ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 03555097

ADLIB AUDIO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

ADLIB AUDIO LIMITED

COMPANY INFORMATION

Directors	A. P. Dockerty
	J. C. Hughes
	D. A. Jones
	D. A. Kay
	P. J. Stoker
	T. I. Edwards (appointed 25 September 2024)


Registered number	03555097


Registered office	Adlib House
	Kitling Road
	Knowsley Business Park
	Liverpool
	L34 9JS


Independent auditors	Langtons Professional Services Limited
	Chartered Accountants & Statutory Auditors
	The Plaza
	100 Old Hall Street
	Liverpool
	L3 9QJ

ADLIB AUDIO LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10 - 11
Statement of changes in equity	12 - 13
Notes to the financial statements	14 - 35

ADLIB AUDIO LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

The directors present their report for the year ended 30 April 2025.

Business review

Total revenue for the year ended 30 April 2025 increased by 7% to £30.3m (FY2024: £28.4m). This growth was driven by a 14% increase in Rental Turnover to £20.5m (FY2024: £17.9m). UK Rental revenues grew by 5% to £14.5m (FY2024: £13.8m) as we stimulate growth in what is a highly competitive marketplace. Overseas Rental revenues grew by 53% to £5.3m (FY2024: £3.4m). We continue to serve the needs of our clients with significant overseas touring revenue growth; this was recognised by being awarded the Prestigious King’s Award for International Trade on 6th May 2025.
We have invested £7.4m (FY2024: £6.3m) in Rental Assets during the year to deliver on new contracts and meet the increasing technical requirements demanded by our clients.
The scale of this investment allows the business to obtain good commercial terms from manufacturers and maintains an asset age profile which allows flexibility to manage investment needs through the economic cycle. To assist with the cash requirements for this level of investment, we have rotated assets and sold £1.8m of Tangible Assets (FY2024 £974k). With access to our huge equipment inventory, improved London offering and other diversified income streams we have ambitious targets for future growth and expect to generate returns from the investment made over the last two years.
The Sales & Installation arm of the business has delivered revenue of £10.1m (FY2024: £10.8m), with a growing portfolio showcasing our ability to successfully work with a variety of stakeholders including building contractors, designers and direct with venues. This department has a growing orderbook and maintenance contracts in place to support the diverse needs of venues across the UK.
EBITDA increased by £600k to £6.0m (FY2024: £5.4m), +£11%. The Group are confident of continued EBITDA growth into FY26 with a strong orderbook and pipeline in both Rental and Sales & Installation Departments.

In April 2025, the group secured premises in London to position itself closer to its southern clients and operations. The new premises in Wimbledon have a more central location with a larger office and warehouse space to serve its growing client base.
To further support the group’s growing touring roster over the coming years, towards the end of the financial year a new subsidiary Adlib US Inc. was incorporated with headquarters in Los Angeles, USA.
Following the first full financial year post-MBO the business plans to consolidate its position as the UK’s leading independent event technology partner by strengthening underlying financial performance, continuing to reinvest profits to fund growth whilst carefully monitoring operating profit, net cash and net debt levels.

Page 1

ADLIB AUDIO LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Principal risks and uncertainties

The business produces weekly short-term cashflows and regularly monitors Orderbook and Pipeline data to ensure Trading Performance is in line with expectations. Financial outturn is reviewed in Management Accounts and Detailed Projections, along with the working capital requirements and cash position.
All new customers and suppliers are onboarded following a credit check and further due diligence. Credit agency data is cross matched across our ledgers to help monitor credit risk and changes in credit scores. This along with our credit policies has successfully kept Bad Debts to a minimum (0.1% of turnover).
The business secured £4m of CBILS loans in 2020/21. To date, over £3m of the original debt has been repaid demonstrating our cash generative activities to drive down COVID-19 related debt.

Financial key performance indicators

We consider that our key financial performance indicators are those that show the overall performance and strength of the company; The most appropriate measures being turnover, gross margin and cash flow.

This report was approved by the board on 18 November 2025 and signed on its behalf.

J. C. Hughes

Director

Page 2

ADLIB AUDIO LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments 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;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The company's principal activites during the year continued to be that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture. Provision of Crew to the Event and Entertainment Industry. Provision of Technical Training Services. Property Owners. Installation of stage engineering and installation of electrical works. Video Content Production.

Results and dividends

The profit for the year, after taxation, amounted to £1,639,244 (2024 - £1,024,736).

Dividends amounting to £165,000 (2024 - £60,000) were paid during the year. The directors do not recommended any further dividends for the year.

