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.

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

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

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.

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

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.

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

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.

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.

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.

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

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

)

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

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

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

)

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

)

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

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

)

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.

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