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REGISTERED NUMBER: 08120509 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| ZIFO TECHNOLOGIES LTD |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Consolidated Income Statement | 11 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 19 |

ZIFO TECHNOLOGIES LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | P G P Mahoney

| J A Mahoney

| H Rajani

| SECRETARY: | J A Mahoney

| REGISTERED OFFICE: | Office 7

| 37-39 Shakespeare Street

| Southport

| Merseyside

| PR8 5AB

| REGISTERED NUMBER: | 08120509 (England and Wales)

| AUDITORS: | Orcom Civvals Audit Limited

| Chartered Accountants and

| Statutory Auditors

| 50 Seymour Street

| London

| W1H 7JG

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

Zifo Technologies Limited is a UK intermediary parent undertaking that is part of a global Zifo group of companies that offers R&D and manufacturing informatics solutions focused on the pharma, biotech, medical devices, contract research organisation (CRO), specially chemicals, food & beverages and other process industries, as well as other research-based organizations.

The consolidated results for the period and financial position of Zifo Technologies Limited and its subsidiaries ("the Group") are as shown in the annexed financial statements.

The total turnover of the Group during the year amounted to £39,877,255 (2024: £35,787,596). The Group's profit before tax amounted to £2,939,764 (2024: £2,966,637). The management is continuing to review its costs and is also looking at ways to increase the Group's customer base. The management anticipates that these steps will help in the improvement of the Group's performance in the coming year.

Shareholders' funds of the Group at the year end were £6,305,040 (2024: £4,246,983).

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Key performance indicators:

The directors regularly reviews their exposure to key customers. It is the Group's intention to further broaden the Group's range of customers and its market share both in the UK and abroad. The Group therefore continues to invest in developing its service range to meet the market requirements.

The directors manage the Group on key indicators including growth and profitability. The directors believe that the Group can manage its business risks successfully despite the current uncertain global economic outlook.

The directors continually monitor the Group's liquidity in order to ensure that sufficient funds are available for its ongoing operations and future growth. The Group has a good record on collecting its Trade receivables and the directors do not consider that it carries any material credit risks.

The Group's internal control systems sufficiently ensure that financial and management controls apply at all levels of the business. The use of annual budgets and forecasts are operated and investigations are made into areas of adverse expenditure with appropriate management action to correct.

Financial risk management objectives and policies:

The Group's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and inter company loans. The main purpose of these instruments is to raise funds for the Group's operations.

- Price risk:

Due to the nature of financial instruments used by the Group, there is no exposure to price risk. The Group's approach to managing other risks applicable to financial instruments concerned is shown below.

- Liquidity risk:

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through effective management of Group inter-company trade receivables. The Group manages the liquidity risk by ensuring there are sufficient funds to meet these payments.Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

- Credit risk:

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

BUSINESS ENVIRONMENT

The Group leverages the possibilities of technology and operational excellence to bring efficiency and innovation to Pharma R&D IT, clinical data management and biostatistics.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

STRATEGY

Zifo group of companies are a global specialist scientific and process informatics service provider working across research, development, manufacturing and clinical domains with expertise in over 90 partner technologies and platforms.

Zifo is a data-driven science company, which offers R&D and manufacturing informatics solutions focused on the pharma, biotech, medical devices and process industries, as well as other research-based organizations. Zifo works with 7 of the top 10 global bio-pharma companies and its customers are spread across more than 20 countries. The company has global subsidiaries in Canada, USA, UK, Germany, France, Switzerland, Spain, Ireland, Singapore, Japan and China. Zifo is an ISO 9001- and ISMS ISO 27001-certified organization with best-in-class processes and IT infrastructure.

The Group's "Global service delivery" approach leverages remote delivery to ensure cost-effective delivery and solutions coupled with dedicated local support to ensure engagement, success and quality.

The Group has built its reputation and success by delivering high-quality service, value and reliability.

ON BEHALF OF THE BOARD:

H Rajani - Director

4 February 2026

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of providing IT services, IT consulting and software to support process development and improvement, of processes focused on the pharma, biotech, medical devices, contract research organisation (CRO), specialty chemicals, food & beverages and other process industries, as well as other research-based organisations.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P G P Mahoney

J A Mahoney

H Rajani

FINANCIAL INSTRUMENTS

Details of the Group's financial risk management objectives and policies are included in the Strategic Report and in note 3 of these consolidated financial statements. The Group's financial instruments are shown in note 17 of these financial statements.

