The Directors present their strategic report for Exaudio Capital Limited (the "Company") and the audited consolidated financial statements of Exaudio Capital Limited and its subsidiaries (the "Group") together, for the year ended 31 December 2025.

The consolidated financial statements of the Group have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.

The principal activity of Exaudio Capital Limited is a holding company. The principal activity of the Company's subsidiaries is the provision of market research, consultancy, marketing and communication services. The Directors have provided an analysis of the Group’s performance within the KPI section.

Fair review of the business

During the year, 2CV Limited and The Value Engineers Ltd deepened their collaboration. This strategic alignment enhanced coordination across the Group and strengthened the focus on key client relationships, while also creating opportunities to broaden the Group’s capabilities and service offering.

Significant progress was made in further aligning its core business capabilities with other DTA group members to support scale in new business and marketing activities. This enabled improved operational efficiency and strengthened the Group’s ability to scale business development and marketing initiatives.

Signal continued to strengthen its position within the financial services sector during the year, expanding both its client base and proprietary technology platform.

In August 2025, the Group completed the disposal of Signal Agency Limited. Proceeds from the disposal were used to repay the Group’s bank debt in full and partially redeem preference shares, materially improving the Group’s balance sheet position and reducing financing costs.

The Group remains focused on integrating emerging technologies, including AI-enabled tools and agile methodologies, to support innovation, improve responsiveness to client needs and drive sustainable long-term growth across all key sectors.

KPIs are used within the business to manage the performance of the whole business, management and staff. The main financial KPIs relate to net revenue and operating profit.

During the year, the Group reported net revenue of £8,725,794 (2024: £10,797,306) and an operating loss before depreciation, amortisation and impairment of £3,313,242 (2024: loss £1,270,818).

Exceptional costs of £1,285,270 were incurred during the year in relation to the disposal of Signal Agency Limited and associated restructuring activities.,

The Group reported an operating loss of £4,740,230 compared to a prior year operating loss of £2,895,276.

Following the disposal of Signal Agency Limited, the Group recognised a profit on discontinued operations of £15,522,502, resulting in an overall profit after tax for the year of £8,839,946 (2024: loss £5,364,239).

The net operating margin was -54.32% (2024: -26.81%).

The Group had net current assets of £2,250,492 (2024: £1,444,391) and net liabilities of £1,187,129 (2024: £9,899,774) as at 31 December 2025.

Net revenue is defined as turnover less third party project costs.

The principal risks and uncertainties facing the Group have been considered and the Directors believe that the appropriate controls and strategies are in place to reduce these to an acceptable level.

The Directors consider the principal risks of the business to be:

Client relationships

Long term client relationships are essential for our success. The risk from losing key clients is mitigated by the profile of our client base and the breadth of long-established relationships across the sectors in which the Group operates.

Economic Uncertainty

Macroeconomic uncertainty, inflationary pressures and cautious client spending continue to present risks to revenue growth and profitability. Targets have been set with a focus on achieving sustainable profitable growth aligned to long-term strategic objectives.

Key staff

Our directors and key staff are fundamental to servicing existing business and winning new clients.

Supplier relationships

The Group undertakes periodic reviews of supplier relationships to avoid over dependence on any one supplier and to maintain operational resilience.

The Group’s activities may be exposed to certain financial risks, including foreign exchange risk, liquidity risk and credit risk.

Liquidity risk

The Group’s policy is to regularly monitor liquidity requirements to ensure sufficient liquid financial assets are available to meet obligations as they fall due. Following the disposal of Signal Agency Limited, the Group significantly reduced external debt through repayment of bank facilities and partial redemption of preference shares.

Credit risk

Credit risk predominantly arises from trade receivables. The Group mitigates this risk through strong credit control procedures, timely invoicing and advance billing arrangements for selected projects.

Foreign exchange risk

The Directors seek to minimise foreign exchange risk through a range of initiatives including, where possible, matching the revenue currency to the anticipated currency of direct costs.

This report was approved by the board and signed on its behalf.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the group continued to be that of market research, communication and brand consultancy services.

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

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

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

The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The group's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the group at the year end were equivalent to 84 day's purchases, based on the average daily amount invoiced by suppliers during the year.

