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REGISTERED NUMBER: 06810791 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Evalueserve UK Ltd

Evalueserve UK Ltd (Registered number: 06810791)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 8 |

Statement of Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

Evalueserve UK Ltd

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mr M Vollenweider

| Mr P Prabhat

| SECRETARY: | Mr P Prabhat

| REGISTERED OFFICE: | Lewis House

| Great Chesterford Court

| Great Chesterford

| Essex

| CB10 1PF

| REGISTERED NUMBER: | 06810791 (England and Wales)

| SOLICITORS: | Browne Jacobson LLP

| 6 Bevis Marks

| London

| EC3A 7BA

Evalueserve UK Ltd (Registered number: 06810791)

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Revenues increased by 4.8% (2023 - increased by 7.5%) to £22,128,598 (2023 - £21,109,844) and the gross profit margin decreased to 32.4% from 34.5% in 2023. The decrease is not material to the financial statements and the directors do not consider it necessary to provide further detail for the decrease. During the year the company has reported a profit after taxation of £1,044,398 (2023 - £817,174). The company's statement of financial position has improved with a net increase in reserves of 45.7% to £3,328,343 (2023 - £2,283,945) due to no dividends (2023 - £1,204,035) being paid in the year.

The company continues to receive financial support via an intercompany account with its parent controlled entity, Evalueserve AG. Details of the intercompany balance is provided further in the notes to the financial statements. The directors do not consider there to be an appropriate target ratio of liabilities to equity for the company in light of the source of the continued financial support provided.

Key Performance Indicators:

The directors consider the key performance indicators of the company to be:

| 2024 (£ | ) | 2023( £ | ) | 2022 (£ | ) | 2021 (£ | )

Revenue |  | 22,128,598 |  | 21,109,844 |  | 19,633,871 |  | 17,308,191 |

Gross profit |  | 7,164,120 |  | 7,283,998 |  | 6,796,232 |  | 6,237,107 |

Gross profit margin |  | 32.4% |  | 34.5% |  | 34.6% |  | 36.0% |

Net profit before tax |  | 1,393,475 |  | 1,076,663 |  | 749,429 |  | 620,118 |

Net profit after tax |  | 1,044,398 |  | 817,174 |  | 604,637 |  | 500,065 |

Total equity |  | 3,328,343 |  | 2,283,945 |  | 2,670,806 |  | 2,066,169 |

Performance:

The company continues to monitor its position to ensure it is able to fund its working capital requirements based on forecasted levels of revenue, combined with customer credit terms. Management also regularly review the amounts owed to its parent controlled entity, Evalueserve AG, as well as to other group undertakings. Consideration of these factors is deemed to provide sufficient assurance to ensure the company maintains adequate financial headroom. The directors are pleased to report a healthy position in terms of cash and cash equivalents held as at the balance sheet date of £3,099,726 (2023 - £3,299,072), which they estimate to sufficiently fund at least 54 days expenditure (2023 - 48 days). Total equity held as at 31 December 2024 amounted to £3,328,343 (2023 - £2,283,945) and is a reflection of the company's profitability in prior years and ability to pay dividends.

The increase in turnover and relatively well maintained gross profit margin and overheads have given rise to an improved performance in the year.

Evalueserve UK Ltd (Registered number: 06810791)

Strategic Report

for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The directors routinely monitor all known risks and uncertainties and appropriate actions are taken to mitigate the risks and their potential outcomes.

Specific risks to the company include its relationships with key customers and fluctuations in foreign exchange rates. The company continues to foster strong relationships with its customers and strives to deliver industry-leading levels of support to ensure customer satisfaction. The directors manage foreign exchange rate fluctuations by careful monitoring, controlling local pricing and exchanging currency holdings as appropriate.

