The directors present the strategic report for the year ended 31 December 2025.

The Company is the owner of the annual IMEX Frankfurt trade show and its financial statements reflect the results of that event. IMEX America Limited, the Company's wholly owned subsidiary, is the owner of the annual IMEX America trade show and its financial statements reflect the results of that event. The Group's consolidated financial statements therefore reflect the results of both the IMEX Frankfurt and the IMEX America events.

Our shows are where the global meetings and events industry gathers in one place, twice a year. Thousands of global meetings industry buyers and suppliers have been making meaningful business connections at our shows in Frankfurt since 2003, and in Las Vegas since 2011.

We welcome global decision makers, event professionals, meeting planners and incentive travel buyers from agencies, corporates and associations; hospitality and event management students and academics; and the global meetings industry press. Exhibitors come from national and regional tourist offices and convention bureaus, major hotel companies, conference and exhibition venues, cruise lines, airlines, spa resorts, technology providers, event management specialists and many more.

IMEX Frankfurt is where global meeting planners connect with suppliers from across the globe, building powerful working relationships at the largest event of its kind in Europe.

IMEX America is where the global industry converges in a standout Las Vegas setting, for the largest meetings industry trade show in the world.

Our purpose is to build better human connections across the world - building better connections to allow good business to go beyond borders, to enable global networking and to support powerful working relationships.

Our vision is a thriving global events industry focused on positive change - uniting and advancing the global events industry, doing everything we can to educate, innovate and advocate.

Our mission is to bring the global events community together to do business, learn and drive positive change - gathering our industry together to power profitable connections, to foster innovation, to spark inspiration and to propel positive progress.

The Group is focused on six strategic themes which we describe as the Roots and Branches.

Branches are focus areas that drive exceptional show performance.

- Creating Value - products and services that help our clients do more business

- Community and Content - content and programmes that increase attachment to IMEX

- Experience - removing friction, sparking joy

Roots are internal business-focused goals which need to be nurtured to allow our branches to grow. They provide the foundations that support our show performance.

- Operational Excellence - simplification, automation, transparency

- People and Culture - autonomy, trust, wellbeing

- Impact and Sustainability - industry partnerships, environmental and societal impact, EDI, charity

Both events were highly successful, demonstrating continued strong demand, as shown in the metrics below.

IMEX Frankfurt achieved significant growth in both space sold (5%) and hosted buyer attendance (9%). IMEX America achieved similar growth levels in both space sold (5%) and hosted buyer attendance (8%).

The Directors view Turnover and Earnings before interest, tax, depreciation and amortisation ("EBITDA") as the key measures of financial performance and Net Assets as the key measure of financial value.

Turnover increased by £2.3m (5%) reflecting the growth in the volume of space sold at both events. This translated into EBITDA growth of £1.6m (14%) and an increase in EBITDA margin to 29%. Increased profitability allowed further growth in cash balances, leading to growth in Net Assets of £1.5m (5%).

EBITDA is calculated as follows:

Foreign currency translation

Most Group turnover is denominated in EUR and USD while most overheads, marketing expenditure, tax and dividends are denominated in GBP. As a result, foreign currency translation can have a material impact on the Group's profitability.

Compared to 2024, average exchange rates showed mixed movement, with GBP/EUR becoming more favourable and GBP/USD becoming less favourable:

Foreign currency instruments expiring during 2025 under the Group's hedging programme realised a net gain of £437k (2024: net gain of £100k). This gain is included in the Consolidated Statement of Comprehensive Income.

Section 172 of the Companies Act 2006 ("s.172") requires directors to act in the way most likely to promote the success of the Group for the benefit of its members as a whole and, in doing so, to consider any impact on stakeholders including employees, customers, suppliers, and the communities and environments in which the Group operates. The Group’s approach to its environmental responsibilities is set out in its Sustainability Strategy, as described in Section 9 below.

The Directors believe that delivering the strategic priorities and KPIs will promote the success of the Group over the longer term for the benefit of its members and stakeholders.

The Directors take seriously their responsibilities under s.172 and outline below how they engage with key stakeholders.

a) Employees

We offer all employees the opportunity to be their best, and we believe in giving our team the tools and resources they need to succeed. Our employee offering includes the following policies and benefits:

• Flexible working policy - our most recent employee survey recorded a 97% positive work-life balance score

• Comprehensive employee engagement programme, including recognition awards, social and wellbeing activities

• Mental health matters - we have trained mental health first aiders and offer support leave and a free confidential employee assistance programme

• Pension scheme with matched employer contributions

• Professional development opportunities ranging from industry events to in-house training and team-building activities

• Private medical insurance

• Voluntary work to support our communities

• Electric car salary sacrifice scheme

People measures

The staff engagement score of 90% for 2025 was a significant improvement on an already strong result and remained above benchmark levels. The Directors are confident that the employee experience continues to improve through ongoing work on culture and values, together with a focus on systems and processes.

