Company registration number 03585492 (England and Wales)
PEX SOFTWARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PEX SOFTWARE LIMITED
COMPANY INFORMATION
Directors
Vinit Doshi
Elliott Stenstrom
Secretary
Fieldfisher Secretaries Limited
Company number
03585492
Registered office
Riverbank House
2 Swan Lane
London
EC4R 3TT
United Kingdom
Auditor
Ernst & Young LLP
G1
5 George Square
Glasgow
G2 1DY
PEX SOFTWARE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of profit or loss
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
PEX SOFTWARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director s of PEX Software Limited (the “Company”) present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The director s are satisfied with the Company’s results of operations for the year. The loss for the year, after taxation, amounted to £1,627,374 (loss for year ending 20 23 was £1,279,434). The director s ha ve not recommended the payment of a dividend.

Directors of the Company

The directors who have held office during the period of this report are as follows:

Mark Falkenberg
(Resigned 31 August 2025)
Vinit Doshi
Elliott Stenstrom
(Appointed 31 August 2025)
Review of the business and principal activities

The Company is a private limited company and was incorporated in the United Kingdom (“UK”) on 22 June 1998. The Company is domiciled in the United Kingdom, and its registered office address is Riverbank House, 2 Swan Lane, London, EC4R 3TT, United Kingdom.

The Company is a wholly-owned subsidiary of RealPage UK Holdings Ltd., a private limited company incorporated in the United Kingdom. RealPage UK Holdings Ltd is a wholly-owned subsidiary of RealPage, Inc. ("RPI"). RPI's corporate headquarters are located at 2201 Lakeside Boulevard, Richardson, Texas 75082. RPI is a privately owned company. Its ultimate parent company, RealPage Parent, LP, is an affiliate of funds advised by Thoma Bravo, L.P., a leading private equity investment firm focused on the software and technology-enabled services sector.

RP I, together with its subsidiaries, is a leading global provider of software and data analytics to the real estate industry. Its platform of data analytics and software solutions enables the rental real estate industry to manage property operations (such as marketing, pricing, screening, leasing, and accounting), identify opportunities through market intelligence, and obtain data-driven insight for better operational and financial decision-making. By leveraging data as well as integrating and streamlining a wide range of complex processes and interactions among the rental real estate ecosystem (owners, managers, prospects, renters, service providers and investors), the platform helps its clients improve financial and operational performance and prudently place and harvest capital.

The Company generated a loss of £1,627,374 on turnover of £1,639,574 for the year ended 31 December 2024. T he Company serve s as a base for RPI's expansion of services to the UK and European market s. The directors expect to grow revenue through both expansion of the Company's client base and through the cross-sale of additional RPI capabilities into the Company's client base.

Principal risks and uncertainties

The Company operates in a market that is highly competitive, fragmented and rapidly changing. The Company manages this risk by providing value added services and delivering high quality products to its clients. The Company operated at a loss for the year ended 31 December 202 4 and currently is dependent on the ongoing financial support of R P I as further described below. Without this support the Company may not be able to obtain sufficient external financing required for its operations.

PEX SOFTWARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Going concern

In line with the Financial Reporting Council’s guidance on going concern issued in April 2016, the directors have undertaken an exercise to review the appropriateness of the continued use of the going concern basis of preparation for the financial statements. The Company recorded a loss for the financial year of £1,627,374 and as at 31 December 20 24 had net liabilities of £12,742,448. The Company is dependent upon R P I for ongoing financial and operational support. R P I has confirmed it can and will provide ongoing financial and operational support. The directors consider that having made the appropriate enquiries and having review ed cash flow forecasts and related sensitivity analyses for R P I, in consideration of the underlying risks and uncertainties at the time of approving these financial statements, the Company has access to adequate resources to continue in operational existence throughout the going concern period until 7 October 2026. Therefore the directors continue to adopt the going concern basis in preparing these financial statements.

Future developments

The Company has continued to establish itself in the UK market and has successfully deployed certain solutions from R PI's software platform. The Company will continue to focus its efforts on expanding its customer base and anticipates introducing additional data analytics and software solutions from RP I’s platform to the market.

Disclosure of information to the auditors

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of management and the Company’s auditor, the directors have taken all the steps that they are obliged to take as directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Re-appointment of auditors

Ernst & Young LLP were appointed as auditor to the Company and in accordance with section 487 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

In preparing t his report, the Directors ha ve taken advantage of the exemption provided by the Companies Act 2006 and have not prepared a Strategic report.

Signed on behalf of the Board of Directors:
Elliott Stenstrom
Director
7 October 2025
PEX SOFTWARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Directors' responsibilities

The directors are responsible for preparing the directors' report and financial statements in accordance with applicable laws 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 of the profit or loss of the Company for that period.

