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Registered number: 09952345 FRONTIERS MEDIA LIMITED AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FRONTIERS MEDIA LIMITED
COMPANY INFORMATION
Directors | Mr G Lippi
| Dr K Markram
| Mr M Toral
Company secretary | Mr M Toral
Registered number | 09952345
Registered office | Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
Independent auditors | Wellden Turnbull Limited
| Chartered Accountants & Statutory Auditors
| Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
FRONTIERS MEDIA LIMITED
CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 6
Independent auditors' report | 7 - 10
Statement of income and retained earnings | 11
Statement of financial position | 12
Statement of cash flows | 13
Notes to the financial statements | 14 - 25
FRONTIERS MEDIA LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The purpose of the strategic report is to inform members of the Company and help them assess how the Directors have performed their duty under Section 172 of the Companies Act 2006 to promote the success of the Company.
Introduction
The Directors present their Strategic Report for Frontiers Media Limited ("the Company") for the year ended 31 December 2025. The principal activity of the Company during the year under review was the provision of support services to its parent company, Frontiers Media SA.
Business review
Following the right-sizing undertaken in prior years, the Company entered 2025 with a more streamlined organisation aligned to its strategic priorities. During the year, headcount reduced by a further 38, ensuring staffing levels remained appropriately matched to operational requirements. Despite reduced capacity, operations remained stable due to strengthened processes and improved productivity. Turnover for 2025 amounted to £28,159,081, compared with £35,774,241 in 2024. This decrease was primarily driven by the reduction in workforce from the first half of 2025 as well as the absence of redundancy related costs that had inflated turnover in the previous year. However, the Company continued to apply a mark-up aligned to the most recent transfer pricing benchmarking analysis across each activity resulting to an increase in profit for the year versus 2024. Following a further strengthening of financial performance in 2025, the Company’s balance sheet improved with net assets increasing to £5,079,821 (2024 - £4,048,595). In 2025, the Company maintained its hybrid working approach, with employees continuing to split time between remote and in-office work in accordance with organisational needs
Principal risks and uncertainties
The Company provides support services to its Swiss holding company on a cost-plus basis, with fees calculated monthly. This continues to create a low risk operating model and ensures a stable environment for the Company. The mark-up applied in 2025 remained aligned with updated benchmarking analyses and within the appropriate interquartile ranges. The primary risk remains unchanged: the potential inability of the holding company to continue trading as a going concern. Frontiers Media SA continues to maintain a healthy balance sheet and strong cash reserves to support the Company for the foreseeable future. Other risks relating to operational management, employment procedures and corporate governance continue to be managed on a group-wide basis by the Swiss holding company with input from local UK advisors. Insurance policies are maintained where appropriate to mitigate identified risks. No material changes to these risks were identified in 2025. The average FTE for 2025 decreased to 463, reflecting the impact of the right-sizing exercise carried out at the beginning of 2024. As a result, revenue per employee increased to £60,819 for the year, while the average salary cost per head rose marginally to £51,847. Given the increase in turnover, the alignment of recharge margins to current market benchmarks, and a reduction in the overall cost base, profit before tax for 2025 increased to £1,404,916 compared with £1,108,120 in 2024. Results for 2025 reflect the Company’s return to growth and increased operational stability following the right-sizing measures implemented in the prior year, supported by the alignment of mark-up rates to current market benchmarks and a continued reduction in the overall cost base. Page 1
FRONTIERS MEDIA LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The revenue per employee (average FTE) increased to £60,819 from £58,646 in 2024 while the average salary cost per head increased by 6% to £51,847 (2024 - £48,719).
Other key performance indicators
The Directors do not consider that there are any other key performance indicators to the Company. This report was approved by the board and signed on its behalf.
Mr G Lippi Director
Date: 10 July 2026
Page 2
FRONTIERS MEDIA LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,031,226 (2024 - £851,373). No dividends were declared or paid in the current or prior periods.
