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Does this only apply to companies with physical operations in the UK? If it applies to all internet entities, then how do they enforce it on a company from another country? If it’s only UK based businesses, then what’s the point? Kids can go to a site hosted in another country.
They can block access to the site if they don’t comply. Then people use VPN.
Also, companies can proactively block traffic coming in from the UK if they don’t feel like abiding by the rules. This generally happens when the cost to change their service to fit the law is higher that the amount they make from serving that country. It happened with GDPR.