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Registration number: 02968073

Thomson Publishing Group Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Thomson Publishing Group Limited

Contents

Page(s)

Strategic Report | 1 to 2
Directors' Report | 3 to 4
Independent Auditors' Report to the members of Thomson Publishing Group Limited | 5 to 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 to 19

Thomson Publishing Group Limited

Strategic Report for the Year Ended 31 December 2025

The Directors present their Strategic Report for the year ended 31 December 2025.

Definitions

As used in this annual report, “the Group” and “Thomson Reuters” refer to the Thomson Reuters Corporation and its subsidiary undertakings, including joint ventures and associates. “the Company” refers to Thomson Publishing Group Limited.

Review of the business

The principal activity of the Company is to act as a holding Company.

The loss for the financial year amounted to £19,000 (2024: £1,000).
The Company has a net asset position of £216,624,000 (2024: £216,643,000).
An impairment review was carried out during the year for those investments that were considered to have a potential trigger. The Directors have assessed the recoverable amount of the investments, having taken into consideration a range of assumptions and this has resulted in an impairment of investment by £nil (2024: £nil).

Principal risks and uncertainties

The principal risks and uncertainties are limited to its investments and debtor balances, and any impairment to these investments and debtor balances.
The risks and uncertainties of the Thomson Reuters Group is managed at a Group level, rather than at an individual statutory legal entity level. For this reason, the Directors believe that an additional discussion of the Group's risks would not be appropriate for the understanding of the development, performance or position of the Company's business. The principal risks and uncertainties of the Group, which includes the Company, are discussed in the Group's 2025 annual report which does not form part of this report.

Key performance indicators

Given the nature of the business, the Company's Directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Thomson Publishing Group Limited

Strategic Report for the Year Ended 31 December 2025 (continued)

Financial risk management

As outlined in the principal risks and uncertainties section above, the Company's main risk is related to the potential impairment of the Company's investments and any associated debtor balances. This risk is managed by the Directors through annual recoverability assessments and monitoring of the performance of the Group undertakings in which the Company's debtors balances are held.
The management of other financial risks is coordinated with those undertaken at the Group level by Thomson Reuters Corporation. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's and the Group's financial performance. More details of the Group's risk management programme can be found in the Thomson Reuters Corporation 2025 Annual Report.

Approved by the Board on 18 June 2026 and signed on its behalf by:

.........................................
K. Major
Director

Thomson Publishing Group Limited

Directors' Report for the Year Ended 31 December 2025

The Directors present their report and the audited financial statements for the year ended 31 December 2025.

Directors of the Company

The Directors of the Company who were in office during the year and up to the date of signing the financial statements were as follows:

K. Major

W.D. Rowell

Charitable and political donations
During the year the Company made no charitable and political donations (2024: £nil).

Employee involvement
The Company did not have any employees during the year (2024: nil).

Future developments

The Directors do not envisage any changes to the nature of the business in the foreseeable future.

Financial risk management
The financial risks of the Company and how they are managed by the Directors have been outlined on page 1 of the Strategic Report.

Dividends
During the year, the Company paid dividends of £nil to its shareholders (2024:£nil).

Qualifying third-party and pension scheme indemnity provisions
The Directors have qualifying third party indemnity benefit. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law).
Under company law, 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 the financial statements, the Directors are required to:

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

• | state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Thomson Publishing Group Limited

Directors' Report for the Year Ended 31 December 2025 (continued)

The Directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also 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.

Directors’ confirmations
In the case of each Director in office at the date the Directors’ report is approved:

• | so far as the Director is aware, there is no relevant audit information of which the Company’s auditors are unaware; and

• | they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

Approved by the board on 18 June 2026 and signed on its behalf by:

......................................... K. Major Director

Thomson Publishing Group Limited

Independent Auditors' Report to the members of Thomson Publishing Group Limited

Report on the audit of the financial statements
Opinion

In our opinion, Thomson Publishing Group Limited’s financial statements:

• | give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (“Annual Report”), which comprise: the Balance Sheet as at 31 December 2025; the Profit and Loss Account and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Thomson Publishing Group Limited

Independent Auditors' Report to the members of Thomson Publishing Group Limited (continued)

Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.
With respect to the Strategic Report and Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic Report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors’ Report for the year ended 31 December 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and Directors’ Report.

Responsibilities for the financial statements and the audit
Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they 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.

Thomson Publishing Group Limited

Independent Auditors' Report to the members of Thomson Publishing Group Limited (continued)

Auditor Responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manage the Company's financial performance and management bias in accounting estimates within the financial statements.. Audit procedures performed by the engagement team included:

| • | Holding discussions with management and internal legal counsel and reviewing board minutes, including consideration of potential instances of non-compliance with laws and regulation and fraud;

| • | Challenging assumptions and judgements made by management related to accounting estimates; and

| • | Testing a sample of journal entries based on specific risk criteria, including those with unusual account combinations, those posted after the period end close or those with unexpected users.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Thomson Publishing Group Limited

Independent Auditors' Report to the members of Thomson Publishing Group Limited (continued)

Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:

• | we have not obtained all the information and explanations we require for our audit; or

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

• | certain disclosures of Directors’ remuneration specified by law are not made; or

• | the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

......................................
Adri Loubser (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London

19 June 2026

Thomson Publishing Group Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ 000 | 2024 £ 000
Other operating expenses | 6 | (11) | -
Finance costs |  | (8) | (1)
Operating loss |  | (19) | (1)
Loss before tax |  | (19) | (1)
Tax on loss | 7 | - | -
Loss for the financial year |  | (19) | (1)

The above results were derived from continuing operations.

