The directors present the strategic report and financial statements for Space & Time Media Limited (the company) for the nine months ended 31 March 2025.

On the 29 October 2024, the ultimate owner of the Space and Time group changed when the Indian based Nazara Technologies Ltd backed global advertising technology firm, Datawrkz Business Solutions Pvt Ltd (Datawrkz), acquired a 68.75% stake in agency’s ultimate parent Space and Time Group Ltd. The investment will accelerate the company’s expansion globally as it continues its mission to become the world’s largest growth marketing agency. The company will have access to Datawrkz programmatic advertising technology and expertise to optimise campaign performance and outcomes for its clients. Additionally, it will facilitate the fast-tracking of the development of the agency’s own proprietary products and technology and accelerate its artificial intelligence strategy. Our shared principles focussed on client success and the complementary capabilities and geographical locations of the two businesses represents significant potential for collaboration and for further unlocking opportunities for our clients.

Additionally, on the 29 October 2024, the founder directors of the subsidiary Adgenda Media International Ltd completed a Management Buyout (MBO) of the business. The terms of the deal included the purchase of Space & Time Media Ltd.’s 55% ordinary share capital in the subsidiary for a total consideration of £2.7 million. The results of the subsidiary have been included in these financial statements up to the point of disposal.

The business’s continued strategic expansion into new sectors helped to deliver nine month’s gross profit of £7,970,564 (twelve months 2024: £10,679,896) and a gross margin of 12.3% (2024: 12.3%).

Administration expenses before exceptional items and other operating income for the nine months were £7,540,291 (twelve months 2024: £9,531,149). After net exceptional income of £973,509 in the period (twelve months 2004: £-) the company was able to deliver an overall increase in operating profit for the nine months of £1,873,982 (twelve months 2024: £1,814,413). At the end of the nine-month period the company reported profit before tax of £1,635,927 (twelve months 2024: £1,596,610).

At Space & Time, we’ve created a whole new approach to growth marketing. One that helps businesses large and small redefine their potential. Whether growing sales, profits, sentiment, awareness or market share, we blend commerciality, innovation and leading tech. This lets us pinpoint success and respond to change.

We’re here to help the bold, innovative and curious look past the norm. Because true improvement is about so much more than metrics. It’s about understanding people. Having commercial empathy and seeking out better forms of growth.

We unlock better value for our clients in all kinds of ways. From better returns to innovation and problem solving, progressive thinking is at the heart of our media and creative services. Because things don’t improve without bold new approaches. And businesses can’t grow sustainably without new and better ideas.

In business, not all growth is equal, or even good. By asking the right questions, we help clients experience the right kind of exponential growth that supports their vision. From scaling new products, to improving your business model and building more customer engagement, we go way beyond media buying, planning or metrics.

We act as guides and challengers, unlocking hidden value and growth potential. Then planning, testing and tracking every relevant data point. Whatever the market, sector or media, we bring commercial empathy to every partnership, planning your growth against your industry. All so you can make better growth choices suited to your strategy. Our technology lets us see deeper and act faster. Our human insight gives data real value. And our personal approach means we live and breathe your business. This unique combination lets us deliver unparalleled thinking that creates growth in ways no one else sees or expects. All so you can take markets by storm.

This is what it means to redefine your potential.

Space & Time operates across offices in the UK, US and Asia and during the year the agency continued to see growth across its strategic objectives and continued to solve evolving client challenges with the development and launch of new products in its technology and performance creative divisions.

Furthermore, the agency deepened its expertise and proprietary tools in the property sector, launching new products for existing clients and also winning multiple contracts with new clients. Additionally, the agency continued to diversify its client base through its specialist Health and E-Commerce teams, onboarding 20+ new clients in the year.

Our strategy to combine commerciality, innovation and technology to deliver exceptional returns, not just metrics, for clients, saw the agency collect a number of awards:

BIMA100 Winner – Chris Jones – CEO & Leader 5m +

BIMA100 Winner – Helena Taylor – Rising Star

The Wires Global – Winner – Best Digital Campaign (WOLF)

The Wires Global – Winner – Best Regional Campaign EMEA (Funko)

Prolific North Marketing Awards – Highly Commended – Best Property & Construction Campaign – Avant (with Holdens)

BIMA Awards Winner – Best use of Data (Ignition)

Drum Awards Festival Winner – Digital Media (WOLF)

CMA’s Agency of the Year Finalist – Space & Time – Redefining Potential

Looking ahead, Space & Time will invest in its partnerships with new and established platforms to bring new and exciting opportunities to clients. The agency will also continue to deliver on its AI roadmap and ESG programmes, the latter spearheaded by the agency’s ambition to achieve BCorp status in the year ahead.