The company is exposed to various common financial risks arising in the normal course of business which are listed below:

Capital Risk Management

The group’s objectives when managing capital are to:

- |  | safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders; and |

- |  | maintain an optimal capital structure to reduce the cost of capital. |

Risk Management Objective

The directors are charged with the overall responsibility of establishing and monitoring the company's risk management policies and processes. These are determined in order to identify, analyse and monitor the risks that are faced by the company. The company does not enter into or trade financial instruments for speculative purposes. The principle risks to which the company is exposed are market risk including currency risk and interest rate risk, credit risk and liquidity risk.

Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting its short-term obligations associated with financial liabilities.

Liquidity needs are monitored by the group's management, as well as the company's management, to ensure the company and its associated undertakings have sufficient funds to meet its liabilities when due, under normal and unexpected conditions, without incurring unacceptable losses or breaches in borrowing limits or covenants. Liquidity is managed by monitoring forecast and actual cash flows, maintaining sufficient funds to meet expected operational expenses for 60 days, and matching maturity profiles of financial assets and liabilities.

Interest Rate Risk

Interest rate risk is the risk that changes in market interest rates will cause fluctuations to the fair values and cash flows of the company's financial instrument holdings.

The exposure to interest rate risk arises from borrowings issued at variable and fixed interest rates.

Interest rate risk is minimised by the group's management with a policy aimed at maintaining a portfolio of fixed and variable rate loans and borrowings. Interest rate swaps are used to manage the portfolio balance, where deemed appropriate by the group's management. The company's borrowings are monitored and directed at the group's strategic level, in which the directors of the company participate.

Market Risk

Market risk is the risk that changes in market prices, through foreign exchange rates, interest rates, and equity prices, will cause fluctuations to the fair values and cash flows of financial instrument holdings. Market risk affects loans and borrowings, deposits, available-for-sale investments, and derivative financial investments.

Currency Risk

Currency risk is the risk that changes in foreign exchange rates will cause fluctuations to the fair values and cash flows of the company's financial instrument holdings.

Evalueserve UK Ltd (Registered number: 06810791)

Strategic Report

for the Year Ended 31 December 2024

The company and its associated undertakings operate in a global industry and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Pound Sterling, the Euro, the Japanese Yen, and the US Dollar. Foreign exchange risk arises when commercial transactions and recognised assets and liabilities are denominated in a currency that is not the entity's functional currency. The exposure to currency risk arises from various currencies relating to the operating activities, recognised assets and liabilities, and net investments in foreign operations.

Currency risk is minimised within the group and the company by monitoring foreign currency cash flows and entering into forward exchange contracts and other hedging transactions. This is monitored and directed at the group's strategic level, in which the directors of the company participate.

Credit Risk

Credit risk is the risk of financial loss to the company if the counter-party fails to meet its obligation. Credit risk arises from the company's operating activities from trade receivables and loan notes and financing activities from cash and cash equivalents, deposits with banks and financial institutions, and derivative financial instruments.

Credit risk from trade and other receivables is minimised by establishing credit policies such as determining and monitoring customer credit limits, requiring credit approvals, and the monitoring of customer credit risks by grouping customers according to their credit characteristics. Other monitoring procedures are in place to recover overdue accounts, to ensure minimal dependencies on a small number of customers, and to assess impairment.

Credit risk from financing activities is minimised by establishing investment policies in liquid securities with high credit ratings and maintaining accounts in reputable financial institutions with high quality credit ratings.

STRATEGY

To achieve our objective, the group is pursuing the following key strategies:

- Offer a diverse portfolio of solutions including the research, analytics, and data management services;

- Recruit and train high-quality staff;

- Provide a superior level of global customer service and support;

- Develop leading digital software in order to improve services to customers;

- Maintain and grow our existing customer base; and

- Work with customers to enhance our products and services.

The directors of the company regularly review the direction and strategy of the business in order to enhance its reactions to changes in the market.

Overall the directors deem the company's strategy to be one of preservation and growth of a leading brand via the recruitment of high-quality staff and a responsive interaction with clients. This is believed to generate regular repeat custom and promote a global image that shall allow enhanced turnover and profitability in the future.

