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REGISTERED NUMBER: 02830019 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 August 2025

for

TVF LIMITED

TVF LIMITED (REGISTERED NUMBER: 02830019)

Contents of the Financial Statements

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Profit and loss account | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Notes to the Financial Statements | 13 |

TVF LIMITED

Company Information

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | Mr H M Lawson

| Mr J Bhakar

| Ms K Bennett

| SECRETARY: | Mr J Bhakar

| REGISTERED OFFICE: | 375 City Road

| London

| EC1V 1NB

| REGISTERED NUMBER: | 02830019 (England and Wales)

| AUDITORS: | Gravita Audit Western Limited

| Chartered Accountants and Statutory Auditors

| 2nd Floor, South

| One Castle Park

| Tower Hill

| Bristol

| BS2 0JA

TVF LIMITED (REGISTERED NUMBER: 02830019)

Strategic Report

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their strategic report for the year ended 31 August 2025.

REVIEW OF BUSINESS

Across the company there have been many areas of growth and continued investment in new projects all of which provide great potential for the future.

| FYE 2025 |  | FYE 2024 |  | FYE 2023 |  | FYE 2022 |  | FYE 2021 |  | FYE 2020 |  |

Turnover (£) |  | 10,764,738 |  | 13,149,298 |  | 14,615,114 |  | 11,847,290 |  | 11,668,624 |  | 9,684,892 |  |

Turnover Growth |  | -18% |  | -10% |  | 23% |  | 2% |  | 21% |  | 21% |  |

Gross Profit margin |  | 56% |  | 58% |  | 57% |  | 54% |  | 59% |  | 53% |  |

Profit before tax (£) |  | 1,213,300 |  | 2,503,910 |  | 3,167,964 |  | 2,175,020 |  | 2,158,815 |  | 1,114,556 |  |

TVF Limited is engaged in a range of media businesses, with clients spanning many sectors including the world's leading pharmaceutical companies and broadcasters.

Trading for the year ending 31st August 2025 was impacted by consolidation in the US pharma sector. The same market factor influenced the prior year; however, the impact was more pronounced in the year ended 31 August 2025, reflecting the timing of revenue recognition across project milestones. Meanwhile, other areas of our media business remained resilient and are on course for growth in the year ending 31 August 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The business has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading. For the proportion of group revenues that are in foreign currencies there is exposure to changes in foreign currency exchange rates. This risk is managed via a natural hedge because a proportion of costs are also received in the same foreign currencies.

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. A proportion of cash balances are held in such a way that achieves a competitive rate of interest. The business may also make use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from directors, related parties, and from financial institutions. The interest rate on loans from financial institutions is variable, but the monthly repayments are fixed. The interest rates on loans from related parties is fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

ENGAGEMENT WITH EMPLOYEES

The company consults its employees on matters of concern to them and employees are encouraged to participate in their company's affairs. It is the company's policy to retrain, whenever possible, employees who become disabled to enable them to perform work identified as appropriate to their aptitudes and ability.

TVF LIMITED (REGISTERED NUMBER: 02830019)

Strategic Report

FOR THE YEAR ENDED 31 AUGUST 2025

DISABLED EMPLOYEES

Disabled persons are employed when suited to a particular vacancy and the company's training programs are available to them. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to help them achieve this aim.

ON BEHALF OF THE BOARD:

Mr J Bhakar - Director

8 April 2026

TVF LIMITED (REGISTERED NUMBER: 02830019)

Report of the Directors

FOR THE YEAR ENDED 31 AUGUST 2025

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the production and distribution of television film and video, and new media consultancy.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

RESEARCH AND DEVELOPMENT

Through a focus on innovation and optimization of systems and processes TVF Limited engages in research and development across a wide range of activities, with examples in recent years including development of specialised file storage systems, dynamic e-learning platforms and data management systems.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2024 to the date of this report.

Mr H M Lawson

Mr J Bhakar

Ms K Bennett

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the company's strategic report information required by schedule 7 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 has been set out in the company's strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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.

TVF LIMITED (REGISTERED NUMBER: 02830019)

Report of the Directors

FOR THE YEAR ENDED 31 AUGUST 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr J Bhakar - Director

8 April 2026

Report of the Independent Auditors to the Members of

TVF Limited

Opinion

We have audited the financial statements of TVF Limited (the 'company') for the year ended 31 August 2025 which comprise the Profit and loss account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

TVF Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

TVF Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006, UK GAAP, the UK Corporate Governance Code, UK corporate tax laws, Health and Safety and the Data Protection Act.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

o Identifying and assessing the controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates and judgements;

o Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

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

Report of the Independent Auditors to the Members of

TVF Limited

Use of our report

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

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

8 April 2026

TVF LIMITED (REGISTERED NUMBER: 02830019)

Profit and loss account

FOR THE YEAR ENDED 31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 10,764,738 |  | 13,149,298 |  |