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company and group will be put to a General Meeting.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

The Strategic Report can be found on pages 1 to 3. This contains the principal activities and future developments of the Group, review of the business, details of the Group’s principal risks and uncertainties and its financial risk management policies.

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

Company law requires the director prepare Group and parent company financial statements for each financial year. Under that law they have elected to prepare the Group financial statements in accordance with UK-adopted International Accounting Standards and applicable law and have elected to prepare the parent company financial statements in accordance with United Kingdom accounting standards and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company and of the profit or loss for the group for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable, relevant, reliable and prudent;

• for the Group financial statements, state whether they have been prepared in accordance with UK-adopted International Accounting Standards;

• for the parent company financial statements, state whether they have been prepared in accordance with UK Accounting Standards;

• assess the Group and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Group or the parent company or to cease operations or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s and Group’s transactions and disclose with reasonable accuracy at any time the financial position of the parent company and Group enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and parent company and to prevent and detect fraud and other irregularities.

Qualified opinion

We have audited the financial statements of Exaudio Capital Limited (the ‘parent company’) and its subsidiaries (‘the group’) for the year ended 31 December 2025 which comprise the Group Income Statement, the Group Statement of Comprehensive Income, the Group and Company Statement of Financial Position, the Group and Company Statements of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and, as regards to the consolidated financial statements, UK-adopted International Accounting Standards. In regards to the parent company financial statements, United Kingdom Accounting Standards, including FRS 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

• give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended,

• have been properly prepared in accordance with UK-adopted International Accounting Standards and the parent company financial statements 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 qualified opinion

The Company’s statement of financial position includes an investment in subsidiaries of £11,505,341. The Group's statement of financial position includes goodwill of £3,252,432 and customer relationships of £5,665,070. As disclosed in note 1.10, management has performed an impairment assessment using discounted cash flow forecasts to determine the recoverable amount of these balances.

We were unable to obtain sufficient appropriate audit evidence regarding the assumptions underpinning the forecast cash flows used in the impairment assessments, including forecast revenue growth, profitability, and related key inputs. In particular, the Group’s forecasts have been subject to significant revisions, and actual trading performance has historically varied significantly from forecasts. Consequently we were unable to obtain sufficient appropriate audit evidence to determine whether any impairment of goodwill, customer relationships and cost of investment in subsidiaries was required, or the amount of any such impairment.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, our audit opinion is qualified because we were unable to obtain sufficient appropriate audit evidence regarding the assumptions underpinning the forecast cash flows used in the impairment assessment, including forecast revenue growth, profitability, and related key inputs. We have concluded that where the other information refers to investments, goodwill and customer relationships or to related balances and classes of transactions, it may also be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter referred to in the basis for qualified opinion section of our report, 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.

Except for the matter referred to in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• returns adequate for our audit have not been received from branches not visited by us; or·

• the parent company financial statements are not in agreement with the accounting records and returns; or·

• certain disclosures of directors' remuneration specified by law are not made

In respect solely of the limitation on our work relating to investments, goodwill and customer relationships, described above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records had been maintained.

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.

• Conclude on the appropriateness of the members’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the limited liability partnership’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the limited liability partnership to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, for the group financial statements, UK adopted International Accounting Standards, for the company financial statements, UK Accounting Standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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 18 to 46 form part of these group financial statements.

The notes on pages 18 to 46 form part of these group financial statements.

Exaudio Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Flitcroft Street, London, England, WC2H 8DL. The company's principal activities and nature of its operations are disclosed in the directors' report.

The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the “Group”). The parent company financial statements present information about the Company as a separate entity and not about its Group.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements, except as noted below.

The group financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements and notes for the Group and Company are presented in British Pounds Sterling (“GBP”), which is the Company’s functional currency, as the majority of the Company’s transactions are denominated in GBP as it is the currency of the primary economic environment in which the entity operates.

Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except as otherwise stated in the accounts. The principal accounting policies adopted are set out below.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

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

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

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

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

At the year end, the Group reported a profit after tax of £8,true839,946 (2024: loss of £5,364,239). This is largely due to the gain on disposal of a subsidiary of £15,897,419.

