Final Results

Aeorema Communications Plc

18 May 2026

 

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

Aeorema Communications plc / Index: AIM / Epic: AEO / Sector: Media

18 May 2026

Aeorema Communications plc

("Aeorema", the "Company" or the "Group")

Final Results

Aeorema Communications plc (AIM: AEO), a leading strategic communications group, is pleased to announce its audited results for the 18 month period ended 31 December 2025 ("FY2025").

For comparative purposes, unaudited figures for the 18 month period ended 31 December 2024 ("18M24") have been included. The statutory comparatives presented in the financial statements are for the audited 12 months ended 30 June 2024 ("FY2024").

OVERVIEW

•     Revenue increased 7% to £29.5 million (18M24: £27.5 million)

•     Underlying profit before tax increased 107% to £797,000 (18M24: £387,000)^[1]

•    Profit before taxation, non-trading foreign exchange losses and loss on liquidation increased 37% to £437,000 (18M24: £318,000)

•    Reported profit before tax of £170,000 impacted by a £251,000 non-cash, non-trading foreign exchange loss and a £16,000 loss on liquidation

•     Completed restructuring and cost reduction programme, creating a leaner and more senior-weighted operating model

•    Expanded presence across major international events including Cannes Lions, Davos, CES, Climate Week and the United Nations General Assembly

•     Cash balances of £2.2 million at 31 December 2025, with average cash balances of approximately £2.9 million over the 12 month period ended 30 April 2026

•     Interim dividend of 3 pence per share paid during the period

•     Proposed final dividend of 1 pence per share, bringing total dividends for the 18 month period to 4 pence per share

POST PERIOD END

•     Successfully delivered first SXSW activation in Austin, Texas

•     Successfully delivered first activation at POSSIBLE in Miami, Florida in April 2026

•     Record bookings secured for Cannes Lions 2026

•     257,500 ordinary shares acquired under the Company's share buyback programme at an average price of 65 pence per share

•     Trading in the early part of 2026 has been encouraging, supported by strong forward visibility

•     Cash balances of £4.1 million as at the date of this announcement

Mike Hale, Chairman of Aeorema Communications plc, commented: "We are pleased to report a strong set of results for the 18 month period, with continued revenue growth, improved underlying profitability, and the successful completion of an important strategic reshaping of the business.

"While reported profit before tax was impacted by a non-cash, non-trading foreign exchange loss arising from exposure to foreign exchange movements on non-trading assets held, the Group's underlying profit before tax remained robust and demonstrated the operational progress made during the period.

"The business has evolved significantly. We are delivering fewer, but larger and more strategically important projects, continuing to compete successfully against much larger global agencies and further strengthening our relationships with leading international brands.

"With a leaner and more focused operating model now in place, increasing momentum across our key international markets, and a growing pipeline of high-value opportunities, the Board believes the Group is well positioned for continued progress in 2026 and beyond."

^[1] Underlying profit before tax excludes one off costs, primarily relating to restructuring costs, loss on liquidation and non-trading foreign exchange losses totalling £627,000 (18M24: £70,000).

Notice of AGM

The Company's Annual Report and Accounts, including Notice of Annual General Meeting ("AGM"), are today being posted to shareholders, as applicable, and will be made available on the Company's website www.aeorema.com. The AGM will be held at the offices of Aeorema Communications plc, 87 New Cavendish Street, London W1W 6XD on 9 June 2026 at 10.00 a.m..

*ENDS*

For further information on the Company please visit www.aeorema.com or contact:

Aeorema Communications plc Andrew Harvey		Tel: [phone]
Allenby Capital Limited Nominated Adviser & Broker John Depasquale / Liz Kirchner (Corporate Finance)  Kelly Gardiner / Joscelin Pinnington / Lauren Wright  (Sales & Corporate Broking)		Tel: [phone]
St Brides Partners Ltd Financial PR Paul Dulieu / Isabel de Salis		[e-mail]

Chairman's Statement

I am pleased to present Aeorema Communications plc's results for the 18 months ended 31 December 2025, a period in which the Group has delivered strong revenue growth, a step change in underlying profitability and completed a strategic reshaping of the business.

The comparatives presented in these financial statements cover the 12 months ended 30 June 2024. However, comparisons made in the Chairman's Statement are for the 18-month period ended 31 December 2024 ("18M24"), reflecting the transition to a 31 December year end. 18M24 reflects the audited accounts to 30 June 2024 and the unaudited interim results for the six months ended 31 December 2024 as published by the Group.

During the period, we have continued to win and deliver work at a level that reflects a business significantly larger than our size might suggest, competing successfully with much larger global agencies and strengthening our position as a trusted partner to leading international brands.

Financial performance

For the period, the Group delivered revenue of £29.5 million (18M24: £27.5 million), reflecting continued demand for our services and the strength of our client relationships across international markets.

Profit Before Taxation, Loss on Liquidation and Non-Trading Foreign Exchange (Losses) / Gains was £436,960 (18M24: £318,000). The Strategic Report sets out further details of the accounting treatment of profit before taxation in this 18 month period ended 31 December 2025.

While revenue growth has been strong, the more important development is the improvement in the Group's earnings profile. We have reshaped the business into a leaner, more senior weighted and more focused organisation, better equipped to deliver high-value work and convert revenue into sustainable profitability.

Bank balances as at 15 May 2026 are £4.1 million (31 December 2025: £2.2 million), with an average bank balance over the 12 month period to 30 April 2026 of £2.9 million, demonstrating the Group's ongoing financial resilience and providing a solid platform for continued growth.

Operational progress

Operationally, the Group has continued to build momentum across its core markets.

Cannes Lions remains a cornerstone of our activity, with 2025 delivering a record number of activations and further strengthening relationships with global brands. This momentum has carried into 2026, with record bookings already secured.

Alongside this, we have expanded our presence across other major international "tentpole" events, including the World Economic Forum in Davos, the United Nations General Assembly, Climate Week, CES (Consumer Electronics Show) and, post period end, our first activation at SXSW (South by Southwest) in Austin, Texas.

These events are strategically important. They deepen our relationships with global clients, broaden our commercial footprint and, increasingly, position us as the partner of choice for high-impact, experience-led communications on a global stage.

The Group is also benefiting from a broader and more diversified client base across multiple regions, reducing reliance on any single client and supporting more consistent revenue visibility.

Importantly, we continue to win work in competition with significantly larger global agencies, underlining the strength of our creative offering, delivery capability and long-standing client relationships.

The business is also evolving. We are now delivering fewer but larger and more complex projects, reflecting a clear shift towards higher-impact, higher-value engagements. This reflects the increasing level of trust placed in the Group by global brands, supports our objective of improving margin through higher-quality revenue, and reinforces our ability to compete for, and win, work typically awarded to significantly larger agencies.

Eventful Limited ("Eventful") is working increasingly closely with Cheerful Twentyfirst on integrated client delivery. Eventful, whilst a smaller part of our business, is strategically important to the Group's offering as it provides specialist services including venue sourcing, event management, incentive travel and rewards.

Restructuring and efficiency

A central theme of the period has been the completion of the Group's cost reduction and rebalancing programme.

This was not simply a cost exercise, but a deliberate repositioning of the business. We have reduced headcount while increasing seniority across the team and aligning our cost base with the scale and nature of the work we are now delivering.

The result is a more focused and efficient organisation that is better positioned to convert revenue into profit, while maintaining the creative standards and delivery quality that underpin our reputation.

While gross margins have come under pressure, reflecting wider industry trends including wage inflation, increased third-party costs and tighter client budgets, the Board is confident that the actions taken position the Group to rebuild margins over time.

Shareholder returns

The Board remains committed to delivering returns to shareholders alongside growth.

An interim dividend of 3 pence per share was declared and paid during the period in respect of the 12 months to 30 June 2025, in line with our progressive dividend policy.

In addition, the Company established a share buyback programme in May 2025, with initial purchases made in January 2026 and a total of 257,500 ordinary shares purchased to date, at an average price of 65 pence per share. This reflects the Board's confidence in the Group's financial strength and future prospects.

The Board is pleased to propose a final dividend of 1 pence per share for the 18-month period ended 31 December 2025. This brings the total dividend for the 18 month period to 4 pence per share, underlining both the strength of the Group's performance and the Board's confidence in the business going forward. Subject to shareholder approval at the upcoming Annual General Meeting ("AGM"), the dividend will be paid on 10 July 2026, with a record date of 19 June 2026 and an ex-dividend date of 18 June 2026.

Outlook

The Group has entered the 2026 financial year with strong momentum.

Trading during the first few months of the year has been encouraging, supported by a strong pipeline of confirmed work and increasing forward visibility across our key markets, alongside record bookings for Cannes Lions in June.