In preparing those financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PEX SOFTWARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEX SOFTWARE LIMITED
- 4 -
Opinion

We have audited the financial statements of PEX Software Limited (the 'company') for the year ended 31 December 202 4 which comprise the Statement of Profit or Loss, the Statement of Financial Position, the Statement of C hanges in E quity and the related notes 1 to 1 7, 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 FRS 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 company’s affairs as at 31 December 20 2 4 and of its 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 the provisions available for small entities, in the circumstances set out in note 1 to the financial statements, 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 condition s that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue, through to 7 October 2026.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director s are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Ou r 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 course of 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 the other information, we are required to report that fact.

We have nothing to report in this regard.

PEX SOFTWARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEX SOFTWARE LIMITED
- 5 -

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

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

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

- the 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

- the director s w ere not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, the director s 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 director s determine is 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 director s are responsible for assessing the 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 director s either intend to liquidate the company or to cease operations, or ha ve no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

PEX SOFTWARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEX SOFTWARE LIMITED
- 6 -

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and Companies Act 2006) and relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management to understand how the company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation. We further corroborated our enquiries through our review of board minutes, and we have noted no contradictory evidence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage earnings. Where the risk was considered to be higher, we performed audit procedures to address the identified fraud risk, management override of controls.

- Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved journal entry testing, with a focus on manual journals and journals involving large or unusual transactions based on our understanding of the business and enquiries of management and those charged with governance. In addition, we completed procedures to test disclosures in the financial statements with applicable requirements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http s://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

Janie McMinn (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
7 October 2025
Glasgow
PEX SOFTWARE LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
1,639,574
1,380,824
Cost of sales
(546,582)
(566,475)
Gross profit
1,092,992
814,349
Administrative expenses
(2,720,366)
(2,093,783)
Loss before taxation
(1,627,374)
(1,279,434)
Tax on loss
7
-
0
-
0
Loss for the financial year
(1,627,374)
(1,279,434)

The profit and loss account has been prepared on the basis that all operations are continuing operations. There is no other comprehensive income.

PEX SOFTWARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
65
279
Investments
9
7
7
72
286
Current assets
Debtors
11
326,257
322,241
Cash at bank and in hand
291,951
305,704
618,208
627,945
Creditors: amounts falling due within one year
12
(13,360,728)
(11,754,626)
Net current liabilities
(12,742,520)
(11,126,681)
Total assets less current liabilities
(12,742,448)
(11,126,395)
Capital and reserves
Called up share capital
14
119
119
Share premium account
636,913
636,913
Capital reserves
999,585
999,585
Profit and loss reserves
(14,379,065)
(12,763,012)
Total equity
(12,742,448)
(11,126,395)
The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
Elliott Stenstrom
Director
Company Registration No. 03585492
PEX SOFTWARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Share premium account
Capital reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
119
636,913
999,585
(11,511,559)
(9,874,942)
Year ended 31 December 2023:
Loss for the year
-
-
-
(1,279,434)
(1,279,434)
Incentive unit compensation expense
-
-
-
27,981
27,981
Balance at 31 December 2023
119
636,913
999,585
(12,763,012)
(11,126,395)
Year ended 31 December 2024:
Loss for the year
-
-
-
(1,627,374)
(1,627,374)
Incentive unit compensation expense
-
-
-
11,321
11,321
Balance at 31 December 2024
119
636,913
999,585
(14,379,065)
(12,742,448)
PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Pex Software Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverbank House, 2 Swan Lane, London, United Kingdom, EC4R 3TT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company as a qualifying entity has taken advantage of the disclosure exemptions available for small companies:

- cash flow statement and related notes; and

- key management personnel compensation.

1.2
Going concern

In line with the Financial Reporting Council’s guidance on going concern issued in April 2016, the director true s ha ve undertaken an exercise to review the appropriateness of the continued use of the going concern basis of preparation for t he financial statements. The Company recorded a loss for the financial year of £1,627,374 and as at 31 December 202 4 had net liabilities of £12,742,448. The Company is dependent up on RPI for ongoing financial and operational support. RPI has confirmed it can and will provide ongoing financial and operational support. The director s consider that having made the appropriate enquiries and having reviewed cash flow forecasts and related sensitivity analyses f or RPI, in consideration of the underlying risks and uncertainties at the time of approving these financial statements, the Company has access to adequate resources to continue i n operational existence throughout the going concern period until 7 October 2026. Therefore the director s continue to adopt the going concern basis in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of goods and services is recognised on a time-apportioned basis over the period to which the contract relates.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
straight line over the terms of the lease
Fixtures and fittings
25% straight line
Office equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 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 a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for 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 its 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 a 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 debtors, cash and bank balances and amounts owed by group undertakings, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 creditors and amounts owed 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax assets are not recognised on carried forward losses until there is sufficient certainty that future taxable profits will be available to use them against.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Certain employees of the company have been granted incentive units in RealPage Parent LP (“Parent LP”), the ultimate parent of the company, under the terms of the RealPage Parent, LP Incentive Equity Plan (the “Plan”). The Plan provides for the grant of partnership incentive stock options, profit interests, equity appreciation rights and other forms of awards to employees and other service providers to Parent LP and its subsidiaries. Granted incentive units are subject to performance and/or service vesting conditions, and typically have a requisite service period of four years. Performance vesting conditions are based on the achievement of individual EBITDA targets established by Parent LP’s Board, typically over a performance period of four years. Stock-based compensation expense for granted incentive units is recognized as expense over the requisite service period. Forfeitures are accounted for as they occur. This expense is recognized as a contribution from the Partnership through RealPage, Inc., and is recorded within Profit and Loss Reserves on the Statement of Financial Position.