GOING CONCERN

The Group meets is day to day working capital through its own cash balances and funding from the ultimate Group Zifo Technologies Private Limited and its subsidiaries). The company and its subsidiaries ("the Group") is part of the ultimate Group headed by Zifo Technologies Private Limited, a company registered in India. The directors have completed an assessment of the going concern for a period of at least twelve months following the approval of each Group entity's financial statements (the going concern assessment period).

In carrying out their duties in respect of going concern, the directors have reviewed the Group's cashflow forecasts, liquidity and the operational activities of the company and the Group. Based on this assessment the directors consider that the company and the Group will have sufficient funds to meet their liabilities without compromising their working capital requirements for a period of 12 months from the date of signing these financial statements.

The directors, therefore, consider that it is appropriate to prepare the accounts on a going concern basis.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the Company has set out in the strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and the Companies (Miscellaneous Reporting) Regulations 2018.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

H Rajani - Director

4 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ZIFO TECHNOLOGIES LTD

Opinion

We have audited the financial statements of Zifo Technologies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ZIFO TECHNOLOGIES LTD

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ZIFO TECHNOLOGIES LTD

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion;

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control;

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias); and

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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

ZIFO TECHNOLOGIES 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.

Aamir Kazi (Senior Statutory Auditor)

for and on behalf of Orcom Civvals Audit Limited

Chartered Accountants and

Statutory Auditors

50 Seymour Street

London

W1H 7JG

4 February 2026

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 39,877,255 |  | 35,787,596 |  |

Cost of sales | (28,941,324 | ) | (26,271,439 | ) |

GROSS PROFIT | 10,935,931 |  | 9,516,157 |  |

Administrative expenses | (8,040,203 | ) | (6,571,878 | ) |

2,895,728 |  | 2,944,279 |  |

Other operating income | 45,376 |  | 22,374 |  |

OPERATING PROFIT | 7 | 2,941,104 |  | 2,966,653 |  |

Interest receivable and similar income | 4,291 |  | - |  |

2,945,395 |  | 2,966,653 |  |

Interest payable and similar expenses | 8 | (5,631 | ) | (16 | ) |

PROFIT BEFORE TAXATION | 2,939,764 |  | 2,966,637 |  |

Tax on profit | 9 | (819,370 | ) | (768,638 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,120,394 |  | 2,197,999 |  |

Profit attributable to:

Owners of the parent | 2,120,394 |  | 2,197,999 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,120,394 |  | 2,197,999 |  |

OTHER COMPREHENSIVE INCOME |

Currency translation differences | (62,337 | ) | (112,603 | ) |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (62,337 | ) | (112,603 | ) |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,058,057 |  | 2,085,396 |  |

Total comprehensive income attributable to:

Owners of the parent | 2,058,057 |  | 2,085,396 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONSOLIDATED BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 914,307 |  | 1,246,779 |  |

Tangible assets | 12 | 73,366 |  | 76,428 |  |

Investments | 13 | - |  | - |  |

987,673 |  | 1,323,207 |  |

CURRENT ASSETS

Debtors | 14 | 10,954,055 |  | 7,546,072 |  |

Cash at bank | 4,049,110 |  | 4,628,163 |  |

15,003,165 |  | 12,174,235 |  |

CREDITORS

Amounts falling due within one year | 15 | (9,662,685 | ) | (9,227,346 | ) |

NET CURRENT ASSETS | 5,340,480 |  | 2,946,889 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,328,153 |  | 4,270,096 |  |

PROVISIONS FOR LIABILITIES | 18 | (23,113 | ) | (23,113 | ) |

NET ASSETS | 6,305,040 |  | 4,246,983 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 16 |  | 16 |  |

Share premium | 20 | 29,984 |  | 29,984 |  |

Translation reserve | 20 | (113,160 | ) | (50,823 | ) |

Retained earnings | 20 | 6,388,200 |  | 4,267,806 |  |

SHAREHOLDERS' FUNDS | 6,305,040 |  | 4,246,983 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2026 and were signed on its behalf by:

