Company registration number 08247385 (England and Wales)
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
COMPANY INFORMATION
Directors
R Joyce
(Appointed 20 May 2025)
D P Meyer
B C H Roome
M B L Henry
S J York
P A Rosbotham
(Appointed 18 February 2026)
A G Coleman
I R Milligan
(Appointed 18 February 2026)
Company number
08247385
Registered office
Digital Mobile Spectrum Limited
24/25 The Shard
32 London Bridge Street
London
United Kingdom
SE1 9SG
Auditor
Blick Rothenberg Audit LLP
16 Great Queen Street
Covent Garden
London
United Kingdom
WC2B 5AH
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
CONTENTS
Page
Strategic report
1 - 8
Directors' report
9 - 10
Directors' responsibilities statement
11
Independent auditor's report
12 - 14
Statement of comprehensive income
15
Statement of financial position
16
Statement of changes in equity
17
Statement of cash flows
18
Notes to the financial statements
19 - 33
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025. The Company trades under the name “Mova”. For clarity and consistency, this Strategic Report refers to “Mova” throughout.

STRATEGY

Mova is jointly owned by the UK’s mobile network operators. At the beginning of the year this was the four separate operator entities: EE Ltd, Hutchison 3G UK Ltd, Telefonica UK Ltd, and Vodafone Ltd. Following the merger of Vodafone and Three, Mova is now owned by the UK operators: EE Ltd, Telefonica UK Ltd and Vodafone Ltd. See Business environment for further detail on this market consolidation.

Mova exists to do what mobile operators cannot easily do individually: deliver complex, shared and public interest programmes in a trusted, neutral way. Backed by over a decade of national delivery experience, Mova reduces risk, enables compliance, and creates value for shareholders and Government alike.

Mova’s strategy sets the long-term direction for how the Company supports the UK’s communications landscape and guides the choices we make across our programmes.

The strategy is shaped by two things: Mova’s vision of a UK where nobody is left behind by infrastructure innovation, and by its role in enabling industrywide solutions to nationally important challenges. Mova’s strategy reflects an organisation that acts with collaboration, integrity, respect, commitment, leadership and empathy. These values guide how Mova convenes partners, how it makes decisions and how it delivers work that matters to the public.

Mova’s long-term strategic direction centres on three enduring themes.

- Enabling shared progress across the UK's digital infrastructure

Mova works at the intersection of industry and Government, providing the independent coordination, assurance and technical leadership needed for complex, multi party programmes. Its strategic focus is to help the UK’s mobile operators deliver improvements that none could achieve as efficiently alone. This theme shapes the choices Mova makes about where independent coordination and technical leadership create the greatest benefit for operators, Government and the public.

- Supporting digital inclusion & vulnerable customers

Mova’s strategy includes ensuring that mobile network innovation progresses without disrupting television. Mova helps safeguard TV for households across the UK, especially those who may be more vulnerable or more dependent on free-to-view services. As networks evolve, this theme guides how we balance innovation with the need to protect viewers who depend on these essential services.

- Building a resilient, values-led organisation

Mova aims to be a modern, capable organisation that brings people together around shared goals, supported by a strong culture and clear leadership. The launch of the Mova brand in 2025 reflects this: a confident, independent organisation that delivers on its commitments and acts with empathy towards the people and communities affected by our work. This theme ensures our decisions strengthen our culture, systems, and capability so Mova remains a trusted intermediary over the long term.

Our strategy also reflects the wider environment in which we operate, including changes to the mobile market, spectrum use, evolving Government priorities for digital infrastructure, and long term considerations for the future of television.

Together, these strategic themes define Mova’s direction and the contribution Mova makes to national connectivity, viewer protection and inclusive infrastructure development. They provide the foundation for the objectives set each year and the way Mova chooses to operate as a trusted partner to shareholders and Government.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

OBJECTIVES

Mova’s objectives for 2025 continued to build on the established framework used in previous years. They are organised around three areas that reflect Mova’s role and responsibilities.

1. Robustness and sustainability

Mova aims to maintain a stable, well governed and capable organisation. Objectives for 2025 included:

- sustaining a positive and supportive working environment;

- strengthening leadership and organisational resilience;

- embedding efficiency and productivity improvements across programmes without increasing delivery risk;

- ensuring disciplined financial planning and forecasting, aligned with agreed budgets.