Culture

The company places huge value on our talent and we have a number of initiatives that recognise this and enhance our staff’s general well-being and reiterates our commitment to social and environmental sustainability across the organisation.

• Our continued investment in the company’s award-winning Space Academy training and development programme provides all staff with online bespoke learning pathways;

• ‘LaunchPad’, our talent attraction and induction programme, educates all new starters on our values as well as our stance and instructions for accessing our support programmes for mental health, wellbeing, training and personal development, Corporate Social Responsibility and introduces them to a ‘buddy’ and line manager that will oversee their growth in the company.

• Our flexible working policy continues to give staff greater flexibility and control of their work/life balance;

• As a Living Wage Employer, we are committed to ensuring that our staff and the staff of any suppliers we work with are paid commensurately with the relevant living wage; and

• Recognising the importance of minimising our impact on the environment and in keeping with our ambition to become BCorp certified, we continued to work towards net zero through the year and saw a material improvement in the reduction of our emissions per £m of revenue.

Principal risks and uncertainties

The company regularly reviews business risk and aims to mitigate these risks wherever possible through its internal systems and controls and where appropriate, targeted staff training. The directors consider the company’s main commercial and financial risks to be:

Economic uncertainty

Whilst the macroeconomic climate has stabilised to some degree, in comparison with the significant number of economic shocks experienced in previous financial years there is still, sustained price inflation, continued labour market pressures and higher than target interest rates that present significant headwinds within the UK economy. The company has assessed the risks and the potential impact on the business as a result of these economic factors, and measures have been taken to mitigate such risks and their impact as far as possible. These include continued focus on sector diversification, reviews of commercial terms with existing clients to improve certainty around income streams, and ongoing prioritisation of internal talent development to improve staff retention and reduce costs. The company remains profitable since the year end and has sufficient cash resources for the foreseeable future. As a result, the directors believe that they have the ability to respond effectively to continued uncertainty and that the company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of the approval of these financial statements.

In common with all businesses, the performance of the company will be influenced by the general economic environment. We closely monitor leading market indicators particularly for sectors that our major clients and suppliers operate within. In addition, we work closely with all our clients and suppliers to ensure that we remain informed of how their businesses are performing and the key challenges that they face. The company reforecasts, at a minimum, on a quarterly basis and closely monitors its cash flow. It has historically and will continue to act promptly and decisively to address its business operations and cost base as and when trading or cash flow circumstances dictate.

Client retention

As a growth marketing agency, we enable our clients to secure optimal value from every part of the customer experience and their marketing investment. We form long-term partnerships through business empathy and commercial alignment, working across fully managed, hybrid or in-house models to deliver best-in-class expertise across media, technology, performance creative and training, driving market-beating long-term growth outcomes. We deliver this proactive approach every day, regularly monitoring and responding to our clients' needs and their pre-agreed KPls.

Credit and cash flow risk

The company, in common with all other businesses, is potentially exposed to the risk of non-recovery of its debts. This risk is mitigated by credit checking and having credit limits in place for all customers. In addition, the company operates a robust credit control regime and wherever possible, credit insures its clients.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet debts as they fall due. The company has a £6.5 million receivables finance facility in place with Barclays Bank PLC that provides appropriate working capital to meet the company's day to day business needs. The company's long-term business forecasts support the view that the company will have adequate resources to meet its debts as they fall due for the foreseeable future and for at least twelve months from the date of signing of these financial statements.

Exchange rate fluctuations

A significant part of the company’s activity is UK based but for its material overseas trade it mitigates exchange rate risk to a greater extent by ensuring that its overseas customers settle, and their related suppliers are paid, via the group’s US Dollar and Euro bank accounts wherever possible.

Key performance indicators

The key performance indicators monitored by the directors are those that best demonstrate the financial performance and strength of the company. Specifically, we look at year on year trends in the profit and loss account, in turnover and gross profit margin and on the balance sheet, the level of net current assets and cash balances to monitor the financial health and liquidity of the company.

The company delivered turnover in the nine month period of £64,867,216 (twelve months 2024: £86,709,103) and a gross profit of £7,970,564 (twelve months 2024: £10,679,896), and a gross margin of 12.3.% (2024: 12.3%). This performance has primarily been driven by the continued successful implementation of our strategic plan with existing clients, new business and the diversification of the company's client base.