With the restructuring programme complete, our focus is firmly on margin progression, operational efficiency and continuing to scale the business internationally, particularly in North America.

The US market remains a key strategic focus and our most significant growth opportunity, supported by increasing client activity and our expanding presence at major international events.

We are operating on a global stage and continuing to build momentum with leading international brands. With a strengthened operating model, a growing portfolio of high-value clients and strong forward visibility, the Board believes the Group is well positioned to translate this momentum into sustained earnings growth.

While we remain mindful of the broader macroeconomic environment, client engagement remains strong and demand for high-quality, experience-led communications continues to grow.

On behalf of the Board, I would like to thank our teams for their continued hard work and creativity, and our shareholders for their ongoing support.

Mike Hale

Chairman

15 May 2026

Chief Executive Officer's Report

The past 18-months have been a period of both momentum and reflection for the Group. As the global landscape continued to evolve, so too did the expectations of our clients and audiences. In a world where meaningful connection has never been more valuable, we remained grounded in a core belief that defines our business; putting audiences above all.

Over these 18-months, we expanded our presence and capabilities in North America, which remains a key driver of growth for the Group, strengthened our client partnerships globally, and delivered a diverse portfolio of projects that reflect both our ambition and our adaptability.

Encouragingly, our new projects at SXSW Austin and our first B2C large scale activation in New York City took us to new audience frontiers. From global brand activations at Cannes Lions and Climate Week, where we saw consistent growth, to strategic internal communications event programmes for long-standing professional services clients, our work continues to demonstrate the power of creativity when combined with audience insight and event precision.

We are also seeing a clear shift in the nature of our work, with a growing proportion of larger, more complex and strategically important projects. These engagements require deeper integration with our clients and allow us to deliver greater impact, both creatively and commercially.

At the same time, this was not a period without its challenges. Economic uncertainty and shifting client priorities required us to stay agile and disciplined. We responded by sharpening our strategic focus, investing in areas of highest impact and completing a restructuring of the business to create a leaner, more senior focused organisation. This has enabled us to operate more efficiently without compromising on the quality or creativity that our clients expect.

That creativity was recognised on the global marketing stage many times; winning Gold at The Drum Awards for Experience, Best Creative Concept at the micebook Awards, and Creative Team of the Year again, alongside a plethora of fantastic project accolades and recognition that our team is particularly proud of.

Our people remain at the heart of the Group. Their creativity, dedication, and collaborative spirit are what set us apart. This year, we continued to foster a culture of inclusivity and create an environment where innovation can thrive. Our 'creative corner' in our New Cavendish Street offices is a space where ideas spill off the page and into our working environment, and well worth a tour if you'd ever like to join us in London.

We also recognise our responsibility alongside commercial success. We've long been champions of sustainability in the creative industries and helped launch some of its most impactful initiatives. Over the past year, we have taken further steps to reduce our environmental impact, work with more sustainable partners and embed responsible practices into our operations. This approach has placed Cheerful Twentyfirst in the top percentile for sustainable event agencies and leading recognition in micebook's Power 30 Awards, 2026.

We also joined the Power of Events as a London sponsor, spending time in schools to share career pathways into the events industry, which has historically been a challenge for graduate talent in our space. While there is always more to do, we are committed to making meaningful progress in both these areas.

Looking ahead, I see significant opportunities across our operating agencies.

Against a backdrop of increasing AI driven disruption, the demand for experiences that cut through the noise and create genuine connection continues to grow. This plays directly to our strengths, and our audience-first philosophy will remain central to how we work.

This momentum is reflected across the industry, with the UK's IPA Bellwether Report for Q1 2026 highlighting renewed confidence in events as the leading category for marketing investment. This reinforces what we see firsthand: that live and experiential channels are increasingly central to how brands build meaningful relationships.

With that momentum, we will continue to strategically invest in our people, expand our global reach, innovate to stay at the forefront of our industry, and refine our offering to meet the evolving needs of our clients. Aeorema Communications has entered 2026 with confidence, clarity, and a continued commitment to delivering experiences that put the audience above all.

I would like to thank our clients for their trust, our partners for their collaboration, our shareholders for their ongoing support and our team for their exceptional work and commitment. Together, we have built a business that is resilient, intrinsically creative, and forward-focused.

Steve Quah

CEO

15 May 2026

Strategic Report

The Board presents its Strategic Report on the Group for the 18 month period ended 31 December 2025.

Principal activities

Aeorema Communications plc is the non-trading holding company of the Group that bears the expenses and costs of maintaining its listing on the London Stock Exchange's AIM Market and consolidates the results of its trading subsidiaries. Aeorema Limited (trading as Cheerful Twentyfirst) and Cheerful Twentyfirst, Inc. are live events agencies with film capabilities that specialise in devising and delivering corporate communication solutions. Eventful Limited is a consultative, high-touch service, assisting clients with venue sourcing, event management and incentive travel. Collectively all of these businesses are referred to as the "Group".

Business review

Group	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Revenue	29,466,709	20,288,799
Operating Profit	400,255	440,748
Profit Before Taxation, Loss on Liquidation and Non-Trading Foreign Exchange (Losses) / Gains	436,960	436,928
Profit Before Taxation	170,181	436,928
Net Assets	2,635,775	2,805,725
Net Current Assets	1,640,575	1,875,372

The Group's reported profit before tax is £170,181 (2024: £436,928) for the 18 month period. The reported profit before tax was impacted by a £251,000 non-cash, non-trading foreign exchange loss and £16,000 loss on liquidation. The profit before tax, loss on liquidation and non-trading foreign exchange (losses) / gains was £436,960. Please refer to note 6 for further details.

Aeorema Limited (t/a Cheerful Twentyfirst) achieved a 54% increase in revenue. While this figure is compared to the previous 12-month period and includes revenue previously attributed to Cheerful Twentyfirst, Inc., the growth is still considered a positive improvement. This is particularly notable because the 18 month reporting period twice includes the months of July through December, which are historically quieter periods for the company regarding live projects. Profit before tax and non-trading foreign exchange losses for the period was £672,870 (2024: £877,485).

Aeorema Limited continued to expand its presence at the Cannes Lions International Festival of Creativity ("Cannes Lions"), delivering a record number of activations in June 2025, including its largest brand activation for Stagwell and TEAM for a third successive year (refer to note 2). The Company successfully expanded its reach by delivering activations at new "tentpole" events, such as the World Economic Forum in Davos. It further grew its North American presence, delivering events for both new and existing clients at the United Nations General Assembly and Climate Week, alongside various multi-day summits and immersive concerts. Post year end, the Company has successfully delivered its first activation at SXSW in Austin and is now preparing for another record-breaking Cannes Lions.

Aeorema Limited completed a cost reduction and rebalancing programme during the period, which was initiated in 2024. This restructuring is designed to position the Company for enhanced operational efficiency and improved margins moving forward.

Cheerful Twentyfirst, Inc.'s revenue from live projects decreased by 82% compared with the previous year (which had seen a 57% decrease in 2024). This decrease was due to a change in how revenue is recorded, not a reduction in the number of live projects delivered in the United States. For insurance purposes, all live projects are now contracted and delivered through Aeorema Limited. Cheerful Twentyfirst Inc. remains a vital asset, serving as the essential connection between Aeorema Limited and its expanding base of US clients and for supporting the delivery of live projects in the US. Despite the revenue shift, Cheerful Twentyfirst Inc. moved from a loss of £176,631 to a profit before tax of £31,756 for the 18 month period. This significant improvement was achieved by reducing its headcount, including the US President, and cross-charging Aeorema Limited £546,253 for services provided to the UK entity.

Eventful Limited had a loss before tax of £25,587 for the 18 month period, compared with a £13,139 profit before tax in the previous year. The Company continues to maintain a low cost base and broadened its client portfolio during the period, reducing its dependence on any single client. Eventful Limited has continued to focus on closer collaboration with Aeorema Limited, notably evidenced by the joint delivery of a major partner event in the autumn of 2025.

During the period, the Dutch entity, Cheerful Twentyfirst B.V., was liquidated. The closure was part of the restructuring programme.

The Group's gross profit margin moved from 19% to 16%. This contraction reflects broader industry trends, specifically inflationary pressures on labour and third-party costs, coupled with tighter client budgets. In response, the Group aggressively addressed its cost base, implementing a 33% reduction in total headcount during the period. This strategic restructuring was achieved without compromising our high standards of service or creative output.

The Board remains focused on reclaiming margin and driving revenue growth. The US market continues to be our most significant opportunity, evidenced by our successful expansion into SXSW and the volume of US-based clients and events. Through continued cost discipline and a focus on high-value, large-scale activations, the Board is confident of delivering improved profits before tax and long-term shareholder value.