2. Spectrum licence obligations

Mova supports shareholder compliance with regulatory and licence requirements relating to interference management. Objectives for 2025 focused on:

- ensuring Restore TV continued to mitigate interference effectively and consistently;

- maintaining a high-quality service for affected viewers, including those who may be vulnerable;

- supporting mobile operator activity in the 700 MHz and 800 MHz bands without causing disruption to neighbouring spectrum users.

3. Shared Rural Network (SRN) delivery

As the independent coordinator of the SRN, Mova’s objectives for 2025 centred on:

- overseeing governance, assurance and alignment across the Total Not Spots (TNS) and Extended Area Service (EAS) programmes;

- supporting operator delivery by maintaining clear, consistent planning, reporting and risk management;

- facilitating constructive collaboration between shareholders, the Department for Science, Innovation and Technology (DSIT), its delivery body Building Digital UK (BDUK), and the Home Office to enable progress against coverage commitments.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

BUSINESS MODEL

Mova operates as a centralised organisation that delivers shared national programmes on behalf of its shareholder mobile network operators. This model enables Mova to create value by providing consistent coordination, transparent governance and shared technical leadership across programmes that require cross-industry solutions

Work is delivered through two functional areas: Programmes, which operates Restore TV to support viewers affected by mobile network changes, and the SRN team, which coordinates multi party delivery to improve mobile coverage across the UK. These units are supported by Business Support, a core administrative, finance and corporate services function that enables consistent processes, strong governance and disciplined financial planning.

Mova’s business model is built to:

- provide services jointly to all shareholders, reducing duplication and ensuring equitable delivery of regulatory and licence obligations

- coordinate programme delivery through common governance structures, aligned reporting and clear decision making

- manage risk collectively, enabling shareholders to share exposure fairly while maintaining effective oversight

- operate within agreed annual budgets, supported by advance shareholder funding and prudent cash management

- maintain the organisational capability, systems and culture required to support national-scale programmes

This model reflects Mova’s role as an independent intermediary: enabling collaboration between shareholders, Government and suppliers, while upholding the values of collaboration, integrity, respect, commitment, leadership and empathy in the way the Company works.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

BUSINESS ENVIRONMENT

Mova operates within a mature UK mobile market that underwent significant structural and policy change in 2025. The wider operating environment for digital infrastructure was shaped by ongoing fiscal pressures, adjustments to Government investment priorities, sector consolidation, and continued debate regarding the future of terrestrial television.

The UK mobile market underwent a major structural shift. Following the Competition and Markets Authority’s approval of the VodafoneThree merger in late 2024, 2025 marked the transition toward a three-operator market. This consolidation prompted changes to Mova’s shareholder structure, implemented through the mechanisms set out in the Company’s Shareholders’ Agreement. The adjustment generated a period of heightened governance attention, including notification under the Telecoms Security and Investment Act where approval was granted by the UK Government. The change contributed to a revised shareholder engagement landscape but did not alter the Company’s mandate, its role as a coordinating body, and its daily operations and priorities did not change.

Public finances remained constrained through 2025, with Government policy continuing to emphasise value for money from capital programmes and clear prioritisation of outcomes. This context influenced national connectivity schemes, including SRN, where earlier National Audit Office reporting highlighted cost pressures and delivery risks arising from inflation and planning constraints. These pressures contributed to increased scrutiny of programme scope, focusing investment in places with the greatest benefit.

Within this environment, the UK Government emphasised the need to prioritise delivery in areas where improved mobile connectivity would have the most positive impact. The Government confirmed funding for fewer new TNS masts overall, with deployment focused on places where people live, work or travel, alongside continued progress on shared use of EAS sites. By the end of 2025, more than 100 Government funded sites were upgraded, reflecting visible progress in improving 4G availability across rural communities.

The policy landscape for digital terrestrial television (DTT) also evolved. Ofcom and the Department for Culture, Media and Sport (DCMS) published further work on long-term options for TV distribution, recognising declining DTT viewing but highlighting the platform’s continuing importance for older, rural and lower income households. Parliamentary debate and DCMS convened forums in 2025 emphasised the need to ensure that any future transition preserves universal access and does not widen digital exclusion. These discussions heightened the sector’s focus on safeguarding existing viewer support services and are expected to lead to policy decisions in 2026.

Alongside these developments, the delivery environment for national mobile infrastructure continued to be influenced by planning processes, power and transmission availability, and dependencies on suppliers and Government partners. Ofcom’s Connected Nations updates and related parliamentary briefings throughout 2025 consistently highlighted disparities in rural coverage and the need for sustained collaboration between operators, Government and delivery partners to close remaining gaps.

