Registered number: 01847467
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Group Strategic Report and the consolidated financial statements for Britannia Row Productions Limited (the “Company”) for the year ended 31 December 2025.
Business Review
The directors aim to provide a balanced and comprehensive assessment of the Company’s performance during the year, together with its year end position. This review reflects the scale and nature of the business, as well as the principal risks and uncertainties faced by the Company.
In 2025, the Company continued to strengthen its position as a leading global provider of high quality audio solutions across live events, broadcast, and international touring. The year benefited from the first full cycle of trading for Plus 4 Audio, acquired at the end of 2024. The integration of Plus 4 Audio has enhanced the Company’s technical capability, enriched its customer offering and significantly expanded its presence within the broadcast and entertainment sectors.
The Company also experienced substantial growth in the Kingdom of Saudi Arabia (“KSA”), driven by continued expansion of the regional live events industry. This growth builds on the establishment of the Company’s regional subsidiary in 2024 and reflects the increasing demand for high end audio support across the Middle East.
In parallel, the Company undertook major capital investment during the year, including finalizing the fit out of a new UK facility designed to support future operational scale, enhance efficiency, and provide additional capacity. The Company also made substantial investment in training and development, alongside significant investment in new software to improve systems, processes and global integration.
The directors aim to provide a balanced and comprehensive assessment of the Company’s performance during the year, together with its year end position. This review reflects the scale and nature of the business, as well as the principal risks and uncertainties faced by the Company.
In 2025, the Company continued to strengthen its position as a leading global provider of high quality audio solutions across live events, broadcast, and international touring. The year benefited from the first full cycle of trading for Plus 4 Audio, acquired at the end of 2024. The integration of Plus 4 Audio has enhanced the Company’s technical capability, enriched its customer offering and significantly expanded its presence within the broadcast and entertainment sectors.
The Company also experienced substantial growth in the Kingdom of Saudi Arabia (“KSA”), driven by continued expansion of the regional live events industry. This growth builds on the establishment of the Company’s regional subsidiary in 2024 and reflects the increasing demand for high end audio support across the Middle East.
In parallel, the Company undertook major capital investment during the year, including finalizing the fit out of a new UK facility designed to support future operational scale, enhance efficiency, and provide additional capacity. The Company also made substantial investment in training and development, alongside significant investment in new software to improve systems, processes and global integration.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 was a year of strong commercial performance supported by significant strategic investment. Turnover increased to £55.8M (2024: £45.2M), representing strong year on year growth. This increase was primarily driven by:
∙the first full year of trading from Plus 4 Audio; and
∙elevated activity levels across KSA, reflecting the Company’s continued expansion in the region.
EBITDA as a percentage of turnover improved to 28.8% (2024: 21.4%), reflecting strong trading performance, improved operational efficiency, and the contribution from the expanded group structure.
During the year, the Company implemented a revised depreciation policy to align with the broader Clair Global Group. This change led to an increase in the depreciation charge from 12% of turnover in 2024 to 19% in 2025. As a direct result of this accounting change, and the enlarged fixed asset base following recent capital expenditure, the gross margin reduced from 36.2% in 2024 to 31.8% in 2025.
Despite the accounting driven reduction in gross margin, the underlying trading performance remained robust, with strong demand across touring, broadcast and international markets.
During the year, the Company implemented a revised depreciation policy to align with the broader Clair Global Group. This change led to an increase in the depreciation charge from 12% of turnover in 2024 to 19% in 2025. As a direct result of this accounting change, and the enlarged fixed asset base following recent capital expenditure, the gross margin reduced from 36.2% in 2024 to 31.8% in 2025.
Despite the accounting driven reduction in gross margin, the underlying trading performance remained robust, with strong demand across touring, broadcast and international markets.
In addition to the strong trading performance, the Company’s statement of financial position continued to strengthen during the year. Net assets increased to £15.3M (2024: £11.5M), a 32.9% uplift, reflecting the profitability of the business and the continued investment in operational capacity. Fixed assets rose modestly to £48.6M (2024: £47.6M), with the rate of growth influenced by the revised Group depreciation policy introduced at the beginning of the year. Liabilities also grew year on year, primarily driven by the financing of the Company’s strategic investment program. Overall, the year end position demonstrates improved financial resilience and a solid platform for future expansion.
Key Performance Indicators
The Board monitors a range of financial and operational KPIs to assess performance. Key financial indicators for the year were:
∙Turnover: £55.8M
∙Gross Profit Margin: 31.8%
∙EBITDA: £16.1M (EBITDA margin 28.8%)
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Britannia Row Productions operates within a dynamic and expanding global market. The Board regularly reviews risks and implements mitigation strategies; however, some risks remain outside of the Company’s direct control.
Talent Retention and Recruitment
Securing and retaining high calibre technical talent remains essential to the Company’s success. The Company continues to invest in competitive remuneration, a strong cultural environment, and structured development pathways across the wider Clair Global network.
Exchange Rate Fluctuations
With substantial international operations - including significant activity in the Middle East - the Company is exposed to fluctuations in foreign exchange rates. This risk is mitigated through currency matched contracting and the use of multi currency banking arrangements.
