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REGISTERED NUMBER: 04159695 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

CURINOS LIMITED

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Contents of the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Notes to the Financial Statements | 14 |

| CURINOS LIMITED |

Company Information

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | J P Cadogan

| G S Ayers

| J I Hack

| S Singh

| J C Collins

| REGISTERED OFFICE: | Curinos

| 107-111 Fleet Street

| London

| EC4A 2AB

| REGISTERED NUMBER: | 04159695 (England and Wales)

| AUDITORS: | Byrd Link Audit & Accountancy Services Limited

| Statutory Auditor

| Honeybourne Place

| Jessop Avenue

| Cheltenham

| Gloucestershire

| GL50 3SH

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

BUSINESS REVIEW

The principal activity of the Company is the provision of benchmarking services, mainly operating in the United Kingdom.

The Company's ultimate parent is IBIS JV LP as at 31 December 2024. The loss for the financial year has increased from £72,732 to a loss of £437,872 mainly due to the increase in administrative expenses due to the headcount increase during the year. As at 31 December 2024, the Company had net assets of £2,492,623 (2023: £2,930,495), with the decrease being attributable to an increase in intercompany payables.

PRINCIPAL RISKS AND UNCERTAINTIES

General economic instability, or a downturn in a particular market or region, can affect customers and change their demand for products and services. Economic instability can also present opportunities to acquire businesses at a lower cost and enter or expand in different markets. Fluctuations in currencies due to the relative positions of economies can positively or negatively affect financial results. From the perspective of the Company, the management of this risk is integrated with IBIS JV LP five-year forecast which formally incorporates a consideration of economic risk and opportunity. Trading results are monitored against budgets and projected forecasts through the monthly reporting process, which captures the impact of any broader economic trends and informs commercial decision making. Cash is received in advance for products and subscription products, providing visibility.

The Company operates in a range of specialist markets that can experience growth, decline, change or disruption. This can alter customer behaviour, needs and preferences and change the competitive environment for the Company products and services, impacting revenues and margins. The Company is comfortable with taking market risk and maximizing the opportunity it presents for growth, such as through developing new products. From the perspective of the Company, the management of this risk is integrated with the IBIS JV LP five-year forecast and monitored through the financial reporting process. The Company adopts IBIS JV LP culture of staying close to customers and building depth and specialism which gives good insight into trends in feedback, product use and behaviour. These inputs are used to ensure the Company products remain valuable and relevant. The Company is advancing its digital and data services and capabilities, helping to ensure the Company continues to meet evolving customer needs, minimize market risk and maximize business opportunities.

The Company works with a number of different key strategic counterparties to support the business and help deliver the products, services and strategy. A failure in key counterparty relationships or services could affect the delivery of certain products and services or disrupt business activities and trading which could then affect customer satisfaction, colleague engagement, and the cost base and margins. Periods of extreme economic instability and disruption can also affect the business partners' stability. The risk is reduced by making significant improvements to the key counterparty framework and the accountability framework, and by better understanding the counterparties and their associated risk.

Technology underpins the Company's products, services and business operations. A prolonged loss of critical systems, networks or similar services could inhibit the delivery of products and services, increase costs and impact customer experience and reputation. Serious disruption could impact day-to-day operations and potentially colleague engagement. The Company seeks to minimize the likelihood and impact of any business-critical technology failure, and has put in place many specific governance standards, maturity targets and controls to manage technology risk and operational IT resilience. The Company adopts IBIS JV LP strategy to deploy cloud computing where appropriate, which provides resilience for products and services and scale capacity. Technology service providers are assessed and selected on their capability to deliver the required service, reducing the risk of downtime. The Company provides remote access services so that colleagues can work securely and productively from anywhere should one of the Company hubs be impacted by a technology outage.