H Rajani - Director

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

COMPANY BALANCE SHEET

31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 33,790 |  | 26,407 |  |

Investments | 13 | 2,271,608 |  | 2,271,608 |  |

2,305,398 |  | 2,298,015 |  |

CURRENT ASSETS

Debtors | 14 | 2,908,927 |  | 2,734,882 |  |

Cash at bank | 1,485,375 |  | 1,495,034 |  |

4,394,302 |  | 4,229,916 |  |

CREDITORS

Amounts falling due within one year | 15 | (4,054,211 | ) | (4,685,316 | ) |

NET CURRENT ASSETS/(LIABILITIES) | 340,091 |  | (455,400 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,645,489 |  | 1,842,615 |  |

PROVISIONS FOR LIABILITIES | 18 | (23,590 | ) | (23,590 | ) |

NET ASSETS | 2,621,899 |  | 1,819,025 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 16 |  | 16 |  |

Share premium | 20 | 29,984 |  | 29,984 |  |

Retained earnings | 20 | 2,591,899 |  | 1,789,025 |  |

SHAREHOLDERS' FUNDS | 2,621,899 |  | 1,819,025 |  |

Company's profit for the financial year | 802,874 |  | 1,323,023 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2026 and were signed on its behalf by:

H Rajani - Director

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Share |  | Translation |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 April 2023 | 16 |  | 2,069,807 |  | 29,984 |  | 61,780 |  | 2,161,587 |  |

Changes in equity

Total comprehensive income | - |  | 2,197,999 |  | - |  | (112,603 | ) | 2,085,396 |  |

Balance at 31 March 2024 | 16 |  | 4,267,806 |  | 29,984 |  | (50,823 | ) | 4,246,983 |  |

Changes in equity

Total comprehensive income | - |  | 2,120,394 |  | - |  | (62,337 | ) | 2,058,057 |  |

Balance at 31 March 2025 | 16 |  | 6,388,200 |  | 29,984 |  | (113,160 | ) | 6,305,040 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 16 |  | 466,002 |  | 29,984 |  | 496,002 |  |

Changes in equity

Total comprehensive income | - |  | 1,323,023 |  | - |  | 1,323,023 |  |

Balance at 31 March 2024 | 16 |  | 1,789,025 |  | 29,984 |  | 1,819,025 |  |

Changes in equity

Total comprehensive income | - |  | 802,874 |  | - |  | 802,874 |  |

Balance at 31 March 2025 | 16 |  | 2,591,899 |  | 29,984 |  | 2,621,899 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,102,491 |  | 2,349,278 |  |

Interest paid | (5,631 | ) | (16 | ) |

Tax paid | (1,152,692 | ) | (394,056 | ) |

Net cash from operating activities | (55,832 | ) | 1,955,206 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (55,519 | ) | (37,544 | ) |

Interest received | 4,291 |  | - |  |

Net cash from investing activities | (51,228 | ) | (37,544 | ) |

Cash flows from financing activities

Group trade receivables / (payables) | (471,993 | ) | (1,575,221 | ) |

Net cash from financing activities | (471,993 | ) | (1,575,221 | ) |

(Decrease)/increase in cash and cash equivalents | (579,053 | ) | 342,441 |  |

Cash and cash equivalents at beginning of year | 2 | 4,628,163 |  | 4,285,722 |  |

Cash and cash equivalents at end of year | 2 | 4,049,110 |  | 4,628,163 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,939,764 |  | 2,966,637 |  |

| Depreciation charges | 390,973 |  | 393,565 |  |

| Loss on disposal of fixed assets | 81 |  | - |  |

| Finance costs | 5,631 |  | 16 |  |

| Finance income | (4,291 | ) | - |  |

3,332,158 |  | 3,360,218 |  |

| Increase in trade and other debtors | (3,469,758 | ) | (1,388,286 | ) |

| Increase in trade and other creditors | 1,240,091 |  | 377,346 |  |

| Cash generated from operations | 1,102,491 |  | 2,349,278 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 March 2025

| 31/3/25 |  | 1/4/24

£ | £ |

| Cash and cash equivalents | 4,049,110 |  | 4,628,163 |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

| Cash and cash equivalents | 4,628,163 |  | 4,285,722 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank | 4,628,163 |  | (579,053 | ) | 4,049,110 |  |

