Principal activity

HiFi Bidco Limited ("the Company") is an intermediate holding company and management services company. The Company is a wholly owned subsidiary of HiFi Midco 2 Limited and holds 100% of Fidelity Energy Limited and Etainabl Limited.

Business review

The Company’s standalone role is to hold investments in the group’s operating businesses and provide management services. It is not expected to be profit-making in its own right; its results primarily reflect management service charges, financing costs and the funding structure of the wider group.

During the year, the Company acquired the entire ordinary share capital of Etainabl Limited, a software business that provides ESG, utility and carbon data automation solutions to businesses. This acquisition expanded the wider group’s technology and sustainability capabilities and complements the existing Fidelity Energy platform.

The Company also entered into a secured long-term loan facility with Investec Bank Plc during the year. The facility supports the group’s funding structure and long-term investment strategy. There were no other significant business or commercial developments during the year.

Financial position

For the year ended 31 December 2025, the Company reported revenue of £1.2m from management service charges and a loss after tax of £1.3m. Fixed asset investments were £25.6m and net liabilities were £0.01m at the year end.

Principal risks and uncertainties

The Company’s risks are considered in the context of the wider group and are discussed in the financial statements of HiFi Topco Limited, the Company’s ultimate parent company. At Company level, the principal areas of focus are the recoverability of investments, ongoing access to group funding and compliance with financing arrangements. These are monitored by the directors as part of the group’s governance and financial review processes.

Key performance indicators

Given the Company’s nature as a holding and management services company, the directors do not consider standalone operating KPIs to be meaningful. The primary focus is to maintain appropriate funding and reserves to support the flow of funds within the wider group.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the Company continued to be that of providing management services and intermediate holding company.

The loss for the year, after taxation, amounted to £1,288,517 (period ending 31 December 2024: £942,473 loss).

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

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

There were no significant events which took place after the balance sheet date.

The directors intend for the Company to continue as a management services and intermediate holding company for the foreseeable future.

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

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

• the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

We have audited the financial statements of HiFi Bidco Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• Enquiring of management around actual and potential litigation and claims;

• Enquiring of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;

• Reviewing meetings of minutes of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 20 form part of these financial statements.

The notes on pages 10 to 20 form part of these financial statements.

The notes on pages 10 to 20 form part of these financial statements.

The principal activity of HiFi Bidco Limited ('the Company') is that of a management services and intermediate holding company.

The Company is a private company, limited by shares, incorporated in England and Wales on 20 May 2024.

The address of its Registered Office is 10 Ledbury Mews North, London, W11 2AF.

On 27 March 2024, the FRC issued ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs Periodic Review 2024’. These financial statements have been prepared based on the Companies Act 2006 and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) as amended by the periodic review issued in March 2024 (“FRS 102 (March 2024)”). The amendments are mandatorily effective for accounting periods beginning on or after 1 January 2026. The Company has elected to early adopt, with a date of initial application of 1 January 2025.

Following a review of the amendments, the Directors consider that none of the amendments effective from 1 January 2025 have a quantitative effect on the financial statements.

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

The comparative period presented in the financial statements is from the date of incorporation on 20 May 2024 to 31 December 2024. The figures up to the year ended 31 December 2025 are therefore not wholly comparable.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

The financial statements of the Company are consolidated in the financial statements of HiFi Topco Limited. These consolidated financial statements are available from Companies House.

The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

HiFi Bidco Limited is a wholly owned indirect subsidiary of HiFi Topco Limited and the results of HiFi Bidco Limited are included in the consolidated financial statements of HiFi Topco Limited which are available from Companies House.

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to meet its debts as they fall due, and will continue to trade for at least 12 months from the date of approval of these financial statements.true

HiFi Bidco Limited provides management services and is an intermediate holding company that receives management fees from its subsidiary to cover its costs but it is not expected to be profit making.

At the time of approving the financial statements, the directors have a reasonable expectation, based on their assessment of the Company's financial position and resources, that the Company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company has a loss of £1,288,517, net current liabilities of £5,926,424 and net liabilities of £11,367. Of the current liabilities, £5,560,763 was owed to other group companies. The immediate parent company, the ultimate parent company and the trading subsidiaries of the group have all indicated their intention to support the Company and not seek repayment of any amounts due for at least the next 12 months from the approval of these financial statements. On this basis, the directors consider it reasonable to prepare the accounts on a going concern basis.