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

The Company uses data throughout its business operations. A cyber breach or loss of sensitive or valuable data, content or intellectual property could lead to losses for its stakeholders, fines and business interruption. Managing such impacts could divert focus from delivering strategy and create reputational damage if not adequately handled. The Company manages these risks by adopting IBIS JV LP policy which seeks to protect the Company's data robustly and in line with privacy regulations and recognised practice. IBIS JV LP central information security team determines strategy and oversees security initiatives. IBIS JV LP aims to protect the confidentiality, availability and integrity of key systems by employing a layered defense-in-depth approach, comprising administrative, technical and physical controls that are continuously monitored and adapted according to developing threats. Performance, progress and the continued maturity of IBIS JV LP cyber security controls are monitored by the central information security team. Internal and external assurance programmes assess compliance with Company security policies, standards and controls and provide status reports to the Executive Leadership Team. There is a well-defined incident management response to cyber breaches. IBIS JV LP run simulated events to test security controls and response tactics and operate colleague awareness programmes, including training, communications and simulated phishing exercises, to support a security-aware culture.

The Company uses data on current and prospective customers to market the brand, deliver products and create new digital services. Using personal information is governed by privacy, and data protection legislation could limit how the Company accesses and use this data. Non-compliance can lead to fines, damage to reputation and customer relationships and affect the Company's ability to trade in some countries. Good privacy practices are essential to winning and maintaining colleague and customer trust. The Company respects and values personal information and privacy and complies with regulatory requirements. The Company follows IBIS JV LP policy where the IBIS JV LP central information security team leads the data privacy governance. The Company also follows IBIS JV LP policy where the data privacy programme includes company-wide policies, guidance on specific matters, privacy management technologies, dedicated privacy managers across the operating businesses and markets, and training. IBIS JV LP gives all colleagues mandatory training on their data privacy responsibilities and give targeted, topic-specific training to certain roles. As the Company follows IBIS JV LP policy it also re-evaluates the programme each year to make sure the Company addresses any changes to business strategy, priorities or emerging privacy regulations or risks. The external factors and changes in privacy and data protection laws are monitored regularly.

The Company aims to attract great talent and retain key talent by creating an engaging, inclusive and rewarding working environment where colleagues can make the most of their skills. The loss of key talent in critical functions and inadequate succession planning for senior managers could impact the Company's ability to serve customers and deliver strategy. IBIS JV LP Executive Leadership Team review talent trends and put in place short and long-term succession plans for critical roles, including appropriate incentive packages. IBIS JV LP HR leadership monitor colleague engagement and retention. IBIS JV LP also invests in learning and development programmes and has performance management processes and systems in place to support the development, management and retention of talent.

Major incidents, such as those caused by extreme weather, natural disasters, pandemics, military action, terrorism or disease outbreaks, have the potential to impact operations and events. These can cause harm to people, venues and facilities and severely interrupt business. Inadequately responding to a major incident could result in reputational damage and potentially criminal and civil investigations. While it is rare that a business can control the cause of a major incident, IBIS JV LP proactively manages its response, aiming to ensure it is effective and any impacts are minimized.

The Company is committed to ethical and lawful behaviour in everything it does. Failure to comply with applicable regulations could lead to fines or imprisonment, damage reputation and impact the ability to trade in some countries. This risk is managed by way of improving management controls, such as training, oversight and taking preventative measures.

EMERGING RISKS

While the Company concentrates on principal risks, it also looks at risks that are emerging. These are risks that are not yet material or of a scale to present a significant problem to the Company, or risks that have a degree of ambiguity or uncertainty around their effects or timing.

The Company monitors and assesses emerging risks in the same way as principal risks. Some emerging risks also present opportunities that are actively addressed and responded to. The management of these risks is integrated with that of the IBIS JV LP and not managed separately.

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators include:

| 2024 |  |  | 2023 |

Revenue (£) |  |  | 6,968,816 |  |  | 6,071,148 |

Gross profit (£) |  |  | 1,889,202 |  |  | 2,090,534 |

Gross profit (%) |  |  | 27% |  |  | 34% |

Operating profit/(loss) (£) |  |  | (768,711 | ) |  | 143,548 |

ON BEHALF OF THE BOARD:

G S Ayers - Director

11 November 2025

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Report of the Directors

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of benchmarking services, mainly operating in the United Kingdom.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

No change to the Company's activity is expected in the foreseeable future.

