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

The Company is the owner of the annual IMEX America exhibition and its financial statements reflect the results of that exhibition.

Our show is where the global meetings and events industry gathers in one place. Thousands of global meetings industry buyers and suppliers have been making meaningful business connections at our shows 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 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 Company 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

The event was highly successful, demonstrating continued strong demand, as shown in the metrics below.

IMEX America saw record numbers in 2025, with strong growth in 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 £1.2m (5%) reflecting growth in exhibition space sold, which supported EBITDA growth of £1.2m (15%).

EBITDA is calculated as follows:

Foreign currency translation

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

Compared to 2024, average exchange rates were less favourable:

Foreign currency instruments expiring during 2025 under the Company's hedging programme realised a net gain of £488k (2024: net loss of £23k). This gain is included in the 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 Company for the benefit of its members as a whole and, in doing so, to consider any impact on stakeholders including customers, suppliers, and the communities and environments in which the Company operates.

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

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

a) 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 continually achieve NPS results at the top end of the industry benchmark range. Our investments in customer design, user experience and systems support our strong NPS scores.

b) 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 hard with our suppliers to manage the impact of inflationary pressures in recent years.

The Company 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 Company’s suppliers. The Company 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 Company 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 Company 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 Directors have considered the impact of the Company’s operations on the environment in accordance with section 172(1)(d). The Company’s activities are aligned with and managed within the Group’s overarching sustainability framework. Further details of relevant policies are set out in the Group Strategic Report of Regent Exhibitions Limited.

a) Continuing success of the IMEX exhibition

The future success of the Company is dependent on its ability to continue to run the IMEX exhibition each year. The 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 one event was cancelled, and this could recur in the future, whether due to another pandemic or a different catastrophic event. To mitigate this risk, the Company maintains a comprehensive insurance programme and holds significant reserves.

c) Financial risk

The future profitability of the Company 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 Company'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 company continued to be the organisation of the IMEX America exhibition.

The results for the year are set out on page 10.

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.

There were no political contributions during the year (2024: £Nil).

The Company had no employees during the year. Responsibility for employment matters, including policies and practices relating to the employment, training, career development and promotion of disabled persons, is undertaken at Group level.

The Company had no energy consumption or associated greenhouse gas emissions during the year, as it has no employees or operational activities. All operational activities, including the provision of office space and associated energy consumption, are undertaken by the parent company.

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

The Directors have considered the Company’s financial position and future liquidity over the period 2026 to 2028 and are satisfied that the Company 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 Company’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.

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;

• state whether applicable UK 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 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.

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of IMEX America Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, 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 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 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.

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 company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

- Obtaining an understanding of the company'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 company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company 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 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 notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

The notes on pages 13 to 22 form part of these financial statements.

IMEX America Limited is a private company limited by shares incorporated in England and Wales. The registered office is 113-118 Davigdor Road, Hove, East Sussex, BN3 1RE.

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.

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.

The Company has taken advantage of the exemption in its individual financial statements from disclosing information concerning auditor’s remuneration as this is disclosed in the Group accounts on a consolidation basis.

The financial statements of the company are consolidated in the financial statements of Regent Exhibitions Limited. These consolidated financial statements are available from its registered office, 113-118 Davigdor Road, Hove, East Sussex, BN3 1RE.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has 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 America in Las Vegas and is recognised in the period that the exhibition occurs.

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 Company 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 Company 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 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 operates and generates 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 Company 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 Income Statement in the year that the Company 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.

i) Functional and presentation currency

The Company'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 consolidated 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 Company is pounds sterling (GBP). Whilst turnover and direct exhibition costs are predominantly in USD, the staff and overhead costs that are required to develop, organise and manage the exhibitions 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 relevant currencies for each exhibition and sell forward the projected surplus currency for GBP.

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

An analysis of turnover by geographical market is given below:

The Company has no direct employees (2024: Nil). The Directors received no remuneration from the Company in the current or previous period as their services are borne by the parent Company and subsequently included in the management recharge on an apportioned basis. No pension benefits accrue in lMEX America Limited.

The Company incurred staff costs of £Nil (2024: £Nil) during the year which represents temporary agency staff.

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.

The Company has the following financial instruments:

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

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 company:

Regent Exhibitions Limited

The parent Company.

During the year the Company paid management fees amounting to £5,899,325 (2024: 5,323,309) to Regent Exhibitions Limited.

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

The controlling party is R A Bloom.