Headcount decreased to 79 in Q4 2025 due to a temporary peak in vacancies but is expected to increase to 85 in 2026 as we recruit additional roles to support delivery of the Group's strategic priorities.

b) Customers

Our customers comprise exhibitors, sponsors, buyers and visitors. We engage year-round with our key customers and survey them after every IMEX event to measure their Net Promoter Score ("NPS"). We consistently achieve NPS results at the top of the industry benchmark range. Our investment in customer design, user experience and systems support these strong scores.

c) Suppliers

Our suppliers include the venues where the events take place, the hotels where we place our hosted buyers, and other event suppliers. We maintain long-term relationships with many suppliers and have multi-year contracts in place to secure our supply chain. We have worked closely with suppliers to manage the impact of inflationary pressures in recent years.

The Group reflects the interests of its suppliers and wider supply chain through a globally applicable Supplier Code of Conduct that sets clear expectations on ethical behaviour, human rights, labour standards, environmental responsibility, antibribery and tax compliance.

The Board recognises that maintaining fair and timely payment practices is important in fostering strong and sustainable relationships with the Group’s suppliers. The Group seeks to apply clear and consistent payment terms and to monitor payment performance as part of its financial controls and working capital management, having regard to suppliers' interests when making decisions. The Group is not subject to statutory supplier payment reporting requirements.

8. Governance

Our Board comprises directors with many years of experience in the industry, complemented by knowledge and ideas from other industries, and expertise in finance, technology and human resources.

We take a conservative approach to financial management and have built strong reserves to mitigate the risk of event cancellation.

The Group is committed to conducting its business responsibly and to preventing modern slavery and human trafficking in its operations and supply chains. While the risk within the Group’s UK‑based workforce is considered low, potential risks within the wider supply chain are addressed through appropriate policies, supplier standards and employee awareness training. Further detail is set out in the Group’s Modern Slavery Act Transparency Statement, published separately in accordance with section 54 of the Modern Slavery Act 2015.

9. Sustainability

The Group’s published Sustainability Strategy sets out its 2025 carbon emissions baseline, including measurement methodology, and a decarbonisation pathway towards its 2030 and 2050 targets.

Delivery of the pathway is built around four goals:

• reduce IMEX’s carbon emissions by 20% by 2030, with a focus on encouraging European participants to switch from air to rail travel

• drive circularity in exhibitor participation through increased reusability of booths

• strengthen leadership alignment on sustainability

• support profitability through sustainability-related opportunities

The Group’s 2025 emissions baseline comprises Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain). It has been categorised using the guidance set out in the GHG Protocol Corporate Accounting and Reporting Standard.

10. Principal risks and uncertainties

a) Continuing success of the two IMEX exhibitions

The future success of the Group is dependent on its ability to continue to run the two IMEX exhibitions each year. Each exhibition relies on client satisfaction built at previous exhibitions and on the strength of IMEX marketing to attract new participants. More broadly, the business model for all international events faces increasing pressure to reduce environmental impact.

The strategic priorities outlined above are designed to mitigate these threats as far as possible, and the Directors will continue to monitor and refine these priorities and the associated goals programme to ensure that they remain fit for purpose.

b) Cancellation risk

The risk of cancellation of an event was demonstrated during the COVID-19 pandemic when three consecutive events were cancelled, and this could recur in the future, whether due to another pandemic or a different catastrophic event. To mitigate this risk, the Group maintains a comprehensive insurance programme and holds significant reserves.

c) Financial risk

The future profitability of the Group depends on its ability to convert foreign currency into GBP at a predictable exchange rate. The Directors mitigate this risk by hedging currency exposures up to three years in advance, reducing uncertainty in GBP-denominated profit.

d) Business continuity risk

The Directors regularly review and develop the Group's disaster recovery policy to identify and mitigate key operational risks and continue to monitor and develop IT security measures to reduce the risk of loss arising from a cyber attack.

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 Group continued to be the organisation of the IMEX Frankfurt and IMEX America exhibitions.

The results for the year are set out on page 13.

Post year end dividends of £2,000k were declared on 27 May 2026 and subsequently paid on 26 June 2026.

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

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

The Group is committed to equality, diversity and inclusion and is a certified Disability Confident employer. The Group operates an Equity, Diversity and Inclusion policy which supports fair recruitment, training, and career development, and making reasonable adjustments where appropriate to ensure that disabled persons are not disadvantaged.