The Company has no other comprehensive income for the year other than the results above, so no separate statement of comprehensive income is presented.

Thomson Publishing Group Limited

(Registration number: 02968073)
Balance Sheet as at 31 December 2025

| Note | 31 December 2025 £ 000 | 31 December 2024 £ 000
Fixed assets |  |  |
Investments | 8 | 133,494 | 133,494
Current assets |  |  |
Debtors: amounts falling within one year | 9 | 83,339 | 83,486
Cash and cash equivalents |  | 15 | 111
|  | 83,354 | 83,597
Creditors: amounts falling due within one year | 10 | (224) | (448)
Net current assets |  | 83,130 | 83,149
Net assets |  | 216,624 | 216,643
Capital and reserves |  |  |
Called up share capital | 11 | 223,555 | 223,555
Profit and loss account |  | (6,931) | (6,912)
Total shareholders' funds |  | 216,624 | 216,643

The financial statements on pages 9 to 19 were approved by the board on 18 June 2026 and signed on its behalf by:

......................................... K. Major Director

Thomson Publishing Group Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Called up share capital £ 000 | Profit and loss account £ 000 | Total shareholders' funds £ 000
At 1 January 2025 | 223,555 | (6,912) | 216,643
Loss for the year | - | (19) | (19)
Total comprehensive expense | - | (19) | (19)
At 31 December 2025 | 223,555 | (6,931) | 216,624

| Called up share capital £ 000 | Profit and loss account £ 000 | Total shareholders' funds £ 000
At 1 January 2024 | 223,555 | (6,911) | 216,644
Loss for the year | - | (1) | (1)
Total comprehensive expense | - | (1) | (1)
At 31 December 2024 | 223,555 | (6,912) | 216,643

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The Company is a private Company limited by share capital, incorporated in United Kingdom and domiciled in England.

The address of its registered office is:
Five Canada Square
Canary Wharf
London
E14 5AQ
United Kingdom

The principal activity of the Company is to act as a holding Company.
All amounts in the financial statements and notes have been rounded off to the nearest thousand GBP (£) as the majority of the Company's transactions are undertaken in GBP (£).

2 | Accounting policies

Basis of preparation

These financial statements are prepared in accordance with the Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the Companies Act 2006.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards), but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.
Summary of material accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

| • | Paragraph 38 of IAS 1, 'Presentation of financial statements' - comparative information requirements in respect of: (a) paragraph 79(a) (iv) of IAS 1; (b) paragraph 73(e) of IAS 16, 'Property, plant and equipment'; and (c) paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).

| • | The following paragraphs of IAS 1, ‘Presentation of financial statements’: (a) 10(d) (statement of cash flows); (b) 16 (statement of compliance with all IFRS); (c) 38A (requirement for minimum of two primary statements, including cash flow statements); (d) 38B-D (additional comparative information);(e)111 (statement of cash flows information); and (f) 134-136 (capital management disclosures).

| • | IAS 7, ‘Statement of cash flows’;

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

| • | IFRS 7, ‘Financial instruments: Disclosures’.

| • | The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered between two or more members of a group.

| • | Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

| • | Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

| • | Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

| • | Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument Disclosures.

Exemption from preparing group financial statements

The financial statements contain information about Thomson Publishing Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company has taken advantage of the exemption under Section 401 of the Companies Act 2006, from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Thomson Reuters Corporation ("Thomson Reuters"). The consolidated financial statements of Thomson Reuters are prepared in accordance with International Financial Reporting Standards. Thomson Reuters Corporation is incorporated under the laws of the Province of Ontario, Canada.
Copies of Thomson Reuters' annual reports are available to the public at www.thomsonreuters.com and may be obtained from Five Canada Square, Canary Wharf, London, E14 5AQ, United Kingdom.
Going Concern
The Company is not a trading company and has a net current asset position as at 31 December 2025, the Company can call the amounts owed from a fellow group undertaking which is sufficient to meet the liabilities, if they are
called upon to settle. As a result, the Directors have deemed it appropriate to prepare the financial statements on a going concern basis, under the historical cost convention.

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Use of estimates and judgments

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements is the impairment in investments, as disclosed in note 2 and note 8.
New standards, amendments, IFRIC interpretations and new relevant disclosure requirements
There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2025 that have a material impact on the Company’s financial statements.
Lack of Exchangeability - Amendments to IAS 21
IAS 21, The Effect of Changes in Foreign Exchange Rates
In August 2023, the IASB issued amendments to IAS 21, which provide guidance on the determination of an exchange rate to translate transactions and financial statements denominated or presented in a currency that is not exchangeable into another currency. The amendments were effective for reporting periods beginning January 1, 2025 and did not have a material impact on the Company’s financial statements.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within ‘finance income or costs’. Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (‘the functional currency’). The financial statements are presented in ‘Great British Pound’ (£), which is also the Company’s functional currency.