4,628,163 |  | (579,053 | ) | 4,049,110 |  |

| Total | 4,628,163 |  | (579,053 | ) | 4,049,110 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

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

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

| Zifo Technologies Limited is the parent undertaking of the smallest group of which the company is a member for which consolidated accounts have been prepared. Copies of these accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

| The principle activity of the Group in the year under review was that of providing IT services, IT consulting and software to support process development and improvement, of processes focused on the pharma, biotech, medical devices and process industries, as well as other research-based organisations.

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

| These financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

| These financial statements are that of the individual parent company and they have been included in the consolidated accounts of Zifo Technologies Limited and its subsidiaries (together 'The group').

| Going concern

| The Group meets is day to day working capital through its own cash balances and funding from the ultimate Group Zifo Technologies Private Limited and its subsidiaries). The company and its subsidiaries ("the Group") is part of the ultimate Group headed by Zifo Technologies Private Limited, a company registered in India. The directors have completed an assessment of the going concern for a period of at least twelve months following the approval of each Group entity's financial statements (the going concern assessment period).

| In carrying out their duties in respect of going concern, the directors have reviewed the Group's cashflow forecasts, liquidity and the operational activities of the company and the Group. Based on this assessment the directors consider that the company and the Group will have sufficient funds to meet their liabilities without compromising their working capital requirements for a period of 12 months from the date of signing these financial statements.

| The directors, therefore, consider that it is appropriate to prepare the accounts on a going concern basis.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 31 March. No profit and loss account is presented for Zifo Technologies Limited as permitted by Section 408 of the Companies Act 2006.

| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

| Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

| Any subsidiary undertakings sold or acquired during the period are included up to, or from, the dates of change of control.

| All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group’s interest in the entity.

| Related party exemption

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

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

| Significant judgements and estimates

| The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The notes to the financial statements set out areas involving a higher degree of judgement, or areas where assumptions are significant to the reporting entity and its financial report such as:

| - useful economic lives of tangible assets

| - timing and amount of impairment of investment in subsidiaries, including reversal of impairment

| - the impairment of goodwill and other identifiable intangible assets

| - fair value of assets and liabilities

| - recoverability of tax receivables, deferred tax assets and measurement of current and deferred tax liabilities can require significant judgement, particularly where the recoverability of such tax balances relies on the estimation of future taxable profits and management's determination of the likelihood that uncertain tax positions will be accepted by the relevant taxation authority

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Turnover

| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

| Turnover represents the amount derived from the provision of services falling within the Group's activities after deduction of value added tax.

| The Group recognises revenue when:

| i) the Group has performed its obligations, wholly or in part, in a service agreement;

| ii) the amount of revenue can be measured reliably;

| iii) it is probable that future economic benefits will flow to the entity; and

| Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

| Goodwill

| Business combinations are accounted for by applying the purchase method.

| The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

| Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably.

| Where:

| (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or

| (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

| On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

| Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

| Goodwill is amortised over its expected useful life which is estimated to be between five to ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Website development costs are initially measured at cost. After initial recognition, website development costs are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Where the website is expected to generate future revenues in excess of the costs of developing the website and all other capitalisation criteria are met, expenditure on the functionality of the website is capitalised and treated as an intangible fixed asset and amortised over 3 years.

| Where factors, such as technological advancement or changes in market price, indicate that the residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

| The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

| Expenditure incurred on maintaining websites and expenditure incurred on developing websites used for promotional purposes are written off as incurred.

| Tangible fixed assets

| Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses.Cost includes the original purchase price,costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