Cost of sales | (4,745,573 | ) | (5,513,218 | ) |

GROSS PROFIT | 6,019,165 |  | 7,636,080 |  |

Administrative expenses | (6,145,214 | ) | (5,863,488 | ) |

(126,049 | ) | 1,772,592 |  |

Other operating income | 1,339,349 |  | 731,305 |  |

OPERATING PROFIT | 1,213,300 |  | 2,503,897 |  |

Interest receivable and similar income | - |  | 13 |  |

PROFIT BEFORE TAXATION | 6 | 1,213,300 |  | 2,503,910 |  |

Tax on profit | 7 | (246,724 | ) | (246,763 | ) |

PROFIT FOR THE FINANCIAL YEAR | 966,576 |  | 2,257,147 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Balance Sheet

31 AUGUST 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 164,085 |  | - |  |

Tangible assets | 10 | 543,781 |  | 698,766 |  |

707,866 |  | 698,766 |  |

CURRENT ASSETS

Stocks | 11 | 6,035 |  | 6,008 |  |

Debtors | 12 | 15,984,973 |  | 14,993,948 |  |

Cash at bank and in hand | 1,250,900 |  | 1,352,124 |  |

17,241,908 |  | 16,352,080 |  |

CREDITORS

Amounts falling due within one year | 13 | (3,924,571 | ) | (4,002,862 | ) |

NET CURRENT ASSETS | 13,317,337 |  | 12,349,218 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,025,203 |  | 13,047,984 |  |

PROVISIONS FOR LIABILITIES | 15 | (213,100 | ) | (202,457 | ) |

NET ASSETS | 13,812,103 |  | 12,845,527 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 100,000 |  | 100,000 |  |

Retained earnings | 13,712,103 |  | 12,745,527 |  |

SHAREHOLDERS' FUNDS | 13,812,103 |  | 12,845,527 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

Mr J Bhakar - Director

TVF LIMITED (REGISTERED NUMBER: 02830019)

Statement of Changes in Equity

FOR THE YEAR ENDED 31 AUGUST 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 September 2023 | 100,000 |  | 11,275,400 |  | 11,375,400 |  |

Changes in equity

Profit for the year | - |  | 2,257,147 |  | 2,257,147 |  |

Total comprehensive income | - |  | 2,257,147 |  | 2,257,147 |  |

Dividends | - |  | (787,020 | ) | (787,020 | ) |

Balance at 31 August 2024 | 100,000 |  | 12,745,527 |  | 12,845,527 |  |

Changes in equity

Profit for the year | - |  | 966,576 |  | 966,576 |  |

Total comprehensive income | - |  | 966,576 |  | 966,576 |  |

Balance at 31 August 2025 | 100,000 |  | 13,712,103 |  | 13,812,103 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements

FOR THE YEAR ENDED 31 AUGUST 2025

1. | COMPANY INFORMATION

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

| The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements 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 on a going concern basis under the historical cost convention. The principal accounting policies adopted are set out below.

| Going concern

| The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared cash flow forecasts for a period of at least 12 months from the signing date. These cash flow forecasts indicate that the company will continue to meet its obligations as they fall due for a period of at least 12 months from signing and as such the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

| Turnover

| Turnover from the sale of goods and services is recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually recognised at the start of the licence period and long term contract as explained in the accounting policy below.

| Tangible fixed assets

| Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

| Plant and machinery - 25% on reducing balance

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

| Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

| 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, and bank overdrafts.

| Financial instruments

| 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 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

| Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 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.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

| Foreign currencies

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

| Pension costs and other post-retirement benefits

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

| Long term contracts

| Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs. Turnover is calculated as that proportion of the total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and association 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 revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

| Income recognised on contracts

| Income recognised relating to contracts started before the year but not completed at the year end, is estimated based on the completion percentage as at the year end and includes an estimate of the profits arising on those contracts. The completion percentage is established by comparing costs incurred as at the year end to total budgeted costs. Total income recognised in these accounts to 31 August 2025 relating to such contracts is £842,000 (2024 - £933,000)

| Costs deferred in respect of licences granted

| Costs incurred relating to licences granted where the income from those licences has yet to be recognised is estimated and carried forward to the following year. The estimate is based on the average cost of contracts over the year. Total costs deferred on this basis as at 31 August 2025 are £533,000 (2024 - £490,000) .

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

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

| 2025 |  | 2024

£ | £ |

| Sales of goods | 382,277 |  | 475,491 |  |

| Rendering of services | 9,163,188 |  | 11,598,144 |  |

| Royalties | 1,219,273 |  | 1,075,663 |  |

10,764,738 |  | 13,149,298 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 5,229,556 |  | 4,343,927 |  |

| Overseas | 5,535,182 |  | 8,805,371 |  |

10,764,738 |  | 13,149,298 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,149,287 |  | 4,230,190 |  |

| Social security costs | 498,672 |  | 459,051 |  |

| Other pension costs | 77,239 |  | 84,100 |  |

4,725,198 |  | 4,773,341 |  |

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

| 2025 |  | 2024

| Management and administration | 21 |  | 22 |  |

| Other employees | 57 |  | 68 |  |

78 |  | 90 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 613,087 |  | 560,244 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

5. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 319,212 |  | 293,525 |  |

6. | PROFIT BEFORE TAXATION

| The profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 181,553 |  | 268,260 |  |

| Profit on disposal of fixed assets | - |  | (144,531 | ) |

| Development costs amortisation | 54,695 |  | - |  |

| Foreign exchange differences | 89,802 |  | 86,895 |  |

| Remuneration payable to the auditors in respect of the audit of the company's financial statements and taxation services has been borne by Television and Film Productions Plc, the parent company.

| Details of the amounts payable for both audit and non-audit services are shown in their consolidated financial statements as required.

