REGISTERED NUMBER: 14444767 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EVP OPS 1 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O J C Maher

J C Reizes

I A K Shepherd

REGISTERED OFFICE:

86-90 Paul Street

London

EC2A 4NE

REGISTERED NUMBER:

14444767 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

FIXED ASSETS

Intangible assets

4

2,261,571

2,532,789

2,603,068

Tangible assets

5

3,984

-

-

2,265,555

2,532,789

2,603,068

CURRENT ASSETS

Debtors

6

793,980

601,929

221,268

Cash at bank

5,789

13,892

6,861

799,769

615,821

228,129

CREDITORS

Amounts falling due within one year

7

(424,392

)

(286,193

)

(89,695

)

NET CURRENT ASSETS

375,377

329,628

138,434

TOTAL ASSETS LESS CURRENT LIABILITIES

2,640,932

2,862,417

2,741,502

NET ASSETS

2,640,932

2,862,417

2,741,502

CAPITAL AND RESERVES

Called up share capital

9

2,628,028

2,628,028

2,628,028

Retained earnings

12,904

234,389

113,474

SHAREHOLDERS' FUNDS

2,640,932

2,862,417

2,741,502

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

O J C Maher - Director

1.	STATUTORY INFORMATION

Evp Ops 1 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 US Dollar ($).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL

Goodwill represents the excess of the cost of acquisition of channels over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

OTHER INTANGIBLE ASSETS

Other intangible asset represents the cost of acquisition of channels. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are considered to have a finite useful life and is amortised on a systematic basis over their expected life, which is ten years.

Patents / Patent Application

Patents relate to the proprietary technology, including aspects of content production tools developed by or for the channels that provide a competitive advantage or enhance content delivery.

Copyrights

Copyrights provide protection for original works of authorship, including literary, musical, and audiovisual creations. Copyright encompasses all video content, scripts, voiceovers, animations, sound effects, music, and other creative works produced by the channels.

Design rights

Design rights protect the visual appearance of a product or creation, including shape, configuration, pattern, or ornamentation. Design rights include the visual style of animations, characters, graphics, thumbnails, set layouts, and user interface elements.

Customer Databases

Customer databases consist of structured collections of data relating to subscribers, viewers, or other audiences that have commercial value. These databases are valuable IP assets as they support targeted marketing, sponsorships, content development strategies.

Brand/Trademarks

Brands and trademarks comprise distinctive names, logos, slogans, and visual identifiers that differentiate the channels in the market. These include channel, on-screen branding elements.

INTANGIBLE ASSETS - CONTENT PRODUCTION

Costs incurred during the development and production of video content are capitalised as intangible assets. Content production is measured at cost less accumulative amortisation and any cumulative impairment losses. Video production costs incurred on content for children are recognised as an intangible asset and amortised over two years.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

20% on cost

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.

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.

CHANGE IN FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY

The company changed its functional currency on 1 January 2023 from GBP to USD and decided to present its financial statements for the year ended 31 December 2023 in new functional currency USD. The financial statements for the year ended 31 December 2022 were presented in GBP. The change was necessary to reflect the fact that USD is the predominant currency of the company.

The change of presentation currency is applied retrospectively for comparative figures for 31 December 2022 at the rate of £1 to $1.21006. Currency translation effects for the comparative figures are booked as translation differences to equity.

CONTROLLING PARTY

The company is a wholly owned subsidiary of Electrify Video Partners Ops Limited. The ultimate

parent company is Electrify Video Partners Limited. Both companies are registered in England and

Wales. There is no party in overall control of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents,

Customer

copyrights

databases

and design

and

Content

Goodwill

rights

trademarks

production

Totals

$

$

$

$

$

COST

At 1 January 2024

234,303

2,197,407

221,874

264,898

2,918,482

Additions

-

-

-

177,903

177,903

At 31 December 2024

234,303

2,197,407

221,874

442,801

3,096,385

AMORTISATION

At 1 January 2024

23,435

219,780

22,191

120,287

385,693

Amortisation for year

23,430

219,741

22,188

183,762

449,121

At 31 December 2024

46,865

439,521

44,379

304,049

834,814

NET BOOK VALUE

At 31 December 2024

187,438

1,757,886

177,495

138,752

2,261,571

At 31 December 2023

210,868

1,977,627

199,683

144,611

2,532,789

During the current financial year, management undertook valuation of all acquired channels. This exercise identified that certain acquisitions previously classified entirely under Goodwill were more appropriately allocated across Goodwill, Intellectual Property and Customer Relationships.

Accordingly, a prior year adjustment has been made to reclassify these intangible assets to reflect their correct categorisation. This adjustment has no impact on the net book value of intangible assets, total assets, or the reported profit for the prior year. It has been made solely to present a more accurate and transparent composition of the company's intangible asset composition.

The comparative figures have been restated to reflect this reclassification in accordance with FRS 102 accordingly:

Carrying Amounts

Before Reclassification:

Other intangible assets - Cost $2,841,995Net book value $2,532,789.

After Reclassification:

Goodwill - Cost $234,303 Net book value $210,868.

Patents, Copyrights and Design Rights - Cost $2,197,407 Net book value $1,977,627.

Customer Databases and Trademarks - Cost $221,874 Net book value $199,683.

Content Production - Cost $264,898 Net book value $144,611.

Accounting Policy

The company’s accounting policy was updated to reflect the reclassification. The revised policy is disclosed in note 2.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

$

COST

Additions

4,427

At 31 December 2024

4,427

DEPRECIATION

Charge for year

443

At 31 December 2024

443

NET BOOK VALUE

At 31 December 2024

3,984

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

(Unaudited)

$

$

Trade debtors

29,618

40,987

Amounts owed by group undertakings

659,378

507,099

Other debtors

104,984

53,843

793,980

601,929

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

(Unaudited)

$

$

Trade creditors

-

3,832

Amounts owed to group undertakings

410,464

282,361

Other creditors

13,928

-

424,392

286,193

8.	SECURED DEBTS

MEP Capital Holdings III, L.P has fixed and floating charge over all the assets and shares of the Company. They have also created a negative charge in this regard.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

$

$

2,171,817

Ordinary

1.210058

2,628,028

2,628,028

Financial information translated to USD @1.210059 the closing rate on 31 December 2022.

The shares have attached to them full voting rights, dividend and capital redemption (including on winding up) rights.They do not confer any rights of redemption. Increase in the issued share capital is due to changes in functional currency.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zubair Arshad FCCA ACA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

11.	POST BALANCE SHEET EVENTS

Subsequent to the reporting date, on 22 September 2025, the Company entered into a new financing arrangement with GLAS Trust Corporation Limited. The facility is secured by a fixed and floating charge over the Company's assets. The charge was registered at Companies House on 24 September 2025.

The facility provides additional liquidity to support the Company's ongoing operations and strategic

initiatives.

The Company also satisfied and released certain previously registered charges that had been held by Mep Capital Holdings Iii, L.P. The satisfactions were recorded at Companies House on 25 September 2025, releasing the Company's obligations under those security arrangements.

As these transactions, were completed after the reporting date 31 December 2024, it is disclosed as a non-adjusting post-balance-sheet event in accordance with FRS102 Section 32/ IAS 10.

12.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Electrify Video Partners Ops Limited. The ultimate parent company is Electrify Video Partners Limited. Both companies are registered in England and Wales. There is no party in overall control of the company.