Directors
The Directors who served during the year were:
Mr G Lippi
Dr K Markram
Mr M Toral
Environmental matters
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations. Page 3
FRONTIERS MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Future developments
Following prior restructuring and continued alignment of resources with strategic priorities, the Company is positioned to support the broader Frontiers Group in its plans for renewed growth beyond 2025. Management remains committed to advancing Frontiers’ mission to make all science open, supporting the long-term transition from traditional subscription-based publishing to open access models that enable global access to scientific research. The Directors do not anticipate any change in the level or nature of the Company's business in the near future and remain focused on enhancing and improving existing operations.
Engagement with employees
Frontiers firmly believes that the company cannot operate and achieve our strategic goals without a fully enagaged employee base. To ensure employee engagement, Frontiers carries out company-wide employee engagement surveys. This allows colleagues to give honest and open feedback and gives an opportunity to establish two way-communication, giving employees a direct voice to the management team. Results from each engagement survey are then presented and actioned according to specific focus areas including improvements and impactfulness with subsequent surveys also measuring the impact of those surveys prior. In addition, Frontiers also carries-out quarterly reviews to all employees with the leadership team presenting both financial and non-financial updates to give visibility on the overall status and direction of the company.
Disabled employees
The Company is clear in its policy that people with health conditions, both visible and non-visible, should have full and fair consideration for all vacancies. The Company has continued to demonstrate its commitment to interviewing those applicants with disabilities who fulfil the minimum criteria, and endeavours to retain employees in the workforce if they become disabled during their employment. The Company will actively retrain and adjust employees' environments where possible to allow them to maximise their potential.
Equal opportunities
Frontiers actively embraces diversity and prides itself on providing a safe and welcoming workplace for all. This policy permeates throughout our recruitment and selection process, training and development, performance reviews and promotion. The Company's policy is to promote an environment that is free from discrimination, harassment and victimisation, where everyone will receive equal treatment regardless of their race, national or ethnic origin, age, religion, disability, sex, gender identity or sexual orientation. With over 1,200 employees across the Frontiers Media Group at the end of 2025, from more than 50 different nations, our diversity creates vibrant teams and constantly challenges us to appreciate multiple perspectives. Page 4
FRONTIERS MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
Our energy and carbon calculations have been conducted in accordance with the UK Government’s Reporting Guidelines for Company Report. Data has been reviewed and verified by a third party (Adler and Allan). GHG calculations have been performed using the Greenhouse Gas Protocol Corporate Reporting Standards (GHG Protocol) and ISO14064-1:2018 Greenhouse Gases – Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals. All emissions calculations use up to date GHG Conversion Factors for Company Reporting (DEFRA) and are reported as carbon dioxide equivalent (CO2e), accounting for all major greenhouse gases. The table below sets out total energy consumption and resulting GHG emissions by scopearising from business operations Our carbon footprint for the 2025 reporting year has been calculated based on our environmental impact across scope 1, 2 and 3 (selected categories) emissions sources for the UK only. Our emissions for 2025 are 9.12 tCO2e (24 lower than 2024), which represents an average impact of 0.324 tCO2e per £m revenue (4% lower than 2024). We have calculated emissions intensity metrics on revenue, floor area and employee bases, which we will monitor to track performance in our subsequent environmental disclosures. During the reporting period, we implemented the following actions to minimize ourenvironmental impact: ∙Employees awareness: we have shared best practices on green behavior to support our team's understanding of sustainability and foster eco-friendly habits; ∙Data visibility: to promote transparency, we provided employees with access to carbon footprint data; and ∙Local suppliers: we have committed to working with local suppliers, reducing transportation-related emissions. Page 5
FRONTIERS MEDIA LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action (continued)
Over the next three years, we are working towards achieving the following targets set in our ESOS action plan: ∙Ensuring workstations are switched off when not in use to conserve energy; ∙Cleaning all refrigerant coils in refrigeration and freezer units to improve efficiency; and ∙Transitioning to cloud-based servers and data storage to reduce energy consumption and improve overall sustainability. These initiatives collectively aim at significantly reducing Frontiers' environmental footprintand promoting a culture of sustainability within our organization
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr G Lippi Director
Date: 10 July 2026
Page 6
FRONTIERS MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED
Opinion
We have audited the financial statements of Frontiers Media Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, 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 December 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 7
FRONTIERS MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
Opinion 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 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.
