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Registration number: 06208235

TR (2008) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

TR (2008) Limited

Contents

Page(s)

Strategic Report

1 to 2

Directors' Report

3 to 4

Independent Auditors' Report to the Members of TR (2008) Limited

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 29

 

TR (2008) Limited

Strategic Report for the Year Ended 31 December 2024

The Directors present their Strategic Report for the year ended 31 December 2024.

Definitions

As used in this annual report, “the Group” and “Thomson Reuters” refer to the Thomson Reuters Corporation and its subsidiary undertakings, including joint ventures and associates. “The Company” refers to TR (2008) Limited.

Review of the business

The principal activity of the Company is to act as a holding Company.

The profit for the financial year amounted to US$305,448,000 (2023: US$4,489,000,000).

The net asset position for the Company for the year is US$11,745,168,000 (2023: US$11,680,168,000).

The Directors have assessed the recoverable amount of these investments, having taken into consideration a range of assumptions and has resulted in the Directors concluding that the carrying value of the investments is supported.

On 31st December 2024, the Company acquired 100% of the ordinary shares of Pagero Inc. from Thomson Reuters Investment Holdings Limited for a consideration of US$65,000,000. In exchange, the Company allotted and issued 33,721,886 ordinary shares at £0.005 (US$0.006) each, with the remaining consideration classified as share premium. On the same day, the Company contributed the shares of Pagero Inc. to TR Holdings Limited in exchange for one ordinary share for US$65,000,000.

During the year, the Company received dividends amounting US$305,448,000 (2023: US$4,489,000,000) from TR Holdings Limited.

The following indirect subsidiaries were struck off in 2024: Netmaster Holdings Limited, Netmaster Solutions Limited, TRSS International Limited and World Business Media Limited.

Principal risks and uncertainties

The principal risks and uncertainties are limited to its investments and debtor balances, and any impairment of these investments and debtor balances.

The risks and uncertainties of the Thomson Reuters group is managed at a group level, rather than at an individual statutory legal entity level. For this reason, the Directors believe that an additional discussion of the Group's risks would not be appropriate for the understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Group, which includes the Company, are discussed in the Group's 2024 annual report which does not form part of this report.

Key performance indicators

Given the nature of the business, the Company's Directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

 

TR (2008) Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

Financial risk management

As an investment Company the main risk is related to the potential impairment of the Company’s investments and any associated debtor balances. This risk is managed by the Directors through annual impairment assessments and monitoring of the performance of the Group undertakings in which the Company's investments are held.

The management of other financial risks is co-ordinated with those undertaken at the Group level by Thomson Reuters Corporation. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's and the Group's financial performance. More details of the Group's risk management programme can be found in the Thomson Reuters Corporation 2024 Annual Report.

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
K. Major
Director

 

TR (2008) Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the audited financial statements for the year ended 31 December 2024.

Directors of the Company

The Directors of the Company who were in office during the year and up to the date of signing the financial statements were as follows:

K. Major

W.D. Rowell

Qualifying third-party and pension scheme indemnity provisions
The Directors have qualifying third party indemnity benefit. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors.

Political donations
During the year the Company made nil (2023: nil) political donations.

Employee involvement
The Company did not have any employees during the year (2023: nil).

Future developments
The Directors do not envisage any changes to the nature of the business in the foreseeable future.

Dividends
During the year, the Company paid dividends amounting US$305,041,056 (2023: US$4,488,632,735) to Thomson Reuters Investment Holdings Limited ("TRIHL") and US$407,094 (2023: US$367,275) to TR Investment Company Limited ("TRICL") respectively.

Non adjusting events after the financial period

On 12 March 2025, the Company received a dividend of US$12,903,559 from its subsidiary, TR Holdings Limited. On the same day, the Company paid a dividend of US$12,506,645 and US$396,914 to its holding Company,Thomson Reuters Investments Holdings Limited and TR Investment Company Limited.