The Group's liabilities exceeded assets for the period which resulted in a net liability position of £1,187,129 (2024: £9,899,774), however the Group reported a net current asset position of £2,250,492 (2024: £1,444,391).

The directors have prepared detailed group cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts, which incorporate historic performance data, anticipated revenue growth and cost management initiatives, indicate that the company will have sufficient liquidity to meet its obligations as they fall due, even after allowing for reasonably possible downside scenarios. It is noted that forecasts did not include a potential £2m uplift from deferred consideration payments arising from the sale of the subsidiary. Management expects this amount to be received in full, with payment anticipated in August 2026. The directors actively monitor the group and company’s financial performance and cash flows. In the event of a significant reduction in income, the directors will consider cost cutting measures in order to ensure the long term viability of the business. The forecasts also incorporate all material known commitments and expected cash flows.

Consequently, the directors are confident that the group and company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and therefore consider it appropriate to prepare the financial statements on a going concern basis.

i. Revenue recognition

The Group's revenues are principally derived from the provision of market research, consultancy, marketing, and communication services. There is some revenue from the sale of printed goods.

Revenue is measured based on the consideration specified in a contract, exclusive of value-added tax, with a customer and excludes, where applicable, any amounts collected on behalf of third parties. Revenue is recognised either over time or at a point in time, when (or as) the Group satisfies performance obligations and control of the product or service is transferred to the customer.

In most instances, promised goods or services in a contract are not considered distinct, or represent a series of services that are substantially the same with the same pattern of transfer to the customer and therefore are accounted for as a single performance obligation. However, where there are contracts with goods or services that are capable of being distinct or multiple products or services are provided, the total transaction price is allocated amongst the various performance obligations based on the relative standalone selling prices to the client.

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

ii. Revenue from market strategy consulting, market research, managed customer communication services and consulting

Revenue derived from the provision of market research, consultancy, marketing, and communication services are generally under fixed price contracts with single performance obligations. Contracts rarely extend beyond 12 months and clients are billed based on a payments schedule over the term of the contract. Invoices are generally payable by customers within 30 to 60 days.

Revenue is recognised over time because either the customer receives and uses the benefits simultaneously or the Group's performance does not create an asset with alternative use and the Group has an enforceable right to payment for performance to date.

The proportion of revenue recognised is based on milestones completed, or actual labour hours spent compared to total expected hours, as appropriate to the contract. Estimates of progress towards completion are revised if circumstances change, with a corresponding change to estimated revenue within the period.

Some contracts include variable consideration in the form of volume-based rebate arrangements. Variable consideration is estimated using the most likely amount payable and deducted from the transaction value of each contract. Values are recognised on the basis of the highly probable scenario, so that a significant reversal of the cumulative revenue recognised would not occur, once any uncertainty is resolved.

iii. Sale of printed goods

Revenue derived from the sale of printed goods is recognised and billed at the point in time when the printed materials are delivered. Invoices are generally payable by customers within 30 to 60 days. Revenue excludes amounts where the Group collects amounts on behalf of third-parties.

iv. Third-party project costs

Third-party project costs comprise amounts payable to external suppliers where they are retained at the Group's discretion to perform part of a specific performance obligation where the Group has full exposure to the benefits and risk of the contract with the client. Third-party project costs do not include direct labour costs. Revenue associated with third party project costs occurs when the cost is incurred and recharged to the client, this is generally recognised without mark-up.

v. Costs to obtain a contract

Costs that would have been incurred regardless of whether the contract is obtained, for example costs of developing a proposal, are recognised as incurred. The Group incurs incremental costs to obtain a contract, principally in the form of sales commissions. As the amortisation period of these costs, if capitalised, would be less than one year, the Group makes use of the practical expedient in IFRS 15 and expenses them as incurred. These costs are included in operating expenses.

vi. Contract assets and liabilities

The Group recognises consideration received in respect of unsatisfied performance obligations as contract liabilities in the Consolidated Balance Sheet. Similarly, if the Group satisfies a performance obligation before it receives the consideration, the Group recognises a contract asset in the Consolidated Statement of Financial Position.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

In accordance with IFRS 3 (revised) Business combinations, intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Identified intangible assets acquired as part of a business combination are customer relationships. These intangible assets have a finite useful economic life and are carried at cost less accumulated amortisation. Amortisation is recognised as an operating expense and calculated using the straight-line method over the expected life of the asset as follows:

• Customer Relationships10 years

Intangible assets acquired as part of a business combination are reviewed annually for indications of impairment or whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and its value-in-use. Intangible assets acquired as part of a business combination which have suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. Impairment losses and reversal of impairment losses are recognised in the income statement as an operating expense.

