IRIS Accounts Production v25.1.4.42 08157548 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 business process outsourcing (BPO). The Group provides complete customer management solutions including inbound and outbound, online and telephone, sales and customer service activities. The Group undertakes Data Generation and Analyitics as ownership of data from reliable sources is an essential part of our business. 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REGISTERED NUMBER: 08157548 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Intelling Ltd.

| Intelling Ltd. (Registered number: 08157548) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Statement of Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| Intelling Ltd. |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | P Morgan

| B Rao

| M L Sharda

| REGISTERED OFFICE: | Southmoor House

| Southmoor Road

| Wythenshawe

| Manchester

| M23 9XD

| REGISTERED NUMBER: | 08157548 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| 116 Duke Street

| Liverpool

| Merseyside

| L1 5JW

| Intelling Ltd. (Registered number: 08157548) |

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The year to December 2024 was a transitional period for the Group as we became majority owned by Startek Inc. in July 2024. In FY24 we consolidated our activities with key clients and retained them throughout FY24. However, the anticipated growth from the long-term contracts did not materialise in FY24. Whilst our relationships with our key long-term client's is still good, they are going through a transition period due to the economic downturn. We are in close discussions and expect to gain a larger share of outsourced activities later in 2025 and in 2026.

We continue to be a multi-channel data and customer management business and operate in three business areas:

- Business Process Outsourcing (BPO): complete customer management solutions for both inbound and outbound activities, combining our omni-channel platform technology with commitment to building in depth knowledge of our customers to provide highly effective and economic solutions.

- Data Generation and Analytics: ownership of data from reliable sources.

- Price Comparison: generating new customers for major brands in our core areas of mobile and telecoms, which blends our core BPO skills with the data assets we create.

REVIEW OF BUSINESS

The statement of financial position of the Group shows net liabilities of £8,047k (2023 - net liabilities £1,690k) due to the restructuring of the company as part of the acquisition by Startek Inc. This included writing off intercompany balances owed to Intelling Limited from other Intelling Group Holdings businesses in FY24.

We reduced our investment in intangible Customer Data assets in FY24 to reduce the higher risk associated with our Price Comparison business. We have continued to value our data as an intangible asset and have consistently applied our accounting policies throughout the period, including writing off data that was over three years old in line with GDPR policies. The remainder of our Intangible Assets are considered to be appropriately valued by the amortisation rates adopted.

The underlying company performance steadied in FY24 but has taken a step back in FY25 as our key clients conduct strategic reviews as part of their transition processes. We expect to see growth later in 2025 and throughout 2026. In FY24:

- Gross profit was impacted by slower growth than anticipated and reduced from £9,962k to £8,565k and Gross Profit percentage reduced to 31.9% (FY23 - 36.0%).

- Operating Loss increased from £5,618k to £7,617k due to:

- the investment we have made in the business to support planned growth from FY25 onwards

- exceptional charges of £2,531k for restructuring charges related to the acquisition by Startek Inc

- increased data amortisation costs as part of the acquisition by Startek Inc (impact of £3,241k in FY24)

- Net Loss after tax for FY24 was £6,356,551k (FY23 - £4,864k loss) due to exceptional restructuring costs and increased data amortisation.

The Group saw 3% (FY23 - 12% reduction) reduction in sales volume in FY24 with turnover of £26.8m (FY23 - £27.6mn) as anticipated Sales growth did not materialise.

Intelling generates data that is GDPR compliant and has a key data asset in a Consumer file of c.3.3 million unique records that are less than 3 years old. The quality of our consumer file is a key factor in BPO and Switch Experts revenue.

Intelling trading as Switch Experts offers price comparison to customers in three sectors:

- B2c and B2B Telecoms (TV, Broadband and Landlines)

- B2c Mobile.

| Intelling Ltd. (Registered number: 08157548) |

Group Strategic Report

for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

Over-reliance on key BPO clients: we have endeavoured to increase our client base to mitigate this risk. We believe our new relationship with Startek will further reduce key client concentration in the coming 12 months.

The continuous requirement to ensure GDPR compliance: we have been generating qualifying GDPR data since inception and have a director responsible for ensuring compliance with all GDPR legislation. We have had no GDPR issues to date.

Brexit: Brexit has not had any direct impact on the Intelling business, and we believe that Intelling has been Brexit-resilient.

Current economic downturn: the downturn has had an impact on business performance in 2024 and 2025, but with excellent relationships with key customers, 2025 and beyond looks incredibly positive for the business.

DIRECTORS' INDEMNITIES

Directors' and officers' insurance cover is in place for all Directors to provide appropriate cover for their reasonable actions on behalf of the Group. The indemnities, which constitute a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006, were in force during the 2024 financial period and remain in force for all current and past Directors of the Group.

The Directors are extremely positive about the future of the Group.

ON BEHALF OF THE BOARD:

P Morgan - Director

3 September 2025

| Intelling Ltd. (Registered number: 08157548) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

P Morgan has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

S Rizvi - resigned 27 June 2024

C A Winnard - resigned 23 July 2024

B Rao - appointed 23 July 2024

M L Sharda - appointed 23 July 2024

DISCLOSURES INCLUDED IN THE STRATEGIC REPORT

The strategic report contains information on future developments, financial risk and exposure and research and development activities.

BRANCHES OUTSIDE OF THE UK

Subsidiaries included in these Group financial statements are companies outside of the UK. Intelling South Africa (PTY) Ltd, is a company registered in South Africa which carries out its trade and operations in South Africa. Intelling India Private Limited is a company registered in India which carries out its trades and operations in India.

ENGAGEMENT WITH EMPLOYEES

Disabled persons

During the period, the Group gave full and fair consideration to applications for employment made by disabled persons, having regard to their aptitudes and abilities.