On 30 May 2025, the Company received distribution in kind of the entire shares of Thomson Reuters Special Services LLC (“TRSS shares”) valued at fair market value of US$40,000,000 from its subsidiary TR Holdings Limited. On the same day, the Company distributed in kind of TRSS shares at fair market value of US$40,000,000 to its holding company Thomson Reuters Investment Holdings Limited.

Financial risk management
The financial risks of the Company and how they are managed by the Directors have been outlined on page 2 of the Strategic Report.

 

TR (2008) Limited

Directors' Report for the Year Ended 31 December 2024 (continued)

Statement of Directors' Responsibilities

The Directors are responsibilities for preparing the Annual 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101').

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 and then apply them consistently;

state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are also 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 enable them to ensure that the financial statements comply with the Companies Act 2006.

Directors’ confirmations
In the case of each director in office at the date the Directors’ report is approved:

so far as the Director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
K. Major
Director

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

TR (2008) Limited

Independent Auditors' Report to the Members of TR (2008) Limited

Report on the audit of the financial statements

Opinion
In our opinion, TR (2008) Limited’s financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and

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

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the Balance Sheet as at 31 December 2024; the Profit and Loss Account and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

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

 

TR (2008) Limited

Independent Auditors' Report to the Members of TR (2008) Limited (continued)

Reporting on other Information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Strategic report and Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’ Report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of Directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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.

 

TR (2008) Limited

Independent Auditors' Report to the Members of TR (2008) 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.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manage theCompany's financial performance and management bias in accounting estimates within the financial statements. Audit procedures performed by the engagement team included:

Holding discussions with management and internal legal counsel and reviewing board minutes, including consideration of potential instances of non-compliance with laws and regulation and fraud;

Challenging assumptions and judgements made by management related to accounting estimates; and

Testing a sample of journal entries based on specific risk criteria, including those with unusual account combinations, those posted after the period end close or those with unexpected users.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

TR (2008) Limited

Independent Auditors' Report to the Members of TR (2008) Limited (continued)

Other required reporting

Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:

we have not obtained all the information and explanations we require for our audit; or

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

certain disclosures of Directors’ remuneration specified by law are not made; or

the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

......................................
Adri Loubser (Senior Statutory Auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London

10 June 2025

 

TR (2008) Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
US$ 000

2023
US$ 000

Income from shares in group undertakings

 

305,448

4,489,000

Profit before tax

 

305,448

4,489,000

Tax on profit

6

-

-

Profit for the financial year

 

305,448

4,489,000

The above results were derived from continuing operations.

The Company has no comprehensive income during the year other than the results above, so no separate statement of comprehensive income is presented.

 

TR (2008) Limited

(Registration number: 06208235)
Balance Sheet as at 31 December 2024

Note

31 December
2024
US$ 000

31 December
2023
US$ 000

Fixed assets

 

Investments

7

11,745,115

11,680,115

Current assets

 

Debtors: amounts falling due within one year

8

50

50

Cash at bank and in hand

3

3

Net current assets

 

53

53

Total assets

 

11,745,168

11,680,168

Capital and reserves

 

Called up share capital

9

392

180

Share premium account

 

2,674,675

2,609,887

Revaluation reserve

 

406,288

406,288

Capital contribution reserve

 

7,641

7,641

Profit and loss account

 

8,656,172

8,656,172

Total shareholders' funds

 

11,745,168

11,680,168

The financial statements on pages 9 to 29 were approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
K. Major
Director

 

TR (2008) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Called up share capital
US$ 000

Share premium account
US$ 000

Revaluation reserve
US$ 000

Capital contribution reserve
US$ 000

Profit and loss account
US$ 000

Total shareholders' funds
US$ 000

At 1 January 2024

180

2,609,887

406,288

7,641

8,656,172

11,680,168

Profit for the year

-

-

-

-

305,448

305,448

Total comprehensive income

-

-

-

-

305,448

305,448

Dividends paid

-

-

-

-

(305,448)