FUTURE DEVELOPMENTS

Since the reporting date, further research and development has been undertaken to continue enhancing the support and informatics capabilities of our customers. The initial results of the 2024 financial year have shown an increase in the company's profit and growth of the company's turnover in comparison with the 2023 and 2022 financial years.

The directors believe the company is well placed to react to any changes in market conditions as they unfold, due to the continued support of the company's parent and group which have lower reliance on the UK market. This is deemed to provide a reasonable expectation that the group shall be able to provide support in the short-term should it be required. Additionally the majority of staff employed by the group are employed within the UK or otherwise outside the EU.

Evalueserve UK Ltd (Registered number: 06810791)

Strategic Report

for the Year Ended 31 December 2024

SUPPLEMENTARY INFORMATION

The strategic report only forms part of the company's annual accounts and reports.

A person entitled to a full copy of the company's accounts and reports can obtain them from the website of Companies House, the UK registrar of companies (www.gov.uk/government/organisations/companies-house).

Both the auditor's report and auditor's statement under section 496 of the Companies Act 2006 included in the financial statements for the year ended 31 December 2024 were unqualified.

ON BEHALF OF THE BOARD:

Mr P Prabhat - Director

10 October 2025

Evalueserve UK Ltd (Registered number: 06810791)

Report of the Directors

for the Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY

The principal activity of the company during the current and prior financial year was that of custom research and analytics services to companies worldwide including Financial Services, Corporate and Financial Services, Life Sciences and Healthcare.

The company is domiciled and incorporated in the United Kingdom.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 is £nil (2023 - £1,204,035).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr M Vollenweider

Mr P Prabhat

DISCLOSURE IN THE STRATEGIC REPORT

Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as each director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is 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 company's auditor is aware of that information.

Evalueserve UK Ltd (Registered number: 06810791)

Report of the Directors

for the Year Ended 31 December 2024

AUDITORS

The auditors, R. M. Chancellor & Company Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr P Prabhat - Director

10 October 2025

Report of the Independent Auditors to the Members of

Evalueserve UK Ltd

Opinion

We have audited the financial statements of Evalueserve UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 company's affairs as at 31 December 2024, and of its profit for the year then ended; |

• |  | have been properly prepared in accordance with UK-adopted international accounting standards; 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 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 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 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 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 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 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

Evalueserve UK Ltd

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 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, 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page six, 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 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 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.

We did not identify specific laws and regulations that would cause non-compliance with legislation to be a key risk area for the company. We therefore deemed this area as low risk, and so performed the following standard procedures only:

• Enquiry of management around actual and potential litigation and claims and any known instances of non-compliance;

• Reviewing minutes of meetings of those charged with governance;

• Performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

• Reviewing our work throughout the audit file for evidence of non-compliance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Evalueserve UK 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.

Jonathan Ward (Senior Statutory Auditor)

for and on behalf of R. M. Chancellor & Company Limited

Chartered Accountants and Statutory Auditors

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

13 October 2025

Evalueserve UK Ltd (Registered number: 06810791)

Statement of Comprehensive Income

for the Year Ended 31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 22,128,598 |  | 21,109,844 |  |

Cost of sales | 14,964,478 |  | 13,825,846 |  |

GROSS PROFIT | 7,164,120 |  | 7,283,998 |  |

Distribution costs | 3,618,051 |  | 3,923,928 |  |

Administrative expenses | 2,157,678 |  | 2,292,624 |  |

|  |  | 5,775,729 |  |  |  |  | 6,216,552 |  |

OPERATING PROFIT | 5 | 1,388,391 |  | 1,067,446 |  |

Interest receivable and similar income | 6,076 |  | 10,871 |  |

1,394,467 |  | 1,078,317 |  |

Interest payable and similar expenses | 6 | 992 |  | 1,654 |  |

PROFIT BEFORE TAXATION | 1,393,475 |  | 1,076,663 |  |

Tax on profit | 7 | 349,077 |  | 259,489 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,044,398 |  | 817,174 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,044,398 |  | 817,174 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 31,692 |  | 29,660 |  |