Employee involvement

During the period, the Group provided employees systematically with information on matters of concern to them as employees using the following methods:

- Daily briefs

- Company updates during Site Awards

- Company newsletters

- Social Media

During the period the Group consulted employees on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests, including:

- Monthly Employee Forums

- Quarterly Employee Surveys

- Encouraged the involvement of employees in the company's performance through commission schemes

- Achieved a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company through education and training.

| Intelling Ltd. (Registered number: 08157548) |

Report of the Directors

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Morgan - Director

3 September 2025

Report of the Independent Auditors to the Members of

Intelling Ltd.

Opinion

We have audited the financial statements of Intelling Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the year 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 group 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 group's and the parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Intelling Ltd.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Intelling Ltd.

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 a Report of the Auditors 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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected farad identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks.

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including and known actual, suspected or alleged instances of fraud.

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements and FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to General Data Protection Regulation (GDPR) and the Financial Conduct Authority (FCA). Enquiries and discussions with management were carried out to asses whether the company is in compliance with these laws and regulations.

The audit engagement team identified the risk of management override of controls, revenue recognition and the valuation of intangible fixed assets as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgements and estimates applied in revenue recognition and the valuation of intangible fixed assets.

A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Council's website and http://www.frc.org.uk/auditors responsibilities.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of

Intelling Ltd.

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 a Report of the Auditors 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.

Rebecca Richards FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

3 September 2025

| Intelling Ltd. (Registered number: 08157548) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 26,838,702 |  | 27,641,719 |  |

Cost of sales | 18,273,793 |  | 17,680,126 |  |

GROSS PROFIT | 8,564,909 |  | 9,961,593 |  |

Administrative expenses | 16,181,980 |  | 15,579,591 |  |

OPERATING LOSS | (7,617,071 | ) | (5,617,998 | ) |

Interest receivable and similar income | - |  | 1,536 |  |

(7,617,071 | ) | (5,616,462 | ) |

Interest payable and similar expenses | 6 | 589,271 |  | 102,770 |  |

LOSS BEFORE TAXATION | 7 | (8,206,342 | ) | (5,719,232 | ) |

Tax on loss | 8 | (1,849,791 | ) | (855,600 | ) |

LOSS FOR THE FINANCIAL YEAR | (6,356,551 | ) | (4,863,632 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (6,356,551 | ) | (4,863,632 | ) |

Loss attributable to:

Owners of the parent | (6,356,551 | ) | (4,863,632 | ) |

Total comprehensive income attributable to:

Owners of the parent | (6,356,551 | ) | (4,863,632 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Consolidated Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 1,951,275 |  | 5,916,116 |  |

Tangible assets | 11 | 477,861 |  | 942,076 |  |

Investments | 12 | - |  | - |  |

2,429,136 |  | 6,858,192 |  |

CURRENT ASSETS

Debtors | 13 | 11,574,665 |  | 7,018,421 |  |

Cash at bank and in hand | 84,489 |  | 119,887 |  |

11,659,154 |  | 7,138,308 |  |

CREDITORS

Amounts falling due within one year | 14 | 12,610,409 |  | 15,463,661 |  |

NET CURRENT LIABILITIES | (951,255 | ) | (8,325,353 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,477,881 |  | (1,467,161 | ) |

CREDITORS

Amounts falling due after more than one year | 15 | 9,524,639 |  | 223,046 |  |

NET LIABILITIES | (8,046,758 | ) | (1,690,207 | ) |

CAPITAL AND RESERVES

Called up share capital | 20 | 1,002 |  | 1,002 |  |

Share premium | 21 | 331,000 |  | 331,000 |  |

Retained earnings | 21 | (8,378,760 | ) | (2,022,209 | ) |

SHAREHOLDERS' FUNDS | (8,046,758 | ) | (1,690,207 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

P Morgan - Director

| Intelling Ltd. (Registered number: 08157548) |

Company Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 1,951,275 |  | 5,916,116 |  |

Tangible assets | 11 | 460,416 |  | 932,785 |  |

Investments | 12 | 1,740 |  | 804 |  |

2,413,431 |  | 6,849,705 |  |

CURRENT ASSETS

Debtors | 13 | 11,538,833 |  | 7,017,711 |  |

Cash at bank | 45,299 |  | 119,665 |  |

11,584,132 |  | 7,137,376 |  |

CREDITORS

Amounts falling due within one year | 14 | 12,656,625 |  | 15,495,332 |  |

NET CURRENT LIABILITIES | (1,072,493 | ) | (8,357,956 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,340,938 |  | (1,508,251 | ) |

CREDITORS

Amounts falling due after more than one year | 15 | 9,524,639 |  | 223,046 |  |

NET LIABILITIES | (8,183,701 | ) | (1,731,297 | ) |

CAPITAL AND RESERVES

Called up share capital | 20 | 1,002 |  | 1,002 |  |

Share premium | 21 | 331,000 |  | 331,000 |  |

Retained earnings | 21 | (8,515,703 | ) | (2,063,299 | ) |

SHAREHOLDERS' FUNDS | (8,183,701 | ) | (1,731,297 | ) |

Company's loss for the financial year | (6,452,404 | ) | (4,904,722 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

P Morgan - Director

| Intelling Ltd. (Registered number: 08157548) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 1,002 |  | 2,841,423 |  | 331,000 |  | 3,173,425 |  |

Changes in equity

Total comprehensive income | - |  | (4,863,632 | ) | - |  | (4,863,632 | ) |

Balance at 31 December 2023 | 1,002 |  | (2,022,209 | ) | 331,000 |  | (1,690,207 | ) |

Changes in equity

Total comprehensive income | - |  | (6,356,551 | ) | - |  | (6,356,551 | ) |

Balance at 31 December 2024 | 1,002 |  | (8,378,760 | ) | 331,000 |  | (8,046,758 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 1,002 |  | 2,841,423 |  | 331,000 |  | 3,173,425 |  |

Changes in equity

Total comprehensive income | - |  | (4,904,722 | ) | - |  | (4,904,722 | ) |

Balance at 31 December 2023 | 1,002 |  | (2,063,299 | ) | 331,000 |  | (1,731,297 | ) |