The company estimates the fair value of the incentive units using an option-pricing model. As of both 31 December 2024 and 2023, 21,500 units had been granted to employees of the company. As of 31 December 2024, 5,125 units had been forfeited, 15,352 units were vested and 1,023 units were unvested. The weighted average grant date fair value of the units was $12.05 per unit. For the year ended 31 December 2024, the Company recognized COGS and Administrative Expense of £2,453 and £8,868, respectively, related to granted awards. As of 31 December 2024, the Company had unrecognized expense of £10,627 related to these awards that it expects to recognize over the next three years. During 2024, the company repurchased 6,452 vested units from employees who exited the company at a cost of £20,525 funded by RPI.

1.13
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s are consumed.

1.15
Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Critical accounting estimates and judgements

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 considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 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. Significant estimate s include the useful life of assets and the realizability of deferred tax assets.

At the balance sheet date tax liabilities and assets are based on management’s best estimate of the future amounts that will be settled. While the company aims to ensure that the estimates recorded are accurate, the actual amounts could be different from those expected. The company recognises deferred corporation tax assets for deductible temporary differences and tax loss carry forwards to the extent that it deems probable such assets will be recovered in the future. Further detail is provided in note 7.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Licence fees
1,159,874
862,559
Rendering of services
479,700
518,265
1,639,574
1,380,824
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences
202,693
(572,619)
Depreciation of owned tangible fixed assets
214
310
Incentive unit compensation expense
11,321
27,981
Operating lease charges
45,707
72,709
During the period, no director received any emoluments for qualifying services to the company. Each director was remunerated by RPI for their services to all RPI companies, and it has not been possible to separately identify the remuneration receivable in respect of qualifying services to PEX Software Limited.
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,500
22,000
PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
3
3
Administration
17
21
Total
20
24

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,828,180
2,198,218
Social security costs
207,255
269,952
Pension costs
48,750
56,167
2,084,185
2,524,337
PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,627,374)
(1,279,434)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(406,844)
(319,859)
Tax effect of expenses that are not deductible in determining taxable profit
6,189
2,652
Unutilised tax losses carried forward
397,771
310,134
Depreciation on assets not qualifying for tax allowances
54
78
Incentive unit compensation expense
2,830
6,995
Taxation charge for the year
-
-

Tax trading losses carried forward at the period end are £13,346,253 (2023: £11,755,169). In accordance with accounting policies, no deferred tax has been recognised.

8
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
43,624
21,452
86,129
151,205
Depreciation and impairment
At 1 January 2024
43,624
21,452
85,850
150,926
Depreciation charged in the year
-
0
-
0
214
214
At 31 December 2024
43,624
21,452
86,064
151,140
Carrying amount
At 31 December 2024
-
0
-
0
65
65
At 31 December 2023
-
0
-
0
279
279
9
Investments
2024
2023
Notes
£
£
Investments in subsidiaries
10
7
7
PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Investments
(Continued)
- 17 -
Movements in investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
7
Carrying amount
At 31 December 2024
7
At 31 December 2023
7
10
Subsidiaries

Details of the company's subsidiar y at 31 December 2024 is as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
PEX Software Australia Pty Limited
Australia
Provision of software and services
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiary noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
PEX Software Australia Pty Limited
(15,926)
0
(4,694)
0
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
292,698
259,218
Amounts owed by group undertakings
10,000
-
0
Other debtors
10,014
18,300
Prepayments and accrued income
13,545
44,723
326,257
322,241
PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,884
16,784
Amounts owed to group undertakings
13,057,034
11,239,695
Taxation and social security
76,817
90,238
Other creditors
13,934
11,465
Accruals and deferred income
195,059
396,444
13,360,728
11,754,626
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,750
56,167

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,193,891
1,193,891
119
119
15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
7,999
18,000
16
Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures", and has not disclosed transactions with the parent company and its subsidiaries.

PEX SOFTWARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
17
Ultimate controlling party

T he C ompany's parent undertaking (100%) is RealPage UK Holdings Ltd, a company incorporated in England and Wales, of Riverbank House, 2 Swan Lane, London, EC4R 3TT.

RealPage UK Holdings Ltd is a wholly-owned subsidiary of RealPage, Inc. ("RPI"). RPI's corporate headquarters are located at 2201 Lakeside Boulevard, Richardson, T exas 75082. RPI is a privately owned company. Its ultimate parent company, RealPage Parent, LP, is an affiliate of funds advised by Thoma Bravo, L.P., a leading private equity investment firm focused on the software and technology-enabled services sector.

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