CURRENT ASSETS

Debtors | 10 | 3,270,806 |  | 3,436,121 |  |

Cash at bank | 3,099,726 |  | 3,299,072 |  |

6,370,532 |  | 6,735,193 |  |

CREDITORS

Amounts falling due within one year | 11 | 3,065,958 |  | 4,473,493 |  |

NET CURRENT ASSETS | 3,304,574 |  | 2,261,700 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,336,266 |  | 2,291,360 |  |

PROVISIONS FOR LIABILITIES | 13 | 7,923 |  | 7,415 |  |

NET ASSETS | 3,328,343 |  | 2,283,945 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 25,000 |  | 25,000 |  |

Contributions from parent | 15 | 353,387 |  | 353,387 |  |

Retained earnings | 15 | 2,949,956 |  | 1,905,558 |  |

SHAREHOLDERS' FUNDS | 3,328,343 |  | 2,283,945 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by:

Mr P Prabhat - Director

Evalueserve UK Ltd (Registered number: 06810791)

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Contributions |

| share |  | Retained |  | from |  | Total

| capital |  | earnings |  | parent |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 25,000 |  | 2,292,419 |  | 353,387 |  | 2,670,806 |  |

Changes in equity

Dividends | - |  | (1,204,035 | ) | - |  | (1,204,035 | ) |

Total comprehensive income | - |  | 817,174 |  | - |  | 817,174 |  |

Balance at 31 December 2023 | 25,000 |  | 1,905,558 |  | 353,387 |  | 2,283,945 |  |

Changes in equity

Total comprehensive income | - |  | 1,044,398 |  | - |  | 1,044,398 |  |

Balance at 31 December 2024 | 25,000 |  | 2,949,956 |  | 353,387 |  | 3,328,343 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 19 | 1,271,696 |  | 436,067 |  |

Interest paid | (992 | ) | (1,654 | ) |

Change in working capital | (1,147,025 | ) | 1,296,976 |  |

Tax paid | (322,241 | ) | (213,723 | ) |

Net cash from operating activities | (198,562 | ) | 1,517,666 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (6,860 | ) | (11,942 | ) |

Sale of tangible fixed assets | - |  | 87 |  |

Interest received | 6,076 |  | 10,871 |  |

Net cash from investing activities | (784 | ) | (984 | ) |

Cash flows from financing activities

Equity dividends paid | - |  | (1,204,035 | ) |

Net cash from financing activities | - |  | (1,204,035 | ) |

(Decrease)/increase in cash and cash equivalents | (199,346 | ) | 312,647 |  |

Cash and cash equivalents at beginning of year | 20 | 3,299,072 |  | 2,986,425 |  |

Cash and cash equivalents at end of year | 20 | 3,099,726 |  | 3,299,072 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

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

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

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Revenue recognition

| Rendering of services

| Revenue comprises earnings from rendering of research and analytical services. The Group enters into sales transactions involving a range of services such as global research solutions in business research, market research, data analytics, investment research and intellectual property research. These services are rendered through contractual arrangements entered into with customers by the Group companies.

| Revenue is measured by reference to the fair value of the consideration received or receivable by the Group, exclusive of taxes, net of trade discounts and rebates. Revenue also includes reimbursements of out-of-pocket expenses, with the corresponding out-of-pocket expenses included in the cost of revenue. Revenue is recognized upon transfer of control of promised services to customers in an amount that reflects the consideration which the Group expects to receive in exchange for those services.

| Revenues earned from services billed at agreed hourly/daily charge out rates, are recognized as the services are performed with reference to time spent and agreed charge out rate.