Key performance indicators

The Group's revenue was up 45% compared with the previous year. As previously mentioned, this figure is compared to the previous 12-month period, however, the 18 month reporting period twice includes the months of July through December, which are historically quieter periods for the Group. The Group's largest client accounted for 18% of revenue (2024: 18%). Please refer to note 2.

The average project value increased significantly compared with the previous year. This trend underscores our strategic transition toward larger-scale engagements that allow for more impactful activations. These complex projects not only highlight our creative expertise but are essential in maintaining our standing as the preferred agency of choice for our clients.

Cashflows

The cash position decreased by £929,773 to £2,189,580 (2024: increase by £675,253 to £3,119,353). However, this is due to the timing difference as a consequence of the change of period end.

Capital expenditure

Total capital expenditure, including expenditure on tangible assets, was £224,001 compared with £54,711 for the year ended 30 June 2024.

Employees

Our priority is to attract and retain talented employees and to harness their creativity to drive growth through development and delivery of services that bring value to our customers' business operations.

We continue to focus on ensuring that the performance of staff is measured against clear, business focused objectives and behavioural criteria through continual appraisals.

Reward

The Group benchmarks employee salaries against the market and reviews salaries annually to ensure that we are paying at a level to attract and retain high-quality employees.

Key employees are offered access to a share option scheme, further details of which are provided in note 24 to the financial statements.

Equal opportunities

We are committed to ensuring equal opportunities for our staff. We have introduced training which covers equal opportunities legislation and best practice. Our policy in respect of employment of disabled persons is the same as that relating to all other employees in matters of training, career development and promotion. Should employees become disabled during the course of their employment, we will make every effort to make reasonable adjustments to their working environment to enable their continued employment.

Safety, health and environment

The commitment and participation of all employees is vital to efficient and effective occupational risk control. In order to meet our responsibility to protect the environment, staff and the business, the Group continues to focus on maintaining a risk aware culture.

We believe the Group maintains a low environmental impact. We therefore continue to work on the potential environmental impacts of energy consumption, waste and travel.

Directors' policies for managing principal risks

There is an ongoing process for identifying, evaluating and managing the significant risks faced by the business. Risk reviews are undertaken regularly by the respective business areas throughout the year to identify and assess the key risks associated with the achievement of our business objective.

Key risks of a financial nature

The principal risks and uncertainties facing the Group are linked to customer dependency. Though the Group has a very diverse customer base in certain market sectors, a key customer can represent a significant amount of revenue (see note 2). Key customer relationships are closely monitored but the loss of a key client could have an adverse effect on the Group's performance. Further details of risks, uncertainties and financial instruments are contained in note 27.

Key risks of a non-financial nature

The Group is operating in a highly competitive global market that is undergoing continual change. The Group's ability to respond to many competitive factors including, but not limited to technological innovations, product quality, customer service and employment of qualified personnel will be key in the achievement of its objectives, but its ultimate success will depend on the purchase spends of its customers and the buoyancy of the market.

On behalf of the Board

 S Quah

Director

15 May 2026

Consolidated Statement of Comprehensive Income

For the 18 month period ended 31 December 2025

	Notes	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
		£	£
Continuing  operations
Revenue	2	29,466,709	20,288,799
Cost of sales		(24,611,722)	(16,513,827)
Gross profit		4,854,987	3,774,972
Administrative expenses		(4,454,732)	(3,334,224)
Operating profit	3	400,255	440,748
Finance income	4	77,878	35,967
Finance costs	5	(41,173)	(39,787)
Profit before taxation, loss on liquidation and non-trading foreign exchange (losses) / gains		436,960	436,928
Non-trading foreign exchange (losses) / gains	6	(250,949)	-
Loss on liquidation	14	(15,830)	-
Profit before taxation		170,181	436,928
Taxation	7	12,021	(140,221)
Profit for the period		182,202	296,707
Other comprehensive  income Items that may be reclassified to profit or loss Exchange differences on translation of foreign entities		88,549	(88,632)
Other comprehensive income for the period		88,549	(88,632)
Total comprehensive  income for the year attributable  to owners of the parent		270,751	208,075
Profit per ordinary share:
Total basic earnings per share	10	1.88811p	3.11078p
Total diluted earnings per share	10	1.86030p	2.68976p

The notes below are an integral part of these financial statements.

Consolidated Statement of Financial Position

As at 31 December 2025

	Notes	Group		Company
		31 December 2025	30 June 2024	31 December 2025	30 June 2024
		£	£	£	£
Non-current assets
Intangible assets	11	564,348	564,348	-	-
Property, plant and equipment	12	371,514	344,827	-	-
Right-of-use assets	13	379,976	570,182	-	-
Investments in subsidiaries	14	-	-	1,458,931	1,363,002
Deferred taxation	8	38,809	-	-	-
Total non-current assets		1,354,647	1,479,357	1,458,931	1,363,002
Current assets
Trade and other receivables	15	4,611,885	4,422,020	721,234	832,531
Cash and cash equivalents	16	2,189,580	3,119,353	97,488	117,816
Total current assets		6,801,465	7,541,373	818,722	950,347
Total assets		8,156,112	9,020,730	2,277,653	2,313,349
Current liabilities
Trade and other payables	17	(5,011,960)	(5,371,049)	(91,384)	(114,107)
Bank loans	18	-	(27,778)	-	-
Lease liabilities	19	(122,679)	(113,201)	-	-
Current tax payable		(26,251)	(118,973)	-	-
Provisions	20	-	(35,000)	-	-
Total current liabilities		(5,160,890)	(5,666,001)	(91,384)	(114,107)
Non-current liabilities
Bank loans	18	-	-	-	-
Lease liabilities	19	(319,055)	(500,814)	-	-
Provisions	20	(40,392)	(22,500)	-	-
Deferred taxation	8	-	(25,690)	-	-
Total non-current liabilities		(359,447)	(549,004)	-	-
Total liabilities		(5,520,337)	(6,215,005)	(91,384)	(114,107)
Net assets		2,635,775	2,805,725	2,186,269	2,199,242
Equity
Share capital	21	1,211,625	1,192,250	1,211,625	1,192,250
Share premium		47,451	21,876	47,451	21,876
Merger reserve		16,650	16,650	16,650	16,650
Other reserve		398,738	302,809	398,738	302,809
Capital redemption reserve		257,812	257,812	257,812	257,812
Foreign translation reserve		(88,327)	(176,876)	-	-
Retained earnings		791,826	1,191,204	253,993	407,845
Equity attributable to owners of the parent		2,635,775	2,805,725	2,186,269	2,199,242

The notes below are an integral part of these financial statements.

The profit for the financial year of the holding company was £427,728 (2024: £377,703).

The financial statements were approved and authorised by the board of directors on 15 May 2026 and were signed on its behalf by

A Harvey                                               S Quah

Director                                                Director

Company Registration No. 04314540

Consolidated Statement of Changes in Equity

For the 18 month period ended 31 December 2025

Group	Share capital	Share premium	Merger reserve	Other reserve	Capital redemption reserve	Foreign translation reserve	Retained earnings	Total equity
	£	£	£	£	£	£	£	£
At 30 June 2023	1,192,250	21,876	16,650	233,375	257,812	(88,244)	1,180,637	2,814,356
Comprehensive income for the year, net of tax	-	-	-	-	-	-	296,707	296,707
Dividend paid	-	-	-	-	-	-	(286,140)	(286,140)
Foreign currency translation	-	-	-	-	-	(88,632)	-	(88,632)
Share-based payment	-	-	-	69,434	-	-	-	69,434
At 30 June 2024	1,192,250	21,876	16,650	302,809	257,812	(176,876)	1,191,204	2,805,725
Comprehensive income for the year, net of tax	-	-	-	-	-	-	182,202	182,202
Dividend paid	-	-	-	-	-	-	(581,580)	(581,580)
Foreign currency translation	-	-	-	-	-	88,549	-	88,549
Share-based payment	-	-	-	95,929	-	-	-	95,929
Shares issued	19,375	25,575	-	-	-	-	-	44,950
At 31 December 2025	1,211,625	47,451	16,650	398,738	257,812	(88,327)	791,826	2,635,775

Share premium represents the value of shares issued in excess of their nominal value.

In accordance with section 612 of the Companies Act 2006, the premium on ordinary shares issued in relation to acquisitions is recorded as a merger reserve. The reserve is not distributable.

Other reserves represent equity settled share-based employee remuneration, as detailed in note 24.

Capital redemption reserve represents a statutory non-distributable reserve into which amounts are transferred following redemption or purchase of a company's own shares.

Foreign translation reserve represents the accumulated gain or loss resulting from the translation of financial statements denominated in a foreign currency into the Group's reporting currency.

