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REGISTERED NUMBER: 09442760 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| REFRACT SOFTWARE LTD |

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |  | to |  | 6

| REFRACT SOFTWARE LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr Y Lee

| Mr R Hill

| REGISTERED OFFICE: | 123 Wellington Road South

| Stockport

| Cheshire

| SK1 3TH

| REGISTERED NUMBER: | 09442760 (England and Wales)

| AUDITORS: | Allens Accountants Limited

| Registered Auditors and

| Chartered Accountants

| 123 Wellington Road South

| Stockport

| Cheshire

| SK1 3TH

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

BALANCE SHEET

31 DECEMBER 2024

| 31/12/24 | 31/12/23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,803 |  | 7,588 |  |

CURRENT ASSETS

Debtors | 5 | 2,673,511 |  | 2,593,832 |  |

Cash at bank | 27,009 |  | 80,859 |  |

2,700,520 |  | 2,674,691 |  |

CREDITORS

Amounts falling due within one year | 6 | 279,654 |  | 457,330 |  |

NET CURRENT ASSETS | 2,420,866 |  | 2,217,361 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,426,669 |  | 2,224,949 |  |

CREDITORS

Amounts falling due after more than one year | 7 | - |  | 18,215 |  |

NET ASSETS | 2,426,669 |  | 2,206,734 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 4,011 |  | 4,011 |  |

Share premium | 2,999,044 |  | 2,999,044 |  |

Retained earnings | (576,386 | ) | (796,321 | ) |

SHAREHOLDERS' FUNDS | 2,426,669 |  | 2,206,734 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr R Hill - Director

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Refract Software 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| During the year the company has met its working capital requirements from funds provided by the Company's parent company. The directors consider that with this continued support and positive outlook for the Company's trading position it is appropriate to prepare the financial statements on a going concern basis.

| Revenue recognition

| Turnover represents the total amount receivable by the company for services rendered, excluding value added tax.

| For revenue from the provision of software and related services, this is recognised proportionally across the licence period.

| For revenue charged to the company's parent company under contract, this is recognised on a monthly basis in line with the contracted terms, corresponding to the cost to the company of providing the relevant services.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Land and buildings | - | over the period of the lease

| Financial instruments

| A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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.

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| 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.

| Research and development

| Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

| Government and other grants

| Grants and other contributions are accounted for on an accruals basis and recognised in the accounting statements when the conditions for their receipt have been complied with and there is reasonable assurance that the grant or contribution will be received.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 42 (2023 - 48 ) .

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | TANGIBLE FIXED ASSETS

| Land and

| buildings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 8,926 |  |

| DEPRECIATION

| At 1 January 2024 | 1,338 |  |

| Charge for year | 1,785 |  |

| At 31 December 2024 | 3,123 |  |

| NET BOOK VALUE

| At 31 December 2024 | 5,803 |  |

| At 31 December 2023 | 7,588 |  |

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Trade debtors | - |  | 69,115 |  |

| Amounts owed by group undertakings | 2,543,419 |  | 2,454,268 |  |

| Other debtors | 130,092 |  | 70,449 |  |

2,673,511 |  | 2,593,832 |  |

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Bank loans and overdrafts | - |  | 10,056 |  |

| Trade creditors | 4,807 |  | 82,769 |  |

| Taxation and social security | 162,017 |  | 183,945 |  |

| Other creditors | 112,830 |  | 180,560 |  |

279,654 |  | 457,330 |  |

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

| 31/12/24 |  | 31/12/23

£ | £ |

| Bank loans | - |  | 18,215 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31/12/24 |  | 31/12/23

£ | £ |

| Within one year | 56,674 |  | 56,674 |  |

| Between one and five years | 127,517 |  | 184,191 |  |

184,191 |  | 240,865 |  |

| REFRACT SOFTWARE LTD (REGISTERED NUMBER: 09442760) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31/12/24 |  | 31/12/23

| value: | £ | £ |

| 229,129 | Ordinary | £0.01 | 2,291 |  | 2,291 |  |

| 70,832 | A | £0.01 | 708 |  | 708 |  |

| 101,152 | B | £0.01 | 1,012 |  | 1,012 |  |

4,011 |  | 4,011 |  |

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Paul Wright (Senior Statutory Auditor)

| for and on behalf of Allens Accountants Limited

11. | ULTIMATE CONTROLLING PARTY

| Refract Software Ltd is a wholly owned subsidiary of Allego Inc (a company registered in USA), which itself is a subsidiary of Allego Holdings Inc (a non trading holding company registered in USA).