| Revenues performed on fixed-price engagements are recognized on a percentage of completion basis. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognized in profit or loss in the consolidated statement of comprehensive income under 'Revenue' by reference to the stage of completion at the reporting date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the cost of work performed as compared with the budgeted cost, with revisions reflected in the period in which changes become known. When the Group cannot measure the outcome of a contract reliably, revenue is recognized only to the extent of contract costs incurred, to the extent that such contract costs are recoverable. Contract costs are recognized in the period in which they are incurred. No revenue is recognized where there are significant uncertainties regarding recovery of the consideration due or where the right to receive payment is contingent on events outside the control of the Group. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in profit or loss in consolidated statement of comprehensive income.

| Unbilled revenue represents revenue recognized based on services rendered to the customers, however not billed as of the reporting date as per the payment terms agreed with the customers.

| Amounts received from customers with respect to services yet to be performed are included in "Other current liabilities" as deferred revenue.

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Subscription revenue

| The Group introduced Subscription revenue wherein it provides non-exclusive, non-transferable right to access the Product / Software and/or Content to authorized users of the customer for a fixed duration as per the terms of the contract. Subscription revenue is generated through a contract to an Evalueserve product which is often complimented with service offerings.

| Revenues based on subscription services are recognized ratably over the contract term as the customer receives and consumes the benefits of the subscription services.

| Performance obligations

| Fixed price engagements:

| Revenues performed on fixed-price engagements are recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. The data analytic revenue is recognised under this method. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the statement of comprehensive income under 'Revenue' by reference to the stage of completion at the reporting date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the cost of work performed as compared with the budgeted cost, with revisions reflected in the period which changes become known. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management. Contract costs are recognised in the period in which they are incurred. In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. Payments are due within 30 days of the invoice date.

| Research services:

| Revenue is recognised when the amount of revenue in the amount to which Evalueserve UK Ltd

| has a right to invoice. Intellectual Property and Research and Development services are recognised under this method. Customers are invoiced on a monthly basis and consideration is payable when invoiced. Revenues earned from services billed at agreed hourly/daily charge out rates, are recognised as the services are performed with reference to time spent and agreed charge out rate. Payments are due within 30 days of the invoice date.

| Estimation Uncertainty

| Revenues for services performed on fixed-price projects are recognized on percentage of completion basis, with revisions reflected in the period in which changes become known. The use of the percentage of completion method reflects the pattern in which the obligations to the customer are fulfilled and thus the management is required to estimate the work that has been performed on the customer contract when recognizing revenue in respect of that contract. The services performed on fixed-price projects require details of the hours worked on the related projects along with the costs incurred to date as well as the estimates in respect of budgeted hours and future efforts expected for the completion of each project. The variance in respect of the revised project plans from the original project plans is continuously monitored. Provisions for estimated losses on such projects are made during the period in which a loss becomes probable and can be reasonably estimated. The total unbilled revenue as at each reporting date that has been determined with reference to the time spent and agreed charge out rates (in respect of services billed at agreed hourly/daily charge out rates) or percentage of completion method (in respect of fixed price arrangements) has been shown on the face of the statement of financial position.

| Tangible fixed assets

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

| Computer equipment | - | 33% on cost

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| Financial instruments

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

| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

| Debt instruments are subsequently measured at amortised cost.

| Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

| Foreign currencies

| The financial statements are presented in Great British Pound Sterling (GBP), which is also the functional currency of the Company. A currency other than the functional currency is a foreign currency. Foreign currency transactions are translated into GBP, using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items at year-end exchange rates are recognized in profit or loss. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction.

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | ACCOUNTING POLICIES - continued

| 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.

| Cash and cash equivalents

| All cash and short-term investments with original maturities of three months or less are considered cash and cash equivalents, since they are readily convertible to cash. These short-term investments are stated at cost, which approximates fair value.

| Equity, reserves, and dividends

| Share capital represents the nominal value of shares that have been issued.

| Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related tax benefits.

| Retained earnings include all current and prior period profit and losses.

| Dividend distributions payable to equity shareholders are included in 'other liabilities' when the dividends have been approved in a general meeting prior to the reporting date.

| The contributions from parent reserve includes the fair value of equity-settled share-based payments to the company's employees which are granted by the parent company, but which are not recharged by the parent company to the company.

| Provisions

| Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the effect is material, provisions are determined by discounting the expected future cash flows using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision and future periods if the revision affects both current and future periods.