Together, these factors created an operating environment characterised by fiscal constraint, policy evolution, and structural change. In this context, Mova’s role as a trusted intermediary, coordinating multi party delivery, ensuring transparent reporting, and supporting services relied upon by the public, remained central to the effective delivery of national programmes.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

PRINCIPAL RISKS AND UNCERTAINTIES

Mova maintains a structured risk management framework overseen by the Leadership Team and Board. As of December 2025, no risks were rated high; the highest residual rating was medium. The principal risks and uncertainties, aggregated from the Company’s risk register, are summarised below.

Programme delivery (SRN)

Mova coordinates a complex, multiparty programme in a changing policy and regulatory environment. Key risks relate to maintaining consistent data and transparency across partners, aligning approaches following the VodafoneThree merger, and managing potential changes to the scope of the TNS and EAS programmes. Strong governance, regular engagement and clear reporting processes help to mitigate these risks.

Continuity of viewer‑support services

Restore TV depends on resilient suppliers and accurate operational data to maintain high quality support for viewers. Risks relate to supply chain disruption, loss of operational capacity and delays in receiving mast activation information. Contingency arrangements, supplier monitoring and diversified support options reduce the likelihood and impact of disruption.

Governance and legal compliance

Changes in shareholder structure following the VodafoneThree merger required updates under the Shareholders’ Agreement and associated corporate processes. Mova also continues to strengthen its contract management and assurance frameworks. These risks are mitigated through legal oversight, documented processes and regular engagement with shareholder legal teams.

Organisational resilience

Mova’s ability to deliver programmes depends on retaining specialist knowledge and managing capacity across a small team. Risks include loss of key personnel and pressure from unplanned work. Succession planning, cross training and structured prioritisation processes help maintain resilience, along with ensuring Mova remains a place people love to work.

Information and cyber‑security

As an intermediary handling sensitive operational information, Mova is exposed to risks relating to data protection and cybersecurity. These are mitigated through an established information security management system, improved controls, regular monitoring and progress toward external Cyber Essentials certification.

Reputational risks

Reputational risks may arise from programme delays, service issues or stakeholder concerns. Proactive communications, structured stakeholder engagement and clear escalation routes help manage these risks.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

FINANCIAL RISK MANAGEMENT OBJECTIVES

Mova’s financial risks are low and continue to be well controlled. The Company does not use complex financial instruments, does not borrow, and is not exposed to foreign exchange or interest rate risk. Its financial instruments comprise cash, short-term deposits, trade debtors and trade creditors arising directly from operations.

Credit risk

Credit risk is minimal as Mova is funded in advance by its shareholder mobile network operators under established service and programme agreements. Cash is held with reputable UK financial institutions and the Company monitors balances frequently as part of its financial controls framework.

Liquidity and cashflow risk

Liquidity risk is low. Mova operates within annual budgets agreed with shareholders and receives funding in advance to meet operational requirements. Forecasts are reviewed regularly and shared with shareholders; this ensures that cash balances remain sufficient to support planned activity and that any timing differences in programme delivery or claims can be managed effectively.

Funding model and going concern

The Company’s going concern basis is supported by legally binding shareholder agreements that commit shareholders to fund the programmes Mova delivers on their behalf. For SRN, this extends to at least 2040. Funding for Restore TV continues to operate under existing service agreements. In 2025 the shareholders agreed to continue delivering Restore TV services through Mova until the end of 2029. The Shareholders’ Agreement and annual budget cycle provide clarity on forward cash requirements, and the Board considers these arrangements adequate to support the Company’s operations for the foreseeable future.

Financial controls

Mova maintains strong internal controls over budgeting, forecasting, claims processes and procurement. Financial information is reviewed monthly, with oversight from the Management Team, the Board and external financial advisors. External auditors provide independent assurance through the annual audit process

These controls ensure ongoing compliance with contractual and regulatory obligations and support accurate reporting to shareholders and Government partners. Financial controls reflect Mova’s values of integrity and accountability, ensuring transparent and disciplined stewardship of shareholder funds.

BUSINESS PERFORMANCE IN 2025

Mova delivered strong operational performance in 2025, meeting or exceeding the objectives agreed with shareholders across all programmes.

Mova’s performance in 2025 was delivered within the advance-funded model and annual budgets agreed with shareholders (see ‘Funding model and going concern’ and ‘Liquidity and cashflow risk’ sections).

