BBL/P Ltd

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11—12
Statement of Changes in Equity	13
Notes to the Financial Statements	14—25

The directors present their strategic report for the period ended 31 December 2025.

Review of the Business

The business continues to grow in line with the Directors expectations, contributed by like for like revenue growth and improved operating profit helped by the continued focus on operating costs. However, like many other businesses, it continues to face external cost challenges as a result of the current UK and world economy.

The increase in team member numbers and the heavy investment in AI have seen all costs associated with this investment increase significantly, and BBL/P continues to plan for the future and the future needs of its client base.

This investment has had a direct impact on revenue growth as stated above, particularly in film and content production, where the volume pass-through costs have increased considerably.

Services

Services for clients were enhanced in all areas of the business with particular focus on:

Additional creative and design staff working closely with our content production capability.
The market research function was enhanced by recruitment;
as was the data analytics,
and the general consulting team.

Specifically, the consulting team have been challenged by clients to assess how customers will relate to brands over future years in view of accelerating technology changes.

Our growing film production and advertising asset and rights management team has achieved many successes in the year with world-class content supporting our client’s global events and sponsorships.

Principal Risks and Uncertainties

As with many businesses, we continue to pay close attention to the global geo-political and economic upheaval during the period, with senior management and our data analytics and reporting team monitoring events closely and alerting our clients to important changes and trends.

Whilst we continue to have long term contracts in place there is still a risk to the business of over-reliance on one global client. Working closely with our client during the last twelve months we have recognised this risk from both our businesses points of view and have further extended our relationship with many more senior client stakeholders.

Development and Performance

Our performance measure continues to be client feedback, and we are again pleased that this remains extremely positive and many new projects and responsibilities have been received across the business. This is clearly seen in these financial statements from the increased revenue.

Internally, we continue the process of expectation reviews against clear competency frameworks and continue to use various online platforms to provide detailed metrics on performance and efficiency.

Our finance KPI’s continue to focus on growth and profitability which have all seen positive movement in the period.

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BBL/P Ltd

Strategic Report (continued)

For the Period 1 November 2024 to 31 December 2025

Other information and explanations

In March 2025, having outgrown our previous home of four years in Soho Square, we moved the business to its current home at 31 Alfred Place, a building managed by GPE plc.

This move has been a great success, over-achieving in areas of collaboration, team happiness and cultural development. The new building is highly energy efficient and provides services to the team - for example, very effective support for cyclists, team building exercises and wellness support. The IT system is highly resilient and reliable, leading to zero outages in service.

Whilst doubling the amount of space we had to a far higher standard of office, cost per square metre is comparable. The building has led to a significant reduction in monthly operating costs and reduced the headcount in the Operations team.

The business uses online platforms for management and co-ordination including Monday, Slack and Xero. We have continued our investment in HiBob as a superior HR platform; and have made significant investments in various AI platforms and software to enhance our work. We have taken rigorous steps to ensure our Apple based network is secure and protected using the Google Enterprise software with 2 factor authentication. The business uses Bit Defender (endpoint) anti-virus protection and enforces the various MDM security policies via Moysle.

Some specific overhead changes occurred in the period:

Expenditure on Insurance and Travel increased significantly in the period in line with turnover growth.
Insurance costs increased due to a need to insure a significant increase in the number of creative productions that were being managed by BBL/P globally.
This also impacted on the travel budget as teams from BBL/P visited a wide range of countries to make content for our clients.

We continue very successful relationships with our external business support network:

Bankers, Arbuthnot Latham,
Wealth management and employee benefits consultants, Connor Broadley
Accountants, Bishops.

The business is also strengthened by being members of the following:

Employee Ownership Association
Creative Agency Employee Ownership Network and the Marketing Society.

On behalf of the board

Mr P Petrella Director	Mr I Kerrigan Director	Ms B Harding Director
13/07/2026

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BBL/P Ltd

Company No. 08239749

Directors' Report For the Period 1 November 2024 to 31 December 2025

Directors' Report

The directors present their report and the financial statements for the period ended 31 December 2025.