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 177,493 |  | 134,355 |  |

| Tax under-provision in respect of prior period | 58,588 |  | - |  |

| Total current tax | 236,081 |  | 134,355 |  |

| Deferred tax | 10,643 |  | 112,408 |  |

| Tax on profit | 246,724 |  | 246,763 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,213,300 |  | 2,503,910 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 303,325 |  | 625,978 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,645 |  | 2,415 |  |

| Depreciation in excess of capital allowances | 57,629 |  | - |  |

| Adjustments to tax charge in respect of previous periods | 58,588 |  | (6,741 | ) |

| Movement in provisions | (2,624 | ) | - |  |

| Group relief | (171,839 | ) | (335,168 | ) |

| Expected capital allowances | - |  | (39,721 | ) |

| Total tax charge | 246,724 |  | 246,763 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | - |  | 787,020 |  |

9. | INTANGIBLE FIXED ASSETS

| Development

| costs

£ |

| COST

| Additions | 218,780 |  |

| At 31 August 2025 | 218,780 |  |

| AMORTISATION

| Amortisation for year | 54,695 |  |

| At 31 August 2025 | 54,695 |  |

| NET BOOK VALUE

| At 31 August 2025 | 164,085 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

10. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

£ |

| COST

| At 1 September 2024 | 2,016,033 |  |

| Additions | 26,568 |  |

| At 31 August 2025 | 2,042,601 |  |

| DEPRECIATION

| At 1 September 2024 | 1,317,267 |  |

| Charge for year | 181,553 |  |

| At 31 August 2025 | 1,498,820 |  |

| NET BOOK VALUE

| At 31 August 2025 | 543,781 |  |

| At 31 August 2024 | 698,766 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 6,035 |  | 6,008 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,988,641 |  | 2,787,696 |  |

| Amounts owed by group undertakings | 13,593,345 |  | 11,908,821 |  |

| Other debtors | 171,230 |  | 46,069 |  |

| Prepayments and accrued income | 231,757 |  | 251,362 |  |

15,984,973 |  | 14,993,948 |  |

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

2025 | 2024 |

£ | £ |

| Payments on account | 1,250,278 |  | 933,105 |  |

| Trade creditors | 1,234,963 |  | 1,599,604 |  |

| Tax | 43,280 |  | 13,468 |  |

| VAT | 494,289 |  | 493,958 |  |

| Other creditors | 1,221 |  | (13,498 | ) |

| Accruals and deferred income | 900,540 |  | 976,225 |  |

3,924,571 |  | 4,002,862 |  |

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

14. | SECURED DEBTS

| Any bank overdrafts and loans of this company or certain other companies of the Television and Film Productions Plc group are secured by a composite inter-company guarantee between these group companies, and a debenture over the assets of these companies. Total secured borrowing of the group as at 31 August 2025 was £2,222,268 (2024 - £2,340,673).

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 213,100 |  | 202,457 |  |

| Deferred |

| tax |

£ |

| Balance at 1 September 2024 | 202,457 |  |

| Provided during year | 10,643 |  |

| Balance at 31 August 2025 | 213,100 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

17. | PENSION COMMITMENTS

| The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £77,239 (2024 - £84,100).

18. | ULTIMATE PARENT COMPANY

| The company's parent company is Television and Film Productions Plc whose registered office is 375, City Road, London, EC1V 1NB.

| The ultimate controlling party is Mr H M Lawson by virtue of his shareholding in Television and Film Productions Plc.

19. | CONTINGENT LIABILITIES

| The company is registered with HMRC as a member of a group for VAT purposes and, as a result, is jointly and severally liable on a continuing basis for amounts owing by other members of that group in respect of unpaid VAT. The total value of VAT owed by the group at the period end was £494,289 (2024 - £493,958).

TVF LIMITED (REGISTERED NUMBER: 02830019)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 AUGUST 2025

20. | RELATED PARTY DISCLOSURES

| During the year the entity entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 31 August, are as follows:

|  | Sales to related party |  | Purchases from related party |  | Amounts owed by related party |  | Amounts owed to related party |  |

| £ |  | £ |  | £ |  | £ |  |

| Entities with significant influence over the company |  |  |

| 2025 |  | - |  | - |  | 12,679,058 |  | - |  |

| 2024 |  | - |  | - |  | 10,477,717 |  | - |  |

| Fellow subsidiaries |  |

| 2025 |  | - |  | 544,034 |  | 914,287 |  | - |  |

| 2024 |  | 74,838 |  | 548,111 |  | 1,431,104 |  | - |  |

| During the year, a total of key management personnel compensation of £613,087 (2024 - £795,546) was paid.