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

| Fixtures and fittings |  |  | 50% on cost |  |

| Computer equipment |  |  | 33% on cost |  |

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

| i) Financial assets

| Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| ii) Financial liabilities

| Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 liabilities discounted at a market rate of interest.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at

| transaction price and subsequently measured at amortised cost using the effective interest method.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Translation

| The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income'. These are reflected within translation reserve in the consolidated statement of changes in equity.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Cash and cash equivalents

| Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

4. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 6,332,438 |  | 7,821,717 |  |

| Europe | 31,462,527 |  | 25,052,731 |  |

| United States of America | 1,986,428 |  | 2,391,876 |  |

| Rest of the world | 95,862 |  | 521,272 |  |

39,877,255 |  | 35,787,596 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 12,299,992 |  | 10,937,893 |  |

| Social security costs | 2,082,542 |  | 1,739,776 |  |

| Other pension costs | 616,986 |  | 490,810 |  |

14,999,520 |  | 13,168,479 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Management | 3 |  | 3 |  |

| Service Delivery | 139 |  | 131 |  |

| Administration | 6 |  | 4 |  |

| HR | 5 |  | 3 |  |

| Business development | 24 |  | 19 |  |

177 |  | 160 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 177 (2024 - 160 ) .

6. | DIRECTORS' EMOLUMENTS

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Directors' remuneration: |  |

| - the Company |  |  | 420,993 |  |  | 458,859 |  |

| - the Company's subsidiaries |  |  | 125,286 |  |  | 121,452 |  |

| Directors' contributions to money purchased schemes: |  |

| - the Company |  |  | 96,494 |  |  | 17,613 |  |

| - the Company's subsidiaries |  |  | 5,556 |  |  | 5,631 |  |

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

| Money purchase schemes:: |  |

| - the Company |  |  | 3 |  |  | 3 |  |

| - the Company's subsidiaries |  |  | 4 |  |  | 4 |  |

| Information regarding the highest paid director is as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Emoluments etc |  |  | 211,611 |  |  | 267,312 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 318,704 |  | 327,412 |  |

| Depreciation - owned assets | 58,501 |  | 60,573 |  |

| Loss on disposal of fixed assets | 81 |  | - |  |

| Goodwill amortisation | 332,472 |  | 332,472 |  |

| Computer software amortisation | - |  | 520 |  |

| Auditors' remuneration | 31,000 |  | 31,000 |  |

| Auditors' remuneration of subsidiaries | 28,065 |  | 28,065 |  |

| Auditors' remuneration for non-audit work - Other services | 5,500 |  | 5,500 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Interest payable | 5,631 |  | 16 |  |

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 819,370 |  | 769,115 |  |

| Deferred tax | - |  | (477 | ) |

| Tax on profit | 819,370 |  | 768,638 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | TAXATION - continued

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,939,764 |  | 2,966,637 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 734,941 |  | 741,659 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 238 |  |

| Capital allowances in excess of depreciation | (1,624 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 3,016 |  |

| Utilisation of tax losses | - |  | (41,826 | ) |

| earlier periods |

| Deferred Tax | - |  | (477 | ) |

| Impact of overseas tax rates and tax adjustments relating to overseas subsidiaries | 86,053 |  | 66,028 |  |

| Total tax charge | 819,370 |  | 768,638 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Currency translation differences | (62,337 | ) | - |  | (62,337 | ) |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Currency translation differences | (112,603 | ) | - |  | (112,603 | ) |

10. | INDIVIDUAL INCOME STATEMENT

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

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,662,360 |  | 700 |  | 1,663,060 |  |

| AMORTISATION

| At 1 April 2024 | 415,590 |  | 691 |  | 416,281 |  |

| Amortisation for year | 332,472 |  | - |  | 332,472 |  |

| At 31 March 2025 | 748,062 |  | 691 |  | 748,753 |  |

| NET BOOK VALUE

| At 31 March 2025 | 914,298 |  | 9 |  | 914,307 |  |

| At 31 March 2024 | 1,246,770 |  | 9 |  | 1,246,779 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 5,890 |  | 22,192 |  | 221,076 |  | 249,158 |  |

| Additions | - |  | - |  | 55,519 |  | 55,519 |  |

| Disposals | (1,092 | ) | - |  | - |  | (1,092 | ) |

| At 31 March 2025 | 4,798 |  | 22,192 |  | 276,595 |  | 303,585 |  |

| DEPRECIATION

| At 1 April 2024 | 4,700 |  | 7,441 |  | 160,589 |  | 172,730 |  |

| Charge for year | 1,106 |  | 5,424 |  | 51,971 |  | 58,501 |  |

| Eliminated on disposal | (1,012 | ) | - |  | - |  | (1,012 | ) |

| At 31 March 2025 | 4,794 |  | 12,865 |  | 212,560 |  | 230,219 |  |

| NET BOOK VALUE

| At 31 March 2025 | 4 |  | 9,327 |  | 64,035 |  | 73,366 |  |

| At 31 March 2024 | 1,190 |  | 14,751 |  | 60,487 |  | 76,428 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 1,093 |  | 113,392 |  | 114,485 |  |

