ACCOUNTS - Final Accounts preparation

Registered number: 15833349

THE LIFT ADVERTISING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

THE LIFT ADVERTISING LIMITED

COMPANY INFORMATION

Director	A A Rodriguez (appointed 11 July 2024)


Registered number	15833349


Registered office	86-90 3rd Floor
	Paul Street
	London
	EC2A 4NE


Independent auditors	Wisteria Audit Ltd
	Chartered Accountants & Statutory Auditors
	Pikes End
	Pinner
	Middlesex
	HA5 2EX

THE LIFT ADVERTISING LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Director's Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Analysis of Net Debt	13
Notes to the Financial Statements	14 - 24

THE LIFT ADVERTISING LIMITED

STRATEGIC REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2025

Business review

The principal activity of the Company is the provision of production services in respect of advertising production services.

During 2025, as part of a reorganisation of The Lift's advertising business, certain assets relating to the advertising business previously carried on by N19W99 Limited ("N19") were transferred to the Company. As part of the revised operating structure, The Lift Operations Limited ("TLO") became principally responsible for the management and control of the production activities required to deliver advertising projects contracted by the Company. Both the Company and TLO are wholly owned subsidiaries of The Lift Holdco Limited.

The revised operating structure established a clearer separation between the commercial and client facing activities of the advertising business and the management and control of the production activities required to deliver advertising projects.

Under this new structure, the Company acts principally as the client facing and commercial entity, contracting with and invoicing clients for advertising production services. TLO acts principally as the production control entity, managing, contracting and coordinating the production activities and expenditure required to deliver those projects.

The Company's strategy is to continue developing relationships with existing and new domestic and international clients, securing new production opportunities and maintaining appropriate commercial discipline over project pricing and margins. The Company will continue to work closely with TLO to improve visibility over production costs and project profitability.

Performance

2025 represented the Company's first period of trading under the revised operating structure.

The Company reported a loss before tax for the period of $1.95m. The reorganisation of the business’s operating structure, including the redefinition of its autonomous operations in Mexico, resulted in approximately $2.4 million of production related costs being recharged by TLO to the Company. This had a material adverse impact on the Company’s reported gross margin and profitability for 2025. 2025 was the first period of operation under this new structure and these costs related to its establishment and are not expected to recur.

Financial KPI
	2025

Revenue	$29.93m
Loss before tax	$(1.95)m
GP margin	(2.97)%

Page 1

THE LIFT ADVERTISING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2025

Principal risks and uncertainties

Advertising production is project based and the number, size and timing of projects can vary between periods. Changes in the timing of projects can affect the Company's revenue and profitability between reporting periods.

The Company operates in a competitive international advertising production market which is cyclical and often sensitive to cost. Competition arises from production service businesses operating in Mexico and other production locations, including lower cost territories. The Company's ability to maintain and develop its business is dependent upon maintaining strong relationships with existing clients, winning new production opportunities and continuing to provide the quality and level of service expected by its clients.

AI and agency vertical integration are developing trends within the industry which management continues to monitor for their potential impact on the Company's activities.

The Company is reliant on global economic activity and demand for advertising production, in addition to local factors within Mexico. A significant proportion of the Company's clients are based in the United States and changes in economic conditions in that market may therefore affect demand for the Company's services.

As a significant proportion of production services are undertaken in Mexico while the Company's customers are located outside Mexico, the Company is exposed to fluctuations in the value of the Mexican Peso, particularly against the US Dollar.

The Company is dependent upon TLO for the provision and management of the production services required to deliver advertising projects contracted by the Company. While production activities and costs are managed and controlled principally through TLO, the Company remains exposed to the financial outcome of the projects it contracts with clients.

TLO in turn works with related party and third party suppliers in delivering those production activities. The successful delivery of projects, therefore depends upon the effective coordination, availability and performance of the production resources and suppliers involved.

This report was approved by the board on 27 October 2026 and signed on its behalf.

A A Rodriguez

Director

Page 2

THE LIFT ADVERTISING LIMITED

DIRECTOR'S REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2025

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

Principal activity

The principal activity of the Company during the period was the provision of advertising production services to clients.

Results and dividends

The loss for the period, after taxation, amounted to $1,954,878.

The shareholder’s funds of the Company total $507,485. No dividends were declared in the period.

Director

The director who served during the period was:

A A Rodriguez (appointed 11 July 2024)

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements 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 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 to enable him 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.