The company’s operating profit for the year was £129,767 and its year end cash position was £5,353,540, providing at least 6 months of forecast cover. These figures are consistent with the financial statements (see Profit and Loss and Balance Sheet).

Shared Rural Network (SRN):

All SRN objectives were met. Following Government confirmation of a revised scope for the TNS programme, Mova worked with BDUK and the mobile network operators to replan delivery against a new Grant Agreement. A managed networks and telecoms provider was successfully onboarded as the operations supplier and SRN operations transitioned into business as usual during the year. A total of 100 EAS sites were delivered and publicly announced in December, contributing to improved rural 4G availability. Stakeholder survey results on Mova’s management of the SRN programme improved markedly across all measures through 2025. Performance was delivered in the context of compressed TNS scope changes and a shifting shareholder landscape.

Mitigation (Restore TV):

All KPIs and SLAs were met. Over 275,000 households were contacted regarding potential interference during the year; 99.75% of supported viewers rated the service as good or excellent; and two complaints were received. The programme supported the continued rollout of 700 MHz and 800 MHz services with no Ofcom requests to delay or deactivate sites.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

BUSINESS PERFORMANCE IN 2025 - continued

Enabling the Business:

The Company successfully rebranded as Mova in 2025. The name reflects Mova’s role delivering accessible ‘innovation for all’ on behalf of the UK mobile operators.

Mova strengthened its organisational capability, achieving an employee net promoter score (eNPS) of +75 and successfully completing a major IT transition focused on external collaboration, information management and security across the Company. Mova also maintained high operational standards through external accreditation. This included the BSI Inclusive Service Kitemark, demonstrating compliance with ISO 22458, and ISO 27001 re-certification to the updated 2022 standard, with no major or minor non conformances and no areas for improvement identified. The Company continued to strengthen its approach to equality, diversity, and inclusion through workshops, policy development and the launch of an employee ‘Points of View’ channel.

Mova received wider industry recognition during the year, including winning the Institute for Telecoms Professionals Best Place to Work Award; winning the Connected Britain Barrier Removal Award, several accolades at the Inspiring Workplace Awards (Best in Class for Leadership; Top 5 Small Business; Top 50 Overall); and shortlisting for a World Communications Award.

Performance across SRN, Restore TV and corporate enablers reflected the strength of Mova’s operating model and its ability to deliver shared national programmes effectively, consistently and in line with its values.

SUSTAINABILITY AND CORPORATE RESPONSIBILITY

Mova continued to strengthen its approach to corporate responsibility and sustainability during 2025. As part of the SME Climate Commitment, the Company submitted its annual emissions report and progressed initiatives to reduce its environmental footprint, supported by improved system efficiencies and a remote-first working model that minimises commuter travel and focuses business travel on productive collaboration and stakeholder engagement. Mova does not meet the statutory thresholds for SECR reporting.

The Company supported a range of charitable, and community causes during the year through its match funding scheme, contributing £750 to charities including ManUp, Prostate Cancer, Movember, Cancer Research and Save the Children. It also participated in volunteering and community focused activities, including a Macmillan coffee morning and engagement with charity partner AbilityNet during the September Team Day.

Mova continued to promote fair and responsible employment practices. The Company maintained an inclusive working environment supported by its EDI Working Group.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -

OUTLOOK FOR 2026

In 2026, Mova will focus on consolidating the operational improvements delivered in 2025 and supporting the effective implementation of the revised scope for the SRN. Activity will centre on maintaining strong coordination between mobile network operators, BDUK and Government partners as the TNS and EAS elements of the programme progress. Continued emphasis will be placed on clear governance, timely data and transparent reporting to support the successful delivery of the reshaped SRN programme.

Restore TV will continue to provide high-quality support for viewers affected by mobile network rollout, maintaining inclusive service standards and ensuring that processes remain robust as network deployments evolve. Following the achievement of the BSI Inclusive Service Kitemark in 2025, the programme will continue its focus on service assurance and continuous improvement.

Across the organisation, Mova will aim to strengthen its resilience and capability. This includes strengthening the Company’s approach to cyber security, maintaining alignment with the ISO 27001:2022 information security standard, and progressing actions under the SME Climate Commitment. The Company will continue operating a remote-first model, supporting lower carbon emissions and flexible, inclusive working arrangements.

Mova will also look to maintain its strong organisational culture and values, support the development and wellbeing of its people, and identify opportunities where shared delivery can bring value to shareholders and public interest programmes.

These priorities reflect Mova’s long-term strategic themes of enabling shared progress, protecting essential services and further strengthening organisational resilience.