Interest Rates
Interest rate exposure is actively managed through prudent financial planning and investment aligned with current economic conditions.
Health & Safety
The Company maintains a proactive approach to health and safety, supported by regular training, structured oversight and a dedicated in house safety function.
Cybersecurity
Cybersecurity continues to be a priority. The Company maintains a robust security framework including multi factor authentication, continuous monitoring and ongoing employee training to mitigate digital threats.
Geopolitical Instability in the Middle East
The Company has substantial strategic focus and operational activity in the Middle East, particularly in the KSA. Ongoing conflict and geopolitical tension in the region create uncertainty that may impact event activity levels, international travel, supply chain timelines, and the availability of specialist personnel.
The Board monitors regional developments closely and works with its partners across the Clair Global Group to ensure flexible resource planning, diversified market exposure, and appropriate contingency measures.
Talent Retention and Recruitment
Securing and retaining high calibre technical talent remains essential to the Company’s success. The Company continues to invest in competitive remuneration, a strong cultural environment, and structured development pathways across the wider Clair Global network.
Exchange Rate Fluctuations
With substantial international operations - including significant activity in the Middle East - the Company is exposed to fluctuations in foreign exchange rates. This risk is mitigated through currency matched contracting and the use of multi currency banking arrangements.
Interest Rates
Interest rate exposure is actively managed through prudent financial planning and investment aligned with current economic conditions.
Health & Safety
The Company maintains a proactive approach to health and safety, supported by regular training, structured oversight and a dedicated in house safety function.
Cybersecurity
Cybersecurity continues to be a priority. The Company maintains a robust security framework including multi factor authentication, continuous monitoring and ongoing employee training to mitigate digital threats.
Geopolitical Instability in the Middle East
The Company has substantial strategic focus and operational activity in the Middle East, particularly in the KSA. Ongoing conflict and geopolitical tension in the region create uncertainty that may impact event activity levels, international travel, supply chain timelines, and the availability of specialist personnel.
The Board monitors regional developments closely and works with its partners across the Clair Global Group to ensure flexible resource planning, diversified market exposure, and appropriate contingency measures.
Looking ahead, the Company will continue to strengthen collaboration within the Clair Global Group with a focus on global systems integration and consistency of service delivery.
Key priorities for 2026 include:
Key priorities for 2026 include:
∙Leveraging operational efficiencies and capacity from the new UK facility
∙Further expansion within the Middle East, particularly KSA
∙Continued optimisation and integration of Plus 4 Audio
∙Targeted investment in technology, people and infrastructure.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors’ Statement on the Promotion of the Company’s Success
In accordance with Section 172 of the Companies Act 2006, the directors confirm that they have acted in a way most likely to promote the long-term success of the Company for the benefit of its stakeholders.
In accordance with Section 172 of the Companies Act 2006, the directors confirm that they have acted in a way most likely to promote the long-term success of the Company for the benefit of its stakeholders.
Employees
The Company prioritises wellbeing. All employees are paid at least the London Living Wage, with continued investment in technical training, health and safety, and career development, supporting staff with opportunities for cross group mobility to foster growth within Clair Global.
Customers
The Company remains committed to delivering bespoke, high quality global audio solutions. Continuous collaboration across the Clair Global network enables consistent international delivery and reduces logistical complexity for clients.
Suppliers
The Company maintains transparent and collaborative relationships with its suppliers, promoting innovation and ensuring high standards of service delivery.
Shareholders
The directors prioritise transparent communication and ensure that management strategies remain aligned with shareholder interests and long term value creation.
The directors prioritise transparent communication and ensure that management strategies remain aligned with shareholder interests and long term value creation.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £2,045,575 (2024: £1,964,142).
The directors have not recommended a dividend.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Methodologies
Raw energy data taken at site level from direct invoices or landlord recharges. All Scope 1, 2 & 3 energy consumption has been converted to greenhouse gas emissions using standard UK carbon conversion factors from DESNZ/DEFRA.
Energy efficiency
The Group is committed to improving energy efficiency and reducing its environmental impact. During the year, a number of initiatives were undertaken to support this objective, including the following:
∙Investment in energy efficient premises, including the occupation of a modern UK headquarters building with a high energy performance rating and on site renewable energy generation.
∙Ongoing development of internal operational systems designed to optimise the use and deployment of equipment and resources.
∙Leveraging the global infrastructure of the Group’s parent company to make greater use of local facilities and services, thereby reducing the need for international freight movements and business travel.
∙Implementation of recycling programmes for consumable items such as printer cartridges and batteries.
∙Enhanced waste management practices, resulting in the diversion of all operational waste from landfill during the period, with a significant proportion redirected to recycling streams.
∙Elimination of disposable cups across office and operational locations.
∙Engagement with key suppliers who support environmental initiatives, including reforestation and sustainability programmes.
∙Reduction in the use of plastic consumables through the adoption of alternative, more sustainable packaging materials.
The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties
Under section 487(2) of the Companies Act 2006, Ernst & Young LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with the registrar, whichever is earlier.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED
We have audited the financial statements of Britannia Row Productions Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Analysis of Net Debt and the related notes 1 to 26, 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 FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the Parent Company's ability to continue as a going concern for a period of 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability to continue as a going concern.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
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 Group financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations including health and safety and the Data Protection Act 2018.