(305,448)

Shares issued

212

64,788

-

-

-

65,000

At 31 December 2024

392

2,674,675

406,288

7,641

8,656,172

11,745,168

Called up share capital
US$ 000

Share premium account
US$ 000

Revaluation reserve
US$ 000

Capital contribution reserve
US$ 000

Profit and loss account
US$ 000

Total shareholders' funds
US$ 000

At 1 January 2023

180

2,609,887

406,288

7,641

8,656,172

11,680,168

Profit for the year

-

-

-

-

4,489,000

4,489,000

Total comprehensive income

-

-

-

-

4,489,000

4,489,000

Dividends paid

-

-

-

-

(4,489,000)

(4,489,000)

At 31 December 2023

180

2,609,887

406,288

7,641

8,656,172

11,680,168

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in the United Kingdom and domiciled in England.

The address of its registered office is:
Five Canada Square
Canary Wharf
London
E14 5AQ
United Kingdom

The principal activity of the Company is to act as a holding Company.

The Financial statements and notes have been rounded off to the nearest thousand US ($) as the majority of the Company's transactions are undertaken in US ($).

2

Accounting policies

Basis of preparation

These financial statements are prepared in accordance with the Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the Companies Act 2006.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards), but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.

Summary of material accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

 

Paragraph 38 of IAS 1, 'Presentation of financial statements' - comparative information requirements in respect of: (a) paragraph 79(a)(iv) of IAS 1; (b) paragraph 73(e) of IAS 16, 'Property, plant and equipment'; and (c) paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).

 

The following paragraphs of IAS 1, ‘Presentation of financial statements’: (a) 10(d) (statement of cash flows); (b) 16 (statement of compliance with all IFRS); (c) 38A (requirement for minimum of two primary statements, including cash flow statements); (d) 38B-D (additional comparative information);(e)111 (statement of cash flows information); and (f) 134-136 (capital management disclosures).

 

IAS 7, ‘Statement of cash flows’;

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

 

IFRS 7, ‘Financial instruments: Disclosures’.

 

The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered between two or more members of a group.

 

Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

 

Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

The consolidated financial statements of Thomson Reuters include the equivalent disclosures. The Company has also taken the exemptions under FRS 101 available in respect of the following disclosures;

 

Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

The disclosures required by IFRS 7 and IFRS 13 regarding financial instrument disclosures have not been provided apart from those which are relevant for the financial instruments which are held at fair value and are not either held as part of trading portfolio or derivatives.

Exemption from preparing group financial statements
The financial statements contain information about TR (2008) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company has taken advantage of the exemption under Section 401 of the Companies Act 2006, from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Thomson Reuters Corporation ("Thomson Reuters"). The consolidated financial statements of Thomson Reuters are prepared in accordance with International Financial Reporting Standards. Thomson Reuters Corporation is incorporated under the laws of the Province of Ontario, Canada.

Copies of Thomson Reuters’s annual reports are available to the public at www.thomsonreuters.com and may be obtained from Five Canada Square, Canary Wharf, London E14 5AQ.

Going Concern

The Company is not a trading concern and has a net current asset position as at 31 December 2024, the Company has surplus funds to operate for the foreseeable future. As a result, the Directors have deemed it appropriate to prepare the financial statements on a going concern basis.

Use of estimates and judgments

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements is the impairment in investments, as disclosed in note 2 and note 7.

New standards, amendments, IFRIC interpretations and new relevant disclosure requirements
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2024 that have a material impact on the Company’s financial statements.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Profit and Loss Account, except when deferred in other comprehensive income as qualifying cash flow hedges All other foreign exchange gains and losses are presented in the Profit and Loss Account within’ finance income or costs’. Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (‘the functional currency’). The financial statements are presented in ‘United States Dollar’ ($), which is also the company’s functional currency.
 