The notes below are an integral part of these financial statements.

Company Statement of Changes in Equity

For the 18 month period ended 31 December 2025

Company	Share capital	Share premium	Merger reserve	Other reserve	Capital redemption reserve	Retained earnings	Total equity
	£	£	£	£	£	£	£
At 30 June 2023	1,192,250	21,876	16,650	233,375	257,812	316,282	2,038,245
Comprehensive income for the year, net of tax	-	-	-	-	-	377,703	377,703
Dividend paid	-	-	-	-	-	(286,140)	(286,140)
Share-based payment	-	-	-	69,434	-	-	69,434
At 30 June 2024	1,192,250	21,876	16,650	302,809	257,812	407,845	2,199,242
Comprehensive income for the year, net of tax	-	-	-	-	-	427,728	427,728
Dividend paid	-	-	-	-	-	(581,580)	(581,580)
Share-based payment	-	-	-	95,929	-	-	95,929
Shares issued	19,375	25,575	-	-	-	-	44,950
At 31 December 2025	1,211,625	47,451	16,650	398,738	257,812	253,993	2,186,269

Share premium represents the value of shares issued in excess of their nominal value.

In accordance with section 612 of the Companies Act 2006, the premium on ordinary shares issued in relation to acquisitions is recorded as a merger reserve. The reserve is not distributable.

Other reserves represent equity settled share-based employee remuneration, as detailed in note 24.

Capital redemption reserve represents a statutory non-distributable reserve into which amounts are transferred following redemption or purchase of a company's own shares.

The notes below are an integral part of these financial statements.

Consolidated Statement of Cash Flows

For the 18 month period ended 31 December 2025

	Notes	Group
		18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
		£	£
Net cash flow from operating activities	26	(6,242)	1,205,470
Cash flows from investing activities
Finance income	4	77,878	35,967
Purchase of property, plant and equipment	12	(224,001)	(54,711)
Repayment of leasing liabilities		(213,000)	(142,000)
Cash used in investing activities		(359,123)	(160,744)
Cash flows from financing activities
Repayment of borrowings		(27,778)	(83,333)
Dividends paid to owners of the company		(581,580)	(286,140)
Shares issued		44,950	-
Cash used in financing activities		(564,408)	(369,473)
Net (decrease) / increase in cash and cash equivalents		(929,773)	675,253
Cash and cash equivalents as at 1 July 2024		3,119,353	2,444,100
Cash and cash equivalents as at 31 December 2025		2,189,580	3,119,353

Debt analysis	At 1 July 2024	Cashflow	At 31 December 2025
	£	£	£
Net Cash
Cash at bank and in hand	3,119,353	(929,773)	2,189,580
	3,119,353	(929,773)	2,189,580
Debt
Debts falling due within one year	140,979	(18,300)	122,679
Debts falling due after one year	500,814	(181,759)	319,055
	641,793	(200,059)	441,734

The notes below are an integral part of these financial statements.

 

Notes to the consolidated financial statements

For the 18 month period ended 31 December 2025

1 Accounting policies

Aeorema Communications plc is a public limited company incorporated in the United Kingdom and registered in England and Wales. The Company is domiciled in the United Kingdom and its principal place of business is 87 New Cavendish Street, London, W1W 6XD. The Company's Ordinary Shares are traded on the AIM Market.

The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated.

The presentation currency is £ sterling.

Going concern

The Board has reviewed the Group's detailed forecasts for the next financial year, other medium term plans, the impact of the war in Ukraine and conflict in the Middle East, and economic and political uncertainties both in the UK and globally, as well as considering the risks outlined in note 27. After doing so, the Directors, at the time of approving the financial statements, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and have therefore used the going concern basis in preparing the financial statements.

Basis of Preparation

The Group and company financial statements have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) as adopted by the United Kingdom.

The following new standards, amendments or interpretations to existing standards adopted in the United Kingdom, and are mandatory for the Group's accounting periods beginning 1 July 2024:

●    Classification of Liabilities as Current or Non-Current (Amendments to IAS 1); effective 1 January 2024

●    Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) ; effective 1 January 2024

●    Non-current Liabilities with Covenants (Amendments to IAS 1); effective 1 January 2024

●    Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) effective 1 January 2024

Future standards in place but not yet effective

The following new standards, amendments or interpretations to existing standards adopted in the United Kingdom, and are mandatory for the Company's accounting periods beginning on or after 1 January 2025 are as follows:

●    Lack of Exchangeability (Amendments to IAS 21); effective 1 January 2025

●    Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; effective 1 January 2026

●    Annual Improvements to IFRS Accounting Standards - Volume 11; effective 1 January 2026

●    Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7); effective 1 January 2026

The Group did not early adopt the above new standards, amendments, or interpretations for the period ended 31 December 2025.

Change of Accounting Reference Date

During the current reporting period, the company changed its financial year end from 30 June 2025 to 31 December 2025. This decision aligns the Company's reporting cycle with industry norms and ensures that the end of its annual financial reporting cycle does not coincide with the summer months, which have traditionally been its busiest operating period. This change is expected to create a more streamlined and efficient reporting process and therefore the Board believes that a 31 December year end will be in the best interest of the Group. The comparative period covers 1 July 2023 to 30 June 2024 and therefore is not entirely comparable.

Basis of consolidation

The Group financial statements consolidate those of the Company and all of its subsidiary undertakings drawn up to 31 December 2025. Subsidiaries are all entities (including structured entities) over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are consolidated until the date that control ceases.

Intra-group transactions, balances and unrealised gains and losses on transactions between group companies are eliminated.

The merger reserve is used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under the Companies Act 2006.

Revenue

Revenue represents amounts (excluding value added tax) derived from the provision of services to third party customers in the course of the Group's ordinary activities. 

As a result of providing these services, the Group may from time to time receive commissions from other third parties.  These commissions are included within revenue on the same basis as that arising from the contract with the underlying third party customer.

The revenue and profits recognised in any period are based on the satisfaction of performance obligations and an assessment of when control is transferred to the customer.

For most contracts with customers, there is a single distinct performance obligation and revenue is recognised when the event has taken place or control of the content or video has been transferred to the customer.

Where a contract contains more than one distinct performance obligation (multiple film productions, or a project involving both build construction and event production) revenue is recognised as each performance obligation is satisfied.

The transaction price is substantially agreed at the outset of the contract, along with a project brief and payment schedule (full payment in arrears for smaller contracts; part payment(s) in advance and final payment in arrears for significant contracts).

Due to the detailed nature of project briefs agreed in advance for significant contracts, management does not consider that significant estimates or judgements are required to distinguish the performance obligation(s) within a contract.

For contracts to prepare multiple film productions, the transaction price is allocated to constituent performance obligations using an output method in line with agreements with the customer.

For other contracts with multiple performance obligations, management's judgement is required to allocate the transaction price for the contract to constituent performance obligations using an input method using detailed budgets which are prepared at outset and subsequently revised for actual costs incurred and any changes to costs expected to be incurred.

The Group does not consider any disaggregation of revenue from contracts with customers necessary to depict how the nature, amount, timing and uncertainty of the Group's revenue and cash flows are affected by economic factors.

Where payments made are greater than the revenue recognised at the reporting date, the Group recognises deferred income (a contract liability) for this difference. Where payments made are less than the revenue recognised at the reporting date, the Group recognises accrued income (a contract asset) for this difference.

A receivable is recognised in relation to a contract for amounts invoiced, as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

At each reporting date, the Group assesses whether there is any indication that accrued income assets may be impaired by assessing whether it is possible that a revenue reversal will occur. Where an indicator of impairment exists, the Group makes a formal estimate of the asset's recoverable amount.  Where the carrying value of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Intangible assets - goodwill

All business combinations are accounted for by applying the acquisition method. Goodwill acquired represents the excess of the fair value of the consideration and associated costs over the fair value of the identifiable net assets acquired.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. At the date of acquisition, the goodwill is allocated to cash generating units, usually at business segment level or statutory company level as the case may be, for the purpose of impairment testing and is tested at least annually for impairment. On subsequent disposal or termination of a business acquired, the profit or loss on termination is calculated after charging the carrying value of any related goodwill.

Intangible assets - other

Intangible assets are stated in the financial statements at cost less accumulated amortisation and any impairment value. Amortisation is provided to write off the cost less estimated residual value of intangible assets over its expected useful life (which is reviewed at least at each financial year end), as follows:

Intellectual property

25% straight line

Any gain or loss arising on the derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Comprehensive Income in the year that the asset is derecognised.

Fully amortised assets still in use are retained in the financial statements.