∙We understood how the Group and Parent Company are complying with those frameworks by making enquiries of management and those charged with governance to gain an understanding of entity level controls including how the Group and Parent Company maintains and communicates its policies and procedures in these areas. We corroborated our enquiries through a review of policies, meeting minutes and any correspondence received from regulatory bodies.
∙We assessed the susceptibility of the Group and Parent Company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance as to established policies and procedures that exist, as well as reading internal policies relating to revenue recognition and related party transactions. We considered the procedures and controls that the Group and Parent Company has established to address risks identified, or that otherwise prevent, deter and detect fraud and gained an understanding as to how these procedures and controls are implemented and monitored.
∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures included verifying that material transactions are recorded in compliance with FRS 102 and were applicable Companies Act 2006. Compliance with other operational laws and regulations was covered through inquiry with management, reading of the board meeting minutes and correspondence with the relevant authorities with no indication of non-compliance identified.
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 auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
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.
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
27 May 2026
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 42 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Britannia Row Productions Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 14 Vickers Drive South, Brooklands Industrial Park, Weybridge, KT13 0YX.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the year end the Group had net assets of £15,291,788 increased from £11,504,428 as at 31 December 2025. For at least the next twelve months from the date of these financial statements, due to the continued support of the ultimate parent company and cash generated from operations, the directors have a reasonable expectation that the Group has adequate resources to continue operational existence.
The directors have received a letter of support from Clair Global Corporation that confirms their ability to provide continued financial support to the company for it to meet its current and future liabilities as they fall due for a period of twelve months from date of the financial statements. In assessing the ability of the directors to rely on this support, they have considered the Group's future cash flows and level of committed facilities available at the Group level to support liquidity.
Taking into account the support from the Parent Company, the directors have a reasonable assurance to continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Taking into account the support from the Parent Company, the directors have a reasonable assurance to continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The amortisation expense is included within administrative expenses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a mixture of straight line and reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group adopted the Clair Group depreciation policy in 2025, and depreciation is charged in accordance with the methods set out in the table above.
Prior to adopting the Clair Group policy, depreciation was provided as follows. Leasehold property was depreciated evenly over the remaining lease term. Plant, machinery and equipment was depreciated at rates of between 20% and 50% per annum on a reducing balance basis. Motor vehicles were depreciated at 25% per annum on a reducing balance basis. Fixtures and fittings were depreciated at 20% per annum on a reducing balance basis. Audio equipment was depreciated at rates of between 15% and 33% per annum on a reducing balance basis.
Prior to adopting the Clair Group policy, depreciation was provided as follows. Leasehold property was depreciated evenly over the remaining lease term. Plant, machinery and equipment was depreciated at rates of between 20% and 50% per annum on a reducing balance basis. Motor vehicles were depreciated at 25% per annum on a reducing balance basis. Fixtures and fittings were depreciated at 20% per annum on a reducing balance basis. Audio equipment was depreciated at rates of between 15% and 33% per annum on a reducing balance basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
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 profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Judgements in applying accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.Intangible assets (continued)
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Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14.Tangible fixed assets (continued)
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Page 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Amounts owed to group undertakings carry an effective interest rate of 4.37%.
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Page 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Foreign exchange reserve
Non-controlling interest
Profit and loss account
Page 39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
On 29 October 2024, the net assets of Plus 4 Audio Limited were £4,925,104. The Goodwill arising on acquisition was £5,235,739.
Page 40
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Due to the timing of the acquisition of Plus 4 Audio Limited, the fair value assessment of the assets of Plus 4 Audio Limited as at the date of acquisition was provisional as at 31 December 2024. The fair value assessment has been finalised in the year 31 December 2025 and there has been no change to the fair value assessment. The subsequent hive up of assets from Plus 4 Audio Limited to Britannia Row Productions Limited has also not changed as a result of no changes in the fair value assessment.
The goodwill arising on acquisition is attributable to the potential future earnings to be generated for the Group trading.
Plus 4 Audio Limited (Company registration no 04895890) is exempt from the audit of its financial statements byvirtue of s. 479A of the Companies Act 2006. The subsidiary company was incorporated in England and Wales. Itsresults are included in these financial statements
The Company's assets are pledged as security over group borrowings by means of fixed and floating charges and negative pledges held by PNC Bank, National Association. The directors do not anticipate that the Company will incur any future liabilities as a result of these charges.
The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. At 31 December 2025 contributions totalling £58,924 (2024: £53,086) were payable to the Group's pension funds at the reporting date.
Page 41
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent company is Lititz Holdings Limited which is registered in the Republic of Ireland.
The ultimate parent company is Clair Global Dynasty Holdings LLC, which is registered in the United States of America.
The results of the Company are included in the consolidated financial statements for Clair Global Corp., a company registered in the United States of America whose registered address is 222 Touring Blvd, Lititz, PA 17543, United States.
This is the largest and smallest group of undertakings for which consolidated financial statements are available.
Page 42