Changes in equity

Total comprehensive income | - |  | (6,452,404 | ) | - |  | (6,452,404 | ) |

Balance at 31 December 2024 | 1,002 |  | (8,515,703 | ) | 331,000 |  | (8,183,701 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (4,256,082 | ) | 3,432,659 |  |

Interest paid | (528,919 | ) | (84,614 | ) |

Interest element of hire purchase payments paid | (60,352 | ) | (18,156 | ) |

Tax paid | (6,612 | ) | (369,466 | ) |

Net cash from operating activities | (4,851,965 | ) | 2,960,423 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (3,672,181 | ) | (4,503,632 | ) |

Purchase of tangible fixed assets | (131,473 | ) | (478,218 | ) |

Interest received | - |  | 1,536 |  |

Net cash from investing activities | (3,803,654 | ) | (4,980,314 | ) |

Cash flows from financing activities

Capital repayments in year | (61,549 | ) | 218,831 |  |

Amount introduced by directors | - |  | 571,300 |  |

Amount withdrawn by directors | (63,475 | ) | - |  |

Loan from parent company | 8,564,767 |  | 2,400,000 |  |

Loans made to related parties | - |  | (1,284,695 | ) |

Related party loan repaid | 180,478 |  | - |  |

Net cash from financing activities | 8,620,221 |  | 1,905,436 |  |

Decrease in cash and cash equivalents | (35,398 | ) | (114,455 | ) |

Cash and cash equivalents at beginning of year | 2 | 119,887 |  | 234,342 |  |

Cash and cash equivalents at end of year | 2 | 84,489 |  | 119,887 |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Loss before taxation | (8,206,342 | ) | (5,719,232 | ) |

| Depreciation charges | 6,820,948 |  | 5,492,359 |  |

| Impairment | 1,411,796 |  | - |  |

| Intercompany loan write off | - |  | 2,373,915 |  |

| Finance costs | 589,271 |  | 102,770 |  |

| Finance income | - |  | (1,536 | ) |

615,673 |  | 2,248,276 |  |

| (Increase)/decrease in trade and other debtors | (2,846,799 | ) | 1,337,396 |  |

| Decrease in trade and other creditors | (2,024,956 | ) | (153,013 | ) |

| Cash generated from operations | (4,256,082 | ) | 3,432,659 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 84,489 |  | 119,887 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 119,887 |  | 234,342 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 119,887 |  | (35,398 | ) | 84,489 |  |

119,887 |  | (35,398 | ) | 84,489 |  |

| Debt

| Finance leases | (384,355 | ) | 61,549 |  | (322,806 | ) |

| Debts falling due within 1 year | - |  | (2,501,437 | ) | (2,501,437 | ) |

| Debts falling due after 1 year | - |  | (800,627 | ) | (800,627 | ) |

(384,355 | ) | (3,240,515 | ) | (3,624,870 | ) |

| Total | (264,468 | ) | (3,275,913 | ) | (3,540,381 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Intelling Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared 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 have been prepared under the historical cost convention.

| The directors have prepared the financial statements on a going concern basis despite the net liability position. Between 2022 and 2024 the Group has supported its immediate parent company in making loan repayments that were subject to a variable rate of interest, the loan existed as part of a restructure in 2021.

| on 23 July 2024 Intelling Ltd was sold by its immediate parent company, Intelling Group Limited, to CSP Alpha Holdings Pte Ltd. Following the restructure the Group was able to transfer its short term borrowings from Investec Bank PLC to a term loan and has received further support from its new parent company. The new parent company has offered a facility that Intelling Ltd are still able to drawdown on.

| The directors have used forecasts and modelling for a period of 3 years to demonstrate that the Group will trade profitably and return to a net asset position.

| Basis of consolidation

| The consolidated accounts consist of the parent company and its three subsidiaries. All subsidiaries have a reporting date of 31 December 2024. All subsidiaries were acquired on the day of incorporation and therefore there are no fair value adjustments or goodwill arising on consolidation.

| A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary's financial statements to apply the Group's accounting policies when preparing the consolidated financial statements.

| The consolidated accounts are prepared by combining the results of consolidating entities and eliminating any inter company transactions and balances.

| Intelling South Africa (PTY) Limited

| The combining subsidiary's functional currency is the South African Rand (ZAR). The balance sheet is converted to Pound Sterling (£) at 31 December 2024 using the official rate at that date. Any foreign exchange differences occurring as a result of eliminating inter company transactions is recognised in the Consolidated Income Statement as either a profit or a loss.

| Intelling India Private Limited

| The combining subsidiary's functional currency is the Indian Rupee (INR). The balance sheet is converted to Pound Sterling (£) at 31 December 2024 using the official rate at that date. Any foreign exchange differences occurring as a result of eliminating inter company transactions is recognised in the Consolidated Income Statement as either a profit or a loss.

| Intelling Ireland Limited

| Intelling Ireland Limited is a UK company and is dormant throughout 2024.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Critical accounting judgements and key sources of estimation uncertainty

| Judgement and key sources of estimated 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 relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Revisions to accounting estimates are recognised in the period in which the estimates 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..

| Key sources of estimated uncertainty

| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Customer data valuation

| Customer data represent a significant proportion of the Group's assets. The charge in respect of periodic ammortisation is derived after determining an estimate of the asset's useful live at a period in time.

| Management judgment is used to determine the amount of customer data intangible to be capitalised, based upon the historic performance of data sources having considered both the expected economic benefit to be derived from the acquired data and the commercial considerations that derive useful economic life. These considerations include expected contract renewals and the period over which the veracity of the data deteriorates.The Intangible Assets accounting policy sets out the estimation technique used when valuing Customer Data.

| In 2024 a change in estimation technique has resulted in additional amortisation of data stock of £2,177,658 of which £425,981 is in relation to the current year and £1,429,827 relating to prior periods. During the year £3,307,673 of data stock has been capitalised. The value of Customer Data at 31 December 2024 is £1,585,618.

| Useful economic lives of intangible and tangible assets.