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 Directors' responsibilities statement set out on page 3, 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. Page 8
FRONTIERS MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
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 an Auditors' 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, data protection legislation and UK company tax law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance as to actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations; ∙Assessing the reasonableness and accuracy of revenue recognised in the period based on underlying contractual terms, obligations and the requirements of accounting standards, ensuring that revenue is recorded in the correct period; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' report. Page 9
FRONTIERS MEDIA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRONTIERS MEDIA LIMITED (CONTINUED)
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 Auditors' 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. Emma Green FCCA (Senior Statutory Auditor) for and on behalf of Wellden Turnbull Limited Chartered Accountants Statutory Auditors Albany House Claremont Lane Esher Surrey KT10 9FQ 17 July 2026 Page 10
FRONTIERS MEDIA LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 28,159,081 | 35,774,241
Administrative expenses |  | (26,739,466) | (32,122,905)
Exceptional administrative expenses | 8 | - | (2,546,251)
Operating profit |  | 1,419,615 | 1,105,085
Interest receivable and similar income |  | - | 3,035
Interest payable and similar expenses |  | (14,700) | -
Profit before tax |  | 1,404,915 | 1,108,120
Tax on profit | 7 | (373,689) | (256,747)
Profit after tax |  | 1,031,226 | 851,373
Retained earnings at the beginning of the year |  | 4,043,595 | 3,192,222
Profit for the year |  | 1,031,226 | 851,373
Retained earnings at the end of the year |  | 5,074,821 | 4,043,595
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 14 to 25 form part of these financial statements.
Page 11
FRONTIERS MEDIA LIMITED REGISTERED NUMBER:09952345
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 9 |  | 79,190 |  | 222,188
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 10 | 204,000 |  | 204,000 |
Debtors: amounts falling due within one year | 10 | 3,252,660 |  | 4,453,747 |
Cash at bank and in hand | 11 | 2,684,653 |  | 771,931 |
|  | 6,141,313 |  | 5,429,678 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 12 | (1,120,951) |  | (1,603,271) |
Net current assets |  |  | 5,020,362 |  | 3,826,407
Total assets less current liabilities |  |  | 5,099,552 |  | 4,048,595
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (19,731) |  | - |
|  |  | (19,731) |  | -
Net assets |  |  | 5,079,821 |  | 4,048,595
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 5,000 |  | 5,000
Profit and loss account | 16 |  | 5,074,821 |  | 4,043,595
Shareholders' funds |  |  | 5,079,821 |  | 4,048,595
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr G Lippi | Mr M Toral
Director | Director
Date: 10 July 2026 | Date:10 July 2026
The notes on pages 14 to 25 form part of these financial statements. Page 12
FRONTIERS MEDIA LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,031,226 | 851,373
Adjustments for: |  |
Depreciation of tangible assets | 218,723 | 493,796
Loss on disposal of tangible assets | - | 19,801
Interest payable | 14,700 | -
Interest receivable | - | (3,035)
Taxation charge | 373,689 | 256,747
Decrease in debtors | 1,200,581 | 1,578,764
Increase/(decrease) in creditors | 52,503 | (2,668,689)
Corporation tax (paid)/received | (888,275) | 121,967
Net cash generated from operating activities | 2,003,147 | 650,724
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (75,725) | -
Interest received | - | 3,035
Net cash from investing activities | (75,725) | 3,035
Cash flows from financing activities |  |
Interest paid | (14,700) | -
Net cash used in financing activities | (14,700) | -
Net increase in cash and cash equivalents | 1,912,722 | 653,759
Cash and cash equivalents at beginning of year | 771,931 | 118,172
Cash and cash equivalents at the end of year | 2,684,653 | 771,931
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,684,653 | 771,931
Page 13
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Frontiers Media Limited is a private company, limited by shares and incorporated in England and Wales, registration number 09952345. The registered office address is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ. The principal place of business is The Yarnwicke, 119-121 Cannon Street, London EC4N 5AT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). These financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Compliance with accounting standards
The financial statements have been prepared in accordance to the provisions of FRS 102. There were no material departures from that standard.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 14
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is derived from recharging expenses to the Company's parent undertaking. Revenue is based on a cost plus model. Revenue is recognised in the period that the recharged expenses are incurred.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 15
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 16
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss. Page 17
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 18
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from such estimates. Management do not consider the Company to have any key sources of estimation uncertainty not any significant judgements or assumptions in preparing these financial statements.
