contributions to money purchase schemes | 37,952 |  | 59,171 |  |

5. | OPERATING LOSS

| The operating loss is stated after charging:

| 2024 |  | 2023

£'000 | £'000 |

| Depreciation - owned assets | 6,309 |  | 5,472 |  |

| Loss on disposal of fixed assets | 5 |  | 1 |  |

| Intangible assets amortisation | 1,651 |  | 1,732 |  |

| Auditors' remuneration | 316 |  | 258 |  |

| Auditors' remuneration for non audit work | 106 |  | 77 |  |

| Foreign exchange differences | 713 |  | 1,048 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | OPERATING LOSS - continued

| Services provided by the auditors

| During the year the group obtained the following services from the auditors:

|  | 2024 |  |  | 2023 |  |

|  | £'000 |  |  | £'000 |  |

| The audit of the parent company and consolidated financial statements |  | 104 |  |  | 90 |  |

| The audit of the company's subsidiaries pursuant to legislation |  | 131 |  |  | 81 |  |

| Audit work performed by other auditors |  | 81 |  |  | 87 |  |

| Taxation services |  | 41 |  |  | 23 |  |

| Other services |  | 65 |  |  | 54 |  |

|  | 422 |  |  | 335 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£'000 | £'000 |

| Intercompany interest | 1,741 |  | 1,561 |  |

| Loan | 37 |  | - |  |

| Interest payable | 251 |  | 113 |  |

2,029 |  | 1,674 |  |

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2024 |  | 2023

£'000 | £'000 |

| Current tax:

| Over/under provision in prior year | - |  | 15 |  |

| Foreign tax | (56 | ) | 120 |  |

| Total current tax | (56 | ) | 135 |  |

| Deferred tax | (815 | ) | (243 | ) |

| Tax on loss | (871 | ) | (108 | ) |

| UK corporation tax has been charged at 25 % (2023 - 23.50 %).

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION - continued

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£'000 | £'000 |

| Loss before tax | (9,246 | ) | (1,861 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.500 %) | (2,311 | ) | (437 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 245 |  | (222 | ) |

| Income not taxable for tax purposes | (7 | ) | - |  |

| Depreciation in excess of capital allowances | 181 |  | 144 |  |

| Other timing differences | 9 |  | 4 |  |

| Tax losses unutilised | 1,343 |  | (71 | ) |

| Changes in deferred tax | (154 | ) | (158 | ) |

| Over/ under provision in prior year | 344 |  | 15 |  |

| Utilised tax losses | (465 | ) | 497 |  |

| Tax in relation to foreign entities | (56 | ) | 120 |  |

| Total tax credit | (871 | ) | (108 | ) |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Unrealised gain/(loss) on exchange | (2 | ) | - |  | (2 | ) |

| 2023 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Unrealised gain/(loss) on exchange | 301 |  | - |  | 301 |  |

| Factors that may affect future tax

| Deferred tax assets are recognised only to the extent that the director consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION - continued

| Deferred tax assets, not recognised as they are unlikely to be realised in the foreseeable future, are as follows:

|  | 2024 |  | 2023 |  |

|  | £'000 |  | £'000 |  |

| Tax losses unutilised |  | 13,704 |  | 5,568 |  |

| The main rate of UK corporation tax prevailing during the period was 25%.

| UK deferred tax balances recognised within the accounts have been calculated at 25% with reference to the rate expected to be applicable at the date of reversal (2023: 25%).

| There are no deferred tax balances recognised for overseas subsidiaries.

8. | INDIVIDUAL INCOME STATEMENT

| The profit for the financial year of the parent company was £229,000 (2023: loss £128,000).

9. | CURRENCY TRANSLATION DIFFERENCES

| The AVSC Europe Limited group operates in 10 countries and 5 different currencies. As part of the consolidation process and balances in these differing currencies are translated into Sterling (£). Depending on the exchange rate movements throughout the year and particularly at the year end, this creates translation differences when consolidating the results of the companies within the group.