| The annual amortisation charge for intangible assets (other than Customer Data) and the depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current carrying value, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets.

| During an impairment review management have impaired tangible fixed assets with a carrying value of £378,130 to nil. Management believe that these assets do not have a recoverable value. The impairment loss is shown in administrative expenses.

| Previously capitalised Development Costs in relation to a project that has ended in 2024 have been impaired to nil. The project was no longer feasible and management believed that the asset did not have a recoverable amount. The amounts capitalised amounted to £1,917,917, the carrying value at 1 January 2024 and the subsequent impairment loss was £1,033,666. The impairment loss is shown in administrative expenses.

| See note 11 for the carrying amount of the intangible assets, note 12 for the carrying amount of the tangible assets, and note 1 for the useful economic lives for each class of assets.

| Accruals

| Management have estimated that a holiday pay accrual amounting to £300,000 existed at the year end. The accrual is based on an average daily rate per employee.

| Impairment of debtors

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtors, the ageing profile of debtors and historical experience. A the balance sheet date debtors totalling £1,374,825 have been impaired. See note 14 for the net carrying amount of the debtors.

| Turnover

| Turnover represents the total amount receivable by the company for services provided, excluding value added tax and trade discounts. Revenue is recognised at the point when the company has met its contractual obligations and obtained its right to full consideration.

| Intangible assets

| Intangible fixed assets are recognised at cost less accumulated amortisation and impairment losses where applicable. Expenditure on development is capitalised as development costs in the year in which it is incurred. Research costs are written off in the year of expenditure through profit and loss.

| The company acquires customer data to use in its commercial activities which is initially recognised at cost.

| Amortisation is recognised so as to write the cost of the asset less their residual values over their useful lives on the following basis:

| Development costs |  | 25% straight line |  |

| Customer data |  | see below |  |

| The estimated useful life of Customer Data is used to value the data and any excess being amortisation in the year, recognised in the income statement.

| Previously, Customer Data was given an estimated life of 3 years, which reduced from day one in 6 monthly increments as follows:

| At the end of... |  | Value remaining |  | Charged as |

| Month 6 |  | 50% |  | 50% after 6 months |

| Month 12 |  | 25% |  | 25% after 12 months |

| Month 18 |  | 10% |  | 15% after 18 months |

| Month 36 |  | 0% |  | 10% after 36 months |

| From 2024, a change in the estimated useful life and valuations of Customer Data has been changed to the following:

| At the end of... |  | Value remaining |  | Charged as |  |

| Month 1 |  | 40% |  | 60% after 1 month |  |

| Month 12 |  | 18% |  | 2% per month = 22% |  |

| Month 24 |  | 6% |  | 1% per month = 12% |  |

| Month 36 |  | 0% |  | 0.5% per month = 6% |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | 15% on cost

| Improvements to property | - | 15% on cost

| Fixtures and fittings | - | 15% on reducing balance

| Computer equipment | - | 25% on cost

| Fixed assets are recognised at cost less depreciation and impairment where applicable.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss(if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use , the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset fo which the estimates of future cash flows have not been adjusted.

| If the recoverable amount of an asset( or cash - generating unit) is estimated to be less than it's carrying amount, the carrying amount of the asset( or cash- generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Group has elected to apply the provisions of section 11 'Basic financial instrument's' and section 12' Other financial instrument's issues' of FRS 102 to all of its financial instrument's.

| Financial instrument's are recognised 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 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

| Basic financial assets, which include trade and other debtors, amounts due from group undertakings 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 constitute a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Impairment of financial assets

| Financial assets 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 estimates cash flows discounted at the asset's original effective interest rate.

| 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 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 subsequently 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 party.

| Classification of financial liabilities

| 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

| Basic financial liabilities, including trade and other creditors, bank and other loans and amounts due to group undertakings, 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.

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

| Derecognition of financial liabilities

| Financial liabilities are recognised when the company's contractual obligations are discharged, cancelled or they expire.

| Equity Instruments

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

| Taxation

| The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

| Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

| Current tax assets and current tax liabilities are deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the assets and settle the liability simultaneously.

| Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

| Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised , or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

| Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in difference periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the leases. All other leases are classified as operating leases.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Employee benefits

| The cost of short-term employee benefits are recognised as a liability and an expense.

| The cost of unused holiday entitlement is recognised in the period in which the employee's services are received.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Investments in subsidiaries in the parent company balance sheet are initially measured at cost and subsequently measured at cost less impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and 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.

| Exceptional items

| When items included in the Consolidated Statement of Comprehensive Income are considered to be exceptional items due to their size or incidence, these items are disclosed separately as Exceptional Items and a description of the nature and amounts is given in the notes to the financial statements.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Business process outsourcing | 22,577,210 |  | 22,341,465 |  |

| Price comparison and switching | 4,261,492 |  | 5,300,254 |  |

26,838,702 |  | 27,641,719 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 14,798,153 |  | 16,598,442 |  |

| Social security costs | 995,883 |  | 1,105,075 |  |

| Other pension costs | 380,077 |  | 450,431 |  |

16,174,113 |  | 18,153,948 |  |

| The average number of employees during the year was as follows:

| 31.12.24 |  | 31.12.23

| Operations | 485 |  | 608 |  |

| Administration | 67 |  | 62 |  |

| Senior management | 2 |  | 4 |  |

| Non UK operations | 299 |  | 274 |  |

853 |  | 948 |  |

| The Group operates a defined contribution pension scheme that all employees are entitled to join. The cost to the Group for the year amounted to £380,077 (2023 £450,431). Included in other creditors is £53,410 (2023 £74,053) relating to employer pension contributions unpaid at the year end.