Current and deferred taxes

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in shareholders’ funds. In this case, the tax is also recognised in other comprehensive income or directly in shareholders’ funds, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the Balance Sheet date in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; or arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Investments in subsidiaries

The Company holds investments in other companies. These are recognised as fixed asset investments and are stated at cost less any impairment.

Impairment of investment in subsidiaries
Fixed asset investments are considered for impairment triggers annually. If an impairment assessment trigger is identified, a detailed assessment is made. An impairment loss is recognised to the extent that the carrying amount cannot be recovered either by selling the assets or by discounted future earnings from operating the assets.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Dividends in specie

A dividend in specie is a distribution paid or received by the Company of a non-cash asset. The accounting treatment of the distribution is determined by whether the distribution paid or received is considered to represent a return of the capital of the subsidiary or not. Where it is deemed to represent a return of capital, a reduction in the parent’s investment balance in that subsidiary is recorded rather than the recognition of dividend income in the Profit and Loss Account. The factors considered by the Directors when determining whether a distribution represents a dividend or return of capital include the following:

• The amount of the distribution relative to the original investment value;
• The legal form of the distribution; and
• The future operating plans for the subsidiary after the distribution.

If the amount of the distribution exceeds the carrying value of the investment balance, the excess gain is recognised in the Profit and Loss Account, to the extent that it is realised or in the Statement of Comprehensive Income to the extent that it is unrealised.

If the distribution is considered to represent a dividend the Company recognises the dividend in the Profit and Loss Account.

3

Employees

The Company did not have any employees during the year (2023: nil).

4

Directors' remuneration

None of the Directors had any beneficial interest in the share capital of the Company or an interest in any transactions or arrangements with the Company which require disclosure. The remuneration of the Directors is paid by a fellow group undertaking. The Directors services to this Company and to a number of fellow subsidiaries are of a non-executive nature and their remuneration is deemed to be wholly attributable to their services to the fellow group undertaking. Accordingly, the above details include no remuneration in respect of any Director (2023: US$nil).

5

Auditors' remuneration

The auditors' remuneration in relation to the audit of financial statements is US$24,075 (2023: US$22,123), and is paid by a fellow group undertaking and is not recharged to the Company.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6

Tax on profit

Tax credit in the profit and loss account

2024
US$ 000

2023
US$ 000

Current tax

UK corporation tax

-

-

Total current income tax

-

-

The tax on profit before tax for the year is the same as the standard rate of corporation tax in UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023: 23.52%).

The differences are reconciled below:

2024
US$ 000

2023
US$ 000

Profit before tax

305,448

4,489,000

Corporation tax at standard rate of tax in the UK of 25% (2023: 23.52%)

76,362

1,055,837

Decrease from effect of revenues exempt from taxation

(76,362)

(1,055,837)

Total tax charge/(credit)

-

-

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (31 December 2023 weighted average tax rate was 23.52%).

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments

Subsidiaries

US$ 000

Cost or valuation

At 1 January 2024

11,680,115

Additions

65,000

At 31 December 2024

11,745,115

At 31 December 2023

11,680,115

The Directors have assessed the recoverable amount of these investments, having taken into consideration a range of assumptions and has resulted in the Directors concluding that the carrying value of the investments is supported.

The Directors are of the opinion that the value of the Company's investments is not less than the value of which it is stated in the Balance Sheet as at 31 December 2024.

On 31st December 2024, the Company acquired 100% of the ordinary shares of Pagero Inc. from Thomson Reuters Investment Holdings Limited for a consideration of US$65,000,000. In exchange, the Company allotted and issued 33,721,886 ordinary shares at £0.005(US$0.006) each, with the remaining consideration classified as share premium. On the same day, the Company contributed the shares of Pagero Inc. to TR Holdings Limited in exchange for one ordinary share for US$65,000,000.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Details of the subsidiaries as at 31 December 2024 and 31 December 2023 are as follows:

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

TR Holdings Limited*

Holding Company

Clarendon House, 2 Church Street, Hamilton, HM 11

Bermuda

100%

100%

LiveNote Technologies Limited

Holding Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

LN Holdings Limited

Holding Company

Clarendon House, 2 Church Street, Hamilton, HM 11

Bermuda

100%

100%

Pilgrim Systems Limited

Dormant Company

83 Princes Street, Edinburgh, Lothian Region, EH2 2ER

United Kingdom

100%

100%

Rufeta Unlimited

Holding Company

44 Esplanade, St Helier, JE4 9WG

Jersey, Channel Island

100%

100%

Thomson Reuters (TRI) Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters America Corporation

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Group Limited

Holding Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Reuters Limited

Dormant Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Thomson Reuters No. 4 Inc

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters No. 5 LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

TR Organisation 1

Holding Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

TR Organisation Limited

Holding Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

TR U.S. Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

TTC Holdings Limited

Dormant

Clarendon House, 2 Church Street, Hamilton, HM 11

Bermuda

100%

100%

Agence Reuter SARL

Trading Company

16-18 rue du Quatre-Septembre 75002 Paris

France

100%

100%

Blaxmill Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Reuters News & Media Limited

Trading

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

The Thomson Organisation (No.10)

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

The Thomson Organisation Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Investments Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Publishing Investments Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Reuters Treasury Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson UK Investments Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Complinet Group Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Complinet Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Complinet USA Holdings Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Ironman 2 Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

The Thomson Organisation (No.23)

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

The Thomson Organisation (No.4)

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

The Thomson Organisation (No.7)

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomorg No. 1401 Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomorg No. 6 Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomorg No. 716 Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomorg No. 8 Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Business Information Holdings Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Holdings Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Information & Publishing Holdings Limited

Holding company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Publications Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Thomson Publishing Group Limited

Non Trading

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson UK Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

TPH Publishing Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

TRN Old Company Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

International Thomson Publishing Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Legal & Professional Group Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Information & Solutions Limited

Non Trading

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Reuters (Professional) UK Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

RPHI Holding LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Primark Information Services U.K. Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Thomson Reuters (Legal) Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters (Tax & Accounting) Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Applications Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Finance Company LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Holdings Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters IRB Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Management Services LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters No. 8 LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Reuters News & Media Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Risk Management Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Thomson Reuters Services Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Holdco LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Special Services LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters Treasury LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Thomson Reuters U.S. LLC

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Reuters America LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Reuters Property Holdings Inc.

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Reuters Property L.L.C.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

TR Transition Services Inc.

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

US

100%

100%

Three Times Square Associates LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

TTC (1994) Limited

Holding Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Thomson Information & Solutions (Holdings) Limited

Dormant

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

HighQ Solutions Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

HighQ (India) Private Limited

Trading Company

Office No. 201,Second Floor,The Capital,Science City Road,Ahmedabad,380060

India

100%

100%

HighQ Holdings Limited

Holding Company

22 Grenville Street,St. Helier,Jersey

Jersey

100%

100%

TR Finance LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Pearl River Information Limited

Trading Company

15/F 14 Taikoo Wan Road, Taikoo Shing, Hong Kong

Hong Kong

100%

100%

Imagen Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

Capital confirmation Inc.

Holding Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Screenocean Limited

Dormant Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kingdom

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Athens Acquisition Holdco LLC

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

Sky US Newco Corp.

Holding Company

2900 Ames Crossing Road, Eagan, MN 55121

USA

100%

100%

West Publishing Corporation

Trading Company

2711 Centerville Road, Suite 400, Wilmington, DE, 19808

US

100%

100%

TR 2023 LLC

Holding Company

2900 Ames Crossing Road, Eagan, MN 55121

USA

100%

100%

SurePrep LLC

Trading Company

17890 Sky Park Cir #100 Irvine, CA 92614

USA

100%

100%

SurePrep International LLC

Holding Company

17890 Sky Park Cir #100 Irvine, CA 92614

USA

100%

100%

SurePrep International II LLC

Holding Company

17890 Sky Park Cir #100 Irvine, CA 92614

USA

100%

100%

SurePrep (India) Private Limited

Trading Company

401, Dhanthak Plaza, Makwana Road, Marol, Andheri East, Marol Naka, Mumbai, 400059

India

100%

100%

BSI2 Hold Green Bean Inc

Holding Company

2900 Ames Crossing Road, Eagan, MN 55121

USA

100%

100%

Casetext Inc.