On behalf of the board

D P Meyer
Director
18 March 2026
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The Company's principal activities are mitigating the impact of mobile telephone disruption to digital terrestrial television, and delivery and coordination of the work to deliver the shared rural network.

Results and dividends

The results for the year are set out on page 15.

The directors do not recommend payment of a final payment for the year ended 31 December 2025.

Directors

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

R Joyce
(Appointed 20 May 2025)
D P Meyer
B C H Roome
A Dona
(Resigned 18 February 2026)
M B L Henry
S J York
L M Parker
(Resigned 31 May 2025)
P A Rosbotham
(Appointed 18 February 2026)
A G Coleman
R J Jeffries
(Resigned 31 May 2025)
P A Rosbotham
(Resigned 18 February 2026)
I R Milligan
(Appointed 18 February 2026)
J Gill
(Resigned 15 May 2025)
Post reporting date events

There were no events after the reporting date that would have a material effect on the financial statements.

Going concern

The directors have a reasonable expectation that the C ompany will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis. Further details are given in Note 1.2 of the financial statements.

Auditor

Blick Rothenberg Audit LLP was appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
On behalf of the board
D P Meyer
Director
18 March 2026
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -

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-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for 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.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DIGITAL MOBILE SPECTRUM LIMITED
- 12 -
Opinion

We have audited the financial statements of Digital Mobile Spectrum Limited (“the Company”) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report 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. 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.

Other Companies Act 2006 reporting

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

- the information given in the Strategic Report and the Directors’ Report for the financial year 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.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DIGITAL MOBILE SPECTRUM LIMITED
- 13 -
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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors’ Responsibilities, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DIGITAL MOBILE SPECTRUM LIMITED
- 14 -

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- reviewed the nominal ledger and tested a sample of journal entries to identify unusual transactions; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HM Revenue and Customs, relevant regulators, and the Company’s legal advisors

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

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.

Marc Levy FCA (Senior Statutory Auditor)
For and on behalf of Blick Rothenberg Audit LLP
18 March 2026
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
United Kingdom
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
Revenue
4
8,998,810
9,508,314
Cost of sales
(3,116,832)
(3,450,253)
Gross profit
5,881,978
6,058,061
Administrative expenses
(5,752,211)
(5,888,334)
Operating profit
5
129,767
169,727
Finance income
8
115,741
132,695
Finance costs
9
(37,770)
(28,203)
Profit before taxation
207,738
274,219
Income tax expense
10
(51,635)
(68,938)
Profit and total comprehensive income for the year
156,103
205,281

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 16 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
11
120,706
122,173
Current assets
Trade and other receivables
12
203,468
222,154
Cash and cash equivalents
13
5,353,540
5,254,691
5,557,008
5,476,845
Total assets
5,677,714
5,599,018
Equity
Called up share capital
17
3
4
Capital redemption reserve
18
1
-
0
Retained earnings
3,053,030
2,896,928
Total equity
3,053,034
2,896,932
Current liabilities
Trade and other payables
14
2,425,046
2,492,855
Current tax liabilities
51,753
69,056
Lease liabilities
15
147,881
140,175
2,624,680
2,702,086
Total liabilities
2,624,680
2,702,086
Total equity and liabilities
5,677,714
5,599,018
The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
D P Meyer
Director
Company Registration No. 08247385
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
Share capital
Capital redemption reserve
Deferred share capital
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
4
-
0
-
2,691,647
2,691,651
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
205,281
205,281
Balance at 31 December 2024
4
-
0
-
2,896,928
2,896,932
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
156,103
156,103
Transactions with owners:
Own shares acquired
-
-
-
(1)
(1)
Re-designation of share
17
(1)
-
1
-
0
-
Purchase of own share
17
-
1
(1)
-
-
Balance at 31 December 2025
3
1
-
3,053,030
3,053,034
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
197,439
(1,010,146)
Interest paid
(37,770)
(28,203)
Income taxes paid
(68,938)
(244,734)
Net cash inflow/(outflow) from operating activities
90,731
(1,283,083)
Investing activities
Interest received
115,741
132,695
Net cash generated from investing activities
115,741
132,695
Financing activities
Purchase of own share
(1)
-
0
Payment of lease liabilities
(107,622)
(111,597)
Net cash used in financing activities
(107,623)
(111,597)
Net increase/(decrease) in cash and cash equivalents
98,849
(1,261,985)
Cash and cash equivalents at beginning of year
5,254,691
6,516,676
Cash and cash equivalents at end of year
5,353,540
5,254,691
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
1
Accounting policies
Company information

Digital Mobile Spectrum Limited is a private C ompany limited by shares incorporated in England and Wales. The registered office is Digital Mobile Spectrum Limited, 24/25 The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG. The Company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with UK adopted international accounting standards and in accordance with the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. 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.