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 200,468 |  | 110,990 |  |

| Directors' pension contributions to money purchase schemes | 5,136 |  | 5,136 |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

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

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

| 31.12.24 |

£ |  |

| Emoluments etc | 146,558 |  |

| Pension contributions to money purchase schemes | 5,136 |  |

5. | EXCEPTIONAL ITEMS

| 31.12.24 |  | 31.12.23

£ | £ |

| Exceptional items | (1,213,014 | ) | (2,531,625 | ) |

| Exceptional items in the current year are in respect of loans made to the Group's previous parent company Intelling Group Limited prior to July 2024 totalling £945,087. The company was dissolved in 2025 and the loan is not recoverable. The loan was made to assist Intelling Group Limited with the sale of Intelling Ltd. The sale completed in July 2024.

| A loan made to a fellow subsidiary has been impaired as the directors do not believe it to be recoverable. The amount impaired at 31 December 2024 was £267,927.

| In the prior year the group incurred one off fees related to refinancing and restructuring their debt and the group, these costs amount to £309,346, due to their size and nature they have been disclosed as an exceptional item.

| In the prior year the Group was part of a reorganisation and the parent company, Intelling Acquisition Limited sold its shares in Intelling Limited. As a result of this sale loans due to Intelling Limited from group undertakings including Intelling Acquisition Limited have been written off after the balance sheet date. At 31 December 2023 the loans have been impaired to nil, resulting in a loss of £2,373,914 included in exceptional items.

| In the prior year trade debtors have been impaired by £740,960 due to a change in the contractual terms with some customers over a two year period to 31 December 2023, this impairment has been classified as an exceptional item due to its nature and size.

| In 2022 the group was part of a restructure and existing shareholders sold their interests in the parent undertaking, Intelling Group Limited. There was an agreement to pay the management team bonus of £892,595 including interest. Since 31 December 2022 management have waived their right to the bonus and thus it has been credited to exceptional items in 2023.

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| HMRC interest | 30,358 |  | 84,614 |  |

| Loan | 498,561 |  | - |  |

| Hire purchase | 60,352 |  | 18,156 |  |

589,271 |  | 102,770 |  |

| Loan interest includes £251,861 (2023 Nil) which is payable to the parent company, CSP Alpha Holdings Pte. Ltd.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | LOSS BEFORE TAXATION

| The loss is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire of plant and machinery | 71,939 |  | 32,597 |  |

| Other operating leases | 950,844 |  | 887,394 |  |

| Depreciation - owned assets | 115,952 |  | 269,789 |  |

| Depreciation - assets on hire purchase contracts | 101,639 |  | 56,122 |  |

| Customer data amortisation | 6,549,413 |  | 4,982,576 |  |

| Development costs amortisation | 53,944 |  | 183,871 |  |

| Auditors' remuneration | 37,000 |  | 37,000 |  |

| Other non- audit services | 5,000 |  | - |  |

| Foreign exchange differences | (16,602 | ) | 1,795 |  |

| Exceptional items | 1,213,014 |  | 2,531,625 |  |

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 40,166 |  | - |  |

| Foreign taxation | - |  | 10,751 |  |

| Total current tax | 40,166 |  | 10,751 |  |

| Deferred tax:

| Deferred tax on losses | (1,798,026 | ) | (798,736 | ) |

| Origination and reversal of ti

| ming differences | (91,931 | ) | (67,615 | ) |

| Total deferred tax | (1,889,957 | ) | (866,351 | ) |

| Tax on loss | (1,849,791 | ) | (855,600 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

8. | TAXATION - continued

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Loss before tax | (8,206,342 | ) | (5,719,232 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | (2,051,586 | ) | (1,429,808 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 206,716 |  | 583,077 |  |

| Capital allowances in excess of depreciation | - |  | (6,211 | ) |

| deduction |

| Different tax rates outside of UK | (4,921 | ) | (2,658 | ) |

| Total tax credit | (1,849,791 | ) | (855,600 | ) |

| At 31 December 2024 the parent company, Intelling Limited, had tax losses carried forward of £10,387,047. The directors believe that sufficient future profits will be generated to utilise the loss and a deferred tax asset has been recognised.

| Deferred tax at the reporting date have been measured using the substantively enacted rates that will be in effect when the deferred tax assets and liabilities are expected to unwind. This results in a deferred tax rate of 25%.

| A subsidiary, Intelling South Africa (Pty) Ltd is subject to tax in South Africa, the main rate of tax is 27%.

| A subsidiary, Intelling India Ltd is subject to tax in India, the main rate of tax is 25%.

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | INTANGIBLE FIXED ASSETS

| Group

| Customer |  | Development |

| data |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 18,051,001 |  | 2,295,680 |  | 20,346,681 |  |

| Additions | 3,307,673 |  | 364,508 |  | 3,672,181 |  |

| Disposals | (8,039,620 | ) | - |  | (8,039,620 | ) |

| Impairments | - |  | (2,240,586 | ) | (2,240,586 | ) |

| At 31 December 2024 | 13,319,054 |  | 419,602 |  | 13,738,656 |  |

| AMORTISATION

| At 1 January 2024 | 13,223,643 |  | 1,206,922 |  | 14,430,565 |  |

| Amortisation for year | 6,549,413 |  | 53,944 |  | 6,603,357 |  |

| Eliminated on disposal | (8,039,620 | ) | - |  | (8,039,620 | ) |

| Impairments | - |  | (1,206,921 | ) | (1,206,921 | ) |

| At 31 December 2024 | 11,733,436 |  | 53,945 |  | 11,787,381 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,585,618 |  | 365,657 |  | 1,951,275 |  |

| At 31 December 2023 | 4,827,358 |  | 1,088,758 |  | 5,916,116 |  |

| The Group acquires customer data to use in its commercial activities. Additions in the period total £3,307,673. Customer data has a useful life of 3 years. Amortisation charges are included in Administrative Expenses in the Consolidated Statement of Comprehensive Income.

