Company No: OC332881 (England and Wales)

Contents

• Limited Liability Partnership Information
• Accountants' Report
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	Rage Network Holdings Ltd
	Dstream Holdings Ltd
	Julien Jean Roland Thierry

Registered office	167 169 Great Portland Street
	5th Floor
	London
	W1W 5PF
	United Kingdom

Registered number

OC332881 (England and Wales)

Accountant	Kreston Reeves LLP
	Suite 2
	Orchard House
	Orchard Street
	Canterbury
	Kent
	CT2 8AR

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of Media Circle LLP for the financial year ended 31 December 2025 which comprise the Balance Sheet, the Reconciliation of Members' Interests and the related notes 1 to 8 from the LLP’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

This report is made solely to the members of Media Circle LLP, as a body, in accordance with the terms of our engagement letter dated 05 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Media Circle LLP and state those matters that we have agreed to state to members of Media Circle LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Media Circle LLP and its members as a body for our work or for this report.

It is your duty to ensure that Media Circle LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Media Circle LLP. You consider that Media Circle LLP is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Media Circle LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Suite 2
Orchard House
Orchard Street
Canterbury
Kent
CT2 8AR

07 September 2026

	Note	2025		2024
		€		€
Fixed assets
Intangible assets	3	129		536
Tangible assets	4	227		0
Investments	5	580,037		253,725
		580,393		254,261
Current assets
Debtors	6	40,685		122,941
Cash at bank and in hand		25,905		26,178
		66,590		149,119
Creditors: amounts falling due within one year	7	( 38,828)		( 130,829)
Net current assets		27,762		18,290
Total assets less current liabilities		608,155		272,551
Net assets attributable to members		608,155		272,551
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		608,155		272,551
		608,155		272,551
Total members' interests
Loans and other debts due to members		608,155		272,551
		608,155		272,551

For the financial year ending 31 December 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Media Circle LLP (registered number: OC332881) were approved and authorised for issue by the members on 07 September 2026. They were signed on its behalf by:

Dstream Holdings Ltd Designated member

	EQUITY Members' other interests	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Other reserves	Members' capital (classified as debt)	Total
	€	€	€
Amounts due to members		193,522
Balance at 01 January 2024	0	193,522	193,522
Loss for the financial year available for discretionary division among members	(365,971)	0	(365,971)
Members' interest after loss for the financial year	(365,971)	193,522	(172,449)
Introduced by members	0	445,000	445,000
Other division of losses	365,971	(365,971)	0
Amounts due to members		272,551
Balance at 31 December 2024	0	272,551	272,551
Loss for the financial year available for discretionary division among members	(359,396)	0	(359,396)
Members' interest after loss for the financial year	(359,396)	272,551	(86,845)
Introduced by members	0	695,000	695,000
Other division of losses	359,396	(359,396)	0
Amounts due to members		608,155
Balance at 31 December 2025	0	608,155	608,155

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Media Circle LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 167 169 Great Portland Street, 5th Floor, London, W1W 5PF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in EUR which is the functional currency of the LLP and rounded to the nearest €.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial
period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members 'remuneration charged as an expense in the Statement of comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	1		1

3. Intangible assets

	Other intangible assets		Total
	€		€
Cost
At 01 January 2025	5,360		5,360
At 31 December 2025	5,360		5,360
Accumulated amortisation
At 01 January 2025	4,824		4,824
Charge for the financial year	407		407
At 31 December 2025	5,231		5,231
Net book value
At 31 December 2025	129		129
At 31 December 2024	536		536

4. Tangible assets

	Plant and machinery		Office equipment		Total
	€		€		€
Cost
At 01 January 2025	34,880		0		34,880
Additions	0		248		248
At 31 December 2025	34,880		248		35,128
Accumulated depreciation
At 01 January 2025	34,880		0		34,880
Charge for the financial year	0		21		21
At 31 December 2025	34,880		21		34,901
Net book value
At 31 December 2025	0		227		227
At 31 December 2024	0		0		0

5. Fixed asset investments

	Listed investments		Total
	€		€
Cost or valuation before impairment
At 01 January 2025	253,725		253,725
Additions	670,000		670,000
Disposals	( 311,607)		( 311,607)
Movement in fair value	( 32,081)		( 32,081)
At 31 December 2025	580,037		580,037
Carrying value at 31 December 2025	580,037		580,037
Carrying value at 31 December 2024	253,725		253,725

6. Debtors

	2025		2024
	€		€
Trade debtors	36,408		116,916
Other debtors	4,277		6,025
	40,685		122,941

7. Creditors: amounts falling due within one year

	2025		2024
	€		€
Trade creditors	35,618		124,843
Other taxation and social security	0		2,964
Other creditors	3,210		3,022
	38,828		130,829

8. Ultimate controlling party

The limited liability partnership is controlled by the designated members.