Directors

The directors who served during the year were:

A. P. Dockerty

J. C. Hughes

D. A. Jones

D. A. Kay

P. J. Stoker

T. I. Edwards (appointed 25 September 2024)

Page 3

ADLIB AUDIO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Future developments

The directors plan to continue to develop the existing activities of the company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 November 2025 and signed on its behalf.

J. C. Hughes

Director

Page 4

ADLIB AUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED

Opinion

We have audited the financial statements of Adlib Audio Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 April 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Page 5

ADLIB AUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

ADLIB AUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

The objectives of our audit, in respect to 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; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
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 the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Page 7

ADLIB AUDIO LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADLIB AUDIO LIMITED (CONTINUED)

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 Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.

Andrew McCall (Senior statutory auditor)

for and on behalf of

Langtons Professional Services Limited

Chartered Accountants

Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ

18 November 2025

Page 8

ADLIB AUDIO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	30,266,057	28,386,792
Cost of sales		(15,529,945)	(15,135,235)
Gross profit		14,736,112	13,251,557
Administrative expenses		(11,785,793)	(10,943,411)
Other operating income	5	1,000	3,000
Operating profit	6	2,951,319	2,311,146
Income from shares in group undertakings		-	665,291
Amounts written off investments		-	(731,762)
Interest receivable and similar income	10	255	254
Interest payable and similar expenses	11	(782,740)	(819,088)
Profit before tax		2,168,834	1,425,841
Tax on profit	12	(529,590)	(401,105)
Profit for the financial year		1,639,244	1,024,736

Other comprehensive income for the year
Unrealised surplus on revaluation of tangible fixed assets	-	1,334,281
Deferred tax on revaluation	-	(580,115)
Other comprehensive income for the year	-	754,166
Total comprehensive income for the year	1,639,244	1,778,902

The notes on pages 14 to 35 form part of these financial statements.

Page 9

ADLIB AUDIO LIMITED

REGISTERED NUMBER: 03555097

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		10,555		23,222
Tangible assets	15		25,855,568		22,813,295
Investments	16		211,155		211,155
			26,077,278		23,047,672
Current assets
Stocks	17	1,784,248		1,942,311
Debtors	18	6,558,098		4,121,130
Cash at bank and in hand	19	323,484		550,063
		8,665,830		6,613,504
Creditors: amounts falling due within one year	20	(12,634,226)		(10,903,288)
Net current liabilities			(3,968,396)		(4,289,784)
Total assets less current liabilities			22,108,882		18,757,888
Creditors: amounts falling due after more than one year	21		(11,136,900)		(9,777,922)
Provisions for liabilities
Deferred tax	25	(2,474,536)		(1,944,946)
Other provisions	26	(23,635)		(35,453)
			(2,498,171)		(1,980,399)
Net assets			8,473,811		6,999,567

Capital and reserves
Called up share capital	27	159	159
Share premium account	28	41,213	41,213
Revaluation reserve	28	754,166	754,166
Capital redemption reserve	28	17	17
Profit and loss account	28	7,678,256	6,204,012
		8,473,811	6,999,567

Page 10

ADLIB AUDIO LIMITED

REGISTERED NUMBER: 03555097

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 APRIL 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2025.

J. C. Hughes

Director

The notes on pages 14 to 35 form part of these financial statements.

Page 11


		ADLIB AUDIO LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2024	159	41,213	17	754,166	6,204,012	6,999,567
Comprehensive income for the year
Profit for the year	-	-	-	-	1,639,244	1,639,244
Other comprehensive income for the year	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	-	1,639,244	1,639,244
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(165,000)	(165,000)
Total transactions with owners	-	-	-	-	(165,000)	(165,000)
At 30 April 2025	159	41,213	17	754,166	7,678,256	8,473,811

The notes on pages 14 to 35 form part of these financial statements.

Page 12


		ADLIB AUDIO LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2024

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2023	112	41,213	17	-	5,132,246	5,173,588
Comprehensive income for the year
Profit for the year	-	-	-	-	1,024,736	1,024,736
Surplus on revaluation of leasehold property	-	-	-	1,334,281	-	1,334,281
Deferred tax on revaluation	-	-	-	(580,115)	-	(580,115)
Total comprehensive income for the year	-	-	-	754,166	1,024,736	1,778,902
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(60,000)	(60,000)
Shares issued during the year	47	-	-	-	-	47
Equity settled share-based payments	-	-	-	-	107,030	107,030
Total transactions with owners	47	-	-	-	47,030	47,077
At 30 April 2024	159	41,213	17	754,166	6,204,012	6,999,567

The notes on pages 14 to 35 form part of these financial statements.

Page 13

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

Adlib Audio Limited is a private limited company incorporated in England and Wales. Its registered office is Adlib House, Kitling Road, Liverpool L34 9JS. The company number is 03555097.
The company's principal activites during the year continued to be that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture. Provision of Crew to the Event and Entertainment Industry. Provision of Technical Training Services. Property Owners. Installation of stage engineering and installation of electrical works. Video Content Production.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Going concern

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Page 14

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 16

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 17

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

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.