Administration expenses before exceptional items and other operating income for the nine months were £7,540,291 (twelve months 2024: £9,531,149). Exceptional items arose during the period as a result of the transactions noted above. Specifically, the company incurred exceptional transaction expenses of £628,632 in the period. Additionally, the terms of the disposal of its investment in Adgenda Media International Ltd included the release of the company’s intercompany indebtedness to its subsidiary and therefore was able to record exceptional income of £1,602,141 in the period. The net impact of all the above meant the company was able to deliver an overall increase in operating profit for the nine months of £1,873,982 (twelve months 2024: £1,814,413). At the end of the nine-month period the company reported profit before tax of £1,635,927 (twelve months 2024: £1,596,610).

The tax charge for the nine month period increased to £396,068 (twelve months 2024: £225,168) as a result of transaction expenses being non-deductible for tax purposes.

Cash at bank and in hand was down year on year at £1,368,304 (2024: £2,084,474) due in part to the funding requirements of the transactions in the period. Encouragingly, the company's net current assets grew to £5,576,629 at the period end, (2024: £704,650).

The board approved an intragroup dividend in the year to its ultimate parent of £200,000 (2024: £145,000), after this dividend, the company reported an increase in net assets of 48.1% to reach £4,816,519 (2024: £3,776,660) at its year-end.

The directors have been encouraged by the operational trading, financial strength and cash generation of the company in the months that have followed the year end and whilst the economic climate remains challenging, there are reasonable grounds to expect the financial strength of the business to continue to improve for the rest of the next financial year.

Future developments

The Board's long-term growth strategy is for the business to build strategic and commercial alignment with our clients' own business objectives to ensure long-term value creation, growth and deeper partnerships. This coupled with our ubiquitous commercial approach means that we deliver for our clients truly integrated solutions designed to expedite and enhance growth opportunities across their entire marketing operation.

The company aims to be a highly relevant growth partner to its clients by ensuring our capability is aligned with the entire customer journey and the proprietary products offered significantly enhance their growth prospects, many of these being designed to be authentic to the specific industry and sector our clients operate in. This is a key component of the agency's strategy to grow into new sectors and along with our partnership with Datawrkz, will play a key role in the Boards commitment to achieving future growth both organically and by acquisition.

The Board recognises the importance of the company’s wider stakeholders when performing their duties under Section 172(1) of the Companies Act and their duties to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:

• The likely consequences of any decisions in the long term.

• The interests of the company’s employees.

• The need to foster the company’s business relationships with suppliers, customers and others.

• The impact of the company’s operations on the community and environment.

• The desirability of the company maintaining a reputation for high standards of business conduct.

• The need to act fairly between members of the company.

The Board considers that all their decisions are taken with the long-term in mind, understanding that these decisions need to regard the interests of the company’s employees, its relationships with suppliers, customers, the communities and the environment in which it operates.

As a Board we fulfil our duties as follows:

Group repositioning

The company's divisional restructure is now embedded in our operational and reporting structures and has strengthened our strategic position for years to come. Additionally, we are to develop our market position in a number of industry verticals outside of the residential development sector, to support the ongoing diversification of our client portfolio, whilst ensuring that our property expertise is maintained.

Employees, Community and Environment

The company recognises the huge impact that our employees make and our commitment to other important initiatives. This is described fully in the ‘Culture’ paragraph, on Page 2 of these financial statements.

Clients & suppliers

Securing and retaining clients and suppliers is another core focus. Our approach to this is explained in the ‘Client Retention’ and Economic uncertainty paragraphs on Page 3 of these financial statements.

On behalf of the board

The directors present their annual report and financial statements for the period ended 31 March 2025.

The principal activity of the company in the year under review was that of a growth marketing agency, enabling clients to secure optimal value from every part of the customer experience and their marketing investment. The company focuses on creating close long-term partnerships with clients through business empathy and commercial alignment, working across fully managed, hybrid or in-house models, to deliver best-in-class expertise across media, technology, performance creative and training, driving market-beating long-term growth options.

The results for the period are set out on page 16.

Ordinary dividends were paid amounting to £200,000 (2024: £145,000). The directors do not recommend payment of a further dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The company is looking to expand and new markets will feature strongly, whether that be through organic development of new relationships, new business, acquisition or by expanding our activities overseas.

We will continue to keep the business relevant in its market through a controlled investment in high quality employees, a strong management structure and innovative product creation.

The company is well positioned to deliver a strong performance in 2025/26.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

In keeping with the change to the reporting period, figures for FY25 are presented on a like-for-like basis alongside 75% of the FY24 values.

Savings in Scope 2 emissions were realised when the landlord for the Reigate office disclosed that a 100% renewable provider was being used.