The section below presents the energy usage and associated carbon dioxide emissions for Regent Exhibitions Limited Group operations that are based in the UK. This section has been prepared in compliance with the SECR Framework as implemented in the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

The HM Government Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting guidance published in March 2019 has been followed. Carbon emissions have been calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard using the DEFRA emissions factors.

Intensity ratios have been calculated from the value of turnover and include all of the energy usage and emissions stated within the values reported above and in accordance with the methodology applied.

The Group is aware of its environment responsibilities and is developing strategies to minimise waste and maximise recycling.

Further information on the Group’s sustainability strategy can be found in section 9 of the Group Strategic Report on page 5.

Details of strategy, performance, future developments, financial risk managementtrue, supplier payment practices and stakeholder relationships are given in the Group Strategic Report.

The Directors have considered the Group’s financial position and future liquidity over the period 2026 to 2028 and are satisfied that the Group will have sufficient resources to meet its liabilities as they fall due. The Directors have therefore determined that there is no material uncertainty that casts doubt on the Group’s ability to continue as a going concern.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The auditor, Sumer AuditCo Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Regent Exhibitions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit 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 group and parent 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 group's and 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 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 group and the parent company and their 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 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.

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 group's and 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 parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

- Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the group's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud;

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the group and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, the valuation of fair value movements on foreign exchange contracts and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

- Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing minutes of meetings of the board and senior management;

- Enquiring into correspondence with regulators and reading, if any;

- Challenging assumptions and judgements made by management in their significant accounting estimates; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 20 to 38 form part of these financial statements.

The notes on pages 20 to 38 form part of these financial statements.

The notes on pages 20 to 38 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £12,324,269 (2024 - £3,231,464 profit).

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 notes on pages 20 to 38 form part of these financial statements.

The notes on pages 20 to 38 form part of these financial statements.

The notes on pages 20 to 38 form part of these financial statements.

Regent Exhibitions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 113-118 Davigdor Road, Hove, East Sussex, BN3 1RE.

The group consists of Regent Exhibitions Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions.true

The Company has taken advantage of the following exemptions in its individual financial statements:

i) from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows.

ii) from the financial instrument disclosures, required under FRS102 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a) (iii), 11.48(a) (iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement disclosure.

iii) from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7.

The consolidated group financial statements consist of the financial statements of the parent company Regent Exhibitions Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered net of returns, discounts and value added taxes.

Revenue represents the value of exhibition services sold in relation to IMEX exhibitions in both Frankfurt and Las Vegas and is recognised in the period that the exhibition occurs.

Insurance proceeds are recognised when there is a contractual right to receive compensation from an insurance policy, and when the amount and timing of the expected cash receipt can be estimated reliably.

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated using the straight-line method, to allocate the amortisable amount of the asset values over their estimated useful lives, as follows:

Costs associated with maintaining computer software are recognised as an expense as incurred.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is calculated using the straight-line method, to allocate the depreciable amount of the asset values over their estimated useful lives, as follows:

Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

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.

Investments in subsidiaries are measured at cost less accumulated impairment.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand and deposits held with financial institutions maturing within one year of the Balance Sheet date.

Term deposits maturing more than one year from the Balance Sheet date are included within fixed assets. A term deposit is a fixed-term investment that includes the deposit of money into an account at a financial institution.

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, including short term trade and other receivables and cash and bank balances, are recognised at transaction price (including transaction costs) less impairment. Loans receivable are initially measured at transaction price (including transaction costs) and are subsequently held at amortised cost, less any impairment.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

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 the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including short term trade and other payables, loans from fellow group companies and finance lease obligations are recognised at transaction price (after deducting transaction costs). Other financial liabilities are measured initially at transaction price (after deducting transaction costs) and are subsequently held at amortised cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including forward foreign exchange contracts are used to hedge foreign exchange risk and are not classed as basic financial instruments. They are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the consolidated income statement unless they are included in a hedging arrangement in which case they are recognised directly in equity.

The derivatives are expected at inception to be highly effective in offsetting changes in foreign exchange rates and are assessed on an ongoing basis to determine that they have been highly effective throughout the reporting period for which they were designated.

Financial assets and liabilities are offset and 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.

The Group applies hedge accounting for transactions entered into to hedge exposure to variability in foreign exchange rates that is attributable to a particular risk associated with a highly probable forecast transaction.

Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity as other comprehensive income. Any ineffectiveness in the hedging relationship is recognised in the consolidated income statement.

The gain or loss recognised in other comprehensive income is reclassified to the consolidated income statement when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

The tax expense for the year comprises current tax and movements in deferred tax. Tax is recognised in the Consolidated Income Statement, except that a charge or credit attributable to an item of income or expense recognised as other comprehensive income is recognised in other comprehensive income.