Page 3

THE LIFT ADVERTISING LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2025

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Going concern

By considering the Company's cash flow forecast, the Director is confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. On that basis, the director considers that it is appropriate to prepare the financial statements on a going concern basis.

Auditors

The auditors, Wisteria Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 October 2026 and signed on its behalf.

A A Rodriguez

Director

Page 4

THE LIFT ADVERTISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT ADVERTISING LIMITED

Opinion

We have audited the financial statements of The Lift Advertising Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Page 5

THE LIFT ADVERTISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT ADVERTISING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the 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.

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 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.

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 have no realistic alternative but to do so.

Page 6

THE LIFT ADVERTISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT ADVERTISING LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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:

∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxations laws.

∙We understood how the Company is complying with those legal and regulatory frameworks through discussions with management and those charged with governance.

∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

−identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

−understanding how those charged with governance and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

−challenging assumptions and judgements made by management in its significant accounting estimates;

−identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

−assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

∙Performing a detailed review of the Company's period-end adjusting entries;

∙Enquiries being made of management with regard to actual and potential litigation and claims;

∙Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;

∙Testing the appropriateness of the accounting policies relating the revenue recognition and performing specific procedures over the occurrence and cut-off of revenue around the period end;

∙Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;

∙Performing a detailed review of key accounting estimates, and assessing whether the judgements made in arriving at the accounting estimates are indicative of potential bias; and

Page 7

THE LIFT ADVERTISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE LIFT ADVERTISING LIMITED (CONTINUED)

∙We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.

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

Use of our report

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

Barry Au FCA (Senior Statutory Auditor)

for and on behalf of

Wisteria Audit Ltd

Chartered Accountants

Statutory Auditors

Pikes End

Pinner

Middlesex

HA5 2EX

27 October 2026

Page 8

THE LIFT ADVERTISING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2025

	2025
Note	$


Turnover	4	29,927,910
Cost of sales		(30,816,368)
Gross loss		(888,458)
Administrative expenses		(1,068,986)
Operating loss	5	(1,957,444)
Interest receivable and similar income	9	2,566
Loss before tax		(1,954,878)
Tax on loss	10	-
Loss for the financial period		(1,954,878)

There was no other comprehensive income for 2025.

The notes on pages 14 to 24 form part of these financial statements.

Page 9

THE LIFT ADVERTISING LIMITED

REGISTERED NUMBER: 15833349

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025
Note		$

Fixed assets
Intangible assets	11		2,363,856
			2,363,856
Current assets
Debtors: amounts falling due within one year	12	6,853,683
Cash at bank and in hand	13	622,400
		7,476,083
Creditors: amounts falling due within one year	14	(9,332,454)
Net current liabilities			(1,856,371)
Total assets less current liabilities			507,485

Net assets			507,485

Capital and reserves
Called up share capital	16	13
Share premium account	17	2,462,350
Profit and loss account	17	(1,954,878)
		507,485

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2026.

A A Rodriguez

Director

The notes on pages 14 to 24 form part of these financial statements.

Page 10

THE LIFT ADVERTISING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	$	$	$	$
At 11 July 2024	-	-	-	-

Loss for the period	-	-	(1,954,878)	(1,954,878)
Shares issued during the period	13	2,462,350	-	2,462,363
At 31 December 2025	13	2,462,350	(1,954,878)	507,485

The notes on pages 14 to 24 form part of these financial statements.

Page 11

THE LIFT ADVERTISING LIMITED

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2025

			2025
			$

Cash flows from operating activities
(Loss) for the financial period	(1,954,878)
Adjustments for:
Amortisation of intangible assets	98,494
Interest received	(2,566)
(Increase) in debtors	(6,853,683)
Increase in creditors	9,331,430
Foreign exchange	26,400
Net cash generated from operating activities	645,197

Cash flows from investing activities
Interest received	2,566
Net cash from investing activities	2,566
Cash flows from financing activities
Issue of ordinary shares	13
Receipt of proceeds from loans	1,024
Net cash generated from financing activities	1,037
Net increase in cash and cash equivalents	648,800
Foreign exchange losses	(26,400)
Cash and cash equivalents at the end of period	622,400

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	622,400
	622,400

The notes on pages 14 to 24 form part of these financial statements.