DIRECTORS

Changes in directors holding office from 1 January 2024 to the date of this report are as follows:

C Woodward - resigned 20 December 2024

G S Ayers , J I Hack , S Singh and J C Collins were appointed as directors after 31 December 2024 but prior to the date of this report.

J I Hack ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's activities expose it to a number of financial risks including credit risk and cash flow risk. The Company does not use derivative financial instruments.

Credit risk

The Company's principal financial assets are trade, intercompany and other receivables. The Company's credit risk is primarily attributable to these receivables. The amounts presented in the Balance Sheet are net of a provision for the expected credit loss.

From the perspective of the Company, the management of credit risk is integrated with that of its parent, IBIS JV LP and is not managed separately.

Intangibles valuation

The valuation of intangibles could be affected by a deterioration in economic conditions. A reduction in the valuation of intangibles could cause a material increase in the loss.

From the perspective of the Company, the management of risk to its intangibles value is integrated with those of its parent, IBIS JV LP and is not managed separately.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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;

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

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

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Report of the Directors

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

G S Ayers - Director

11 November 2025

Report of the Independent Auditors to the Members of

Curinos Limited

Opinion

We have audited the financial statements of Curinos Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Curinos Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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.

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 a Report of the Auditors 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 its financial operations we have considered the initial risks of non-compliance with the UK regulators, predominantly HM Revenue and Customs and Companies Act 2006. We have assessed the impact any breaches in such laws and regulations and considered whether any such findings would have a material impact on these financial statements. We have considered the risk of those charged with management overriding internal controls and the opportunity for financial manipulation. We have considered the effect of any accounting estimates included within these accounts and the effect this may have on our audit opinion.

Our audit procedures together with our assessment of risks identified at planning were transparent to the company and we have communicated with the client throughout the audit as well as the audit engagement team, and this includes such matters as fraud and irregularity.

The above procedures do however have their limitations as we can only work on a sample of financial transactions. Ultimately it is the responsibility of those charged with management for the prevention and detection of fraud and other irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Curinos Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Russel Byrd FCA (Senior Statutory Auditor)

for and on behalf of Byrd Link Audit & Accountancy Services Limited

Statutory Auditor

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

13 November 2025

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Income Statement

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 6,968,816 |  | 6,071,148 |  |

Cost of sales | 5,079,614 |  | 3,980,614 |  |

GROSS PROFIT | 1,889,202 |  | 2,090,534 |  |

Administrative expenses | 2,657,913 |  | 1,946,986 |  |

OPERATING (LOSS)/PROFIT | 5 | (768,711 | ) | 143,548 |  |

Interest receivable and similar income | 165,198 |  | 7,912 |  |

(LOSS)/PROFIT BEFORE TAXATION | (603,513 | ) | 151,460 |  |

Tax on (loss)/profit | 6 | (165,641 | ) | 224,192 |  |

LOSS FOR THE FINANCIAL YEAR | (437,872 | ) | (72,732 | ) |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Other Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

LOSS FOR THE YEAR | (437,872 | ) | (72,732 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (437,872 | ) | (72,732 | ) |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Balance Sheet

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 7 | 180,467 |  | 89,618 |  |

Tangible assets | 8 | 1,890 |  | 3,769 |  |

182,357 |  | 93,387 |  |

CURRENT ASSETS

Debtors | 9 | 2,515,300 |  | 2,958,464 |  |

Cash at bank | 4,543,171 |  | 4,818,177 |  |

7,058,471 |  | 7,776,641 |  |

CREDITORS

Amounts falling due within one year | 10 | 4,748,205 |  | 4,939,533 |  |

NET CURRENT ASSETS | 2,310,266 |  | 2,837,108 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,492,623 |  | 2,930,495 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 110 |  | 110 |  |

Share premium | 13 | 14,990 |  | 14,990 |  |

Retained earnings | 13 | 2,477,523 |  | 2,915,395 |  |

SHAREHOLDERS' FUNDS | 2,492,623 |  | 2,930,495 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2025 and were signed on its behalf by:

G S Ayers - Director

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Statement of Changes in Equity

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 110 |  | 2,988,127 |  | 14,990 |  | 3,003,227 |  |

Changes in equity

Total comprehensive income | - |  | (72,732 | ) | - |  | (72,732 | ) |

Balance at 31 December 2023 | 110 |  | 2,915,395 |  | 14,990 |  | 2,930,495 |  |

Changes in equity

Total comprehensive income | - |  | (437,872 | ) | - |  | (437,872 | ) |

Balance at 31 December 2024 | 110 |  | 2,477,523 |  | 14,990 |  | 2,492,623 |  |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Curinos Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company prepared the financial statements for year-end 31 December 2023 in accordance with Financial Reporting Standard 101. There is no significant impact for presenting the accounts for year-end 31 December 2024 in accordance with Financial Reporting Standard 102. There is no change in accounting policies however the notes and disclosures are detailed only as required under FRS 102.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

| • | the requirement of paragraph 33.7;

| • | the requirements of paragraph 24(b) of IFRS 6.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| Critical accounting judgements

| There are deemed to be no critical accounting judgements. There are no additional critical accounting judgements relating to climate related risks.

| Key sources of estimation uncertainty

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

| Useful economic lives of property, plant and equipment

| The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property, plant and equipment.

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions for returns and cancellations. Revenue for each category type of revenue is typically fixed at the date of the order and is not variable.

| Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at which the performance obligation is satisfied.

| Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative stand-alone selling prices to each performance obligation, or Management's best estimate of relative value where stand-alone selling prices do not exist.

| Intangible assets

| Intangible assets are capitalised on acquisition and written off on a straight line basis over their useful economic life as follows:

| Software 10 years

| Product development expenditure is capitalised as an intangible asset only if all of the certain conditions are met, with all research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:

| - an asset is created that can be separately identified, and which the Company intends to use or sell;

| - it is technically feasible to complete the development of the asset for use or sale;

| - it is probable that the asset will generate future economic benefit; and

| - the development cost of the asset can be measured reliably.

| The expected useful lives of intangible assets are reviewed annually. The Company does not have any intangible assets with indefinite lives

| Tangible fixed assets

| Tangible fixed assets are recorded at cost less accumulated depreciation and provision for impairment.

| Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

| Fixtures, fittings and equipment 3 to 7 years

| Residual value is calculated on prices prevailing at the date of acquisition. Useful lives and residual values are reviewed at the end of every reporting period.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| The closing deferred tax asset is fully made up of Accelerated Capital Allowances of £12,958 - this is representing differences between accounting and tax timing on the tax relief for tangible and intangible assets.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Financial assets

| Financial assets are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

| Financial assets are classified into the following categories: trade and other receivables, and cash at bank.

| Impairment of financial assets

| The Company recognises lifetime expected credit losses (ECL) for trade receivables and twelve month expected credit losses for intercompany receivables. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the receivables, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the ECL through the use of a provision account. When a receivable balance is considered uncollectible, it is written off against the provision account. Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying amount of the provision are recognised in the Income Statement.

| Cash and cash equivalents

| Cash comprises cash on hand with banks and similar institutions.

| Trade and other receivables

| Trade and other receivables are measured on initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method, less any impairment.

| Financial liabilities

| Financial liabilities are classified according to the substance of the contractual arrangements entered into.

| Trade and other payables

| Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method.

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Going concern

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

| The company relies on the continued support from its parent company IBIS JV LP, which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. | TURNOVER

| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Subscriptions | 6,805,353 |  | 5,905,798 |  |

| One Time Advisory Products | 163,463 |  | 165,350 |  |

6,968,816 |  | 6,071,148 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 5,427,444 |  | 4,006,301 |  |

| Social security costs | 600,196 |  | 488,094 |  |

| Other pension costs | 236,391 |  | 201,390 |  |

6,264,031 |  | 4,695,785 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Editorial and production | 80 |  | 62 |  |

| Human Resources | 2 |  | - |  |

82 |  | 62 |  |

| The Directors are employed and remunerated by other companies and do not receive any remuneration specifically for their services as Directors of the Company.