10. | INTANGIBLE FIXED ASSETS

| Group

| Intangible

| assets

£'000 |

| COST

| At 1 January 2024 | 20,774 |  |

| Disposals | (2,481 | ) |

| At 31 December 2024 | 18,293 |  |

| AMORTISATION

| At 1 January 2024 | 13,707 |  |

| Amortisation for year | 1,651 |  |

| Eliminated on disposal | (2,480 | ) |

| At 31 December 2024 | 12,878 |  |

| NET BOOK VALUE

| At 31 December 2024 | 5,415 |  |

| At 31 December 2023 | 7,067 |  |

| Company

| The company has no intangible assets.

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Short |  | to |  | Plant and

| leasehold |  | property |  | machinery

£'000 | £'000 | £'000 |

| COST

| At 1 January 2024 | 1,994 |  | 555 |  | 50,070 |  |

| Additions | - |  | 447 |  | 5,668 |  |

| Disposals | - |  | (50 | ) | - |  |

| Exchange differences | - |  | 4 |  | (1,028 | ) |

| At 31 December 2024 | 1,994 |  | 956 |  | 54,710 |  |

| DEPRECIATION

| At 1 January 2024 | 914 |  | 361 |  | 37,327 |  |

| Charge for year | 217 |  | 85 |  | 5,677 |  |

| Eliminated on disposal | - |  | (50 | ) | - |  |

| Exchange differences | - |  | (3 | ) | (916 | ) |

| At 31 December 2024 | 1,131 |  | 393 |  | 42,088 |  |

| NET BOOK VALUE

| At 31 December 2024 | 863 |  | 563 |  | 12,622 |  |

| At 31 December 2023 | 1,080 |  | 194 |  | 12,743 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£'000 | £'000 | £'000 | £'000 |

| COST

| At 1 January 2024 | 1,731 |  | 198 |  | 611 |  | 55,159 |  |

| Additions | 215 |  | 91 |  | 11 |  | 6,432 |  |

| Disposals | (179 | ) | (219 | ) | (1 | ) | (449 | ) |

| Exchange differences | (22 | ) | (5 | ) | (5 | ) | (1,056 | ) |

| At 31 December 2024 | 1,745 |  | 65 |  | 616 |  | 60,086 |  |

| DEPRECIATION

| At 1 January 2024 | 1,216 |  | 98 |  | 355 |  | 40,271 |  |

| Charge for year | 239 |  | 40 |  | 51 |  | 6,309 |  |

| Eliminated on disposal | (127 | ) | (200 | ) | (1 | ) | (378 | ) |

| Exchange differences | (19 | ) | (2 | ) | (1 | ) | (941 | ) |

| At 31 December 2024 | 1,309 |  | (64 | ) | 404 |  | 45,261 |  |

| NET BOOK VALUE

| At 31 December 2024 | 436 |  | 129 |  | 212 |  | 14,825 |  |

| At 31 December 2023 | 515 |  | 100 |  | 256 |  | 14,888 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£'000 |

| COST

| At 1 January 2024

| and 31 December 2024 | 58,016 |  |

| PROVISIONS

| At 1 January 2024

| and 31 December 2024 | 15,405 |  |

| NET BOOK VALUE

| At 31 December 2024 | 42,611 |  |

| At 31 December 2023 | 42,611 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

12. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiary

| Visual Action Holdings

| Registered office: 1 Union Business Park, Florence Way, Uxbridge, UB8 2LS, England

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| Audio Visual Services Corporation Limited

| Registered office: 1 Union Business Park, Florence Way, Uxbridge, UB8 2LS, England

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| AVSC Europe Spain S.L.

| Registered office: Avenisa Diagonal, 598 - 5 2 Ver Mapa , 8021 , Barcelona, Spain

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| KFP B.V.

| Registered office: Nijverheidslaan 5, 1382LE Weesp, The Netherlands

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| Audio Visual Services Corporation SARL

| Registered office: 99-101 Avenue Louis Roche 92230 Gennevilliers, France

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| PSAV Presentation Services SARL

| Registered office: Cargo 8, Les Trios Moulins, 425 route de GOA, 06160 Antibes, France