Principal Activity

The company's principal activity continues to be that of advertising consultancy.

Dividends

The value of dividends paid amounted to £2,500,000 .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the period were as follows:

Mr P Petrella
Mr D Wood	Resigned	02/03/2026
Mr I Kerrigan
Ms B Harding

Research and Development

As part of our commitment to ever improving service quality we constantly develop our software capability to new and more efficient analytical capability. We also work with partners - for example Sprinklr - to devise new data sources and analysis techniques. As a result our service offer continues to expand.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium sized companies exemption.

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

...CONTINUED

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BBL/P Ltd

Directors' Report (continued)

For the Period 1 November 2024 to 31 December 2025

Statement of Directors' Responsibilities - continued

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

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 directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Bishops Audit Limited , have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr P Petrella Director	Mr I Kerrigan Director	Ms B Harding Director
13/07/2026

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Independent Auditor's Report

to the Members of

BBL/P Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of BBL/P Ltd for the period ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 auditor's 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. 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.

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Independent Auditor's Report (continued)

to the Members of

BBL/P Ltd

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 or 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—4, 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.

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Independent Auditor's Report (continued)

to the Members of

BBL/P Ltd

Auditor's 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.

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

Enquiry of management and those charged with governance around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that we are required to state to them in an auditor's 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.

David Evans BA FCA (Senior Statutory Auditor)

for and on behalf of Bishops Audit Limited , Statutory Auditor

13/07/2026

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

BBL/P Ltd

Bishops Audit Limited

1 Croft Court, Plumpton Close

Whtehills Business Park

Blackpool

Lancashire

FY4 5PR

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BBL/P Ltd

Profit and Loss Account

For the Period 1 November 2024 to 31 December 2025

Profit and Loss Account

		31 December 2025	31 October 2024
	Notes	£	£
TURNOVER	3	33,880,950	16,294,988
Cost of sales		(29,390,199 )	(13,716,108 )

GROSS PROFIT		4,490,751	2,578,880

Administrative expenses		(2,269,568 )	(1,469,289 )
Other operating income		1,517	-

OPERATING PROFIT	5	2,222,700	1,109,591
Profit on disposal of fixed assets		1,470	12
Other interest receivable and similar income	10	95,373	43,266
Interest payable and similar charges	11	-	(91 )

PROFIT BEFORE TAXATION		2,319,543	1,152,778
Tax on Profit	12	(587,541 )	(302,672 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD		1,732,002	850,106

The notes on pages 14 to 25 form part of these financial statements.

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BBL/P Ltd

Statement of Comprehensive Income

For the Period 1 November 2024 to 31 December 2025

Statement of Comprehensive Income

	31 December 2025	31 October 2024
	£	£
PROFIT FOR THE FINANCIAL PERIOD	1,732,002	850,106
OTHER COMPREHENSIVE INCOME FOR THE PERIOD	-	-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	1,732,002	850,106

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BBL/P Ltd

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 08239749

		31 December 2025		31 October 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		41,446		61,191
Investments	14		41,457		41,457

			82,903		102,648
CURRENT ASSETS
Debtors	15	985,608		2,758,131
Cash at bank and in hand		17,688,635		1,864,873

		18,674,243		4,623,004
Creditors: Amounts Falling Due Within One Year	16	(18,415,980 )		(3,611,552 )

NET CURRENT ASSETS (LIABILITIES)			258,263		1,011,452

TOTAL ASSETS LESS CURRENT LIABILITIES			341,166		1,114,100

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(10,362 )		(15,298 )

NET ASSETS			330,804		1,098,802

CAPITAL AND RESERVES
Called up share capital	18		114		114
Share premium account			15,421		15,421
Capital redemption reserve			36		36
Profit and Loss Account			315,233		1,083,231

SHAREHOLDERS' FUNDS			330,804		1,098,802

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BBL/P Ltd

Balance Sheet (continued)

As At 31 December 2025

On behalf of the board

Mr P Petrella Director	Mr I Kerrigan Director	Ms B Harding Director
13/07/2026

The notes on pages 14 to 25 form part of these financial statements.