1.2
Going concern

The directors have considered the impact of potential developments on the future viability of the Company, its financial position and liquidity together with financial projections for the Company over the foreseeable future and continue to take all available steps to maintain sufficient resources in order that the business can continue. true

The board continues to reverse stress test on the Company. The purpose of the reverse stress test on the Company is to assess at what point the cash reserve would be fully utilised if the assumptions in the budget are altered. The reverse stress test assumes significant adjustments to the Company’s cash flows forecast which include delays to the mitigation programme, delays in shareholder funding, operational incidents (including increased mitigation activity), loss of key staff and loss of key suppliers. Should an adverse event occur, the organisation has an adequate business continuity policy to alleviate the impact on the business.

The results of the organisation’s reverse stress test demonstrate that Digital Mobile Spectrum has sufficient cash reserves to deliver the mitigation and Shared Rural Network programmes. Digital Mobile Spectrum did not have any borrowings at the period end. In the most extreme case, additional funding would be requested from the organisation’s shareholders as specified in the Articles of Association.

Consequently the directors have a reasonable expectation that the Company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

1.3
Revenue

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for services supplied, stated net of value added taxes. The Company recognises revenue when performance obligations have been satisfied, this is when the services have been provided to the customer.

Revenue from providing services is recognised in the accounting period in which the services are rendered. Fees charged in advance of services being provided will be shown as a current liability on the statement of financial position.

Fee income for DMSL's core activities provided to shareholders is charged in advance at the rate of operating costs of plus 1% margin. Project management fees charged to other customers are recognised in line with the contract.

Revenue from the sale of goods is recognised when the Company delivers the product to the customer.

Interest income is recognised in profit or loss using the effective interest method.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.4
Property, plant and equipment

Property, plant and equipment 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:

Offices - Right-of-use
over the length of the lease

Short lease assets, such as IT equipment, are written off in the year of acquisition.

1.5
Consumables

Filters have a limited re-sale value and are therefore expensed on purchase. In the event that unused filters are sold the income will be accounted for in accordance with the revenue recognition policy and brought into account at the point of sale.

1.6
Cash and cash equivalents

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.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.7
Financial assets

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities
Other financial liabilities

Other financial liabilities, including t rade payables and other short-term monetary liabilities, are initially measured at transaction price net of costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.9
Equity

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

Equity comprises the following:

"Share capital" represents the nominal value of equity shares.

"Capital redemption reserve" represents the nominal value of redeemed shares.

"Retained earnings" include all current year and prior year results as disclosed in the statement of profit or loss.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.11
Employee benefits

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 inventories or non-current assets.

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

1.12
Retirement benefits

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

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
1.13
Leases

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:

- Leases of low-value assets; and

- Leases with a duration of twelve months or less.

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the C ompany's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

On initial recognition, the carrying value of the lease liability also includes:

- Amounts expected to be payable under any residual value guarantee;

- The exercise price of any purchase option granted in favour of the C ompany if it is reasonably certain to assess that option;

- Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

- Lease payments made at or before commencement of the lease;

- Initial direct costs incurred; and

- The amount of any provision recognised where the C ompany is contractually required to dismantle, remove or restore the leased asset.

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.

2
Adoption of new and revised standards and changes in accounting policies

At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have been published but are not yet effective and have not been adopted early by the Company.

Management anticipates that all of the pronouncements will be adopted in the Company's accounting policies for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are expected to be relevant to the Company's financial statements is provided below. Certain other new standards and interpretations have been issued but are not expected to have a material impact on the Company's financial statements.

There are no relevant Standards or amendments issued by the IASB that are effective for an annual period that begins on or after 1 January 2025.

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to 31 December 2025, which the Company has decided not to adopt early. There are no significant amendments which require disclosing.

Effective for annual reporting periods commencing on or after 1 January 2026:

IFRS 18 Presentation and Disclosure in Financial Statements

Amendments to IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments.