Property, plant and equipment

Property, plant and equipment is stated in the financial statements at cost less accumulated depreciation and any impairment value. Depreciation is provided to write off the cost less estimated residual value of property, plant and equipment over its expected useful life (which is reviewed at least at each financial year end), as follows:

Leasehold improvements	Straight line over the life of the lease
Fixtures, fittings and equipment	Straight line over four years

Any gain or loss arising on the derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Comprehensive Income in the year that the asset is derecognised.

Fully depreciated assets still in use are retained in the financial statements.

Impairment

The carrying amounts of the Group's assets are reviewed at each period end to determine whether there is any indication of impairment. If any such indication exists, the assets' recoverable amount is estimated. For goodwill and intangible assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each annual period end date and whenever there is an indication of impairment.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income in those expense categories consistent with the function of the impaired asset.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Leases

In applying IFRS 16, for all leases (except as noted below), the Group:

a) recognises right-of-use assets and lease liabilities in the statement of financial position, initially measured at the present value of future lease payments;

b) recognises depreciation of right-of-use assets and interest on lease liabilities in the statement of profit or loss; and

c) separates the total amount of cash paid into a principal portion (presented within financing activities) and interest (presented within operating activities) in the statement of cash flows.

Lease incentives (e.g. free rent period) are recognised as part of the measurement of the right-of-use assets and lease liabilities whereas under IAS 17 they resulted in the recognition of a lease incentive liability, amortised as a reduction of rental expense on a straight-line basis.

Under IFRS 16, right-of-use assets are tested for impairment in accordance with IAS 36 Impairment of Assets. This replaces the previous requirement to recognise a provision for onerous lease contracts.

For short term leases (lease term of 12 months or less) and leases of low-value assets (such as photocopiers), the Group has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16. This expense is presented within administrative expenses in the consolidated statement of comprehensive income.

Trade and other receivables

Trade and other receivables are stated initially at fair value and subsequently measured at amortised cost less any provision for impairment.

Trade and other payables

Trade payables are recognised initially at fair value and subsequently measured at amortised cost.

Cash and cash equivalents

Cash comprises, for the purpose of the Statement of Cash Flows, cash in hand and deposits payable on demand. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Cash equivalents normally have a date of maturity of 3 months or less from the acquisition date.

Bank loans and overdrafts comprise amounts due on demand.

Finance income

Finance income consists of interest receivable on funds invested. It is recognised in the Statement of Comprehensive Income as it accrues.

Taxation

Income tax on the profit or loss for the periods presented comprises current and deferred tax. Current tax is the expected tax payable on the taxable income for the year, using rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; the differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets and liabilities are not discounted.

Pension costs

The Group operates a pension scheme for its employees. It also makes contributions to the private pension arrangements of certain employees. These arrangements are of the money purchase type and the amount charged to the Statement of Comprehensive Income represents the contributions payable by the Group for the period.

Financial instruments

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

Financial instruments are initially measured at fair value, including transaction costs that are directly attributable to the acquisition or issue of the financial instrument, except for those classified at fair value through profit or loss ("FVTPL"), where transaction costs are expensed as incurred.

Financial assets are classified at initial recognition into one of the following categories:

●    Amortised cost

●    Fair value through other comprehensive income ("FVOCI")

●    Fair value through profit or loss ("FVTPL")

The classification is determined based on the Group's business model for managing the financial assets; and the contractual cash flow characteristics of the asset (the SPPI test).

Assets held to collect contractual cash flows that represent solely payments of principal and interest are measured at amortised cost using the effective interest method. Financial assets held within a business model whose objective is achieved by both collecting contractual cash flows and selling are measured at FVOCI. All other financial assets are measured at FVTPL.

For trade receivables and contract assets, the Group applies the simplified approach for expected credit losses (ECL) as permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the assets. The Group estimates ECL using a provision matrix, which is based on:

●    Historical credit loss experience

●    Adjusted for current conditions

●    Forward-looking information, including macroeconomic factors

Financial liabilities are classified as either:

●    Amortised cost, or

●    FVTPL

Borrowings, lease liabilities, and trade payables are subsequently measured at amortised cost using the effective interest method.

Financial assets are derecognised when:

●    The contractual rights to receive cash flows expire; or

●    The Group transfers substantially all risks and rewards of ownership

Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and presented net only when there is a legally enforceable right to set off, and there is an intention to settle on a net basis or simultaneously.

Equity

An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. The Group's equity instruments comprise 'share capital' in the Statement of Financial Position.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the end of the reporting period. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Comprehensive Income.

Share-based awards

The Group issues equity settled payments to certain employees. Equity settled share based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant.

The fair value is estimated using option pricing models and is dependent on factors such as the exercise price, expected volatility, option price and risk free interest rate. The fair value is then amortised through the Statement of Comprehensive Income on a straight-line basis over the vesting period. Expected volatility is determined based on the historical share price volatility for the Company. Further information is given in note 24 to the financial statements.

Significant judgements and estimates

The preparation of the Group's financial statements in conformity with IFRS required management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances. Information about such judgements and estimation is contained in the accounting policies and / or notes to the financial statements. For critical judgements that the directors have made in the process of applying the Group's accounting policies, see note 11 on goodwill impairment and note 13 on discount rate used to calculate right of use assets and lease liability.

2 Revenue and segment information

The Group uses several factors in identifying and analysing reportable segments, including the basis of organisation, such as differences in products and geographical areas. The Board of directors, being the Chief Operating Decision Makers, have determined that for the 18 month period ending 31 December 2025 there is only a single reportable segment.

All revenue represents sales to external customers. Two customers (2024: one) is defined as major customers by revenue, contributing more than 10% of the Group revenue.

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Customer One	5,223,091	3,833,237
Customer Two	3,648,063	980,454
Major customers in the current year	8,871,154	4,813,691
Major customers in the prior year		5,510,621
		10,324,312

The geographical analysis of revenue from continuing operations by geographical location of customer is as follows:

Geographical market	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
United Kingdom	6,837,839	8,905,513
United States	20,030,104	3,580,432
Rest of the World	2,598,766	7,802,854
	29,466,709	20,288,799

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Revenue from contracts with customers - Events	27,894,826	18,360,490
Revenue from contracts with customers - Film	988,106	1,418,029
Other revenue	583,777	510,280
Total revenue	29,466,709	20,288,799

Contract assets and liabilities from contracts with customers have been recognised as follows:

	As at 31 December 2025	As at 30 June 2024
	£	£
Deferred income	3,800,721	1,500,546
Accrued income	238,882	1,672,081

Deferred income at the beginning of the period has been recognised as revenue during the period. Deferred income carried forward at the year end will be recognised within the next year.

3 Operating profit

Operating profit is stated after charging or crediting:	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Cost of sales
Depreciation of fixtures, fittings and equipment	119,136	97,891
Amortisation of intangible assets	-	2,083
Staff costs (see note 23)	4,572,208	3,432,192
Administrative expenses
Depreciation of right-of-use assets	190,206	126,804
Depreciation of leasehold land and buildings	75,557	39,214
Loss on foreign exchange differences	21,325	73,171
Fees payable to the Company's auditor in respect of:
Audit of the Company's annual accounts	12,000	14,000
Audit of the Company's subsidiaries	57,277	33,163
Staff costs (see note 23)	2,240,440	1,605,180

4 Finance income

Finance income	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Bank interest received	77,878	35,967

5 Finance costs

Finance costs	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Coronavirus business interruption loan interest	454	5,523
Lease interest	40,719	34,264
	41,173	39,787

6 Non-trading foreign exchange (losses) / gains

Non-trading foreign exchange losses for the current period relate to the Group's exposure to foreign exchange movements on non-trading assets held.

7 Taxation

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
The tax charge comprises:
Current tax
Current year	55,591	99,687
Over-provision in the previous year	(3,113)	-
	52,478	99,687
Deferred tax (see note 8)
Current year	(64,499)	40,534
	(64,499)	40,534
Total tax charge in the statement of comprehensive income	12,021	140,221
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation from continuing operations	170,181	436,928
Profit on ordinary activities before taxation multiplied by standard rate
of UK corporation tax of 25% (2024: 25%)	42,545	109,232
Effects of:
Non-deductible expenses	57,384	30,989
Over-provision in the previous year	(3,113)	-
Other adjustments	(84,795)	-
	(30,524)	30,989
Total tax charge	12,021	140,221

The Group has estimated losses of £375,762 (2024: £375,762) available to carry forward against future trading profits. Losses totalling £375,762 are in Aeorema Communications plc and can not be group relieved. As Aeorema Communications plc is not currently making taxable profits, as all trading is undertaken by its subsidiaries Aeorema Limited, Eventful Limited and Cheerful Twentyfirst, Inc., therefore no deferred tax asset has been recognised in respect of this amount as the directors do have sufficient expectation that the losses can be utilised in the foreseeable future.