Page 12

THE LIFT ADVERTISING LIMITED

ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 DECEMBER 2025


Cash flows	Foreign exchange movements	At 31 December 2025
$	$	$

Cash at bank and in hand	648,800	(26,400)	622,400
Debt due within 1 year	(1,024)	-	(1,024)
	647,776	(26,400)	621,376

The notes on pages 14 to 24 form part of these financial statements.

Page 13

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

1.	General information

The Lift Advertising Limited is a private company limited by shares incorporated on 11th July 2024 in England and Wales. The registered office is 86-90 3rd Floor, Paul Street, London, EC2A 4NE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are prepared in United States Dollars, as this is the functional and presentational currency of the Company. Monetary amounts in these financial statements are rounded to the nearest dollar.

The financial statements cover the long period of 17 months from incorporation on 11 July 2024 to 31 December 2025. The accounting reference period was extended to align the company's financial year end with the reporting timeline of the group. As this is the first financial period for the company, no comparative information is presented.

The following principal accounting policies have been applied:

2.2

Going concern

2.3

Turnover

Turnover is recognised in respect of the production for commercials from the point at which the Company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which the shooting of the commercial commences. No profit element is recognised until the Company is able to estimate the profit on the commercial reliably.

Page 14

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Goodwill is initially recognised 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 economic life of ten years. Amortisation commences on the acquisition date and is recognised in profit or loss.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Financial instruments

Non-basic financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in profit or loss.

Other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Other financial assets, including investments in equity instruments which are not subsidiaries, 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.

2.9

Taxation

Current tax

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Foreign currency translation

Transactions in currencies other than United States Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date.

Gains and losses arising on translation are included in the profit and loss account for the period.

Page 16

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with Generally Accepted Accounting Practice (GAAP) requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and their reported amounts of revenues and expenses during the period.

Critical judgements

There were no judgements required to be made in preparing the accounts which had, or could have had, a material impact on the financial statements.

Critical estimates

There were critical estimates relating to accrued income, accruals and deferred income that had a material impact on the financial statements.

Accrued income

Management estimate accrued income by considering the project income related to the year that is expected to be invoiced by the Company after the reporting date.

Accruals

Management estimate accruals by considering the project costs related to the year that are expected to be invoiced after the reporting date.

Deferred income

Management estimate deferred income by considering project income which has been invoiced to clients as at the reporting date, but which, by applying the Company’s policy for recognition of Turnover, should not be released to the income statement as at the reporting date.

Page 17

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

4.	Turnover
	An analysis of turnover by class of business is as follows:
		2025
		$

	Production services	29,055,924
	Talent services	871,986
		29,927,910

Analysis of turnover by country of destination:

					2025
					$

	United States of America & Rest of the World	24,070,550
	United Kingdom	4,246,162
	Europe	1,611,198
		29,927,910

5.	Operating loss
	The operating loss is stated after charging:
		2025
		$

Exchange differences

35,451

6.	Auditors' remuneration
		2025
		$

Fees payable to the Company's auditor for the audit of the Company's
financial statements

56,663

	Fees payable to the Company's auditor in respect of non-audit services
	Preparation of the financial statements	3,980
	Taxation compliance services	4,722

Page 18

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

7.	Employees
	Staff costs, including director's remuneration, were as follows:
		2025
		$

	Wages and salaries	163,097
	Social security costs	11,335
	Cost of defined contribution scheme	6,650
		181,082

The average monthly number of employees, including the director, during the period was as follows:

			2025
			No.

		Total	3

8.	Director's remuneration
		2025
		$

	Director's emoluments	11,252
		11,252

9.	Interest receivable
		2025
		$

	Other interest receivable	2,566
		2,566

Page 19

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

10.	Taxation

		2025
		$


	Current tax on profits for the year	-

	Total current tax	-

	Factors affecting tax charge for the period
	The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
					2025
					$

Loss on ordinary activities before tax

(1,954,878)

	Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	(488,719)
	Effects of:
	Expenses not deductible for tax purposes	28,782
	Net non-trade loan relationship credits	(642)
	Utilisation of trade losses	642
	Effects of tax losses carried forward	459,937
	Total tax charge for the period	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

11.	Intangible assets

		Goodwill
		$
	Cost
	Additions	2,462,350
	At 31 December 2025	2,462,350
	Amortisation
	Charge for the period on owned assets	98,494
	At 31 December 2025	98,494
	Net book value
	At 31 December 2025	2,363,856

Goodwill arose on the acquisition of the Advertising Business previously carried on by N19W99 Limited, a company under common control, as part of a group reconstruction completed on 8 August 2025. The goodwill represents the future economic benefits associated with the acquired business, including its reputation, commercial relationships and established operations.

