REGISTERED NUMBER: 15705126 (England and Wales)

Host Broadcast Services (HBS) Ltd

Report of the Director and

Financial Statements for the Year Ended 31st December 2025

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTOR:

D Miodownik

REGISTERED OFFICE:

The Light House

368 Gray's Inn Road

London

WC1X 8BB

REGISTERED NUMBER:

15705126 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The director presents his report with the financial statements of the company for the year ended 31st December 2025.

REVIEW OF BUSINESS

The company commenced event production activities in the year and has reported Revenue of £14.1m in the first period of full trading with a Gross Profit of £1.6m. The Director considers the results to be satisfactory for the period and early results in 2026 continue this theme.

DIRECTOR

D Miodownik held office during the whole of the period from 1st January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D Miodownik - Director

2nd July 2026

Opinion

We have audited the financial statements of Host Broadcast Services (HBS) Ltd (the ‘company’) for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 101 ‘Reduced Disclosure Framework’ (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 31st 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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.

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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Director has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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, 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including United Kingdom Accounting Standards (FRS101), the Companies Act 2006 and taxation legislation. We also considered those laws and regulations that may have a material indirect impact on the group's financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims, and

-Reviewing correspondence with HMRC, relevant regulatory bodies including the Health and Safety Executive and the groups legal advisers.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.

Matthew Fox F.C.C.A (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

3rd July 2026

TURNOVER

14,111,318

175,288

Cost of sales

12,552,348

321,458

GROSS PROFIT/(LOSS)

1,558,970

(146,170

)

Administrative expenses

1,605,798

222,643

OPERATING LOSS

(46,828

)

(368,813

)

Interest receivable and similar income

5,213

-

(41,615

)

(368,813

)

Interest payable and similar expenses

4

1,735

4,311

LOSS BEFORE TAXATION

5

(43,350

)

(373,124

)

Tax on loss

6

93,281

(93,281

)

LOSS FOR THE FINANCIAL YEAR

(136,631

)

(279,843

)

Other comprehensive income

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(136,631

)

(279,843

)

FIXED ASSETS

Tangible assets

7

29,895

-

CURRENT ASSETS

Debtors

8

3,321,066

9,039,827

Cash at bank

1,395,983

1,513,355

4,717,049

10,553,182

CREDITORS

Amounts falling due within one year

9

5,113,418

10,783,025

NET CURRENT LIABILITIES

(396,369

)

(229,843

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(366,474

)

(229,843

)

CAPITAL AND RESERVES

Called up share capital

11

50,000

50,000

Retained earnings

12

(416,474

)

(279,843

)

SHAREHOLDERS' FUNDS

(366,474

)

(229,843

)

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

The financial statements were approved by the director and authorised for issue on 2nd July 2026 and were signed by:

D Miodownik - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

50,000

-

50,000

Total comprehensive income

-

(279,843

)

(279,843

)

Balance at 31st December 2024

50,000

(279,843

)

(229,843

)

Changes in equity

Total comprehensive income

-

(136,631

)

(136,631

)

Balance at 31st December 2025

50,000

(416,474

)

(366,474

)

Cash flows from operating activities

Cash generated from operations

1

(85,420

)

1,467,666

Interest paid

(1,735

)

(4,311

)

Net cash from operating activities

(87,155

)

1,463,355

Cash flows from investing activities

Purchase of tangible fixed assets

(35,430

)

-

Interest received

5,213

-

Net cash from investing activities

(30,217

)

-

Cash flows from financing activities

Share issue

-

50,000

Net cash from financing activities

-

50,000

(Decrease)/increase in cash and cash equivalents

(117,372

)

1,513,355

Cash and cash equivalents at beginning of year

2

1,513,355

-

Cash and cash equivalents at end of year

2

1,395,983

1,513,355

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

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Loss before taxation

(43,350

)

(373,124

)

Depreciation charges

5,535

-

Finance costs

1,735

4,311

Finance income

(5,213

)

-

(41,293

)

(368,813

)

Decrease/(increase) in trade and other debtors

5,625,480

(8,946,546

)

(Decrease)/increase in trade and other creditors

(5,669,607

)

10,783,025

Cash generated from operations

(85,420

)

1,467,666

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

1,395,983

1,513,355

Period ended 31st December 2024

31/12/24

7/5/24

£

£

Cash and cash equivalents

1,513,355

-

1.	STATUTORY INFORMATION

Host Broadcast Services (HBS) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group.

Going Concern

In preparing these financial statements the directors have assessed the ability of the company to continue to operate for a period of at least twelve months from the date of signing the financial statements.

The entity's financial statements continue to be prepared using the going concern basis following confirmation of support from its parent company on behalf of the wider group, upon which the company is operationally and financially dependant and accordingly the director adopts the going concern basis in preparing these financial statements.

Turnover

Revenue is recognised to the extent that is is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

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

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

Deferred Revenue

The company recognises revenue on an event by event basis and all revenue received is deferred until the month in which the event has taken place.

Tangible fixed assets

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

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Wages and salaries

2,107,390

312,725

Social security costs

207,253

40,830

Other pension costs

159,968

23,682

2,474,611

377,237

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

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

Employees

17

8

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Director's remuneration

-

-

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Loan interest

1,735

4,311

5.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging/(crediting):

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Depreciation - owned assets

5,535

-

Auditors' remuneration

25,550

-

Foreign exchange differences

154,110

(45,038

)

6.

TAXATION

Analysis of tax expense/(income)

Period

7/5/24

Year Ended

to

31/12/25

31/12/24

£

£

Deferred tax

93,281

(93,281

)

Total tax expense/(income) in statement of comprehensive income

93,281

(93,281

)

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

35,430

At 31st December 2025

35,430

DEPRECIATION

Charge for year

5,535

At 31st December 2025

5,535

NET BOOK VALUE

At 31st December 2025

29,895

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,590,153

6,298,341

Amounts owed by group undertakings

1,351,406

1,251,409

Other debtors

379,507

1,490,077

3,321,066

9,039,827

Interest is charged at 2% on intercompany loan balances. No interest is charged on trading balances.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

44,342

257,882

Amounts owed to group undertakings

-

3,427,862

VAT

264,455

1,010,477

Other creditors

61,394

460

Accruals and deferred income

4,743,227

6,086,344

5,113,418

10,783,025

Interest is charged at 2% on intercompany loan balances. No interest is charged on trading balances.

10.	DEFERRED TAX

£

Balance at 1st January 2025

(93,281

)

Charge to Statement of Comprehensive Income during year

93,281

Balance at 31st December 2025

-

The deferred tax asset represent tax losses carried forward.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

50,000

Ordinary

1

50,000

50,000

12.

RESERVES

Retained

earnings

£

At 1st January 2025

(279,843

)

Deficit for the year

(136,631

)

At 31st December 2025

(416,474

)

13.	ULTIMATE CONTROLLING PARTY

The immediate parent is Sports Production Holding AG. The parent of Sports Production Holding AG produces consolidated financial statements including the results of the company.

The registered office of the immediate parent is Grafenauweg 2, Zug, Switzerland, 6300.

The ultimate parent company is Dalian Hexing Investment Co Ltd, incorporated in China.

The ultimate controlling party is W Jianlin.