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date. The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that is more than remote, requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Income Statement in the year that the Group becomes aware of the obligation and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are made to settle the obligation, they are used to offset the provision carried in the Balance Sheet.

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated 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 Group in independently administered funds.

At inception the Group assesses agreements that transfer the right to use assets. The assessment

considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

i) Finance leased assets

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined, the Group's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset. Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

ii) Operating Leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.

Payments under operating leases are charged to the Consolidated Income Statement on a straight-line basis over the period of the lease.

i) Functional and presentation currency

The Group's functional and presentation currency is the pound sterling (GBP).

ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

Dividends

Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Directors do not consider there to be any key sources of estimation uncertainty.

Critical judgements in applying the accounting policies are as follows:

The Directors consider that the functional currency of the Group is pounds sterling (GBP). Whilst turnover and direct exhibition costs are predominantly in the local currency of the country in which the exhibition is held, the staff and overhead costs that are required to develop, organise and manage the exhibitions and the majority of the assets are primarily in GBP. The business is financed in GBP and shareholders wish to ensure that their funds and the ability to pay dividends in GBP are maintained. In order to achieve this, sales prices, the rate at which currency has been sold forward and budgeted income and expenses are all taken into account to ensure the exhibitions will be profitable in GBP.

As explained above, it is important that the exhibitions remain profitable in GBP. The Directors review expected currency cashflows for up to three years ahead. They take into account expected turnover and expenditure in the major currencies for each exhibition and sell forward the projected surplus currency amounts for GBP.

The turnover and profit before taxation are attributable to the one principal activity of the Group.

An analysis of turnover by geographical market is given below:

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

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

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Factors that may affect future tax charges

Deferred tax has been calculated using tax rates and laws that have been enacted or substantively enacted as at the balance sheet date, and that are expected to apply to the reversal of the timing difference.

Ordinary A shares have one voting right each whereas Ordinary B shares hold no voting rights. No final dividend is proposed (2024: none).

The investment represents 100% of the ordinary share capital of IMEX America Limited, whose primary activity is the organisation of trade exhibitions, and is incorporated in the United Kingdom. The subsidiary has the same registered office as the Company.

The Group has the following financial instruments:

Amounts owed by group undertakings are unsecured, repayable on demand and non-interest bearing.

Other debtors less than one year includes £276,000 (2024: £276,000) owed by Terraza Limited. The balance is accruing interest at 1% above the Bank of England base rate per annum and will be repaid in the next 12 months. The remaining balance of the loan is held in other debtors more than one year (see below).

Other debtors more than one year includes £1,436,561 (2024: £1,371,419) owed by Withdean Commercial Property Limited and £2,912,166 (2024: £2,970,464) owed by Terraza Limited. Both balances are accruing interest at 1% above the Bank of England base rate per annum and will not be repaid in the next 12 months.

Amounts owed to group undertakings are unsecured, repayable on demand and non-interest bearing.

The following are the major deferred tax liabilities and assets recognised by the group and company:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. As at 31 December 2025 there were no amounts outstanding (2024: Nil).

The Company has given a debenture to NatWest PLC in respect of a foreign exchange facility, which was secured by a charge on the Company's assets.

The Company has given a cross guarantee in favour of its subsidiary IMEX America Limited in respect of foreign exchange facilities held by IMEX America Limited.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year, the Group entered into transactions, in the ordinary course of business, with related parties.

Included within staff costs is £97,672 (2024: £96,598) paid to close family members of the Directors of the group, who are not considered to be key management personnel.

The Company entered into a loan agreement with Withdean Commercial Property Limited. The loan is repayable on demand and incurs interest at 1% above the Bank of England base rate per annum. At 31 December 2025, the loan balance of £1,033,892 (2024: £1,033,892) and accrued interest of £402,670 (2024: £337,527) were outstanding. R A Bloom and C A Bauer are Directors and Shareholders of Regent Exhibitions Limited and Withdean Commercial Property Limited.

The Company entered into a loan agreement with Terraza Limited. The loan is repayable on demand and incurs interest at 1% above the Bank of England base rate per annum. At 31 December 2025, the loan balance of £2,793,000 (2024: £3,000,000) and accrued interest of £395,166 (2024: £246,464) were outstanding. R A Bloom and C A Bauer are Directors and Shareholders of Regent Exhibitions Limited and Terraza Limited.

Regent Exhibitions Limited is regarded by the Directors as being the Company's ultimate parent company.

The controlling party is R A Bloom.

The Group has no immediate or indirect parent Company.