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REGISTERED NUMBER: 07043743 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

TEADS STUDIO LIMITED

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Contents of the Financial Statements

for the year ended 31 December 2024

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 3 |

| TEADS STUDIO LIMITED |

Company Information

for the year ended 31 December 2024

| Directors: | J D Lewis

| J S Taylor

| Registered office: | 3rd Floor 86-90 Paul Street

| London

| EC2A 4NE

| Registered number: | 07043743 (England and Wales)

| Auditors: | Old Mill Audit Ltd

| Maltravers House

| Petters Way

| Yeovil

| Somerset

| BA20 1SH

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Statement of Financial Position

31 December 2024

2024 | 2023 |

| Notes | £ | £ | £ | £

Fixed assets

Intangible assets | 5 | - |  | 8 |  |

Tangible assets | 6 | - |  | - |  |

Investments | 7 | 213,290 |  | 213,290 |  |

213,290 |  | 213,298 |  |

Current assets

Debtors | 8 | 54,804 |  | 54,537 |  |

Cash at bank | 59,669 |  | 13,805 |  |

114,473 |  | 68,342 |  |

Creditors

Amounts falling due within one year | 9 | 8,736,308 |  | 7,752,660 |  |

Net current liabilities | (8,621,835 | ) | (7,684,318 | ) |

Total assets less current liabilities | (8,408,545 | ) | (7,471,020 | ) |

Capital and reserves

Called up share capital | 52 |  | 52 |  |

Share premium | 2,998,192 |  | 2,998,192 |  |

Retained earnings | (11,406,789 | ) | (10,469,264 | ) |

(8,408,545 | ) | (7,471,020 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2025 and were signed on its behalf by:

J D Lewis - Director

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Notes to the Financial Statements

for the year ended 31 December 2024

1. | Statutory information

| Teads Studio 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 (£).

| The figures are rounded to the nearest whole pound.

2. | Statement of compliance

| 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | Accounting policies

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Teads Studio Limited as an individual company. Teads Studio Limited is an intermediate holding company within a larger group and does not include information in respect of its subsidiary. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Critical accounting judgements and key sources of estimation uncertainty

| These accounts include an estimated balance in respect of the accrued income at the reporting date. The estimated balance has been calculated based on the past practice methods and the directors believe the figures to provide a true and fair view of the accrued income at the reporting date. No other judgements or estimates have been applied to the figures or disclosures in these financial statements.

| There are no other critical estimates or judgements involves within the preparation of the numbers contained in these financial statements.

| Turnover

| Turnover represents net invoiced sales of services, excluding value added tax. Turnover includes recharges of intercompany expenses and are recognised in the period to which they relate. Turnover also includes accrued revenue which has been deemed as earned by management, on the delivery of a service, but for which an invoice has been raised at the reporting date.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Computer equipment | - | Straight line over 3 years

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

3. | Accounting policies - continued

| Financial instruments

| The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| (i) Financial assets

| Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| (ii) Financial liabilities

| Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

| business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

| Taxation for the year comprises current 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 taxation assets and liabilities are not discounted.

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

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

3. | Accounting policies - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

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

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

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid

| investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

| Going concern

| Since the prior year accounts were signed the directors have come to a view that there is no plan to hive Teads Studio Limited across to Teads UK Limited, a fellow group company, in the next twelve months. Therefore the financial statements have been prepared on the going concern basis. The company incurred losses during the year and the directors are aware that the statement of financial position shows negative net assets. The company will continue to benefit from the ongoing financial support of its parent company that will enable it to meet its future obligations, if and when, they become due. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the annual financial statements

| Fixed asset investments

| Fixed asset investments are held at cost less diminution in value.

4. | Employees and directors

| The average number of employees during the year was 6 (2023 - 6 ) .

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

5. | Intangible fixed assets

Patents and |

licences |

| £

| Cost

| At 1 January 2024

| and 31 December 2024 | 14,414 |  |

| Amortisation

| At 1 January 2024 | 14,406 |  |

| Amortisation for year | 8 |  |

| At 31 December 2024 | 14,414 |  |

| Net book value

| At 31 December 2024 | - |  |

| At 31 December 2023 | 8 |  |

6. | Tangible fixed assets

Computer |

equipment |

| £

| Cost

| At 1 January 2024

| and 31 December 2024 | 22,024 |  |

| Depreciation

| At 1 January 2024

| and 31 December 2024 | 22,024 |  |

| Net book value

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

7. | Fixed asset investments

Shares in |

group |

undertakings |

| £

| Cost

| At 1 January 2024

| and 31 December 2024 | 213,290 |  |

| Net book value

| At 31 December 2024 | 213,290 |  |

| At 31 December 2023 | 213,290 |  |

| TEADS STUDIO LIMITED (REGISTERED NUMBER: 07043743) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

7. | Fixed asset investments - continued

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Teads Studio SRL

| Registered office: 3rd Floor,32 Calea Dorobanti, 010573, Bucharest, Romania

| Nature of business: Providing IT products for video marketing

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| The company owns one subsidiary Teads Studio SRL. The total investment in Teads Studio SRL is £213,290.

8. | Debtors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Trade debtors | (528 | ) | (528 | ) |

| Amounts owed by group undertakings | 21,837 |  | 19,489 |  |

| Other debtors | 33,495 |  | 35,576 |  |

54,804 |  | 54,537 |  |

9. | Creditors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Trade creditors | (1,146 | ) | (389 | ) |

| Amounts owed to group undertakings | 8,592,277 |  | 7,617,873 |  |

| Taxation and social security | 27,129 |  | 27,660 |  |

| Other creditors | 118,048 |  | 107,516 |  |

8,736,308 |  | 7,752,660 |  |

10. | Disclosure under Section 444(5B) of the Companies Act 2006

| The Report of the Auditors was unqualified.

| David Jones BSc FCA (Senior Statutory Auditor)

| for and on behalf of Old Mill Audit Ltd

11. | 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 other group companies.

12. | Ultimate controlling party

| During the year the ultimate parent company was Altice Teads SA registered in Luxembourg. The ultimate controlling party is Altice Teads SA. It's registered office is 5, rue Eugene Ruppert, L-2453, Luxembourg.

| The company's immediate parent company is Teads s.a.r.l. registered in Luxembourg. The smallest and largest group in which its results are consolidated is Altice Teads SA.