Property and equipment are stated at cost, less accumulated depreciation, and accumulated impairment losses.

Where parts of an item of property and equipment have different useful lives, they are accounted for as separate items of property and equipment.

Depreciation is charged to the income statement as an operating expense on a straight-line basis over the estimated useful lives of each part of an item of property and equipment. The estimated useful lives are as follows:

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

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

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

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

Cash and cash equivalents include cash in hand, 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 current liabilities.

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

A financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the income statement for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires lifetime expected credit losses to be recognised from initial recognition of the receivables.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The group recognises financial liabilities when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event and it is probable that the group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

When the group acts as a lessor, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the group applies IFRS 15 to allocate the consideration in the contract. When the group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.

Preference shares

Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. They have been recognised at fair value. The dividends on these preference shares are recognised in the income statement as interest expense.

New standards, amendments, IFRIC and new disclosures

(a) New standards, interpretations and amendments effective from 1 January 2025

There are no new standards, interpretation and amendment effective for the first time from 1 January 2025 that are relevant to the financial statements.

(b) New standards, interpretations and amendments issued but not yet effective

The following new accounting standards, interpretations and amendments have been issued but are not yet effective for accounting periods beginning on 1 January 2025 and have not been early adopted by the entity:

• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

• Classification of Liabilities as Current or Non‑current (Amendments to IAS 1)

• Non‑current Liabilities with Covenants (Amendments to IAS 1)

• Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

• Presentation and Disclosure in Financial Statements (IFRS 18)

• Subsidiaries without Public Accountability: Disclosures (IFRS 19)

These standards, interpretations and amendments are not expected to have a material impact on the entity in the current or future reporting periods, or on foreseeable future transactions.

The preparation of the financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

There are no significant judgements made in preparing the parent company financial statements.

By their nature, the use of estimates means actual results could differ from these estimates. Estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates are reviewed on an ongoing basis and any revisions to estimates are recognised prospectively.

The estimates that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

Estimation is often required in determining the identifiable intangible assets acquired as part of a business combination that must be recognised as an asset in the Group's consolidated financial statements. Estimation is required in determining both the fair value of all identified assets, liabilities acquired, any contingent consideration and in particular intangible assets.

In determining these fair values, a range of assumptions are used, including forecast revenue, discount rates, and attrition rates that are specifically related to the intangible asset being valued. The useful economic lives of these assets are estimated using management's best estimates and reassessed annually. If the useful economic lives of the Group intangible assets were one year shorter, the carrying value of intangible assets at 31 December 2025 would be £715k lower.

The recoverable amount of customer relationship intangibles is based on future cash flows from customers included in the initial customer relationship valuation . In determining whether any impairment is required, management makes a number of estimates in respect of future cash flows and customer retention. Following their assessment and review, the directors have determined no impairment is necessary.

The Group derives revenue from the transfer of goods and services over time and at a point in time basis and from the following geographical segments, based on the location of the client.

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

Their aggregate remuneration comprised:

The number of directors for who retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

The charge for the year can be reconciled to the loss per the income statement as follows:

The discontinued operations are in relation to the sale of a trading subsidiary in the year. This is disposal is detailed in note 29.

Goodwill is allocated to the Group's cash generating unit (CGUs) identified, being DTA Group Limited.

Goodwill arising on business combinations is not amortised but is tested for impairment on an annual basis, or more frequently if there are indications that goodwill may be impaired. Goodwill acquired in a business combination is allocated, at acquisition, to CGUs that are expected to benefit from that business combination.