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property	-	50 years straight line
Plant and machinery	-	22.5% reducing balance
Motor vehicles	-	22.5% / 25% reducing balance
Fixtures and fittings	-	22.5% reducing balance

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.

Page 18

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.22

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company 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 Company'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

Page 20

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.22

Financial instruments (continued)

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.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

Page 21

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The items in the financial statements where these judgements and estimates have been made include depreciation of fixed assets, the carrying value of stocks and the provision for bad and doubtful debts.

Turnover

The whole of the turnover is attributable to the company's principal activity which is disclosed in Note 1.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	24,972,095	24,932,872
Rest of Europe	1,636,807	807,854
Rest of the world	3,657,155	2,646,066
	30,266,057	28,386,792

5.	Other operating income
		2025	2024
		£	£

Government grants receivable	1,000	3,000
	1,000	3,000

Page 22

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Exchange differences

(31,967)

(1,841)

Fees payable to the Company's auditors for the audit of the Company's financial statements

18,025

17,500

Wages and salaries	8,765,439	7,686,055
Social security costs	958,446	785,917
Cost of defined contribution scheme	194,870	169,553
	9,918,755	8,641,525

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Sales	22	15
Hire and support services	158	147
Manufacturing	5	5
Administration	32	32

	217	199

Page 23

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	709,560	703,924
Company contributions to defined contribution pension schemes	69,173	21,697
	778,733	725,621

	During the year retirement benefits were accruing to 6 directors (2024 - 5) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £222,115 (2024 - £188,668).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £21,430 (2024 - £6,390).

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	255	254
		255	254

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	224,169	289,013
Other loan interest payable	34,283	71,545
Finance leases and hire purchase contracts	524,288	458,530
	782,740	819,088

Page 24

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	529,590	401,105
Total deferred tax	529,590	401,105


		529,590	401,105

Profit on ordinary activities before tax

2,168,834

1,425,840

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	542,209	356,460
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	6,652	222,225
Capital allowances for year in excess of depreciation	(84,029)	21,749
Adjustments to tax charge in respect of prior periods	-	(12,232)
Dividends from UK companies	-	(166,323)
Tax deduction arising from exercise of employee options	-	(26,758)
Chargeable gains/(losses)	64,558	-
Other differences leading to an increase (decrease) in the tax charge	-	5,984
Other permanent differences	200	-
Total tax charge for the year	529,590	401,105

Factors that may affect future tax charges

Due to the levels of capital investment trading tax losses of £10,509,182 (2024 - £8,907,221) are carried forward and are available to reduce the tax payable on future trading profits.

Page 25

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	Dividends
		2025	2024
		£	£

	Paid on Ordinary shares of £0.001 each	165,000	60,000
		165,000	60,000

14.	Intangible assets

		Goodwill
		£
	Cost
	At 1 May 2024	38,000
	At 30 April 2025	38,000
	Amortisation
	At 1 May 2024	14,778
	Charge for the year on owned assets	12,667
	At 30 April 2025	27,445
	Net book value
	At 30 April 2025	10,555
	At 30 April 2024	23,222

Page 26

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

15.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	8,387,751	26,363,685	1,473,442	36,224,878
Additions	456,019	7,481,651	-	7,937,670
Disposals	-	(1,374,574)	(12,250)	(1,386,824)
At 30 April 2025	8,843,770	32,470,762	1,461,192	42,775,724
Depreciation
At 1 May 2024	30,857	12,679,983	700,744	13,411,584
Charge for the year on owned assets	126,647	2,267,635	34,587	2,428,869
Charge for the year on financed assets	-	1,951,828	139,270	2,091,098
Disposals	-	(1,006,365)	(5,030)	(1,011,395)
At 30 April 2025	157,504	15,893,081	869,571	16,920,156
Net book value
At 30 April 2025	8,686,266	16,577,681	591,621	25,855,568
At 30 April 2024	8,356,894	13,683,702	772,699	22,813,295

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	10,060,579	9,437,932
Motor vehicles	479,709	635,756
	10,540,288	10,073,688

Page 27

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Cost or valuation at 30 April 2025 is as follows:

			Land and buildings
			£

		At cost	8,765,091
		At valuation:
		Valuations on 3 August 2023 and 9 January 2024 based on market value	78,680

			8,843,771

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	8,765,091	8,309,072
Accumulated depreciation	(1,543,788)	(1,312,390)
Net book value	7,221,303	6,996,682

16.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024	211,155
	At 30 April 2025	211,155

Page 28

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Adlib Developments Limited	Adlib House Kitling Road, Knowsley Business Park, Liverpool, L34 9JS	Ordinary	100%
	Triplex Productions Limited	Adlib House Kitling Road, Knowsley Business Park, Prescot, L34 9JS	Ordinary	100%

17.	Stocks
		2025	2024
		£	£

Work in progress (goods to be sold)	15,140	30,245
Finished goods and goods for resale	1,769,108	1,912,066
	1,784,248	1,942,311

Page 29

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

18.