Annual improvements to IFRS Accounting Standards - Volume 11

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
3
Critical accounting estimates and judgements

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

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

4
Revenue
2025
2024
£
£
Revenue analysed by class of business
Mitigation services
6,190,778
5,929,544
Shared rural network
2,806,003
3,531,860
Other income
2,029
46,910
8,998,810
9,508,314
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
8,998,810
9,508,314

Balances arising from contracts with customers are disclosed in note 20.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Auditor's remuneration
47,230
44,630
Depreciation - right-of-use asset (note 11)
116,795
118,932
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
6
Employees

The average monthly number of employees employed by the Company during the year was:

2025
2024
Number
Number
Management
8
8
Administration
28
29
Total
36
37

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,701,752
3,802,123
Social security costs
442,380
458,093
Pension costs
477,773
441,653
4,621,905
4,701,869
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
451,472
437,400
Company pension contributions to defined contribution schemes
9,955
10,182
461,427
447,582
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
381,472
369,671
Company pension contributions to defined contribution schemes
9,955
10,182
8
Finance income
2025
2024
£
£
Interest income
Bank deposits
115,741
132,695
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
9
Finance costs
2025
2024
£
£
Interest on lease liabilities
37,770
28,203
10
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
51,635
68,938

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
207,738
274,219
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
51,935
68,555
Effect of expenses not deductible in determining taxable profit
315
383
Tax at marginal rate
(615)
-
0
Taxation charge for the year
51,635
68,938
11
Property, plant and equipment
Offices - Right-of-use
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
330,979
14,128
345,107
Additions
116,988
-
0
116,988
Disposals
-
0
(14,128)
(14,128)
At 31 December 2024
447,967
-
0
447,967
Additions
115,328
-
0
115,328
At 31 December 2025
563,295
-
0
563,295
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Property, plant and equipment
Offices - Right-of-use
Fixtures and fittings
Total
£
£
£
(Continued)
- 27 -
Accumulated depreciation and impairment
At 1 January 2024
206,862
14,128
220,990
Charge for the year
118,932
-
0
118,932
Eliminated on disposal
-
0
(14,128)
(14,128)
At 31 December 2024
325,794
-
0
325,794
Charge for the year
116,795
-
0
116,795
At 31 December 2025
442,589
-
0
442,589
Carrying amount
At 31 December 2025
120,706
-
120,706
At 31 December 2024
122,173
-
122,173

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£
£
Net values at the year end
Property
120,706
122,173
Total additions in the year
115,328
116,988
Depreciation charge for the year
Property
116,795
118,932
12
Trade and other receivables
2025
2024
£
£
VAT recoverable
70,691
67,371
Other debtors
30,677
29,078
Prepayments and accrued income
102,100
125,705
203,468
222,154
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
13
Cash and cash equivalents
2025
2024
£
£
Cash in hand
71
79
Bank deposit account
5,333,469
5,234,118
Bank accounts
20,000
20,494
5,353,540
5,254,691
Included in bank deposits is an amount of £356,495 (2024: nil) which is restricted as it is limited to the settlement of liabilities included in other payables.
14
Trade and other payables
2025
2024
£
£
Trade payables
338,456
264,074
Accruals and deferred income
1,620,264
2,122,839
Social security and other taxation
109,831
105,942
Other payables
356,495
-
2,425,046
2,492,855
15
Lease liabilities

Digital Mobile Spectrum Limited entered into a lease contract with The Office Group, to use an office in the Shard for 12 months until December 2026.

Lease liabilities - maturity analysis (contractual undiscounted cash flows)
2025
2024
£
£
Within one year
153,384
145,393
Total lease liabilities as at 31 December 2025
153,384
145,393
Lease liabilities included in the statement of financial position at 31 December
2025
2024
£
£
Within one year
147,881
140,175
Lease liabilities in the financial statements
147,881
140,175
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Lease liabilities
(Continued)
- 29 -
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
37,770
28,203
2025
2024
Amounts recognised in statement of cash flows:
£
£
Cash flows from financial activities
107,622
111,597
16
Retirement benefit schemes
Defined contribution schemes

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

The total costs charged to income in respect of defined contribution plans is £477,773 (2024 - £441,653). There were no amounts outstanding at year end (2024: Nil).

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of £1 each
3
4
3
4
Issued and fully paid
Ordinary of £1 each
3
4
3
4
Reconciliation of movements during the year:
Ordinary share capital
Deferred share capital
Number
Number
At 1 January 2025
4
-
Re-designation of 1 £1 ordinary share to deferred share
(1)
1
Purchase of own share
-
(1)
At 31 December 2025
3
-
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Share capital
(Continued)
- 30 -

On 31 May 2025, the C ompany re-designated 1 ordinary share of £1 each as 1 deferred share of £1 each.