| As described in note 23 to the financial statements security is given in respect of liabilities of other group companies against the assets of the company.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | INTANGIBLE FIXED ASSETS - continued

| Company

| Customer |  | Development |

| data |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 18,051,001 |  | 2,295,680 |  | 20,346,681 |  |

| Additions | 3,307,673 |  | 364,508 |  | 3,672,181 |  |

| Disposals | (8,039,620 | ) | - |  | (8,039,620 | ) |

| Impairments | - |  | (2,240,586 | ) | (2,240,586 | ) |

| At 31 December 2024 | 13,319,054 |  | 419,602 |  | 13,738,656 |  |

| AMORTISATION

| At 1 January 2024 | 13,223,643 |  | 1,206,922 |  | 14,430,565 |  |

| Amortisation for year | 6,549,413 |  | 53,944 |  | 6,603,357 |  |

| Eliminated on disposal | (8,039,620 | ) | - |  | (8,039,620 | ) |

| Impairments | - |  | (1,206,921 | ) | (1,206,921 | ) |

| At 31 December 2024 | 11,733,436 |  | 53,945 |  | 11,787,381 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,585,618 |  | 365,657 |  | 1,951,275 |  |

| At 31 December 2023 | 4,827,358 |  | 1,088,758 |  | 5,916,116 |  |

| The company acquires customer data to use in its commercial activities. Additions in the period total £3,307,673. Customer data has a useful life of 3 years.

| Amortisation charges are included in the Administrative Expenses in the Statement of Comprehensive Income.

| As described in note 23 to the financial statements security is given in respect of liabilities of other group companies against the assets of the company.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS

| Group

| Improvements |  | Fixtures |

| Short |  | to |  | and |  | Computer |

| leasehold |  | property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 16,110 |  | 384,547 |  | 344,234 |  | 1,543,254 |  | 2,288,145 |  |

| Additions | - |  | 90,904 |  | 4,721 |  | 35,848 |  | 131,473 |  |

| Impairments | - |  | (140,344 | ) | (308,102 | ) | (270,776 | ) | (719,222 | ) |

| Exchange differences | - |  | - |  | - |  | (191 | ) | (191 | ) |

| At 31 December 2024 | 16,110 |  | 335,107 |  | 40,853 |  | 1,308,135 |  | 1,700,205 |  |

| DEPRECIATION

| At 1 January 2024 | 16,110 |  | 117,660 |  | 191,167 |  | 1,021,132 |  | 1,346,069 |  |

| Charge for year | - |  | 53,483 |  | 4,285 |  | 159,823 |  | 217,591 |  |

| Impairments | - |  | (64,271 | ) | (180,840 | ) | (95,981 | ) | (341,092 | ) |

| Exchange differences | - |  | - |  | - |  | (224 | ) | (224 | ) |

| At 31 December 2024 | 16,110 |  | 106,872 |  | 14,612 |  | 1,084,750 |  | 1,222,344 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 228,235 |  | 26,241 |  | 223,385 |  | 477,861 |  |

| At 31 December 2023 | - |  | 266,887 |  | 153,067 |  | 522,122 |  | 942,076 |  |

| As described in note 23 to the financial statements security is given in respect of liabilities of other group companies against the assets of the company.

| Depreciation charges are included in the Administrative Expenses in the Consolidated Statement of Comprehensive Income.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | - |  | 34,218 |  | 210,772 |  | 244,990 |  |

| Additions | 75,655 |  | - |  | 3,783 |  | 79,438 |  |

| Impairments | - |  | (34,218 | ) | (13,225 | ) | (47,443 | ) |

| Transfer to ownership | - |  | - |  | (261,187 | ) | (261,187 | ) |

| Reclassification/transfer | - |  | - |  | 406,362 |  | 406,362 |  |

| At 31 December 2024 | 75,655 |  | - |  | 346,505 |  | 422,160 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 14,780 |  | 188,302 |  | 203,082 |  |

| Charge for year | 15,131 |  | - |  | 86,508 |  | 101,639 |  |

| Impairments | - |  | (14,780 | ) | (827 | ) | (15,607 | ) |

| Transfer to ownership | - |  | - |  | (225,259 | ) | (225,259 | ) |

| Reclassification/transfer | - |  | - |  | 108,558 |  | 108,558 |  |

| At 31 December 2024 | 15,131 |  | - |  | 157,282 |  | 172,413 |  |

| NET BOOK VALUE

| At 31 December 2024 | 60,524 |  | - |  | 189,223 |  | 249,747 |  |

| At 31 December 2023 | - |  | 19,438 |  | 22,470 |  | 41,908 |  |

| Company

| Improvements |  | Fixtures |

| Short |  | to |  | and |  | Computer |

| leasehold |  | property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 16,110 |  | 384,547 |  | 344,234 |  | 1,533,250 |  | 2,278,141 |  |

| Additions | - |  | 90,904 |  | 4,721 |  | 24,039 |  | 119,664 |  |

| Impairments | - |  | (140,344 | ) | (308,102 | ) | (270,776 | ) | (719,222 | ) |

| At 31 December 2024 | 16,110 |  | 335,107 |  | 40,853 |  | 1,286,513 |  | 1,678,583 |  |

| DEPRECIATION

| At 1 January 2024 | 16,110 |  | 117,660 |  | 191,167 |  | 1,020,419 |  | 1,345,356 |  |

| Charge for year | - |  | 53,483 |  | 4,285 |  | 156,135 |  | 213,903 |  |

| Impairments | - |  | (64,271 | ) | (180,840 | ) | (95,981 | ) | (341,092 | ) |

| At 31 December 2024 | 16,110 |  | 106,872 |  | 14,612 |  | 1,080,573 |  | 1,218,167 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 228,235 |  | 26,241 |  | 205,940 |  | 460,416 |  |

| At 31 December 2023 | - |  | 266,887 |  | 153,067 |  | 512,831 |  | 932,785 |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Company

| As described in note 23 to the financial statements security is given in respect of liabilities of other group companies against the assets of the company.