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 6,123,600 |  | 6,624,436 |  |

| Social security costs | 820,745 |  | 755,402 |  |

| Other pension costs | 256,017 |  | 240,808 |  |

7,200,362 |  | 7,620,646 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2024 |  | 2023

| Research (cost of sales) | 32 |  | 35 |  |

| Sales & marketing | 16 |  | 17 |  |

| Administration | 6 |  | 8 |  |

54 |  | 60 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 337,709 |  | 380,688 |  |

| Directors' pension contributions to money purchase schemes | 14,014 |  | 13,555 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 337,709 |  | 380,688 |  |

| Pension contributions to money purchase schemes | 14,014 |  | 13,555 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 4,828 |  | 14,246 |  |

| Profit on disposal of fixed assets | - |  | (87 | ) |

| Auditors' remuneration | 25,991 |  | 25,000 |  |

| Foreign exchange differences | 54,388 |  | 34,776 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 992 |  | 1,654 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 348,569 |  | 260,065 |  |

| Deferred tax | 508 |  | (576 | ) |

| Tax on profit | 349,077 |  | 259,489 |  |

| Reconciliation of total tax charge 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:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 1,393,475 |  | 1,076,663 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.340%) | 348,369 |  | 251,293 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,953 |  | 509 |  |

| Capital allowances in excess of depreciation | (508 | ) | (2,075 | ) |

| losses arising in the year |

| Movement on unpaid pension contribution creditor | (1,245 | ) | (519 | ) |

| periods |

| Change in rate of taxation | - |  | 10,857 |  |

| Deferred taxation charges | 508 |  | (576 | ) |

| Total tax charge | 349,077 |  | 259,489 |  |

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Interim | - |  | 1,204,035 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | TANGIBLE FIXED ASSETS

| Computer

| equipment

£ |

| COST

| At 1 January 2024 | 103,226 |  |

| Additions | 6,860 |  |

| At 31 December 2024 | 110,086 |  |

| DEPRECIATION

| At 1 January 2024 | 73,566 |  |

| Charge for year | 4,828 |  |

| At 31 December 2024 | 78,394 |  |

| NET BOOK VALUE

| At 31 December 2024 | 31,692 |  |

| At 31 December 2023 | 29,660 |  |

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

2024 | 2023 |

£ | £ |

| Trade receivables | 2,433,429 |  | 2,208,248 |  |

| Amounts owed by group undertakings | 36 |  | - |  |

| Other debtors | 28,859 |  | 30,019 |  |

| Prepayments and accrued income | 808,482 |  | 1,197,854 |  |

3,270,806 |  | 3,436,121 |  |

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

2024 | 2023 |

£ | £ |

| Trade payables | 88,739 |  | 34,779 |  |

| Amounts owed to group undertakings | 907,530 |  | 2,054,519 |  |

| Tax | 160,467 |  | 134,139 |  |

| Social security and other taxes | 238,136 |  | 172,084 |  |

| VAT | 326,229 |  | 745,726 |  |

| Other creditors | 36,496 |  | 14,919 |  |

| Accruals and deferred income | 1,308,361 |  | 1,317,327 |  |

3,065,958 |  | 4,473,493 |  |

| Included within accruals and deferred income is a balance of £382,536 (2023 - £183,678) relating to deferred income, a balance of £881,517 (2023 - £1,075,358) in respect of accrued employee remuneration and a balance of £44,308 (2023 - £58,291) for other accruals.

