REGISTERED NUMBER: 13573516 (England and Wales)

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ELECTRIFY VIDEO PARTNERS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Cash Flow Statement

10

Notes to the Consolidated Cash Flow Statement

11

Notes to the Consolidated Financial Statements

12

DIRECTORS:

S Lobmeyr

O J C Maher

J C Reizes

I A K Shepherd

T G Shey

REGISTERED OFFICE:

86-90 Paul Street

London

EC2A 4NE

REGISTERED NUMBER:

13573516 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of video distribution activities.

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S Lobmeyr

O J C Maher

J C Reizes

I A K Shepherd

Other changes in directors holding office are as follows:

T G Shey - appointed 30 January 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O J C Maher - Director

27 July 2026

Opinion

We have audited the financial statements of Electrify Video Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Report of the Directors has 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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

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

-	the parent company 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Group's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud. We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Group. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related group legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Group's workforce

- Health and safety regulation, reflecting the Group's production, distribution and operating processes

- Data privacy, reflecting the Group's management of personal and corporate data

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Group determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Zubair Arshad FCCA ACA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

27 July 2026

TURNOVER

29,570,601

11,742,803

Cost of sales

5,603,939

3,426,595

GROSS PROFIT

23,966,662

8,316,208

Administrative expenses

22,784,720

8,937,435

OPERATING PROFIT/(LOSS)

4

1,181,942

(621,227

)

Interest receivable and similar income

19,518

113,220

1,201,460

(508,007

)

Interest payable and similar expenses

8,498,365

2,855,293

LOSS BEFORE TAXATION

(7,296,905

)

(3,363,300

)

Tax on loss

599,618

(2,025,084

)

LOSS FOR THE FINANCIAL YEAR

(7,896,523

)

(1,338,216

)

Loss attributable to:

Owners of the parent

(7,896,523

)

(1,338,216

)

FIXED ASSETS

Intangible assets

7

54,056,609

51,207,279

Tangible assets

8

180,144

109,953

Investments

9

-

-

54,236,753

51,317,232

CURRENT ASSETS

Stocks

116,160

82,679

Debtors

10

10,735,885

5,679,485

Cash at bank

11,542,078

4,240,329

22,394,123

10,002,493

CREDITORS

Amounts falling due within one year

11

16,045,766

14,672,036

NET CURRENT ASSETS/(LIABILITIES)

6,348,357

(4,669,543

)

TOTAL ASSETS LESS CURRENT LIABILITIES

60,585,110

46,647,689

CREDITORS

Amounts falling due after more than one year

12

36,880,120

22,672,429

NET ASSETS

23,704,990

23,975,260

CAPITAL AND RESERVES

Called up share capital

15

2,028

1,798

Share premium

16

31,437,760

22,962,858

Retained earnings

16

(12,585,887

)

(3,739,396

)

SHAREHOLDERS' FUNDS

18,853,901

19,225,260

NON-CONTROLLING INTERESTS

17

4,851,089

4,750,000

TOTAL EQUITY

23,704,990

23,975,260

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

O J C Maher - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

65,387

23,040

Investments

9

6,800,369

6,800,232

6,865,756

6,823,272

CURRENT ASSETS

Debtors

10

17,308,236

11,939,255

Cash at bank

57,630

225,464

17,365,866

12,164,719

CREDITORS

Amounts falling due within one year

11

1,082,098

501,839

NET CURRENT ASSETS

16,283,768

11,662,880

TOTAL ASSETS LESS CURRENT LIABILITIES

23,149,524

18,486,152

CAPITAL AND RESERVES

Called up share capital

15

2,028

1,798

Share premium

31,437,759

22,962,857

Retained earnings

(8,290,263

)

(4,478,503

)

SHAREHOLDERS' FUNDS

23,149,524

18,486,152

Company's loss for the financial year

(3,924,953

)

(1,939,750

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

O J C Maher - Director

Cash flows from operating activities

Cash generated from operations

1

5,278,403

9,044,375

Interest paid

(8,498,365

)

(2,855,293

)

Tax paid

(627,373

)

228,406

Net cash from operating activities

(3,847,335

)

6,417,488

Cash flows from investing activities

Purchase of intangible fixed assets

(8,865,641

)