8 Deferred taxation

Group	As at 31 December 2025	As at 30 June 2024
	£	£
Property, plant and equipment temporary differences	(56,310)	(85,303)
Temporary differences	95,119	59,613
	38,809	(25,690)
At 1 July 2024	(25,690)	14,844
Transfer to Statement of Comprehensive Income	64,499	(40,534)
At 31 December 2025	38,809	(25,690)

9 Profit attributable to members of the parent company

As permitted by section 408 of the Companies Act 2006, the parent Company's Statement of Comprehensive Income has not been included in these financial statements. The profit for the financial period of the holding company was £427,728 (2024: £377,703).

10 Earnings per ordinary share

Basic earnings per share are calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share are calculated by dividing the profit or loss attributable to owners of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would have been issued on the conversion of all dilutive potential ordinary shares into ordinary shares.

The following reflects the income and share data used and dilutive earnings per share computations:

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Basic earnings per share
Profit for the year attributable to owners of the Company	180,202	296,707
Basic weighted average number of shares	9,649,944	9,538,000
Dilutive potential ordinary shares	144,278	217,000
Diluted weighted average number of shares	9,794,222	9,755,000
Weighted average number of shares that would have been issued at average market price	1,781,000	1,493,000

11 Intangible fixed assets

Group	Goodwill	Intellectual Property	Total
	£	£	£
Cost
At 30 June 2023	2,927,486	10,000	2,937,486
At 30 June 2024	2,927,486	10,000	2,937,486
At 31 December 2025	2,927,486	10,000	2,937,486
Impairments and amortisation
At 30 June 2023	2,363,138	7,917	2,371,055
Charge for the year	-	2,083	2,083
At 30 June 2024	2,363,138	10,000	2,373,138
Charge for the year	-	-	-
At 31 December 2025	2,363,138	10,000	2,373,138
Net book value
At 30 June 2023	564,348	2,083	566,431
At 30 June 2024	564,348	-	564,348
At 31 December 2025	564,348	-	564,348

Goodwill arose for the Group on consolidation of its subsidiaries, Aeorema Limited and Eventful Limited.

Impairment - Aeorema Limited and Eventful Limited

Goodwill arises on acquisition of a business combination and represents the difference between the fair value of the consideration paid and the aggregate fair value of identifiable assets and liabilities acquired. Goodwill is tested annually for impairment, goodwill is impaired when the value in use exceeds the net asset value of the group's cash generating units (CGUs). The CGUs represent Aeorema Limited and Eventful Limited, being the lowest level within the group at which goodwill is monitored for internal management purposes.

The value in use has been calculated on a discounted cash flow basis using the 2026 budgeted figures as approved by the Board of directors, extended in perpetuity to calculate the terminal value and discounted at a rate of 10%. It is assumed that future growth will be 3% for venue sourcing activities and 2% for event production activities. Using these assumptions, which are based on past experience and future expectations, the recoverable amount of goodwill of £1,033,536 was determined to be higher than its carrying value, hence no impairment in the year.

Sensitivity Analysis

If the assumptions used in the impairment review were changed to greater extent than as presented in the following table, the changes would, in isolation, lead to impairment loss being recognised for 0% growth rate.

Aeorema Limited	2% Growth	0% Growth	Discount Rate of 5%	Discount Rate of 15%
	£	£	£	£
Value in use calculations	780,601	(12,879,031)	436,728	838,657
Carrying amount in financial statements	365,154	365,154	365,154	365,154
Difference	415,447	(13,244,185)	71,574	473,503

Eventful Limited	3% Growth	0% Growth	Discount Rate of 5%	Discount Rate of 15%
	£	£	£	£
Value in use calculations	252,935	(442,179)	536,602	149,147
Carrying amount in financial statements	199,194	199,194	199,194	199,194
Difference	53,741	(641,373)	337,408	(50,047)

Combined	2% Growth	0% Growth	Discount Rate of 5%	Discount Rate of 15%
	£	£	£	£
Value in use calculations	1,033,536	(13,321,210)	973,330	987,804
Carrying amount in financial statements	564,348	564,348	564,348	564,348
Difference	469,188	(13,885,558)	408,982	423,456

12 Property, plant and equipment

Group	Leasehold improvements	Fixtures, fittings	Total
		and equipment
	£	£	£
Cost
At 30 June 2023	252,889	403,262	656,151
Additions	4,524	50,187	54,711
Disposals	-	(1,344)	(1,344)
At 30 June 2024	257,413	452,105	709,518
Additions	117,846	106,155	224,001
Disposals	-	(4,758)	(4,758)
At 31 December 2025	375,259	553,502	928,761
Depreciation
At 30 June 2023	36,178	191,464	227,642
Charge for the year	39,214	97,891	137,105
Eliminated on disposal	-	(56)	(56)
At 30 June 2024	75,392	289,299	364,691
Charge for the year	75,557	119,136	194,693
Eliminated on disposal	-	(2,137)	(2,137)
At 31 December 2025	150,949	406,298	557,247
Net book value
At 30 June 2023	216,711	211,798	428,509
At 30 June 2024	182,021	162,806	344,827
At 31 December 2025	224,310	147,204	371,514

13 Right-of-use assets

Group	Leasehold Property
	£
Cost
At 30 June 2023	887,138
At 30 June 2024	887,138
At 31 December 2025	887,138
Depreciation
At 30 June 2023	190,152
Charge for the year	126,804
At 30 June 2024	316,956
Charge for the year	190,206
At 31 December 2025	507,162
Net book value
At 30 June 2023	696,986
At 30 June 2024	570,182
At 31 December 2025	379,976

The right-of-use asset is calculated on the assumption that the Group will remain in the premises for the duration of the 7 year lease agreement. A discount rate of 5% was used to calculate the right-of-use asset. 5% was considered an appropriate rate based on the Group's incremental borrowing rate.

14 Non-current assets - Investments

Company	Shares in subsidiary
	£
Cost
At 30 June 2023	3,987,781
Increase in respect of share-based payments	69,434
At 30 June 2024	4,057,215
Increase in respect of share-based payments	95,929
At 31 December 2025	4,153,144
Provision
At 30 June 2023	2,694,213
At 30 June 2024	2,694,213
At 31 December 2025	2,694,213
Net book value
At 30 June 2023	1,293,568
At 30 June 2024	1,363,002
At 31 December 2025	1,458,931

Holdings of more than 20%

The Company holds more than 20% of the share capital of the following companies:

Subsidiary undertakings	Country of	Shares held		Profit / (loss) before tax for the 18 month period ended 31 December 2025	Net assets as at 31 December 2025
	Registration
	or incorporation	Class	%	£	£
Aeorema Limited	England and Wales	Ordinary	100	271,729	931,839
Eventful Limited	England and Wales	Ordinary	100	(25,587)	90,441
Twentyfirst Limited (Dormant)	England and Wales	Ordinary	100	-	1,362
Cheerful Twentyfirst, Inc.	United States of America	Ordinary	100	31,756	320,445

The registered address of Aeorema Limited, Eventful Limited and Twentyfirst Limited is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. The registered address of Cheerful Twentyfirst, Inc. is 85 Broad Street, Floor 16, New York, NY, 10004.

Cheerful Twentyfirst B.V. was liquidated on 1 September 2025. The loss on liquidation was £15,830.

15 Trade and other receivables

	Group		Company
	As at 31 December 2025	As at 30 June 2024	As at 31 December 2025	As at 30 June 2024
	£	£	£	£
Trade receivables	1,756,836	1,608,713	-	-
Related party receivables	-	-	640,737	811,427
Other receivables	447,580	413,560	68,155	5,951
Prepayments and accrued income	2,407,469	2,399,747	12,342	15,153
	4,611,885	4,422,020	721,234	832,531

All trade and other receivables are expected to be recovered within 12 months of the end of the reporting period. The fair value of trade and other receivables is the same as the carrying values shown above.

Trade and other receivables are assessed for impairment based upon the expected credit losses model. The credit losses historically incurred have been immaterial and as such the risk profile of the trade receivables has not been presented.

The Group has recognised a bad debt provision of £78,933.