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

12. | FINANCIAL INSTRUMENTS

| The company's principal financial instruments are cash, trade and other receivables, trade and other payables, and amounts due to its parent undertaking and other parent controlled entities. The main purpose of these financial instruments is to finance the company's ongoing operational requirements.

| The company does not currently trade in derivative financial instruments. The principal risks faced by the company are credit risk, liquidity risk, and foreign currency risk. Policies for management of these and other risks, which have been consistently applied throughout the period, are detailed in the strategic report.

| The company has the financial assets and liabilities as at the balance sheet date:

| Financial assets: |  | 2024 |  | 2023 |  |

| Financial assets measured at fair value through profit and loss |  | £ |  | £ |  |

| - Trade and other receivables |  | 2,462,288 |  | 2,238,267 |  |

| - Cash and cash equivalents |  | 3,099,726 |  | 3,299,072 |  |

| - Amounts due from parent entity and parent controlled entities |  | 36 |  | - |  |

| Total financial assets |  | 5,562,050 |  | 5,537,339 |  |

| Financial liabilities: |  | 2024 |  | 2023 |  |

| Financial liabilities measured at amortised cost |  | £ |  | £ |  |

| - Trade and other payables |  | 88,739 |  | 34,779 |  |

| - Amounts due to parent entity and parent controlled entities |  | 907,530 |  | 2,054,519 |  |

| Total financial liabilities |  | 996,269 |  | 2,089,299 |  |

| Fair values

| The directors consider that the carrying values of all the company's financial assets and liabilities approximate their fair values as at the balance sheet date in both the current and prior years.

| Maturity analysis

| The loan from Evalueserve AG does not have fixed terms of repayment. As a consequence, the loan is presented as a current liability as management does not have an unconditional right to defer payment beyond 12 months. The expected maturity of this loan is, however, not expected to be (wholly) within the next 12 months as the lender has both the ability and the stated intention to not call this loan within the next 12 months. Except as noted above, the company expects to pay all financial liabilities on their contractual maturities and expects to meet such cash commitments through cash flows from operating activities and the utilisation of available finance facilities where required.

| Liquidity risk management

| There are daily controls in place to define and monitor the Company's liquidity risk. These include monitoring the behavioural characteristics of financial assets and liabilities and maintaining a portfolio of highly liquid assets in a variety of currencies.

| Market risk analysis

| Market risk is the risk that changes in market prices will have an effect on the Company's income or value of the financial assets and liabilities. The Company is exposed to various types of market risks which result from its operating and investing activities.

13. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax | 7,923 |  | 7,415 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 7,415 |  |

| Provided during year | 508 |  |

| Balance at 31 December 2024 | 7,923 |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 25,000 | Ordinary | £1 | 25,000 |  | 25,000 |  |

15. | RESERVES

| Contributions |

| Retained |  | from |

| earnings |  | parent |  | Totals

£ | £ | £ |

| At 1 January 2024 | 1,905,558 |  | 353,387 |  | 2,258,945 |  |

| Profit for the year | 1,044,398 |  | 1,044,398 |  |

| At 31 December 2024 | 2,949,956 |  | 353,387 |  | 3,303,343 |  |

16. | ULTIMATE PARENT COMPANY

| The company is a wholly-owned subsidiary of Evalueserve Holdings AG, a company registered in Switzerland under the registration CHE-229.673.474 at the address Bahnhofstrasse 10, Zug 6300. Evalueserve Holdings AG is the ultimate parent company of the group.

| Evalueserve Holdings AG does not have an ultimate controlling party and therefore is considered by the directors to be the ultimate controlling party of Evalueserve UK Ltd.

| Evalueserve Holdings AG does not produce consolidated financial statements available for public use.