(35,740,875

)

Purchase of tangible fixed assets

(130,852

)

(113,556

)

Non controlling interest

101,089

4,750,000

Interest received

19,518

113,220

Net cash from investing activities

(8,875,886

)

(30,991,211

)

Cash flows from financing activities

New loans in year

44,750,000

14,699,900

Loan repayments in year

(32,250,194

)

(828,170

)

Share issue

8,475,132

4,743,423

Share options

113,193

196,915

Equity dividends paid

(1,063,161

)

(907,496

)

Net cash from financing activities

20,024,970

17,904,572

Increase/(decrease) in cash and cash equivalents

7,301,749

(6,669,151

)

Cash and cash equivalents at beginning of year

2

4,240,329

10,909,480

Cash and cash equivalents at end of year

2

11,542,078

4,240,329

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

$

$

Loss before taxation

(7,296,905

)

(3,363,300

)

Depreciation charges

3,696,975

3,257,600

Impairment losses for intangible f a

2,379,997

-

Finance costs

8,498,365

2,855,293

Finance income

(19,518

)

(113,220

)

7,258,914

2,636,373

(Increase)/decrease in stocks

(33,481

)

5,774

Increase in trade and other debtors

(4,460,595

)

(1,059,336

)

Increase in trade and other creditors

2,513,565

7,461,564

Cash generated from operations

5,278,403

9,044,375

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31/12/25

1/1/25

$

$

Cash and cash equivalents

11,542,078

4,240,329

Year ended 31 December 2024

31/12/24

1/1/24

$

$

Cash and cash equivalents

4,240,329

10,909,480

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

$

$

$

Net cash

Cash at bank

4,240,329

7,301,749

11,542,078

4,240,329

7,301,749

11,542,078

Debt

Debts falling due within 1 year

(5,944,558

)

1,707,886

(4,236,672

)

Debts falling due after 1 year

(22,672,429

)

(14,207,691

)

(36,880,120

)

(28,616,987

)

(12,499,805

)

(41,116,792

)

Total

(24,376,658

)

(5,198,056

)

(29,574,714

)

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the US Dollar ($).

2.	ACCOUNTING POLICIES

BASIS OF PREPARATION

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

BASIS OF CONSOLIDATION

The directors have elected to prepare consolidated financial statements on a voluntary basis, as the parent company qualifies for exemption from consolidation under section 400 of the Companies Act 2006. The decision to consolidate has been made to provide a more comprehensive view of the financial position and performance of the Group for the benefit of stakeholders.

The consolidated group financial statements consist of the financial statement of the parent company Electrify Video Partners Limited together with all entities controlled by the parent company (Its Subsidiaries).

All financial elements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used into line with those used by other members of the group.All intra group transactions, balances and unrealised gains on transaction between group companies are eliminated on consolidation, unrealised losses are also eliminated unless the transaction provides evidence of an impairment of asset transferred.

Subsidiaries are consolidated in the group financial statements from the date that control commences until the date control ceases.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable for the provision of video distribution services and the exploitation of video content, including advertising revenue, platform revenue shares, licensing income and other related income streams, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the group satisfies its performance obligations, which is typically when content is made available and consumed by users or when the relevant rights are provided to customers.

Advertising and platform revenue is recognised in the period in which the underlying content is consumed or viewed, based on reports provided by platform providers. Licensing and distribution income is recognised over the period to which the related rights are provided in accordance with contractual terms.

Where revenue is subject to estimation, amounts are recognised based on the best available information at the reporting date, including platform analytics and contractual data. Any subsequent adjustments arising from updated platform reports are recognised in the period in which they become known.

GOODWILL

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an assets at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful economic life and is amortised on a straight-line basis over its estimated useful life of 7 and 10 years.

For the purpose of impairment testing, goodwill is allocated to the cash generating units expected to benefit from the acquisition. Cash generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amounts of any goodwill allocated to the unit and then to other assets of the unit pro-rata on the basis of the carrying amount of each assets in the unit.

OTHER INTANGIBLE ASSETS

Other intangible asset represents the cost of acquisition of channels. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are considered to have a finite useful life and is amortised on a systematic basis over their expected life, which is ten years.