Following the re-designation, the issued share capital comprises 3 ordinary shares of £1 each and 1 deferred share of £1.

The deferred shares do not carry any voting rights. The deferred shares carry rights for dividends or other distributions only if approved by all the holders of ordinary shares. On return of assets on liquidation, capital reduction or otherwise (other than a conversion, redemption or purchase of shares), the holder of any deferred share shall receive £1.00 in respect of any such deferred share. The deferred shares are not redeemable.

On 17 December 2025, the Company purchased 1 deferred share of £1 for a total considerdation of £1. The purchase resulted in a £1 transfer to the capital redemption reserve.

18
Capital redemption reserve
2025
2024
£
£
At the beginning of the year
-
0
-
0
Purchase of own share
1
-
At the end of the year
1
-
0
DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
19
Financial risk management and financial instruments

The C ompany uses various financial instruments which comprise cash balances, trade and other receivable s and trade and other payables which arise directly from its operations.

T he C ompany's principal financial assets are cash and trade and other receivables. The main risk arising from the C ompany's financial instruments is credit and liquidity risk.

Credit risk

The Company's exposure to credit risk is limited to the carrying amount of financial assets recognised at the statement of financial position date, as summarised below:

Financial assets - carrying amounts
2025
2024
£
£
Cash and cash equivalents
5,353,540
5,254,691
Trade and other receivables
30,677
29,078
5,384,217
5,283,769
The Company is mainly exposed to credit risk on its cash and cash equivalents, trade and other receivables. To mitigate risk on its cash and cash equivalents, the Company only deposits funds with well established banks with high credit ratings asigned by international credit rating agencies. To mitigate risk on its trade and other receivables, customer credit limits are reveiwed regularly, including the use of external ratings and establishing purchase limits for each customer. The allowance for expected credit losses provided against trade receivables was £nil (2024: £nil).
Liquidity risk

Trade payables liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due. The Company's financial liabilities are summarised below and are all due within one year.

Financial liabilities - carrying amounts
2025
2024
Notes
£
£
Trade and other payables
694,951
264,074
Lease liabilities
15
147,881
140,175
842,832
404,249

At 31 December 2025, the Company had a £15,000 (2024: £15,000) credit card facility.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
20
Related party transactions
During the current and previous period the Company issued the following invoices to its shareholders as follows:
2025
2024
£
£
Vodafone Ltd
1,544,018
967,445
Telefonica UK Limited
2,023,251
2,086,913
EE Ltd
3,682,417
3,105,973
Hutchison 3G UK Limited
1,344,018
2,086,000
8,593,704
8,246,331
At the year end the Company deferred revenue from its shareholders as follows:
2025
2024
£
£
Vodafone Ltd
41%
296,201
185,018
Telefonica UK Limited
19%
132,721
312,181
EE Ltd
40%
284,190
307,462
Hutchison 3G UK Limited
-
0
311,528
713,112
1,116,189

No amounts were outstanding at 31 December 2025 (2024: £nil).

At the year end the Company held funds due to shareholders and included in other payables as follows:

2025
2024
Amounts due to related parties
£
£
Vodafone Ltd
283,048
-
Telefonica UK Limited
44,328
-
EE Ltd
29,119
-
356,495
-

There are no key management personnel other than the directors. Their remuneration is disclosed in note 7.

21
Controlling party

There is no ultimate controlling party.

DIGITAL MOBILE SPECTRUM LIMITED
TRADING AS MOVA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
22
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit for the year before taxation
207,738
274,219
Adjustments for:
Finance costs
37,770
28,203
Investment income
(115,741)
(132,695)
Depreciation and impairment of property, plant and equipment
116,795
118,932
Movements in working capital:
Decrease in trade and other receivables
18,686
350,589
Decrease in trade and other payables
(67,809)
(1,649,394)
Cash generated from/(absorbed by) operations
197,439
(1,010,146)
23
Analysis of changes in net funds
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
5,254,691
98,849
-
5,353,540
Lease liabilities
(140,175)
107,622
(115,328)
(147,881)
5,114,516
206,471
(115,328)
5,205,659
1 January 2024
Cash flows
New leases
31 December 2024
Prior year:
£
£
£
£
Cash at bank and in hand
6,516,676
(1,261,985)
-
5,254,691
Lease liabilities
(134,784)
111,597
(116,988)
(140,175)
6,381,892
(1,150,388)
(116,988)
5,114,516
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