Revenue represents management service charges to fellow group undertakings, measured at the amount of consideration to which the Company expects to be entitled for providing those services.

The provision of management services is a single performance obligation that is satisfied over time, and revenue is recognised over the period in which the services are rendered, with any amounts earned but not yet invoiced recognised as accrued income.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's statement of financial position when the Company 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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Deferred consideration

Deferred consideration payable as part of the acquisition of a subsidiary is capitalised as part of the cost of investment and initially recognised at the present value of future payments discounted at a rate the Company would obtain for a similar borrowing.

After initial recognition, the discount is unwound to profit or loss as a finance cost against the deferred consideration liability.

Deferred consideration payable is presented within financial liabilities, classified as amounts falling due within or after more than one year as appropriate based on the expected settlement date.

Investment income

Investment income arising through dividends is recognised when the Company's right to receive payment has been established.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

The preparation of the Company's financial statements requires management to make significant

accounting judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates.

The directors consider that there are no judgements or estimates materially significant to these financial statements.

All revenue is attributable to management service charges and arose within the United Kingdom.

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

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

Their aggregate remuneration comprised:

Certain directors of this company also received remuneration from companies within the wider group structure.

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

There were no factors that may affect future tax charges.

On 9 May 2025, the Company acquired the entire ordinary share capital of Etainabl Limited, a company incorporated in England and Wales. The registered office of Etainabl Limited is C/O Teacher Stern LLP, 37–41 Bedford Row, London, England, WC1R 4JH.

As part of the acquisition of Etainabl Limited, £675,000 was payable as deferred consideration. This amount was capitalised as part of the cost of the investment at its present value and recognised as a financial liability.

Details of the Company's subsidiaries at 31 December 2025 are as follows:

Included within amounts owed to group undertakings is an unsecured loan of £4,757,655 (2024: £16,904,652), repayable on demand with interest charged 9% per annum.

Amounts owed to group undertakings, £6,108,182 (2024: £4,834,146) comprise unsecured loan notes with interest charged at 5%, and where loan notes are repayable in full on 6 June 2031.

On 28 May 2025, the Company entered into a secured long term B facility loan with Investec Bank Plc for £13,100,000. The loan is repayable in full on 28 May 2032 and bears interest at SONIA plus margin spread rate. This loan was issued under a refinancing agreement for a facility previously recognised in the parent undertaking.

Under this loan agreement, a revolving credit facility of £3,000,000 was also provided, bearing interest at SONIA plus margin spread rate. The revolving credit facility was undrawn as at 31 December 2025.

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £Nil (2024: £884 outstanding) were payable to the fund at the reporting date and are included in creditors.

Included in the share premium account are all amounts paid for shares above their nominal value.

Includes all current period retained profits and losses.

Where possible, the Company has taken advantage of the exemption within s33.1A of FRS 102 not to disclose related party transactions with other wholly group owned undertakings.

Other creditors due within one year include a balance of £336,104 (2024: £146,087) owed to Blixt Fund I LP, a company under common control.

During the year, the Company issued rollover loan notes of £1,000,000 (2024: £4,700,848) to management shareholders as part of the acquisition of subsidiaries, bringing the principal value issued to £5,700,848 at 31 December 2025 (2024: £4,700,848). These loan notes were transferred on the same day of issue under the terms of a put and call option agreement and replaced by equivalent instruments in the parent company. No balances remained outstanding with management shareholders at year end (2024: £nil).

Debtors due within one year include £13,833 receivable from Blixt Group Limited (2024: £nil), a company under common control, for amounts invoiced for services not received.

Administrative expenses include consultancy fees of £88,000 payable to Blixt GP I Limited, an entity under common control (2024: £nil). A balance of £22,000 remained outstanding at the year end (2024: £nil).

Administrative expenses also include fees of £55,326 payable to Blixt Partners LLP, an entity under common control (2024: £nil). No balance was outstanding at the year end (2024: £nil).

The immediate parent company of HiFi Bidco Limited at 31 December 2025 was HiFi Midco 2 Limited, a company incorporated in the UK.

The ultimate parent company of the Group is HiFi Topco Limited, a company incorporated in the UK.

The registered office address of HiFi Topco Limited is 10 Ledbury Mews North, London W11 2AF. The consolidated financial statements of this group can be obtained from Companies House or from the registered office address.

The ultimate controlling party is Carl Harring.