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| PSAV Private Limited

| Registered office: 12 Marina Boulevard #30-03 Marina Bay Financial Centre 018982, Singapore

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

12. | FIXED ASSET INVESTMENTS - continued

| AVC Live Limited

| Registered office: 1 Union Business Park, Florence Way, Uxbridge, UB8 2LS, England

| Nature of business: Event management and hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

| Hawthorn Theatrical Limited

| Registered office: 1 Union Business Park, Florence Way, Uxbridge, UB8 2LS, England

| Nature of business: Event management and hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

| Concise Limited

| Registered office: 1 Union Business Park, Florence Way, Uxbridge, UB8 2LS, England

| Nature of business: Event management and hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

| KFP Management GmbH

| Registered office: Frankfurter Str. 107 65479 Raunheim, Germany

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| Change Communication GmbH

| Registered office: Frankfurter Str. 107 65479 Raunheim, Germany

| Nature of business: Marketing

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| KFP Five Star Conference Services GmbH

| Registered office: Frankfurter Str. 107 65479 Raunheim, Germany

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

12. | FIXED ASSET INVESTMENTS - continued

| KFP Austria GmbH

| Registered office: Franzosengraben 11A, 1030 Wien, Austria

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| KFP Five Star Conference Services Swiss AG

| Registered office: Flughofstrasse 55, 8152 Glattbrugg, Switzerland

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 100.00 |  |

| Eclipse Group International Limited

| Registered office: P.O Box 3085, Road Town, Tortola, British Virgin Islands

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

| Eclipse Venue Services L.L.C

| Registered office: P.O Box 74503, Dubai, UAE

| Nature of business: Event management services

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

| Eclipse Staging Services L.L.C

| Registered office: P.O Box 74503, Dubai, UAE

| Nature of business: Hire of audio visual equipment

| % |  |

| Class of shares |  | holding |  |

| Ordinary |  | 92.31 |  |

13. | STOCKS

| Group |

2024 | 2023 |

£'000 | £'000 |

| Stocks | 153 |  | 176 |  |

| Work-in-progress | 131 |  | 7 |  |

284 |  | 183 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

14. | DEBTORS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£'000 | £'000 | £'000 | £'000 |

| Amounts falling due within one year: |

| Trade debtors | 15,562 |  | 23,808 |  | - |  | - |  |

| Amounts owed by group undertakings | 1,238 |  | 1,024 |  | 20,766 |  | 21,137 |  |

| Other debtors | 474 |  | 1,282 |  | - |  | 42 |  |

| VAT | - |  | - |  | 8 |  | 43 |  |

| Prepayments and accrued income | 1,433 |  | 1,446 |  | 41 |  | 99 |  |

18,707 |  | 27,560 |  | 20,815 |  | 21,321 |  |

| Amounts falling due after more than one | year: |

| Other debtors | 1,124 |  | 976 |  | - |  | - |  |

| Deferred tax asset | 486 |  | - |  | - |  | - |  |

1,610 |  | 976 |  | - |  | - |  |

| Aggregate amounts | 20,317 |  | 28,536 |  | 20,815 |  | 21,321 |  |

| Deferred tax asset

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£'000 | £'000 | £'000 | £'000 |

| Deferred tax | 486 |  | - |  | - |  | - |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£'000 | £'000 | £'000 | £'000 |

| Trade creditors | 8,014 |  | 10,790 |  | 55 |  | 116 |  |

| Amounts owed to group undertakings | 61,692 |  | 60,948 |  | 43,187 |  | 44,033 |  |

| Corporation tax | 63 |  | - |  | - |  | - |  |

| Social security and other taxes | 1,156 |  | 1,118 |  | - |  | - |  |

| VAT | 1,139 |  | 1,607 |  | - |  | - |  |

| Other creditors | 3,638 |  | 5,002 |  | 4 |  | - |  |

| Accruals and deferred income | 7,227 |  | 8,659 |  | 656 |  | 1,014 |  |

82,929 |  | 88,124 |  | 43,902 |  | 45,163 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2024 | 2023 |

£'000 | £'000 |

| Accruals and deferred income | 1,329 |  | 1,196 |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2024 | 2023 |