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BBL/P Ltd

Statement of Changes in Equity

For the Period 1 November 2024 to 31 December 2025

Statement of Changes in Equity

	Share Capital	Share Premium	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 November 2023	114	15,421	36	1,756,269	1,771,840
Profit for the year and total comprehensive income	-	-	-	850,106	850,106

Dividends paid	-	-	-	(1,523,144)	(1,523,144)

As at 31 October 2024 and 1 November 2024	114	15,421	36	1,083,231	1,098,802


Profit for the period and total comprehensive income	-	-	-	1,732,002	1,732,002

Dividends paid	-	-	-	(2,500,000)	(2,500,000)

As at 31 December 2025	114	15,421	36	315,233	330,804

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BBL/P Ltd

Notes to the Financial Statements

For the Period 1 November 2024 to 31 December 2025

Notes to the Financial Statements

1. General Information

BBL/P Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08239749 . The registered office is c/o Bishops Chartered Accountants , Phoenix Park, Blackburn, Lancashire, BB1 5BG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared for the 14-month period from 1 November 2024 to 31 December 2025. The comparative figures relate to the 12-month period ended 31 October 2024 and are therefore not directly comparable.

This change was made to better align the Company’s financial reporting period with the timing of its project delivery cycles and operational activities.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

· Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

· Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of IP Daily Limited. These consolidated financial statements are available from its registered office, C/O Bishops Chartered Accountants, Phoenix Park, Blakewater Road, Blackburn, Lancashire, United Kingdom, BB1 5BG.

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Thus the directors continue to adopt the going concern basis of accounting in preparing the finanical statements.

2.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% on reducing balance
Fixtures & Fittings	15% on reducing balance
Computer Equipment	33% on cost

2.5. Investments

Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

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

...CONTINUED

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

2.7. Financial Instruments - continued

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 profit or 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 indicators of impairment at each reporting end 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 flows have been affected. If an asset is impaired, the impairment loss is the difference between the 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 or 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 or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

2.8. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. Leases

As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

2.12. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The only accounting estimate is the depreciation rates applied to the fixed assets.

3. Turnover

Analysis of turnover by geographical market is as follows:

	31 December 2025	31 October 2024
	£	£
Europe	33,880,950	16,294,988

	33,880,950	16,294,988

4. Other Operating Income

	31 December 2025	31 October 2024
	£	£
Other operating income	1,517	-

	1,517	-

5. Operating Profit

The operating profit is stated after charging:

	31 December 2025	31 October 2024
	£	£
Operating lease rentals	999,626	653,454
Exchange differences	56,574	(2,187 )
Depreciation of tangible fixed assets	35,395	29,385

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the period was as follows:

	31 December 2025	31 October 2024
	£	£
Audit Services
Audit of the company's financial statements	17,600	17,600

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	31 December 2025	31 October 2024
	£	£
Wages and salaries	4,532,560	2,901,733
Social security costs	591,804	349,891
Other pension costs	438,337	334,953

	5,562,701	3,586,577

8. Average Number of Employees

Average number of employees, including directors, during the period was as follows:

	31 December 2025	31 October 2024
Office and administration	4	4
Production	45	40

	49	44

9. Directors' remuneration

	31 December 2025	31 October 2024
	£	£
Emoluments	881,127	108,391
Company contributions to money purchase pension schemes	56,975	7,883

	938,102	116,274

The number of directors to whom retirement benefits were accruing was as follows:

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

	31 December 2025		31 October 2024
Defined benefit pension schemes	2		2

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

Information regarding the highest paid director was as follows:

	31 December 2025	31 October 2024
	£	£
Emoluments	271,900	-

10. Interest Receivable and Similar Income

	31 December 2025	31 October 2024
	£	£
Bank interest receivable	95,287	38,615
Other interest receivable	86	4,651

	95,373	43,266

11. Interest Payable and Similar Charges

	31 December 2025	31 October 2024
	£	£
Other finance charges	-	91

12. Tax on Profit

The tax charge on the profit for the period was as follows:

	Tax Rate		31 December 2025	31 October 2024
	31 December 2025	31 October 2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	592,477	302,854
Deferred Tax
Deferred taxation			(4,936 )	(182 )


Total tax charge for the period			587,541	302,672

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:

	31 December 2025	31 October 2024
	£	£
Profit before tax	2,319,543	1,152,778

Tax on profit at 25% (UK standard rate)	579,886	288,195
Expenses not deductible for tax purposes	7,655	14,477

Total tax charge for the period	587,541	302,672

13. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 November 2024	-	34,750	141,086	175,836
Additions	4,433	-	11,217	15,650

As at 31 December 2025	4,433	34,750	152,303	191,486

Depreciation
As at 1 November 2024	-	12,231	102,414	114,645
Provided during the period	2,128	3,855	29,412	35,395

As at 31 December 2025	2,128	16,086	131,826	150,040

Net Book Value
As at 31 December 2025	2,305	18,664	20,477	41,446

As at 1 November 2024	-	22,519	38,672	61,191

14. Investments

	Unlisted
	£
Cost or Valuation
As at 1 November 2024	41,457

As at 31 December 2025	41,457

Provision
As at 1 November 2024	-

As at 31 December 2025	-

...CONTINUED

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

Net Book Value
As at 31 December 2025	41,457

As at 1 November 2024	41,457

15. Debtors

	31 December 2025	31 October 2024
	£	£
Due within one year
Trade debtors	-	2,037,329
Prepayments and accrued income	536,806	511,982
Other debtors	11,185	3,770
VAT Recoverable	437,617	205,050

	985,608	2,758,131

16. Creditors: Amounts Falling Due Within One Year

	31 December 2025	31 October 2024
	£	£
Trade creditors	2,107,792	324,665
Other creditors	41,424	31,193
Corporation tax	592,410	302,854
Taxation and social security	216,366	115,399
Accruals and deferred income	15,457,988	2,837,441

	18,415,980	3,611,552

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	31 December 2025	31 October 2024
	£	£
Other timing differences	10,362	15,298

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

18. Share Capital

	31 December 2025	31 October 2024
Allotted, called up and fully paid	£	£
57 Ordinary P Shares of £ 1.00 each	57	57
57 Ordinary I shares of £ 1.00 each	57	57

	114	114

19. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2025	31 October 2024
	£	£
Not later than one year	1,081,769	280,000
Later than one year and not later than five years	1,277,830	-

	2,359,599	280,000

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £438,337 (2024: £334,953).

At the balance sheet date contributions of £36,458 (2024: £27,842) were due to the fund and are included in creditors.

21. Dividends

	31 December 2025	31 October 2024
	£	£
On equity shares:
Interim dividend paid	2,500,000	1,523,144

22. Related Party Disclosures

During the year, BBL/P Ltd did not enter into any transactions with companies owned by key management personnel (2024: £1,550,000), as a result no balances were outstanding at the year end (2024: £ NIL).

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BBL/P Ltd

Notes to the Financial Statements (continued)

For the Period 1 November 2024 to 31 December 2025

23. Controlling Parties

The company's immediate parent undertaking is IP Daily Ltd , a company incorporated in the United Kingdom, whose registered office is at Phoenix Park, Blakewater Road, Blackburn, Lancashire, BB1 5BG.

At the balance sheet date 100% of the share capital of IP Daily Ltd was owned by an Employee Ownership Trust (EOT). The Trustee of this EOT and the ultimate parent undertaking is BBL/P Trustees Limited , is a company limited by guarantee, which holds these shares for the benefit of the employees of the group.

The consolidated accounts of IP Daily Limited are available from Companies House.

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