Only the BBFC would feel the need to calculate times right to the hundredth of a second, far less than the length of time of a single frame of film.

It couldn't possibly be the 'standard' hours:minutes:seconds:frames would it????

Nah, that doesn't make sense...

Yeah, film is 24 frames per second, so I doubt it. I think its just like the standard time code that appears on workprint footage, and that displays time to the hundredth of a second.

The double zero at the beginning of the time code also indicates reel number so the editor knows where the original shots came from when their editing. If you watch an actual workprint footage those numbers change constantly; they indicate which reel the footage came from; ins (start time), outs (end time) plus last frame time of takes that were used for editing.

That doesn't appear to be the case with the numbers above, though.

In any case, the PAL time listings are going to differ slightly from the NTSC version, so those times just give us a rough estimate anyway.

Obviously the last number is frames - PAL has 25 FPS. The other numbers will still be correct as the extras would have been sourced from video and not film