Debtors

					2025	2024
					£	£



Trade debtors	4,315,716	2,263,827
Amounts owed by group undertakings	1,164,992	1,115,179
Other debtors	33,937	7,197
Prepayments and accrued income	1,043,453	734,927
	6,558,098	4,121,130

19.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	323,484	550,063
Less: bank overdrafts	(16,262)	-
	307,222	550,063

20.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	16,262	-
Bank loans	579,368	580,817
Trade creditors	4,758,747	2,440,564
Amounts owed to group undertakings	100	100
Other taxation and social security	1,046,712	998,341
Obligations under finance lease and hire purchase contracts	3,871,124	3,795,566
Other creditors	630,596	550,819
Accruals and deferred income	1,731,317	2,537,081
	12,634,226	10,903,288

Bank loans and other loans are secured by a fixed and floating charge on the assets of the company.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

Page 30

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

21.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	5,979,354	4,613,059
Net obligations under finance leases and hire purchase contracts	5,157,546	5,164,863
	11,136,900	9,777,922

Bank loans and other loans are secured by a fixed and floating charge on the assets of the company.
Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
	2025	2024
	£	£

	Repayable by instalments	2,338,072	2,947,040
		2,338,072	2,947,040

The loans due after more than five years are repayable by fixed monthly instalments. Interest is chargeable at fixed rates of 3.11% or 3.48% per annum or at variable rates of 2.45% or 3.99% over Bank of England Base Rate.

Page 31

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Amounts falling due within one year
Bank loans	579,368	580,817
	579,368	580,817
Amounts falling due 1-2 years
Bank loans	571,273	568,079
	571,273	568,079
Amounts falling due 2-5 years
Bank loans	3,070,010	1,097,939
	3,070,010	1,097,939
Amounts falling due after more than 5 years
Bank loans	2,338,072	2,947,040
	2,338,072	2,947,040
	6,558,723	5,193,875

Within one year	4,256,757	4,220,595
Between 1-5 years	5,551,666	5,387,792
Over 5 years	10,043	70,301
	9,818,466	9,678,688

Page 32

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

24.	Financial instruments
		2025	2024
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	323,484	550,063

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

25.	Deferred taxation

		2025
		£

	At beginning of year	(1,944,946)
	Charged to profit or loss	(529,590)
	At end of year	(2,474,536)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(4,532,294)	(3,595,206)
Tax losses carried forward	2,627,295	2,226,805
Capital gains	(580,115)	(580,115)
Short term timing differences	10,578	3,570
	(2,474,536)	(1,944,946)

Page 33

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

26.	Provisions

		Grants
		£

	At 1 May 2024	35,453
	Utilised in year	(11,818)
	At 30 April 2025	23,635

The provision relates to grants received in respect of capital expenditure and job numbers; amounts relating to capital expenditure are amortised at the same rate as the assets depreciated, amounts relating to jobs are amortised over 3 years.

27.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

158,537 (2024 - 111,946) Ordinary shares of £0.001 each	159	159

28.

Reserves

Share premium account

The share premium account represents all amounts received for shares issued at a premium.

Revaluation reserve

The revaluation reserve represents the increase from historic cost for long leasehold property.

Capital redemption reserve

This reserve represents the amount equal to the nominal value of shares repurchased by the company to
date.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses less dividends paid and
cash paid for purchase of own shares.

29.	Contingent liabilities

Bank loans of the parent company, A Square Company Holdings Limited, amounting to £1,829,430 as at 30 April 2025 are secured by an unlimited multilateral guarantee given by Adlib Audio Limited.

Page 34

ADLIB AUDIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

30.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £46,371 (2024 - £38,785) were payable to the fund at the reporting date and are included in creditors.

31.	Related party transactions
	The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.

		2025	2024
		£	£

Loans to directors in the year	13,000	-
Loans due from directors at the year end	13,000	-
Repayment of directors loans during the year	-	667,000
Directors loan interest paid in the year	-	31,139

32.	Controlling party

The company is a wholly owned subsidiary of A Square Company Holdings Limited, a company registered in England and Wales. The registered office of A Square Holdings Company Limited is Adlib House, Kitling Road, Knowsley Business Park, Liverpool, L34 9JS.

Page 35