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Registered number: 13498851 KIPLING HOUSE INVESTMENTS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
Chartered Accountants
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ
KIPLING HOUSE INVESTMENTS LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KIPLING HOUSE INVESTMENTS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kipling House Investments Limited for the year ended 30 September 2025 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of Kipling House Investments Limited, as a body, in accordance with the terms of our engagement letter dated 9 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Kipling House Investments Limited and state those matters that we have agreed to state to the Board of Directors of Kipling House Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kipling House Investments Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Kipling House Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kipling House Investments Limited. You consider that Kipling House Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Kipling House Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Haggards Crowther LLP Chartered Accountants 2nd Floor, Heathmans House 19 Heathmans Road London SW6 4TJ 17 April 2026 Page 1
KIPLING HOUSE INVESTMENTS LIMITED REGISTERED NUMBER: 13498851 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets |  |  | 4,091 |  | -
Investments | 5 |  | 1,411,673 |  | 1,926,894
|  |  | 1,415,764 |  | 1,926,894
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,413,743 |  | 708,672 |
Cash at bank |  | 3,095 |  | 3,001 |
|  | 1,416,838 |  | 711,673 |
Creditors: amounts falling due within one year | 7 | (3,527,285) |  | (3,054,650) |
Net current liabilities |  |  | (2,110,447) |  | (2,342,977)
Total assets less current liabilities |  |  | (694,683) |  | (416,083)
Net liabilities |  |  | (694,683) |  | (416,083)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 120 |  | 120
Profit and loss account |  |  | (694,803) |  | (416,203)
|  |  | (694,683) |  | (416,083)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime. Page 2
KIPLING HOUSE INVESTMENTS LIMITED REGISTERED NUMBER: 13498851 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2026.
George David Thompson
Director
The notes on pages 5 to 9 form part of these financial statements. Page 3
KIPLING HOUSE INVESTMENTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 120 | (216,142) | (216,022)
Loss for the financial year | - | (200,061) | (200,061)
At 1 October 2024 | 120 | (416,203) | (416,083)
Loss for the financial year | - | (278,600) | (278,600)
At 30 September 2025 | 120 | (694,803) | (694,683)
| The notes on pages 5 to 9 form part of these financial statements.
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KIPLING HOUSE INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Kipling House Investments Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 13498851 and its registered office is 179 Southwark Bridge Road, London, SE1 0ED. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
| 2.2 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.3 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. No depreciation is provided on the cost of leasehold improvements undertaken during the year. Page 5
KIPLING HOUSE INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in income statement for the period.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Going concern
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future supported by its shareholders.
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2024 - 4).
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KIPLING HOUSE INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Tangible fixed assets
|  | Leasehold improvements
|  | £
| Cost or valuation |
| Additions | 4,091
| At 30 September 2025 | 4,091
| Net book value |
| At 30 September 2025 | 4,091
| At 30 September 2024 | -
5. | Fixed asset investments
|  | Investments in subsidiary companies | Listed investments | Other investments | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 October 2024 | - | 1,090,468 | 836,426 | 1,926,894
| Additions | 2,150 | 51,170 | - | 53,320
| Disposals | - | (304,239) | (213,250) | (517,489)
| Revaluations | - | (55,963) | 4,911 | (51,052)
| Transfer between classes | 523,176 | (139,339) | (383,837) | -
| At 30 September 2025 | 525,326 | 642,097 | 244,250 | 1,411,673
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KIPLING HOUSE INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,245,771 | 700,000
| Other debtors | 162,494 | 7,001
| Prepayments and accrued income | 5,478 | 1,671
|  | 1,413,743 | 708,672
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,504 | -
| Amounts owed to other participating interests | 3,515,261 | 3,041,443
| Other taxation and social security | 3,232 | 2,725
| Other creditors | 1,650 | -
| Accruals and deferred income | 4,638 | 10,482
|  | 3,527,285 | 3,054,650
8. | Related party transactions
| As at 30 September 2025, the company owed £3,515,261 (2024: £3,041,443) to Kipling House Holdings Limited, the parent company. The loan is unsecured, interest free and repayable on demand. For the year ended September 2025, included within amounts owed by group undertakings is an amount of £1,057,668 (2024: £700,000) relating to a loan advanced to Boxing News Limited (previously known as ID Sports Media Limited), a company incorporated in England and Wales (Company number: 14193207), of which Kipling House Investments Limited hold more than 80% of the share capital. Out of the loan of £1,057,668, an amount of £500,000 is advanced interest free and any amount oustanding above £500,000 at any time during the year accrues interest at the Bank of England interest rates. The loan is unsecured and repayable on demand. For the year ended September 2025, included within interest income is an amount of £20,997 (2024: £12,724) received from Boxing News Limited (previously known as ID Sports Media Limited). For the year ended September 2025, included within amounts owed by group undertakings is an amount of £154,803 (2024: £Nil) relating to a loan advanced to Proper Sports Media Limited, a company incorporated in England and Wales (Company number: 16006002), of which Kipling House Investments Limited holds 100% of the share capital. The loan is unsecured, interest free and repayable on demand. For the year ended September 2025, included within amounts owed by group undertakings is an amount of £33,300 (2024: £Nil) relating to a loan advanced to ID Podcast Studios Limited, a company incorporated in England and Wales (Company number: 14437271), of which Kipling House Investments Limited holds 80% of the share capital. The loan is unsecured, interest free and repayable on demand.
Page 8
KIPLING HOUSE INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 8.Related party transactions (continued)
| For the year ended September 2025, included within other debtors is an amount of £155,493 (2024: £Nil) relating to a loan advanced to 1909 The Boxing Club Limited, a company incorporated in England and Wales (Company number: 15249902), of which Louis Thompson holds 100% of the share capital and is the sole director. The loan is unsecured, interest free and repayable on demand.
9. | Controlling party
The ultimate controlling party is Kipling House Holdings Limited, that owns 75% of the issued share capital.
Page 9