| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2025 |
| for |
| TRP Research Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2025 |
| for |
| TRP Research Ltd |
| TRP Research Ltd (Registered number: 03825912) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| TRP Research Ltd |
| Company Information |
| for the Year Ended 31 August 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Stafford House |
| Blackbrook Park Avenue |
| Taunton |
| Somerset |
| TA1 2PX |
| BANKERS: |
| 31 Fore Street |
| Taunton |
| Somerset |
| TA1 1HN |
| TRP Research Ltd (Registered number: 03825912) |
| Balance Sheet |
| 31 August 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| TRP Research Ltd (Registered number: 03825912) |
| Balance Sheet - continued |
| 31 August 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2025 |
| 1. | STATUTORY INFORMATION |
| TRP Research Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets, and certain assets and liabilities measured at fair value through the income statement. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for the sale of services, excluding discounts, value added tax and other sales taxes. |
| Revenue is recognised in the accounting period in which the service is provided. Where payment has been received in advance of services being provided and to the extent that costs have not been incurred this income is deferred and is shown on the balance sheet as payments in advance within creditors. |
| Levelling Adjustment |
| In the Summer of 2025, the company altered the way in which it reports revenue to align with revisions to FRS 102 section 23 'Revenue with contracts with customers' that came into effect in January 2026. The new treatment accounts for revenue on a monthly basis, and attributes revenue smoothly across the life of an agreement or contract. The previous treatment often accounted for quarterly revenue in the month a quarterly invoice fell, and given that the company's invoicing is largely in advance, this change "shifted" revenue forward and impacts the calculation of revenue in any particular period. The amount indicated here quantifies this impact and does not reflect any change in business performance. The adjustment made to the 2025 accounts relates to revenue in future years for long term contracts and will be reflected in those accounts. The impact of this adjustment has been a reduction in revenue totalling £291,783 (2024: £NIL). |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Development costs are amortised at the point the asset is brought into use. |
| Development costs are being amortised evenly over their estimated useful life of three years. |
| Tangible fixed assets |
| Improvements to property | - |
| Office equipment | - |
| Computer equipment | - |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| i) Financial assets |
| Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
| At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement. |
| ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently measured at amortised cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
| Fixed assets investments |
| Other unlisted investments are recognised at cost. |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Dividends |
| Dividends to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved. |
| AudEx Investment |
| TRP Research has invested in the development of AudEx, a Media Visualisation Portal, since 2023. Costs incurred in the year relating to this project totalled £570,710 (2024: £686,385) and includes time/salary of the team involved as well as any related direct costs, equipment and licencing costs. These costs have been charged to the profit and loss when incurred. |
| These costs have also been used to support Research & Development claims with HMRC. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 September 2024 |
| and 31 August 2025 |
| AMORTISATION |
| At 1 September 2024 |
| and 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Office | Computer |
| property | equipment | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2025 |
| DEPRECIATION |
| At 1 September 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Computer |
| equipment |
| £ |
| COST |
| At 1 September 2024 |
| Transfer to ownership | (120,000 | ) |
| At 31 August 2025 |
| DEPRECIATION |
| At 1 September 2024 |
| Charge for year |
| Transfer to ownership | (120,000 | ) |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 September 2024 |
| Additions |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| Last year, the company acquired 50 £1 ordinary shares in Simantea Limited, a company registered in England and incorporated on 8 June 2023. They made a further investment this year of £250,000 for 92,065 £0.001 ordinary 'A' shares.The original shares acquired were converted into 50,000 £0.001 ordinary 'A' shares so the company now holds 142,065 £0.001 ordinary 'A' shares in Simantea Limited. |
| Simantea Limited was incorporated on 8 June 2023 and is involved in the development and design of a computer application. It is still developing the application and the directors are of the opinion that, although Simantea's reserves as at 30 June 2025 were lower than the investment undertaken, the company will be profitable in the foreseeable future. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 47,127 | 112,931 |
| Other creditors |
| Payments in advance | 409,993 | 123,722 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| A bank loan was drawn down in June 2020 under the CBILS provisions due to the Covid-19 pandemic. The loan, which includes a 12 month interest and capital repayment holiday, carries interest at a rate of 2.09% above Lloyds Bank plc's base rate and is repayable in 60 monthly instalments from June 2021. The loan is repayable by May 2026. |
| A new FSE Loan was drawn down in June 2024, with the remaining balance of the loan received in March 2025. The loan carries interest at a rate of 12.75% and is repayable within 48 monthly instalments from January 2025. The loan is repayable by June 2028. |
| Both loans are secured with an all assets debenture. |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| The lease commitment above is a lease relating to Land & Buildings totalling £388,800 (2024: £97,200). |
| TRP Research Ltd (Registered number: 03825912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase | - | 21,999 |
| 12. | RELATED PARTY DISCLOSURES |
| As mentioned in the notes above, the company acquired 142,065 ordinary 'A' shares in Simantea Limited, a company registered in England. Mr D Raybould and Mr P East are also directors and shareholders in Simantea Limited. |