| Depreciation charges are included in the Administrative Expenses in the Statement of Comprehensive Income.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | - |  | 34,218 |  | 210,772 |  | 244,990 |  |

| Additions | 75,655 |  | - |  | 3,783 |  | 79,438 |  |

| Impairments | - |  | (34,218 | ) | (13,225 | ) | (47,443 | ) |

| Transfer to ownership | - |  | - |  | (261,187 | ) | (261,187 | ) |

| Reclassification/transfer | - |  | - |  | 406,362 |  | 406,362 |  |

| At 31 December 2024 | 75,655 |  | - |  | 346,505 |  | 422,160 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 14,780 |  | 188,302 |  | 203,082 |  |

| Charge for year | 15,131 |  | - |  | 86,508 |  | 101,639 |  |

| Impairments | - |  | (14,780 | ) | (827 | ) | (15,607 | ) |

| Transfer to ownership | - |  | - |  | (225,259 | ) | (225,259 | ) |

| Reclassification/transfer | - |  | - |  | 108,558 |  | 108,558 |  |

| At 31 December 2024 | 15,131 |  | - |  | 157,282 |  | 172,413 |  |

| NET BOOK VALUE

| At 31 December 2024 | 60,524 |  | - |  | 189,223 |  | 249,747 |  |

| At 31 December 2023 | - |  | 19,438 |  | 22,470 |  | 41,908 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024 | 804 |  |

| Additions | 936 |  |

| At 31 December 2024 | 1,740 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,740 |  |

| At 31 December 2023 | 804 |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | FIXED ASSET INVESTMENTS - continued

| All subsidiaries of Intelling Limited are as follows:

| Name of undertaking |  | Country of incorporation |  | Share capital |  | Holding |  |

| Intelling South Africa (Pty) Limited |  | South Africa |  | Single |  | 100% |  |

| Intelling India Private Limited |  | India |  | Ordinary |  | 99.9% |  |

| Intelling Ireland Limited * |  | England and Wales |  | Ordinary £1 |  | 100% |  |

| * Indicates dormant company.

| Dormant subsidiaries registered in England and Wales have claimed audit exemption under S480 Companies Act 2006.

| All of the above subsidiaries are included in the consolidation.

| Intelling South Africa (Pty) Limited are a business process outsourcing company offering complete customer management solutions for both inbound and outbound activities.

| The registered office of subsidiaries are as follows:

| Intelling South Africa (Pty) Limited- 24 Flanders Drive, Mount Edgecombe, Durban, 4302, South Africa.

| Intelling India Private Limited- Unit 702, 7th Floor Plot 3, Martin Burn, Business Park,Sech Bhawan, Saltlake, North 24 Parganas-700091, West Bengal.

| Intelling Ireland Limited- Southmoor House Southmoor Road, Wythenshawe, Manchester, Greater Manchester, M23 9XD.

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Trade debtors | 6,426,128 |  | 2,610,704 |  | 6,426,128 |  | 2,610,704 |  |

| Amounts owed by group undertakings | 2 |  | 180,478 |  | - |  | 179,768 |  |

| Other debtors | 92,402 |  | 55,748 |  | 59,567 |  | 55,748 |  |

| Deferred tax asset | 2,521,021 |  | 631,064 |  | 2,521,021 |  | 631,064 |  |

| Prepayments and accrued income | 2,008,863 |  | 2,949,247 |  | 2,008,548 |  | 2,949,247 |  |

| Prepayments | 526,249 |  | 591,180 |  | 523,569 |  | 591,180 |  |

11,574,665 |  | 7,018,421 |  | 11,538,833 |  | 7,017,711 |  |

| Deferred tax asset

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Deferred tax | 2,521,021 |  | 631,064 |  | 2,521,021 |  | 631,064 |  |

| As described in notes 18 and 23 to the financial statements security is given in respect of liabilities of other group companies against the assets of the company.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 2,501,437 |  | - |  | 2,501,437 |  | - |  |

| Hire purchase contracts (see note 17) | 163,561 |  | 161,309 |  | 163,561 |  | 161,309 |  |

| Trade creditors | 1,674,591 |  | 3,087,819 |  | 1,633,759 |  | 3,060,529 |  |

| Amounts owed to group undertakings | - |  | - |  | 160,006 |  | 80,637 |  |

| Tax | 44,305 |  | 10,751 |  | - |  | - |  |

| Social security and other taxes | 429,683 |  | 1,127,959 |  | 421,502 |  | 1,099,254 |  |

| VAT | 869,349 |  | 1,821,726 |  | 880,215 |  | 1,839,826 |  |

| Other creditors | 5,856,736 |  | 8,461,592 |  | 5,839,782 |  | 8,461,592 |  |

| Directors' current accounts | 507,825 |  | 571,300 |  | 507,825 |  | 571,300 |  |

| Accruals and deferred income | 562,922 |  | 221,205 |  | 548,538 |  | 220,885 |  |

12,610,409 |  | 15,463,661 |  | 12,656,625 |  | 15,495,332 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans (see note 16) | 800,627 |  | - |  | 800,627 |  | - |  |

| Hire purchase contracts (see note 17) | 159,245 |  | 223,046 |  | 159,245 |  | 223,046 |  |

| Amounts owed to group undertakings | 8,564,767 |  | - |  | 8,564,767 |  | - |  |

9,524,639 |  | 223,046 |  | 9,524,639 |  | 223,046 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 2,501,437 |  | - |  | 2,501,437 |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 800,627 |  | - |  | 800,627 |  | - |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

16. | LOANS - continued

| Bank loans

| At 31 December 2024, £3,302,064, relate to a loan from Investec Capital Solutions Limited. The loan is a previous invoice discount facility that was transferred to a term loan facility on 23 July 2024.

| Interest is accrued daily at 2.5% over the base lending rate of NatWest Bank plc, subject to a minimum base rate of 0.1%. The loan is due to be repaid in installments beginning in April 2025.

| Investec Capital Solutions Limited hold a charge over the assets of the parent company in respect of this loan and an invoice discounting facility included within "other creditors".

| Other loans

| At 31 December 2024 loans from group undertaking comprise a loan of £8,135,000 from the Group's parent company, CSP Alpha Holdings Pte. Ltd. The earliest date for repayment is April 2026. Interest is accrued daily at 2.5% over the base lending rate of NatWest Bank plc, subject to a minimum base rate of 0.1%. Interest is payable monthly in arrears. Default interest is calculated at 45 per annum on any overdue amounts.