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 3,539 |  | 379 |  |

| Computer software amortisation | 30,844 |  | 11,560 |  |

| Foreign exchange differences | 88,948 |  | (2,778 | ) |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | - |  | 51,462 |  |

| Adjustments in respect of

| prior periods | (167,871 | ) | 169,272 |  |

| Total current tax | (167,871 | ) | 220,734 |  |

| Deferred tax | 2,230 |  | 3,458 |  |

| Tax on (loss)/profit | (165,641 | ) | 224,192 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before tax | (603,513 | ) | 151,460 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | (150,878 | ) | 35,623 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 143 |  |

| Adjustments to tax charge in respect of previous periods | (167,871 | ) | 169,272 |  |

| Transfer pricing adjustments | (39 | ) | 18,859 |  |

| Group relief surrendered/(claimed) | 153,147 |  | - |  |

| Remeasurement of deferred tax for changes in tax rates | - |  | 295 |  |

| Total tax (credit)/charge | (165,641 | ) | 224,192 |  |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| Cost

| At 1 January 2024 | 101,178 |  |

| Additions | 121,693 |  |

| At 31 December 2024 | 222,871 |  |

| Amortisation

| At 1 January 2024 | 11,560 |  |

| Amortisation for year | 30,844 |  |

| At 31 December 2024 | 42,404 |  |

| Net book value

| At 31 December 2024 | 180,467 |  |

| At 31 December 2023 | 89,618 |  |

8. | TANGIBLE FIXED ASSETS

| Office

| equipment

£ |

| Cost

| At 1 January 2024 | 4,148 |  |

| Additions | 1,660 |  |

| At 31 December 2024 | 5,808 |  |

| Depreciation

| At 1 January 2024 | 379 |  |

| Charge for year | 3,539 |  |

| At 31 December 2024 | 3,918 |  |

| Net book value

| At 31 December 2024 | 1,890 |  |

| At 31 December 2023 | 3,769 |  |

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 483,978 |  | 806,136 |  |

| Bad debt provision | (17,750 | ) | (39,663 | ) |

| Amounts owed by group undertakings | 1,822,504 |  | 2,029,305 |  |

| Deferred tax asset | 12,618 |  | 14,848 |  |

| Prepayments and accrued income | 213,950 |  | 147,838 |  |

2,515,300 |  | 2,958,464 |  |

| CURINOS LIMITED (REGISTERED NUMBER: 04159695) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 42,299 |  | 5,233 |  |

| Amounts owed to group undertakings | 2,296,297 |  | 1,525,722 |  |

| Corporation tax | 53,679 |  | 480,585 |  |

| Social security and other taxes | 162,999 |  | 236,052 |  |

| VAT | 260,544 |  | 374,214 |  |

| Other creditors | 33,035 |  | 610,584 |  |

| Accruals and deferred income | 1,899,352 |  | 1,707,143 |  |

4,748,205 |  | 4,939,533 |  |

11. | DEFERRED TAX

£ |

| Balance at 1 January 2024 | (14,848 | ) |

| Charge to Income Statement during year | 2,230 |  |

| Balance at 31 December 2024 | (12,618 | ) |

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 110 | Ordinary | 1 | 110 |  | 110 |  |

13. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | 2,915,395 |  | 14,990 |  | 2,930,385 |  |

| Deficit for the year | (437,872 | ) | (437,872 | ) |

| At 31 December 2024 | 2,477,523 |  | 14,990 |  | 2,492,513 |  |

14. | PENSION COMMITMENTS

| The total cost charged for the year under the defined contribution scheme was £236,391 (2023: £201,390). There were no contributions that were due in respect of the current reporting period that had not been paid over to the scheme (2023: £nil).

15. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. | ULTIMATE CONTROLLING PARTY

| The ultimate parent undertaking and controlling party is IBIS JV LP, a company incorporated in the US, registered office 485 Lexington Avenue, 20th Floor, New York, NY 10017. This is the smallest and largest group, which Curinos Limited is included in a consolidation.