4. | Turnover
The whole of the turnover is attributable to the Company's principal activity and invoiced to the Company's parent undertaking, Frontiers Media SA, located in Switzerland.
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit of the Company's financial statements | 11,870 | 11,400
| Provision of non-audit services | 14,860 | 21,410
Page 19
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 20,094,314 | 25,189,992
| Social security costs | 2,356,229 | 2,636,443
| Cost of defined contribution scheme | 1,554,678 | 1,892,209
|  | 24,005,221 | 29,718,644
| Refer to note 8 for details of redundancy costs.
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 463 | 610
| No Directors were remunerated by the Company in the current and prior year.
Page 20
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 353,453 | 438,988
| Deferred tax |  |
| Origination and reversal of timing differences | 20,236 | (182,241)
| Tax on profit | 373,689 | 256,747
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,404,915 | 1,108,120
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 351,229 | 277,030
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | (908)
| Capital allowances for year in excess of depreciation | 35,750 | 129,307
| Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax | (33,526) | 33,559
| Movement in deferred tax | 20,236 | (182,241)
| Total tax charge for the year | 373,689 | 256,747
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Redundancy costs | - | 2,546,251
| In the prior year, the Company implemented a redundancy programme which resulted in average headcount in the year falling from 999 to 610. Redundancy costs totalling £NIL (2024 - £2,546,251) was expensed in the year.
9. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2025 | 902,692
| Additions | 75,725
| At 31 December 2025 | 978,417
| Depreciation |
| At 1 January 2025 | 680,504
| Charge for the year on owned assets | 218,723
| At 31 December 2025 | 899,227
| Net book value |
| At 31 December 2025 | 79,190
| At 31 December 2024 | 222,188
Page 22
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 204,000 | 204,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 2,166,000 | 2,131,887
| Other debtors | 170,651 | 341,927
| Prepayments and accrued income | 916,009 | 1,979,427
| Deferred taxation | - | 506
|  | 3,252,660 | 4,453,747
11. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,684,653 | 771,931
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 40,339 | 3,929
| Amounts owed to group undertakings | 103,647 | -
| Corporation tax | - | 438,988
| Other taxation and social security | 516,388 | 538,683
| Other creditors | 20,574 | 275,691
| Accruals and deferred income | 440,003 | 345,980
|  | 1,120,951 | 1,603,271
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Page 23
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 5,491,873 | 4,884,882
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (183,139) | (1,276,913)
| Financial assets measured at amortised cost comprise cash and cash equivalents, trade and other debtors and accrued income.
| Financial liabilities measured at amortised cost comprise trade and other creditors, related accruals, other taxation and social security and corporation tax.
14. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 506 | (181,735)
| Charged to profit or loss | (20,237) | 182,241
| At end of year | (19,731) | 506
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (19,731) | (55,547)
| Unpaid pension contributions | - | 56,053
|  | (19,731) | 506
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,000 (2024 - 5,000) Ordinary shares of £1.00 each | 5,000 | 5,000
Page 24
FRONTIERS MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of the dividends and other adjustments.
17. | Analysis of net debt
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 771,931 | 1,912,722 | 2,684,653
18. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,554,678 (2024 - £1,892,209). Contributions totalling £225 (2024 - £224,213) were payable to the fund at the reporting date and are included in other creditors.
19. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,081,200 | 1,020,000
| Operating lease payments recognised as an expense amounted to £1,045,941 (2024 - £1,041,985).
20. | Related party transactions
| The Company has taken exemption under the FRS102 section 33.1A not to disclose transactions and balances with other group companies, on the basis that it is a wholly owned subsidiary.
21. | Controlling party
The ultimate parent undertaking and controlling party is Frontiers Media SA, a company incorporated in Switzerland located at Avenue du Tribunal Fédéral 34, 1005 Lausanne. The parent company of the largest group in which the results of the Company are consolidated is Frontiers Media SA.
Page 25