The carrying amount of goodwill relates to the Group's trading activity and business segment. This has been tested for impairment during the current period by comparison with the recoverable amounts of the CGU. Recoverable amounts for CGUs are based on the higher of value in use and fair value less costs to sell. The recoverable amounts of the CGU have been determined from value in use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rate for the continuing operations of the Group. These long-term growth rates are management's estimates. The discount rates used are pre-tax and reflect specific risks relating to the continuing operations of the Group.

The key assumptions for value in use calculations are those regarding discount rates, growth rates, and expected changes in margins.

Discount rate

Management estimates discount rates using pre-tax rates that reflect current market assessment of time value of money and risks specific to CGUs. The pre-tax discount rate used to calculate value in use is 10.01% (2024: 10.36%).

Growth rates

The growth rate is stated as compound annual growth rates for the initial five years. Cash flow projections from the sixth year onwards based on estimated constant growth rate. Average growth rate used to calculate value in use is 3% (2024: 7%). The long-term constant growth rate of 2.5% (2024: 2.5%) has been used. In the short term costs reflect changes in structure and headcount and in the long run show a steady increase in line with revenue.

Sensitivity analysis

Forecasts are sensitive to growth rates and if forecast revenue growth is not achieved it would likely result in a material impairment adjustment.

Property, plant and equipment includes right-of-use assets, as follows:

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

As permitted by section 479A of the Companies Act 2006, the subsidiary, DTA Group Limited, is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts. In order to meet this exemption, the Company will give guarantees under section 479C of the Companies Act 2006.

The Group has applied the practical expedient permitted by IFRS 15 not to disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) at the end of the reporting period as contracts have an original expected duration of less than 12 months.

The average credit period taken on the provision of services was 23 days (2024: 33 days).

Management believes that the risk of non-collection of the unimpaired trade receivables is not material and therefore no ECL provision has been recognised. Management assesses, based on actual payments at the date of preparation of the accounts, that there was no significant increase in credit risk as at 31 December 2025.

The Directors consider that the carrying value of trade and other receivables approximates to fair value.

The company had a debt facility with Shawbrook Bank Limited. The Shawbrook facilities consisted of a £3.5m term loan. On 19th August 2025, the bank loan was repaid in full.

During the year, the company redeemed preference shares and paid out £7,962,826 on 21st August 2025. The preference shares accrue dividends at the rate of 10% per annum.

The main risks arising from the Group's financial instruments are interest rate risk, liquidity risk, and foreign exchange risk.

The Group operates in a number of markets across the world and is exposed to foreign exchange risk arising from various currency exposures in respect of cash and cash equivalents, trade receivables and trade payables.

The Group also has subsidiaries located in the USA and Singapore with functional currencies in US dollar, and Singapore dollar respectively. At 31 December 2025 the net assets of these subsidiaries were £952,470. Differences that arise from the translation of these assets to sterling are recognised in other comprehensive income in the period and the cumulative effect as a separate component in equity. The Group does not hedge this translation exposure to its equity.

The following table demonstrates the Group's sensitivity to a 10% increase and decrease in Sterling against US dollar and Singapore dollar, on the Group's profit for the period and on the Group's equity. This sensitivity represents management's assessment of the reasonably possible change in foreign exchange rates.

The Group's exposure to interest rate risk arises from the Group's long-term debt obligations with floating and fixed interest rates. Floating rate financial instruments comprise the Group's cash and cash equivalents and borrowings. Fixed rate financial instruments comprise lease liabilities.

The Group's borrowings were £nil (2024: £3.5m). Details of the Group's borrowings are set out in note 16 and details of the Group's lease liabilities are set out in note 19.

The following table demonstrates the sensitivity to reasonable possible changes in interest rates on bank borrowings, with all other variables held constant, on the Group's profit before tax and equity:

The Group's treasury policies are designed to ensure that sufficient cash reserves and loan facilities are available to support current and future business requirements.

At 31 December 2025 the Group had no undrawn facilities, and had cash and cash equivalents of £1,737,898.