£'000 | £'000 |

| Within one year | 3,715 |  | 2,739 |  |

| Between one and five years | 10,653 |  | 8,085 |  |

| In more than five years | 1,515 |  | 1,578 |  |

15,883 |  | 12,402 |  |

18. | FINANCIAL INSTRUMENTS

|  | Group |  | Company |  |

|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |

|  | £'000 |  | £'000 |  | £'000 |  | £'000 |  |

| Financial assets measured at cost or amortised cost |  |  |

| Trade and other debtors |  | 17,160 |  | 26,066 |  | - |  | - |  |

| Cash and cash equivalents |  | 12,359 |  | 16,293 |  | 3 |  | 529 |  |

|  | 29,519 |  | 42,359 |  | 3 |  | 529 |  |

| Financial liabilities measured at cost or amortised cost |  |  |

| Trade and other creditors |  | 11,652 |  | 15,792 |  | 59 |  | 116 |  |

| The fair value is deemed the same as the carrying value.

19. | PROVISIONS FOR LIABILITIES

| Group |

2024 | 2023 |

£'000 | £'000 |

| Deferred tax | - |  | 328 |  |

| Group

| Deferred |

| tax |

£'000 |

| Balance at 1 January 2024 | 328 |  |

| Utilised during year | 1,154 |  |

| Unused amounts reversed during year | (1,834 | ) |

| Accelerated capital allowances | (129 | ) |

| Other timing differences | (5 | ) |

| Balance at 31 December 2024 | (486 | ) |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £'000 | £'000 |

| 476,789,912 | Ordinary shares | £0.01 | p | 477 |  | 477 |  |

21. | RESERVES

| Called up share capital - This represents the nominal value of shares that have been issued.

| Share premium - This represents the consideration received for shares above the nominal value.

| Retained earnings - This distributable reserve records retained earnings and accumulated losses.

22. | PENSION COMMITMENTS

| The group operates a defined contribution scheme with contributions paid in the accounting period charged to the profit and loss account. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,676,000 (2023 - £1,492,000).

23. | RELATED PARTY DISCLOSURES

| 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.

| Entities with control, joint control or significant influence over the entity

2024 | 2023 |

£'000 | £'000 |

| Amount due to related party | - |  | 60,948 |  |

| Other related parties

2024 | 2023 |

£'000 | £'000 |

| Amount due from related party | 1,214 |  | 1,024 |  |

| Amount due to related party | 59,947 |  | - |  |

AVSC EUROPE LIMITED (REGISTERED NUMBER: 03450573)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

24. | EVENTS AFTER THE REPORTING DATE

| On 14 November 2025, AVSC Europe Limited acquired 100% of the share capital of RPG Live Limited for £13,000,000 including a deferred payment of £1,500,000. RPG Live Limited is the parent company of an event production company. Both companies are registered in England and Wales.

| On 2 December 2025 AVSC Europe Limited acquired 100% of the share capital of First Protocol Group Limited for $60,432,971 and a deferred payment estimated at $37,100,000. First Protocol Group Limited are parent company registered in the England and Wales. The First Protocol Group have a number of subsidiaries across Great Britain, United States of America, Asia and Australia.

| In order to fund the acquisitions referred to above on the 10 November 2025 the company issued share capital of 16,000,000,000 ordinary £0.001 share at par raising £16,000,000.

| An additional share issue was made on 25 November 2025 of 1,000,000 ordinary £0.001 shares which were issued for a premium of £47.334471 per share raising £47,335,710.

| As of March 2026, the group is monitoring the current conflict in the middle east, particularly the impact on its UAE operations.

| The business is well placed to pick up any event cancellations from the UAE into other parts of the group when rebooking's are made.

25. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent undertaking is PSAV (NY) LLC a company incorporated in the Delaware, United States of America.

| The company's ultimate holding company is Encore Global LP, a company incorporated in the United States of America. Encore Global LP is the largest group in which the financial statements are consolidated as at 31 December 2024.

| Encore Global LP is controlled by The Blackstone Group Inc. an investment company incorporated in the United States of America.