Goodwill is amortised on a straight-line basis over its estimated useful economic life of ten years. The amortisation charge for the period ended 31 December 2025 was $98,494.

At each reporting date, the Company assesses whether there are any indicators that goodwill may be impaired. Where such indicators exist, the carrying amount is compared with the recoverable amount, and any resulting impairment loss is recognised in profit or loss. No impairment loss was recognised during the period.

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THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

12.

Debtors

					2025
					$


	Trade debtors	4,252,918
	Amounts owed by group undertakings	792,815
	Other debtors	104
	Prepayments and accrued income	1,807,846
		6,853,683

Amounts owed by the group undertakings and related parties are unsecured, interest-free and repayable on demand.

13.	Cash and cash equivalents
		2025
		$

	Cash at bank and in hand	622,400
		622,400

14.	Creditors: Amounts falling due within one year
		2025
		$

	Trade creditors	416,272
	Amounts owed to group undertakings	652,595
	Amounts owed to related parties	13,700
	Other taxation and social security	604,962
	Other creditors	1,024
	Accruals and deferred income	7,643,901
		9,332,454

Amounts owed to group undertakings and related parties are unsecured, interest-free and repayable on demand.

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THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

15.	Financial instruments
		2025
		$

	Financial assets
	Financial assets measured at amortised cost	7,153,384

	Financial liabilities
	Financial liabilities measured at amortised cost	(6,143,400)

	Financial assets measured at amortised cost comprise cash at bank, trade debtors, amounts owed by group undertakings and accrued income, as these represent a contractual entitlement to receive money.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, amounts owed to related parties, other creditors and accruals, as they represent a contractual obligation to pay money.

16.	Share capital
		2025
		$

		Allotted, called up and fully paid

		1,001 Ordinary shares of £0.01 each	13

During the period, 1,000 Ordinary shares having a nominal value of £0.01 each were issued on incorporation and a further 1 Ordinary share having a nominal value of £0.01 was allotted on 8 August 2025. Accordingly, at 31 December 2025 the Company had 1,001 Ordinary shares in issue with an aggregate nominal value of £10.01 ($13).

17.

Reserves

Share premium account

The share premium account of $2,462,350 arose on the issue of one ordinary share of £0.01 as consideration for the acquisition of the Advertising Business as part of the group reconstruction completed on 8 August 2025. The excess of the value attributed to the share issued over its nominal value was credited to the share premium account. Further details of the acquired Advertising Business and the related goodwill are set out in Note 11.

Profit and loss account

The profit and loss account comprises all current period retained earnings.

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THE LIFT ADVERTISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2025

18.	Pension commitments

The Company contributes into a defined contribution pension plan. The pension cost charge represents the employer's contributions payable by the Company to the fund and amounted to $6,650. There were employer's contributions outstanding at the period end which totalled $nil.

19.

Related party transactions

N19W99 Limited

During the period, the Company incurred $38,794 of expenses paid on its behalf by N19W99 Limited (a company under the common control of the director). These expenses relate to production services and talent costs. As at 31 December 2025, the amount owing to N19W99 Limited in respect of recharges was $13,700.

Producers Fees

During the period, the Company incurred $406,659 of expenses in respect of Producers fees due to individuals with an indirect minority shareholding in the Company, by virtue of their minority shareholding in the immediate parent of The Lift Holdco Limited (see Note 21). As at 31 December 2025, the amount owed in respect of Producers fees was $91,962.

Transactions with Directors

During the year, the Company incurred $75,430 of expenses in respect of consultancy services from a family member of the director. As at 31 December 2025, the balance outstanding in respect of consultancy services was $nil.

20.	Post balance sheet events

There have been no significant events affecting the Company since the period end.

21.	Controlling party

The Lift Advertising Limited is a fully owned subsidiary of The Lift Holdco Limited, a private company limited by share capital, incorporated in the United Kingdom, Company number 15923995.

The address of the registered office of The Lift Holdco Limited is 86-90 3rd Floor, Paul Street, London, EC2A 4NE.

The ultimate controlling party of The Lift Advertising Limited is A A Rodriguez, by virtue of his indirect majority shareholding in the parent company.

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