The director presents the strategic report for the period ended 31 December 2025.

Truespeed Communications Group Limited was incorporated on 18 July 2025 as part of a new group to combine Truespeed Communications Limited with County Broadband Limited, bringing both entities under common ownership. The combination forms part of a wider strategy to build scale within the UK full-fibre broadband market and to realise operational and commercial synergies across the enlarged group. The director considers that bringing the two networks under common ownership strengthens the company's competitive position, expands its addressable footprint, and supports the long-term growth and sustainability of the business.

Truespeed Communications Group Limited is an intermediate holding company within the Truespeed Group structure and does not trade with external customers.

The group operates in a highly competitive market which is a continuing risk to the group and could result in losing sales to its key competitors. The group manages this risk by focusing on quality of service.

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The group does not use derivative financial instruments for speculative purposes.

Cash flow risk

The group's activities expose it to the financial risks of changes in foreign currency exchange rates. The group does not actively manage foreign currency exposure.

Credit Risk

The group's principal financial assets are cash, and trade and other receivables.

The group's credit risk is primarily attributed to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long term equity and medium term debt finance.

On behalf of the board

The director presents his annual report and financial statements for the period ended 31 December 2025.

The principal activity of the company is that of an intermediate holding company. The company was incorporated on 18 July 2025.

The director who held office during the period and up to the date of signature of the financial statements was as follows:

UHY Hacker Young were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

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

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

The director is 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. He is 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.

We have audited the financial statements of Truespeed Communications Group Limited (the 'company') for the period ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's report.

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

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

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006;

• we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Truespeed Communications Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Fenchurch Street, London, EC3M 4AE.

The company was incorporated on 18 July 2025. The reporting period is from 18 July 2025 to 31 December 2025.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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.

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 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 Truespeed Holdings Limited. These consolidated financial statements are available from its registered office, 80 Fenchurch Street, London, EC3M 4AE.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Truespeed Communications Group Limited is a majority owned subsidiary of Truespeed Holdings Limited and the results of Truespeed Communications Group Limited are included in the consolidated financial statements of Truespeed Holdings Limited which are available from its registered office, 80 Fenchurch Street, London, EC3m 4AE.

The company's subsidiaries continue to see significant growth in customer connections on their full fibre network in line with their business plan. true

The director has prepared a detailed business plan and rolling cash flow forecasts. The group (as part of the new Freedom Truespeed Group) has secured shareholder funding which will fund the operations of the company to the point that it is expected to become cash generative. On this basis the director has concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.

Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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 balance sheet 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

In the application of the company’s accounting policies, the director is 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company's subsidiaries continue to see significant growth in customer connections on their full fibre network in line with their business plan.

The director has prepared a detailed business plan and rolling cash flow forecasts. The group (as part of the new Freedom Truespeed Group) has secured shareholder funding which will fund the operations of the company to the point that it is expected to become cash generative. On this basis the director has concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.

Demand for gigabit-capable broadband services continues to increase, driven by higher-quality video streaming, more connected devices per home, and new use cases such as Cloud services, smart-home devices, and gaming.

As set out in the notes to these financial statements the company has invested in a number of subsidiaries during the current period which created significant cost of investment in the company's balance sheet.

Management considers whether investments is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires the estimation of the future cash flows of the CGUs and also selection of an appropriate discount rate in order to calculate the net present value of those cash flows. This involves significant judgement and estimation.

The average monthly number of persons (including directors) employed by the company during the period was:

During the period, the company acquired Truespeed Communications Limited and County Broadband Limited.

Truespeed Communications Limited was acquired from the company's immediate parent undertaking Truespeed Holdings Limited via a share for share exchange (see note 12). The total fair value was deemed to be £63,247,846.

County Broadband Limited was acquired from County Broadband Holdings Limited for a share for share exchange (see note 12). The total fair value was deemed to be £15,811,961.

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

The registered office of Truespeed Communications Limited is Pinesgate East, Lower Bristol Road, Bath, BA2 3DP.

The registered office of County Broadband Limited is Old Bourchiers Hall, New Road, Aldham, Colchester, Essex, CO6 3QU.

In the current period, as part of the group reorganisation, the other borrowings relating to finance from Aviva Investors Infrastructure Income No. 6 Limited were transferred to Truespeed Holdings Limited and County Broadband Holdings Limited creating an intercompany creditor.

On incorporation, the company issued 1,000 Ordinary A class £1 shares at par value.

During the period, the company issued a further 7,000 Ordinary A class £1 shares in exchange for shares in Truespeed Communications Limited. The fair value of the shares issued was deemed to be £48,099,987.

Also during the period, the company issued 2,000 Ordinary B class £1 shares in exchange for shares in County Broadband Limited. The fair value of the shares issued was deemed to be £15,811,961.

The company has taken advantage of the exemption, under the terms of FRS102 section 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the group.

At the period end, the company was owed £216,709,751 by Truespeed Communications Limited, its subsidiary company.

At the period end, the company was owed £55,900,841 by County Broadband Limited, its subsidiary company.

During the period, the company incurred interest payable of £1,379,047 to Truespeed Holdings Limited, its parent company. At the period end, the company owed £231,857,610 to Truespeed Holdings Limited. Also at the period end, the company was owed £1,000 by Truespeed Holdings Limited.

During the period, the company incurred interest payable for £366,472 to County Broadband Holdings Limited, the 20% shareholder of the company. At the period end, the company owed £55,900,841 to County Broadband Holdings Limited.

The company's immediate parent company is Truespeed Holdings Limited, a company registered in England and Wales.

Truespeed Holdings Limited is the parent of the smallest and largest group of which the company is a member and for which consolidated financial statements are prepared.

Copies of the consolidated financial statements of Truespeed Holdings Limited are available from the company's registered office 80 Fenchurch Street, London, United Kingdom, EC3M 4AE.

The company's ultimate parent undertakings and controlling party is Aviva Investors Infratructure Income No. 6 Limited.

Aviva Investors Infrastructure Income No.6 Limited is an investment fund entity which holds its investment in Truespeed Holdings Limited as part of an investment portfolio hence it is required to record its investment at fair value through profit or loss rather than consolidating.

Aviva Investors Infrastructure Income No.6 Limited is legally owned by Aviva Plc, but it is a fund entity that whilst managed by Aviva Investors is beneficially owned by external parties; therefore it is not consolidated in the Aviva Plc group accounts.

Subsequent to the year end, the group to which the company belongs combined with the Freedom Holdco 1 Limited group, a further full-fibre broadband provider, to create the Freedom Truespeed Group. This transaction further extends the group's network reach and customer base, and is consistent with the directors' strategy of consolidation within the sector. As the combination occurred after the reporting date, it is treated as a non-adjusting post balance sheet event and has had no impact on the amounts recognised in these financial statements.