Small period-on-period drops were also seen in the homeworking and commuting categories under Scope 3 emissions, however Scope 3 emissions from business travel increased materially year-on-year, primarily due to a significant rise in international travel following the company’s acquisition by Datawrkz. Essential to align operations, integrate systems, and establish relationships across global markets, much of this travel was exceptional and not considered a long-term threat to the Agency's ambitions concerning net zero.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 Government’s Conversion Factors for Company Reporting.

Over the coming months the company intends to begin the transition to the new UK SRS standard.

The 2025 GHG conversion factors have been used throughout, other than as concerns homeworking emissions, for which we have made use of the same underlying research (EcoAct whitepaper 2020) as the GHG data but applied a more granular approach which disregards several of the assumptions made by the GHG, in particular:

- 100% of UK homes are heated by natural gas when more recent research indicates this figure as 86% for England (gov.uk English Housing Survey 2023-2024: Low Carbon Technologies in English Homes) and 81% for Scotland (gov.scot Scottish House Condition Survey: 2022). The lion’s share of this decrease in share likely attributable to the growth in use of heat pumps over the period since the EcoAct whitepaper was published, with installations in 2024 estimated at 100,000 and in 2025 YTD estimated at 120,000 (Microgeneration Certification Scheme)

- Heating is used 50% of the year when our survey of staff indicates an average figure of 30% of the year

- Heating is used 10 hours per day during the months that it is in use, when our survey of staff indicates an average below 9 hours per day

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m revenue, giving the business a scalable understanding of its performance on this core metric as its growth plans are realised over the coming years.

The following measures were taken in the year to improve energy consumption:

• The London office was relocated to a shared space during the reporting period. The energy provided for this new space is not 100% renewable, unlike the previous space, meaning a material increase in emissions on a market-based attribution model (used here). However a substantial reduction in floorspace and an increased use of homeworking has seen a reduction in the energy used in absolute terms, meaning that a location-based attribution model would see a drop in emissions vs the previous location.

• The Reigate office was downsized materially at the end of this reporting period, which will have an impact on power consumed for this location in the coming reporting period, when understood on a location-based attribution model. Since the utilities provider is already 100% renewable the impact on reported market-based emissions will be nil.

• It was established during the period that the energy procurement for the Manchester office is 100% renewable. Consequently while the Kwh value for this office is included in the total, it is excluded from the emissions calculation.

• Engagement with the company's Cycle 2 Work scheme continued, with one new loan taken on during the period.

• In December 2024 Space & Time purchased an offset of 418 tCO2e through a Gold-Standard accredited scheme, sufficient to cover all operational emissions generated during FY24. A similar purchase will be made in respect of emissions during FY25.

• The step challenge first introduced in early 2023 was repeated during this reporting period, encouraging changes to commuting behaviours by inviting staff to compete to achieve the highest step count over a month.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible 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 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 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.

We have audited the financial statements of Space & Time Media Limited (the 'company') for the period ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2025 and of its profit for the period 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 Auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 our audit:

• the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the Directors' Responsibilities Statement, 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 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.

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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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.

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 an auditor's report 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.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Space & Time Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dean Park House, Dean Park Crescent, Bournemouth, Dorset, BH1 1HL.

The financial statements are presented for a period of 9 months to 31 March 2025. The comparative period was one year so the comparatives are not entirely comparable. The period was shortened to bring the company reporting period in line with the period-end in the wider group.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Space & Time Media Limited is a wholly owned subsidiary of Space and Time Holdings Limited. The ultimate parent company is Datawrkz Business Solutions Private Limited, a company incorporated in India. The results of Space & Time Media Limited for the period from 1 July 2024 to 28 October 2024 are included in the consolidated financial statements of Space & Time Group Limited which are available from Dean Park House, Dean Park Crescent, Bournemouth, Dorset, BH1 1HL. The results of Space & Time Media Limited for the period from 28 October 2024 to 31 March 2025 are included in the consolidated financial statements of Datawrkz UK Limited which are available from 2nd Floor, Dean Park House, 8 Dean Park Cres, Bournemouth, Dorset, BH1 1HL.

At the time of approving the financial statements, the directors have considered the fact that the group has continued to trade profitably throughout the period since its financial year end. In addition, the group’s long-term business forecasts support the view that the group will have adequate resources to continue its operations and to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. As a result, the directors believe it appropriate for the financial statements to be prepared on a going concern basis.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Media revenue is recognised when charges are made to clients, principally when advertisements appear in the media. Fees are recognised over the period of relevant assignments or agreements.

When the outcome of the transaction can be estimated reliably, turnover from advertising space and management of media work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to when services are rendered. Where the outcome cannot be measured reliably, turnover is recognised to the extent of expenses recognised that are recoverable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 profit or loss, 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, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

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 profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 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.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following estimates have had the most significant effect on amounts recognised in the financial statements.