Furthermore, at the year end, trade receivables of £151,965 (2024: £139,047) were past due but not impaired. These amounts are still considered recoverable. The ageing of these trade receivables is as follows:

	Group
	As at 31 December 2025	As at 30 June 2024
	£	£
Less than 90 days overdue	17,018	4,892
More than 90 days overdue	134,947	134,155
	151,965	139,047

16 Cash at bank and in hand

	Group		Company
	As at 31 December 2025	As at 30 June 2024	As at 31 December 2025	As at 30 June 2024
	£	£	£	£
Bank balances	2,189,580	3,119,353	97,488	117,816
	2,189,580	3,119,353	97,488	117,816

17 Trade and other payables

	Group		Company
	As at 31 December 2025	As at 30 June 2024	As at 31 December 2025	As at 30 June 2024
	£	£	£	£
Trade payables	416,078	2,127,981	8,582	27,203
Related party payables	-	-	67,355	67,355
Taxes and social security costs	409,359	3,316	-	-
Other payables	120,128	118,158	-	-
Accruals and deferred income	4,066,395	3,121,594	15,447	19,549
	5,011,960	5,371,049	91,384	114,107

All trade and other payables are expected to be settled within 12 months of the end of the reporting period. The fair value of trade and other payables is the same as the carrying values shown above.

18 Bank Loans

	As at 31 December 2025	As at 30 June 2024
	£	£
Bank Loan
Current	-	27,778
Non-current	-	-
	-	27,778

On 15 October 2020 the company received a Floating Rate Basis Coronavirus Business Interruption Loan (CBIL) of £250,000 from Barclays Bank UK PLC to cover the company's working capital commitments during the COVID-19 pandemic. For the first twelve months interest on the loan is paid by the UK government, after this point interest will be paid at a margin of 2.28%, in addition to monthly capital repayments of £6,944 to the final repayment date of 15 October 2024.

The loan was repaid in full on 15 October 2024.

19 Leases

The balance sheet shows the following amounts relating to leases:

Group	As at 31 December 2025	As at 30 June 2024
	£	£
Right-of-use assets
Leasehold property	379,976	570,182
	379,976	570,182

Group	As at 31 December 2025	As at 30 June 2024
	£	£
Lease liabilities
Current	122,679	113,201
Non-current	319,055	500,814
	441,734	614,015

Group	As at 31 December 2025	As at 30 June 2024
	£	£
Maturity analysis - contractual undiscounted cash flows
Less than one year	142,000	142,000
One to five years	248,500	497,000
More than five years	-	-
	390,500	639,000

Group	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Interest on lease liabilities	40,719	34,264
	40,719	34,264

20 Provisions

Group	Leasehold dilapidations	Total
	£	£
At 30 June 2023	48,500	48,500
Charged to statement of comprehensive income	9,000	9,000
At 30 June 2024	57,500	57,500
Charged to statement of comprehensive income	17,892	17,892
Released during the period	(35,000)	(35,000)
At 31 December 2025	40,392	40,392

Group	Leasehold dilapidations	Total
	£	£
Current	-	-
Non-current	40,392	40,392
	40,392	40,392

Leasehold dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease.

21 Share capital

	As at 31 December 2025	As at 30 June 2024
	£	£
Authorised
28,000,000 Ordinary shares of 12.5p each	3,500,000	3,500,000
Allotted, called up and fully paid	Number	Ordinary shares
		£
At 30 June 2023	9,538,000	1,192,250
At 30 June 2024	9,538,000	1,192,250
Shares issued during the year	155,000	19,375
At 31 December 2025	9,693,000	1,211,625

Following the reporting date, Aeorema Communications plc acquired 257,500 of its own ordinary shares at prices between 60 pence and 68.5 pence per share, for an aggregate consideration of £164,018, during the period from January to March 2026. The shares were initially classified as treasury shares and were subsequently cancelled on 7 April 2026.

Holders of these shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the company.

See note 24 for details of share options outstanding.

22 Directors' emoluments

	Salary, fees, bonuses and benefits in kind		Pensions		Total
	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£	£	£	£	£
M Hale	-	-	-	-	-	-
S Haffner	10,000	20,000	-	-	10,000	20,000
R Owen	30,000	20,000	-	-	30,000	20,000
S Quah	337,252	243,231	15,000	10,000	352,252	253,231
A Harvey	237,459	179,487	12,000	8,000	249,459	187,487
H Luffman	8,333	20,000	-	-	8,333	20,000
A Charlton	21,667		-	-	21,667	-
	644,711	482,718	27,000	18,000	671,711	500,718

The remuneration of directors of the Company is set out below.

During the year M Hale waived his right to fees of £30,000 (2024: £20,000)

The share options held by directors who served during the year are summarised below:

Name	Grant date	Number awarded	Exercise price	Earliest exercise date	Expiry date
S Quah	22 August 2018	145,000	29.00p	17 November 2020	22 August 2028
A Harvey	22 August 2018	300,000	29.00p	17 November 2020	22 August 2028
S Quah	29 April 2021	100,000	31.00p	5 November 2023	29 April 2031
A Harvey	29 April 2021	100,000	31.00p	5 November 2023	29 April 2031
S Quah	29 April 2021	100,000	50.00p	5 November 2023	29 April 2031
A Harvey	29 April 2021	100,000	50.00p	5 November 2023	29 April 2031
S Quah	29 April 2021	100,000	70.00p	5 November 2023	29 April 2031
A Harvey	29 April 2021	100,000	70.00p	5 November 2023	29 April 2031
S Quah	7 February 2025	200,000	12.50p	7 February 2027	7 February 2035
A Harvey	7 February 2025	50,000	12.50p	7 February 2027	7 February 2035

Fees for S Haffner are charged by Harris & Trotter LLP, a firm in which he is a member (see note 25).

23 Employee information

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

Number of employees	Group		Company
	2025 Number	2024 Number	2025 Number	2024 Number
Administration and production	58	74	5	5

The aggregate payroll costs of these employees charged in the Statement of Comprehensive Income was as follows:

Employment costs	Group		Company
	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£	£	£
Wages and salaries	5,843,347	4,272,587	70,000	60,000
Social security costs	692,458	524,751	-	-
Pension costs	181,026	170,600	-	-
Share-based payments	95,817	69,434	-	-
	6,812,648	5,037,372	70,000	60,000

24 Share-based payments

The Group operates an EMI share option scheme for key employees. Options are granted to key employees at an exercise price equal to the market price of the Company's shares at the date of grant. Options are exercisable from the third anniversary of the date of grant and lapse if they remain unexercised at the tenth anniversary or upon cessation of employment. The following option arrangements exist over the Company's shares:

Date of grant	Exercise price	Exercise period		Number of options 2025	Number of options 2024
		From	To
22 August 2018	29.0p	17 November 2020	22 August 2028	445,000	600,000
14 June 2019	26.0p	14 June 2022	14 June 2029	120,000	120,000
29 April 2021	31.0p	5 November 2023	29 April 2031	200,000	200,000
29 April 2021	50.0p	5 November 2023	29 April 2031	200,000	200,000
29 April 2021	70.0p	5 November 2023	29 April 2031	200,000	200,000
23 May 2022	60.0p	23 May 2025	23 May 2032	100,000	100,000
19 October 2022	71.0p	19 October 2025	19 October 2032	110,000	110,000
11 October 2023	78.5p	11 October 2026	11 October 2033	100,000	240,000
12 September 2024	57.5p	1 August 2026	12 September 2034	40,000	-
12 September 2024	57.5p	1 February 2027	12 September 2034	40,000	-
7 February 2025	12.5p	7 February 2027	7 February 2035	250,000	-
31 July 2025	56.0p	1 October 2027	31 July 2035	130,000	-
				1,935,000	1,770,000

Details of the number of share options and the weighted average exercise price outstanding during the year are as follows:

	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
	2025	2025	2024	2024
		£		£
Outstanding at beginning of the year	1,770,000	0.41	1,530,000	0.48
Granted during the year	460,000	0.42	240,000	0.79
Cancelled during the year	(140,000)	(0.79)	-	-
Exercised during the year	(155,000)	(0.29)	-	-
Outstanding at end of the year	1,935,000	0.49	1,770,000	0.52
Exercisable at the end of the year	1,215,000	0.30	1,320,000	0.41

The exercise price of options outstanding at the year-end was £0.492 (2024: £0.519) and their weighted average contractual life was 5.8 years (2024: 6.3 years).