Trading Company

2900 Ames Crossing Road, Eagan, MN 55121

USA

100%

100%

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Investments (continued)

Name of subsidiary
 

Principal activity
 

Registered office
 

 

Proportion of ownership interest and voting rights held
2024

2023

Safe Sign Technologies Limited

Trading Company

Five Canada Square, Canary Wharf, London, E14 5AQ

United Kinddom

100%

0%

Pagero UK Limited

Trading Company

61 Queen Street London EC4R 1AE, England

United Kingdom

100%

0%

Last Mile Merger Sub Inc.

Holding Company

251 Little Falls Drive Wilmington DE 19808

United States

100%

0%

Credere Technologies Inc.

Trading Company

251 Little Falls Drive Wilmington DE 19808

United States

100%

0%

Pagero Inc.

Trading Company

251 Little Falls Drive Wilmington DE 19808

United States

100%

0%

* indicates direct investment of the Company

The following indirect subsidiaries were struck off in 2024: Netmaster Holdings Limited, Netmaster Solutions Limited, TRSS International Limited and World Business Media Limited.

On February 1, 2024, Imagen EVP Inc. merged with Reuters News & Media Inc., which became the continuing entity. Furthermore, on July 31, 2024, Thomson Reuters Aviation Inc. merged into Thomson Reuters U.S. LLC, which became the continuting entity from this reorganization.

8

Debtors: amounts falling due within one year

31 December
2024
US$ 000

31 December
2023
US$ 000

Amount owed by group undertakings

50

50

Amounts owed by fellow group undertakings are unsecured, non-interest bearing and repayable on demand.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9

Called up share capital

Allotted, called up and fully paid shares

 

31 December
2024

31 December
2023

 

No. 000

US$ 000

No. 000

US$ 000

Ordinary shares of £0.005 each

43,720

285

9,998

73

D Ordinary shares of £5 each

13

104

13

104

G Ordinary shares of £0.10 each

20

3

20

3

 

43,753

392

10,031

180

During the year, the Company issed shares to a fellow group undertaking in exchange of 33,721,886 ordinary share for a nominal value of £0.005 (US$212,103) and the remaining balance of US$64,787,897 was classified as share premium.

10

Non adjusting events after the financial period

On 12 March 2025, the Company received a dividend of US$12,903,559 from its subsidiary, TR Holdings Limited. On the same day, the Company paid a dividend of US$12,506,645 and US$396,914 to its holding Company,Thomson Reuters Investments Holdings Limited and TR Investment Company Limited.

On 30 May 2025, the Company received distribution in kind of the entire shares of Thomson Reuters Special Services LLC (“TRSS shares”) valued at fair market value of US$40,000,000 from its subsidiary TR Holdings Limited. On the same day, the Company distributed in kind of TRSS shares at fair market value of US$40,000,000 to its holding company Thomson Reuters Investment Holdings Limited.

 

TR (2008) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11

Parent and ultimate parent undertaking

The Company's immediate parent is Thomson Reuters Investment Holdings Limited.

The ultimate parent is Thomson Investments Limited.

The most senior parent entity producing publicly available financial statements is Thomson Reuters Corporation. These financial statements are available upon request from Thomson Reuters, Five Canada Square, Canary Wharf, London, E14 5AQ, United Kingdom, and are publicly available at www.thomsonreuters.com.

The ultimate controlling party is Thomson Investments Limited.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Thomson Reuters Corporation, incorporated in Canada.

The address of Thomson Reuters Corporation is:
19 Duncan Street Toronto, ON M5H 3H1, Canada.