In the normal course of business, the company makes an estimate of the amount and volume of media costs associated with each sale when the sale is ordered as well as any related rebates under the matching principle. These costs and rebates are reviewed periodically and adjusted where necessary.

The directors have completed a review of the trade debtor balances to determine balances which are unlikely to be received and a provision has been accounted for where necessary.

The investments held by the company are reviewed annually for impairment. If there is an indication of impairment, management will impair the asset to its recoverable amount.

The directors have considered the carrying value of intercompany debtors at the reporting date. In establishing an appropriate provision, they have considered the on-going trading and net asset position of the respective companies as well as the nature of intercompany transactions, the ability of the group to vary these to ensure full recovery and the profitability of the group as a whole.

An analysis of the company's turnover is as follows:

During the year, the two founder directors of a subsidiary completed a management buy out from Space & Time Media Limited. The management buy out completed on the 29 October 2024 and part of the terms of that deal were that the company would waive a £1,602,141 intercompany debt owed to it by Space & Time Media Ltd.

Details of the exceptional one-off costs can be found in the strategic report.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 7).

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Shares of £2,731,402 in the the subsidiary Adgenda Media International Limited were disposed of at par on 29 October 2024.

The company's bank holds a fixed and floating charge over all assets of the company in respect of an invoice discounting facility provided to the company.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At year end, the amounts outstanding in respect of pension contributions payable is £37,342 (2024: £34,110).

On 29 October 2024 the company disposed of its 55% holding in Adgenda Media International Limited. Included in these financial statements are profits of £nil arising from the company's interests in Adgenda Media International Limited up to the date of its disposal.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Details of the company's associates at 31 March 2025 are as follows:

As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose

transactions with the immediate parent company and wholly owned fellow subsidiaries on the basis that group financial statements are prepared.

During the period, the company made sales of £171,209 (2024: £52,545) and purchases of £2,213,361 (2024: £5,277,314) with Adgenda Media International Limited, a company in which Space & Time Media Limited owned 55% of the share capital. On 29 October 2024, the companies ceased being related parties, so there is no period-end balance disclosed for the current period. As at 30 June 2024, there were amounts outstanding of £2,694,401 due to Adgenda Media International Limited.

During the period, the company made sales of £nil (2024: £128,008) and purchases of £509,353 (2024: £819,506) with EG Media Limited, a company of which Space & Time Media Limited own 45% of the share capital. As at 31 March 2025, there were amounts outstanding of £327,847 (2024: £447,584) due to EG Media Limited. During the year, EG Media Limited declared dividends to the company totalling £nil (2024: £29,250).

During the period, the company made purchases of £42,033 (2024: n/a) with Datawrkz Business Solutions Private Limited, its ultimate parent company. As at 31 March 2025, there were amounts outstanding of £nil (2024: n/a) due to Datawrkz Business Solutions Private Limited.

During the period, the company received loans totalling of £1,159,097 (2024: n/a) from Mediawrkz Inc., a related party within the wider group of Datawrkz Business Solutions Private Limited. As at 31 March 2025, a balance of £1,159,097 (2024: n/a) was outstanding, of which £100,000 (2024: n/a) is held within creditors due within one year.

As at period-end, there were amounts outstanding on the directors' current accounts of £12,499 (2024: £54,848).

No amounts were provided for or written off during the year.

The directors consider the immediate parent undertaking to be Space and Time Holdings Limited, a company incorporated in England and Wales.

For the period from 1 April 2024 to 28 October 2024, Space & Time Group Limited was the ultimate parent undertaking. Space & Time Group Limited was the smallest and largest group for which consolidated financial statements including the company were prepared. The consolidated financial statements of Space & Time Group Limited are available from its registered office, Dean Park House, Dean Park Crescent, Bournemouth, Dorset, England, BH1 1HL.

On 29 October 2024, a majority shareholding in Space & Time Group Limited was acquired by Datawrkz Operations UK Ltd, a company incorporated in England and Wales.

The results of Space & Time Media Limited for the period from 29 October 2024 to 31 March 2025 are included in the consolidated financial statements of Datawrkz UK Limited which are available from 2nd Floor, Dean Park House, 8 Dean Park Cres, Bournemouth, Dorset, BH1 1HL.

At the period-end, the ultimate parent company at the date of approval of these financial statements is Datawrkz Business Solutions Private Limited, a company incorporated in India. The ultimate controlling party is Senthil Govindan, the majority shareholder of Datawrkz Business Solutions Private Limited.