17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 | 2023 |

£ | £ |

| Mr P Prabhat

| Balance outstanding at start of year | 3,227 |  | 5,111 |  |

| Amounts repaid | (1,843 | ) | (1,884 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,384 |  | 3,227 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

18. | RELATED PARTY DISCLOSURES

| Key management personnel remuneration and amounts of transactions with parent entity and enterprises under common control have been summarised below:

|  | 2024 |  | 2023 |  |

| Key management personnel |  | £ |  | £ |  |

| Short-term employee benefits |  | 337,709 |  | 380,668 |  |

| Post-employment benefits |  | 14,014 |  | 13,555 |  |

|  | 351,723 |  | 394,223 |  |

| During the current and prior year the company engaged to provide sales to, make purchases from, and hold loan accounts with group undertakings, as detailed below.

|  | 2024 |  | 2023 |  |

| Amounts owed from/(to) the parent entity and parent controlled entities |  | £ |  | £ |  |

| Amounts due to parent controlled entity - Evalueserve AG |  | (907,530 | ) | (2,054,519 | ) |

| Amounts due from parent entity - Evalueserve Holdings AG |  | 36 |  | - |  |

|  | (907,494 | ) | (2,054,519 | ) |

|  | 2024 |  | 2023 |  |

| Sales to parent entity and parent controlled entities |  | £ |  | £ |  |

| Sales made to parent controlled entity - Evalueserve AG |  | 7,719,165 |  | 7,657,814 |  |

|  | 7,719,165 |  | 7,657,814 |  |

|  | 2024 |  | 2023 |  |

| Purchases from parent entity and parent controlled entities |  | £ |  | £ |  |

| Purchases from parent controlled entity - Evalueserve AG |  | 12,186,445 |  | 11,069,316 |  |

|  | 12,186,445 |  | 11,069,316 |  |

| No interest is accruing on balances owed to/from group undertakings (2023 - £nil). No guarantees have been provided on the above loan balances, which are repayable on demand, in either the current or prior year.

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

19. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 1,393,475 |  | 1,076,663 |  |

| Depreciation charges | 4,828 |  | 14,245 |  |

| Profit on disposal of fixed assets | - |  | (87 | ) |

| Finance costs | 992 |  | 1,654 |  |

| Finance income | (6,076 | ) | (10,871 | ) |

1,393,219 |  | 1,081,604 |  |

| Decrease/(increase) in trade and other debtors | 165,351 |  | (729,812 | ) |

| (Decrease)/increase in trade and other creditors | (286,874 | ) | 84,275 |  |

| Cash generated from operations | 1,271,696 |  | 436,067 |  |

20. | 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 | 3,099,726 |  | 3,299,072 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 3,299,072 |  | 2,986,425 |  |

21. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank | 3,299,072 |  | (199,346 | ) | 3,099,726 |  |

3,299,072 |  | (199,346 | ) | 3,099,726 |  |

| Total | 3,299,072 |  | (199,346 | ) | 3,099,726 |  |

Evalueserve UK Ltd (Registered number: 06810791)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

22. | CAPITAL MANAGEMENT

| The company's key management personnel, being the directors of the company, manage the capital via monthly reviews of the trade receivable, trade payable, bank and loan balances held by the company.

| Capital is maintained within the confines of the group's overall structure, and changes in capital requirements are determined by the board of the company's ultimate controlling party, Evalueserve Holdings AG.

| The most significant liabilities of the company are the loan balances owed to group undertakings. There were no externally imposed capital requirements upon the company other than that of the group.

| Due to the main capital requirements being that of the group and the main liabilities owed to group undertakings, the company's directors therefore consider that once these are accounted for within the group's considerations Evalueserve UK Ltd contributes a positive capital structure that requires minimal maintenance.

| The company aims to have a negative debt to equity ratio, which it achieved at the year ended 31 December 2024 and has continued this year.

|  | 2024 |  | 2023

|  | £ |  | £

| Cash and cash equivalents |  | 3,099,726 |  |  | 3,299,072 |

| Amounts due from parent (Evalueserve Holdings AG - previously Evalueserve Ltd) |  | 36 |  |  | - |

| Amounts payable to parent controlled entity (Evalueserve AG) |  | (907,530 | ) |  | (2,054,519 | )

| Net debt |  | 2,192,232 |  |  | 1,244,553 |

| Total equity |  | 3,303,343 |  |  | 2,258,945 |

| Net debt to equity |  | (66% | ) |  | (55% | )

| There has been no changes in the capital management of the company since the prior accounting period.