Current and deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in shareholders’ funds. In this case, the tax is also recognised in other comprehensive income or directly in shareholders’ funds, respectively.

The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; or arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.

Investment in subsidiaries

The Company holds investments in other companies. These are recognised as fixed asset investments and are stated at cost less any impairment.

Impairment of investment in subsidiaries
Fixed asset investments are considered for impairment triggers annually. If an impairment assessment trigger is identified, a detailed assessment is made. An impairment loss is recognised to the extent that the carrying amount cannot be recovered either by selling the assets or by discounted future earnings from operating the assets.
Cash and cash equivalents
Cash at bank and in hand includes cash in hand and deposits held at call with banks. The company does not have any cash equivalents.
Financial instruments
Basic financial liabilities, including loans from fellow group companies 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 receipts 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 the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3 | Employees

The Company did not have any employees during the year (2024: nil).

4 | Directors' remuneration

None of the Directors had any beneficial interest in the share capital of the Company or an interest in any transactions or arrangements with the Company which require disclosure. The remuneration of the Directors is paid by a fellow group undertaking. The Directors services to this Company and to a number of fellow subsidiaries are of a non-executive nature and their remuneration is deemed to be wholly attributable to their services to the fellow group undertaking. Accordingly, the above details include no remuneration in respect of any Director (2024: £nil).

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

5 | Auditors' remuneration

The auditors' remuneration in relation to the audit of financial statements is £10,933 (2024: £10,975), and is paid by a fellow group undertaking and is not recharged to the Company.

6 | Other operating expenses

The analysis of the other expenses for the year from continuing operations is as follows:

| 2025 £ 000 | 2024 £ 000
Foreign WHT suffered | (11) | -

7 | Tax on loss

Tax charge in the Profit and loss account

| 2025 £ 000 | 2024 £ 000
Current taxation |  |
UK corporation tax | - | -
Total current income tax | - | -

The tax on loss before tax for the year is the higher than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024: 25%).
The differences are reconciled below:

| 2025 £ 000 | 2024 £ 000
Loss before tax | (19) | (1)
Loss before tax multiplied by the standard rate of tax in the UK of 25% (2024: 25%) | (5) | -
Increase from effect of expenses not deductible | 3 | -
Increase arising from group relief /other reliefs and charges | 2 | -
Total tax charge/(credit) | - | -

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7 | Tax on loss (continued)

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
The Company is within the scope of the OECD Pillar Two model rules as it is a member of the Thomson Reuters group, which is a multinational entity within the scope of Pillar Two. There is no top-up tax recorded within the tax expense for the Company under Pillar Two legislation.
The company has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

8 | Investments

Subsidiaries | £ 000
Cost or valuation
At 1 January 2025 | 133,494
At 31 December 2025 | 133,494
At 31 December 2024 | 133,494

The Directors have assessed the recoverable amount of these investments, having taken into consideration a range of assumptions and has resulted in the Directors concluding that the carrying value of the investments is supported.
The Directors are of the opinion that the value of the Company's investments is not less than the value of which it is stated in the Balance sheet as at 31 December 2025.

Details of the subsidiaries as at 31 December 2025 are as follows:

Name of subsidiary | Principal activity | Registered office |  | Proportion of ownership interest and voting rights held 2025 | 2024
Thomson Information & Publishing Holdings Limited | Dormant | Five Canada Square, Canary Wharf, London, United Kingdom, E14 5AQ |  | 100% | 100%

9 | Debtors: amounts falling due within one year

| 31 December 2025 £ 000 | 31 December 2024 £ 000
Amount owed by group undertakings | 83,339 | 83,486

Amounts owed by fellow group undertakings are unsecured, non-interest bearing and repayable on demand.

Thomson Publishing Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

10 | Creditors: amounts falling due within one year

| 31 December 2025 £ 000 | 31 December 2024 £ 000
Amounts owed to group undertakings | 224 | 448

Amounts owed to fellow group undertakings are unsecured, non-interest bearing and repayable on demand.

11 | Called up share capital

Allotted, called up and fully paid shares

| 31 December 2025 | 31 December 2024
| No. 000 | £ 000 | No. 000 | £ 000
Ordinary Shares of £1 each | 223,555 | 223,555 | 223,555 | 223,555

12 | Parent and ultimate parent undertaking

The Company's immediate parent is Thomson UK Limited.
The ultimate parent is Thomson Investments Limited.
The most senior parent entity producing publicly available financial statements is Thomson Reuters Corporation. These financial statements are available upon request from "Thomson Reuters", Five Canada Square, Canary Wharf, London, E14 5AQ, and are publicly available at www.thomsonreuters.com.
The ultimate controlling party is Thomson Investments Limited.
The parent undertaking of the smallest and largest group to consolidate these financial statements is Thomson Reuters Corporation.
The address of Thomson Reuters Corporation is:
19 Duncan Street, Toronto, ON M5H 3G6, Canada.