Patents / Patent Applications

Patents relate to the proprietary technology, including aspects of content production tools developed by or for the channels that provide a competitive advantage or enhance content delivery.

Copyrights

Copyrights provide protection for original works of authorship, including literary, musical, and audiovisual creations. Copyright encompasses all video content, scripts, voiceovers, animations, sound effects, music, and other creative works produced by the channels.

Design Rights

Design rights protect the visual appearance of a product or creation, including shape, configuration, pattern, or ornamentation. Design rights include the visual style of animations, characters, graphics, thumbnails, set layouts, and user interface elements.

Customer Databases

Customer databases consist of structured collections of data relating to subscribers, viewers, or other audiences that have commercial value. These databases are valuable IP assets as they support targeted marketing, sponsorships, content development strategies.

Brands / Trademarks

Brands and trademarks comprise distinctive names, logos, slogans, and visual identifiers that differentiate the channels in the market. These include channel, on-screen branding elements.

Content Production

Costs incurred during the development and production of video content are capitalised as intangible assets. Content production is measured at cost less accumulative amortisation and any cumulative impairment losses. Video production costs incurred on content for children are recognised as an intangible asset and amortised over two years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Computer equipment

-

33% on cost and 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets, and is recognised in the profit and loss account.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

The group has elected to apply the provisions of section 11 'Basics Financial Instruments' and section 12 'Other Financial Instrument Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provision of the instruments.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets which include debtors and cash and bank balances are initially measured at

transactions price including transactions costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets other than those held at fair value through profit and loss are assessed for indicatorsof impairment at each reporting date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flow have been affected. If an asset is impaired, the impairment loss is the difference between carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised, The impairment reversal is recognised in profit and loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

$

$

Wages and salaries

5,463,288

2,549,927

Social security costs

665,373

249,130

Other pension costs

262,795

167,507

6,391,456

2,966,564

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

2025

2024

Employees and directors

69

37

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

$

$

Depreciation - owned assets

60,661

12,869

Goodwill amortisation

772,449

607,298

Patents, copyrights and design rights amortisation

2,575,066

2,337,407

Customer databases and trademarks amortisation

147,819

116,264

Content production amortisation

140,980

183,762

5.	AUDITORS' REMUNERATION

2025

2024

$

$

Fees payable to the company's auditors for the audit of the company's financial statements

97,354

44,755

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	INTANGIBLE FIXED ASSETS

Group

Patents,

Customer

copyrights

databases

and design

and

Content

Goodwill

rights

trademarks

production

Totals

$

$

$

$

$

COST

At 1 January 2025

19,286,267

34,612,301

1,478,197

442,800

55,819,565

Additions

8,857,184

1,000,001

-

8,456

9,865,641

Disposals

-

(1,000,000

)

-

-

(1,000,000

)

Impairments

(873,140

)

(1,902,541

)

(125,200

)

-

(2,900,881

)

At 31 December 2025

27,270,311

32,709,761

1,352,997

451,256

61,784,325

AMORTISATION

At 1 January 2025

725,184

3,431,841

151,212

304,049

4,612,286

Amortisation for year

772,449

2,575,066

147,819

140,980

3,636,314

Impairments

(142,543

)

(363,924

)

(14,417

)

-

(520,884

)

At 31 December 2025

1,355,090

5,642,983

284,614

445,029

7,727,716

NET BOOK VALUE

At 31 December 2025

25,915,221

27,066,778

1,068,383

6,227

54,056,609

At 31 December 2024

18,561,083

31,180,460

1,326,985

138,751

51,207,279

8.	TANGIBLE FIXED ASSETS

Group

Improvements

Plant and

Computer

to property

machinery

equipment

Totals

$

$

$

$

COST

At 1 January 2025

38,707

4,427

80,369

123,503

Additions

2,002

-

128,850

130,852

At 31 December 2025

40,709

4,427

209,219

254,355

DEPRECIATION

At 1 January 2025

-

443

13,107

13,550

Charge for year

16,374

885

43,402

60,661

At 31 December 2025

16,374

1,328

56,509

74,211

NET BOOK VALUE

At 31 December 2025

24,335

3,099

152,710

180,144

At 31 December 2024

38,707

3,984

67,262

109,953