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value as determined at the grant date of equity-settled share-based payments is expensed on a straight line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. The estimated fair value of the options is measured using an option pricing model. The inputs into the model are as follows:

Grant date	22 August 2018
Model used	Black-Scholes
Share price at grant date	29.0p
Exercise price	29.0p
Contractual life	10 years
Risk free rate	0.75%
Expected volatility	40.33%
Expected dividend rate	0.00%
Fair value option	14.800p

Grant date	14 June 2019
Model used	Black-Scholes
Share price at grant date	26.0p
Exercise price	26.0p
Contractual life	10 years
Risk free rate	0.75%
Expected volatility	40.33%
Expected dividend rate	0.00%
Fair value option	12.894p

Grant date	29 April 2021
Model used	Black-Scholes
Share price at grant date	30.5p
Exercise price	31.0p
Contractual life	10 years
Risk free rate	0.84%
Expected volatility	153.96%
Expected dividend rate	0.00%
Fair value option	30.060p

Grant date	29 April 2021
Model used	Black-Scholes
Share price at grant date	30.5p
Exercise price	50.0p
Contractual life	10 years
Risk free rate	0.84%
Expected volatility	153.96%
Expected dividend rate	0.00%
Fair value option	29.943p

Grant date	29 April 2021
Model used	Black-Scholes
Share price at grant date	30.5p
Exercise price	70.0p
Contractual life	10 years
Risk free rate	0.84%
Expected volatility	153.96%
Expected dividend rate	0.00%
Fair value option	29.845p

Grant date	23 May 2022
Model used	Black-Scholes
Share price at grant date	60.0p
Exercise price	60.0p
Contractual life	10 years
Risk free rate	2.31%
Expected volatility	175.63%
Expected dividend rate	0.00%
Fair value option	59.707p

Grant date	19 October 2022
Model used	Black-Scholes
Share price at grant date	71.0p
Exercise price	71.0p
Contractual life	10 years
Risk free rate	3.87%
Expected volatility	177.03%
Expected dividend rate	0.00%
Fair value option	26.581p

Grant date	11 October 2023
Model used	Black-Scholes
Share price at grant date	78.5p
Exercise price	78.5p
Contractual life	10 years
Risk free rate	4.33%
Expected volatility	146.09%
Expected dividend rate	3.00%
Fair value option	77.184p

Grant date	12 September 2024
Model used	Black-Scholes
Share price at grant date	57.5p
Exercise price	57.5p
Contractual life	10 years
Risk free rate	3.78%
Expected volatility	128.82%
Expected dividend rate	3.00%
Fair value option	55.523p

Grant date	7 February 2025
Model used	Black-Scholes
Share price at grant date	48.5p
Exercise price	12.5p
Contractual life	10 years
Risk free rate	4.48%
Expected volatility	123.88%
Expected dividend rate	3.00%
Fair value option	47.587p

Grant date	31 July 2025
Model used	Black-Scholes
Share price at grant date	56.0p
Exercise price	56.0p
Contractual life	10 years
Risk free rate	4.57%
Expected volatility	123.76%
Expected dividend rate	3.00%
Fair value option	51.923p

The expected volatility is determined by calculating the historical volatility of the parent company's share price. For the share options issued prior to the year ended 30 June 2021 the historical volatility of the parent company's share price is calculated over the last three years. For share options issued after 1 July 2021 the historical volatility is calculated over the last 10 years. The method used to determine the historical volatility of the parent company's share price changed in the prior year as a consequence of the COVID-19 pandemic. The impact of the COVID-19 pandemic on the parent company's share price was significant and not considered an appropriate measure of the parent company's share price volatility. The extension of the period to 10 years was considered appropriate. The risk free-rate is based on the yield from gilt strip government bonds with a similar life to the expected life of the options.

The Group recognised the following charges in the Statement of Comprehensive Income in respect of its share-based payment plans:

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Share-based payment charge	95,929	69,434

25 Related party transactions

The Group has a related party relationship with its subsidiaries and its key management personnel (including directors). Details of transactions between the Company and its subsidiaries are as follows:

	As at 31 December 2025	As at 30 June 2024
	£	£
Amounts owed by subsidiaries
Total amount owed by subsidiaries	640,737	811,427
Amounts owed to subsidiaries
Total amount owed to subsidiaries	67,355	67,355

Compensation of key management

The compensation of key management (including directors) of the Group is as follows:

	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Short-term employee benefits	644,711	482,718
Post-employment benefits	27,000	18,000
	671,711	500,718

The share options held by directors of the Company are disclosed in note 24. During the year, a charge of £37,304 (2024: £17,501) was recognised in the Consolidated Statement of Comprehensive Income in respect of these share options.

At the period end £10,000 (2024: £10,000) was outstanding from S Quah.

Harris and Trotter LLP is a firm in which S Haffner (resigned as a director on 21 January 2025) is a member. The amounts charged to the Group for professional services are as follows:

Harris and Trotter LLP - charged during the year	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Aeorema Communications plc	10,000	20,000
Aeorema Limited	14,158	14,400
	24,158	34,400

At the period end, the Group had no outstanding trade payable balance to Harris and Trotter LLP.

26 Cash flows

	Group
	18 Months Ended 31 December 2025	12 Months Ended 30 June 2024
	£	£
Cash flows from operating activities
Profit before taxation	170,181	436,928
Depreciation of property, plant and equipment	194,693	137,105
Depreciation of right-of-use assets	190,206	126,804
Amortisation of intangible fixed assets	-	2,083
Loss on disposal of fixed assets	2,621	1,288
Share-based payment expense	95,929	69,434
Finance income	(77,878)	(35,967)
Interest on lease liabilities	40,719	34,264
Exchange rate differences on translation	88,549	(88,632)
	705,020	683,307
(Decrease) / increase in trade and other payables	(376,196)	1,497,111
(Increase) in trade and other receivables	(189,866)	(919,497)
Taxation paid	(145,200)	(55,451)
Cash generated from operating activities	(6,242)	1,205,470

27 Financial instruments

Financial instruments recognised in the consolidated statement of financial position

All financial instruments are recognised initially at their transaction cost and subsequently measured at amortised cost.

	Group		Company
	As at 31 December 2025 £	As at 30 June 2024 £	As at 31 December 2025 £	As at 30 June 2024 £
Financial Assets
Trade and other receivables	2,522,232	3,694,354	640,737	811,428
Cash and cash equivalents	2,189,580	3,119,353	97,488	117,816
Investments in subsidiaries	-	-	1,458,931	1,363,002
Total	4,711,812	6,813,707	2,197,156	2,292,246
Financial Liabilities
Trade and other payables	536,207	2,273,917	75,936	94,557
Accruals	265,674	1,621,048	15,447	19,550
Total	801,881	3,894,965	91,383	114,107

The Group is exposed to risks that arise from its use of financial instruments. There have been no significant changes in the Group's exposure to financial instrument risk, its objectives, policies and processes for managing those from previous periods. The principal financial instruments used by the Group, from which financial instrument risk arises, are trade receivables, cash and cash equivalents and trade and other payables.

Credit risk

Credit risk arises principally from the Group's trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. The maximum exposure to credit risk at 31 December 2025 was £1,756,836 (2024: £1,608,713). Trade receivables are managed by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The credit risk associated with trade receivables is minimal as invoices are based on contractual agreements with long-standing customers. Credit losses historically incurred by the Group have consequently been immaterial.

Liquidity risk

Liquidity risk arises from the Group's management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's policy is to meet its liabilities when they fall due. The Group monitors cash flow on a regular basis. At the period end, the Group has sufficient liquid resources to meet its obligations of £1,237,491 (2024: £3,989,476). Management prepared cashflow forecasts and have performed sensitivity analysis on these forecasts. Management have not identified any anticipated liquidity issues on the Group's ability to pay debts as they fall due.

Market risk

Market risk arises from the Group's use of interest bearing financial instruments. It is the risk that the fair value of future cash flows of a financial instrument will fluctuate. At the period end, the cash and cash equivalents of the Group net of bank overdrafts was £2,189,580 (2024: £3,119,353). The Group ensures that its cash deposits earn interest at a reasonable rate.

Foreign exchange risk

The Group has trade in other foreign currencies, mainly USD and EUR, and therefore has trade receivable, payables and cash holdings in these foreign currencies and is subject to risk of movement in these foreign exchange currencies. The Group mitigates this through natural hedging, matching receipts and payments in these currencies.

Capital risk

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern while maximising the return to stakeholders. The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued share capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. At the period end, total equity was £2,635,775 (2024: £2,805,725).

28 Pension costs defined contribution

The Group makes pre-defined contributions to employees' personal pension plans. Contributions payable by the Group for the period were £182,928 (2024: £170,429). At the end of the reporting period £43,117 (2024: £8,779) of contributions were due in respect of the period.

29 Dividends

In the 18 month period ended 31 December 2025 the Company paid an interim dividend of 3 pence per share totalling £290,790.

The directors propose that a final dividend of 1 pence per share (2024: 3 pence) be paid to shareholders on 10 July 2026. The dividends are subject to approval by shareholders at the Annual General Meeting and have not been included as liabilities in these consolidated financial statements. The proposed dividends are payable to all shareholders on the Register of Members on 19 June 2026. The total estimated dividend to be paid is £94,355. The payment of this dividend will not have any tax consequences for the Group.

30 Contingent liability

Company

The Company is a member of a group VAT registration with all other companies in the Aeorema Communications group and, under the terms of the registration, is jointly and severally liable for the VAT payable by all members of the group. At 31 December 2025 the Company had no potential liability under the terms of the registration.

 

END