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 163,561 |  | 161,309 |  |

| Between one and five years | 159,245 |  | 223,046 |  |

322,806 |  | 384,355 |  |

| Company

| Hire purchase contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 163,561 |  | 161,309 |  |

| Between one and five years | 159,245 |  | 223,046 |  |

322,806 |  | 384,355 |  |

| Group

| Non-cancellable operating | leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 1,055,898 |  | 735,870 |  |

| Between one and five years | 1,036,133 |  | 2,258,053 |  |

2,092,031 |  | 2,993,923 |  |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

17. | LEASING AGREEMENTS - continued

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating losses.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement to produce a constant periodic rate of interest on the remaining balance of the liability.

| Company

| Non-cancellable operating | leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 665,898 |  | 737,870 |  |

| Between one and five years | 1,036,133 |  | 2,258,053 |  |

1,702,031 |  | 2,995,923 |  |

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating losses.

| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement to produce a constant periodic rate of interest on the remaining balance of the liability.

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Bank loans | 3,302,064 |  | - |  | 3,302,064 |  | - |  |

| Other creditors | 3,223,179 |  | 5,901,051 |  | 3,223,179 |  | 5,901,051 |  |

6,525,243 |  | 5,901,051 |  | 6,525,243 |  | 5,901,051 |  |

| Investec Capital Solutions Limited provide short term finance in the form of invoice discounting. The debt is secured against the assets of the parent company.

| Other loans represent a loan from Investec Capital Solutions Limited, the loan is secured against the assets of the parent company.

19. | DEFERRED TAX

| Group

£ |

| Balance at 1 January 2024 | (631,064 | ) |

| Credit to Statement of Comprehensive Income during year | (1,889,957 | ) |

| Balance at 31 December 2024 | (2,521,021 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

19. | DEFERRED TAX - continued

| Company

£ |

| Balance at 1 January 2024 | (631,064 | ) |

| Provided during year | (1,889,957 | ) |

| Balance at 31 December 2024 | (2,521,021 | ) |

| The net deferred tax asset represents timing differences in respect of assets that are being depreciated at a rate lower than the tax writing down allowances, partially offset by a deferred tax asset arising on short term timing differences.

| The major deferred tax liabilities and assets recognised are:

| Group |  | Assets/ (Liabilities | ) | Assets/ (Liabilities | ) |

|  | 2024 |  | 2023 |  |

| Balances: |  | £ |  | £ |  |

| Accelerated capital allowances |  | (89,093 | ) | (214,105 | ) |

| Losses and other deductions |  | 2,596,762 |  | 798,736 |  |

| Short term timing differences |  | 13,353 |  | 46,433 |  |

|  | 2,521,021 |  | 631,064 |  |

| Company |  | Assets/ (Liabilities | ) | Assets/ (Liabilities | ) |

|  | 2024 |  | 2023 |  |

| Balances: |  | £ |  | £ |  |

| Accelerated capital allowances |  | (89,093 | ) | (214,105 | ) |

| Losses and other deductions |  | 2,596,762 |  | 798,736 |  |

| Short term timing differences |  | 13,353 |  | 46,433 |  |

|  | 2,521,021 |  | 631,064 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 1,002 | Ordinary shares | £1 | 1,002 |  | 1,002 |  |

| Ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

21. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | (2,022,209 | ) | 331,000 |  | (1,691,209 | ) |

| Deficit for the year | (6,356,551 | ) | (6,356,551 | ) |

| At 31 December 2024 | (8,378,760 | ) | 331,000 |  | (8,047,760 | ) |

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 January 2024 | (2,063,299 | ) | 331,000 |  | (1,732,299 | ) |

| Deficit for the year | (6,452,404 | ) | (6,452,404 | ) |

| At 31 December 2024 | (8,515,703 | ) | 331,000 |  | (8,184,703 | ) |

22. | ULTIMATE PARENT COMPANY

| At the year end the immediate parent company is CSP Alpha Holdings Pte Ltd, a company registered in Singapore, registered office 160 Robinson Road, 10-01, Singapore, 068914, Singapore. The Ultimate parent company is StarTek Inc., incorporated under the law of Delaware United States.

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

| 31.12.24 |  | 31.12.23

£ | £ |

| P Morgan

| Balance outstanding at start of year | (501,750 | ) | - |  |

| Amounts advanced | 7,889 |  | 37,545 |  |

| Amounts repaid | 13,964 |  | (539,295 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (479,897 | ) | (501,750 | ) |

| C A Winnard

| Balance outstanding at start of year | (65,450 | ) | - |  |

| Amounts advanced | 65,450 |  | 4,550 |  |

| Amounts repaid | - |  | (70,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | (65,450 | ) |

| Intelling Ltd. (Registered number: 08157548) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| Loans from directors are interest free and repayable on demand.

| The loan due to C Winnard has been transferred to other creditors at 31 December 2024 as he ceased to be a Director on 23 July 2024.

24. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Entities with control, joint control or significant influence over the entity

| 31.12.24 |  | 31.12.23

£ | £ |

| Loan write off | - |  | 2,400,000 |  |

| Interest | (251,860 | ) | - |  |

| Amount due to related party | 8,564,767 |  | - |  |

| Key management personnel of the entity or its parent (in the aggregate)

| 31.12.24 |  | 31.12.23

£ | £ |

| Exceptional items | - |  | 892,595 |  |

| Other related parties

| 31.12.24 |  | 31.12.23

£ | £ |

| Loan write off | (1,213,013 | ) | (4,773,915 | ) |

| Amount due from related party | - |  | 180,478 |  |

| During the year, a total of key management personnel compensation of £ 297,766 (2023 - £ 297,766 ) was paid.

25. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors there is no ultimate controlling party.