The table below summarises the maturity profile of the Group's non-derivative financial liabilities at 31 December 2025 based on contractual undiscounted payments, including estimated interest payments where applicable:

The Directors consider that the carrying value of trade and other payables approximates to fair value.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

In 2022 the group acquired through business combinations, a provision in relation to lease dilapidations.

The Group is required to restore some of its leased offices to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated amount of these costs. These costs have been capitalised as part of the respective right-of-use asset and amortised over the remaining lease terms.

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

A, B and C shares have full, equal rights regarding voting, payment of dividends and distributions.

During the year, the company repurchased and subsequently cancelled 10,000 Ordinary B shares at a nominal value of £0.01 and 7,500 Ordinary C shares at a nominal value of £0.01. Nil value was paid.

During the year, the company repurchased and held in treasury 2,000 Ordinary C shares at a nominal value of £0.01 for £1,980.

On 19 August 2025 the group disposed of its 100% holding in Signal Agency Limited. Included in these financial statements are profits of £26,662 arising from the group's interests in Signal Agency Limited up to the date of its disposal.

The Group has related party relationships with its subsidiaries.

Transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note.

During the reporting period, the Group engaged in transactions with Vespa Capital LLP, an entity related to the group by virtue of control. Management charges amounting to £129,078 (2024: £184,582) were incurred. At the reporting date, the Group owed Vespa Capital LLP £nil (2024: £128,629). These transactions were conducted on an arm's length basis and were necessary for the operational management of the Group.

There were no other transactions with related parties during the period. Furthermore, there were no outstanding balances with other related parties as of the reporting date.

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £11,885,434 (2024 - £2,581,292 loss).

The notes on pages 49 to 53 form part of these parent company financial statements.

Exaudio Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Flitcroft Street, London, England, WC2H 8DL. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The following exemptions from the requirements of IFRS have been applied in preparation of these financial statements, in accordance with FRS 101:

• IFRS 7, Financial Instruments: Disclosures

• Paragraph 38 of IAS 1 Presentation of financial instruments - comparative information in respect of paragraph 79(a)(iv) of IAS 1

• The following paragraphs of IAS 1 "Presentation of financial statements"; 10(d) - statement of cash flows, 16 - statement of compliance with all IFRSs, 38A - requirement for minimum of two primary statements, including cash flow statements, 111 - statement of cash flows information, 134-136 - capital management disclosures

• IAS 7 Statement of Cash Flows

• Paragraphs 30 and 31 of IAS 8 Accounting policies, changes in accounting estimates and errors

• Paragraph 17 of IAS 24 Related party disclosures

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of the financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

There are no significant judgements made in preparing the parent company financial statements.

By their nature, the use of estimates means actual results could differ from these estimates. Estimates are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates are reviewed on an ongoing basis and any revisions to estimates are recognised prospectively.

The estimates that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

The Company has amounts due from group undertakings of £1,722,266 (2024: £13,041) at the reporting date. Management has exercised significant judgement in assessing whether these balances are recoverable and whether an expected credit loss provision is required. The assessment of recoverability requires consideration of the financial position and future prospects of the relevant group entities, including forecast profitability, projected cash flows, available financing arrangements and the value of the underlying net assets. Management also considers the intention and ability of group undertakings to settle the balances as they fall due. In performing this assessment, management reviewed the financial position of the relevant entities and considered supporting evidence including budgets, forecasts and available funding arrangements. Based on this review, management concluded that balances of £1,722,266 are recoverable and that no impairment provision is required. The recoverability assessment is sensitive to assumptions regarding future trading performance and cash generation. A change in these assumptions could result in a material adjustment to the financial statements.

The recoverable amount of investments is based on future cash flows for the individual investments. In determining whether any impairment is required, management makes a number of estimates in respect of future cash flows and future earnings growth. Following their assessment and review, the directors have determined an impairment of £5,876,997 is necessary.

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

Details of the company's principal operating subsidiaries are included in note 15.

The company had a debt facility with Shawbrook Bank Limited. The Shawbrook facilities consisted of a £3.5m term loan. On 19th August 2025, the bank loan was repaid in full.

During the year, the company redeemed preference shares and paid out £7,962,826 on 21st August 2025. The preference shares accrue dividends at the rate of 10% per annum.