| Additions | - |  | 33,138 |  | 33,138 |  |

| Disposals | (1,093 | ) | - |  | (1,093 | ) |

| At 31 March 2025 | - |  | 146,530 |  | 146,530 |  |

| DEPRECIATION

| At 1 April 2024 | 1,012 |  | 87,066 |  | 88,078 |  |

| Charge for year | - |  | 25,674 |  | 25,674 |  |

| Eliminated on disposal | (1,012 | ) | - |  | (1,012 | ) |

| At 31 March 2025 | - |  | 112,740 |  | 112,740 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 33,790 |  | 33,790 |  |

| At 31 March 2024 | 81 |  | 26,326 |  | 26,407 |  |

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaki

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 2,476,803 |  |

| PROVISIONS

| At 1 April 2024

| and 31 March 2025 | 205,195 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,271,608 |  |

| At 31 March 2024 | 2,271,608 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Zifo Technologies Gmbh

| Registered office: Germany

| Nature of business: IT services & IT consulting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Zifo Technologies SARL

| Registered office: France

| Nature of business: IT services & IT consulting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Zifo Technologies AG

| Registered office: Switzerland

| Nature of business: IT services & IT consulting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Zifo Iberia SL

| Registered office: Spain

| Nature of business: IT services & IT consulting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Zifo Ireland Limited

| Registered office: Ireland

| Nature of business: IT services & IT consulting

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Fixed asset investments represents shares held in unlisted subsidiary undertakings which have been measured at cost less impairment in the individual financial statements.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 8,997,821 |  | 5,804,609 |  | 1,586,397 |  | 1,566,814 |  |

| Amounts owed by group undertakings | 1,039 |  | - |  | 695,381 |  | 532,478 |  |

| Other debtors | 190,510 |  | 112,018 |  | 61,134 |  | 35,331 |  |

| Prepayments and accrued income | 1,764,685 |  | 1,629,445 |  | 566,015 |  | 600,259 |  |

10,954,055 |  | 7,546,072 |  | 2,908,927 |  | 2,734,882 |  |

| Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 308,831 |  | 297,265 |  | 176,842 |  | 136,598 |  |

| Amounts owed to group undertakings | 5,104,261 |  | 5,575,215 |  | 2,322,589 |  | 2,858,771 |  |

| Tax | 332,365 |  | 665,687 |  | 45,459 |  | 389,576 |  |

| Social security and other taxes | 621,563 |  | 439,552 |  | 264,756 |  | 164,130 |  |

| VAT | 1,033,049 |  | 791,317 |  | 247,389 |  | 219,541 |  |

| Other creditors | 360,479 |  | 124,310 |  | 131,654 |  | 86,845 |  |

| Accruals and deferred income | 1,902,137 |  | 1,334,000 |  | 865,522 |  | 829,855 |  |

9,662,685 |  | 9,227,346 |  | 4,054,211 |  | 4,685,316 |  |

| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 106,580 |  | 106,152 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

16. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 17,380 |  | 15,800 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

17. | FINANCIAL INSTRUMENTS

| Group

| The group has the following financial instruments:

|  | Note |  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Financial assets that are debt instruments measured at amortised |  |  |

| - Trade debtors |  | 14 |  | 8,997,821 |  |  | 5,804,609 |  |

| - Amounts owed by group undertakings |  | 14 |  | 1,039 |  |  | - |  |

| - Other debtors |  | 14 |  | 190,510 |  |  | 112,018 |  |

|  | 9,189,370 |  |  | 5,916,627 |  |

| Financial liabilities measured at amortised cost |  |

| - Trade creditors |  | 15 |  | 308,830 |  |  | 297,265 |  |

| - Amounts owed to group undertakings |  | 15 |  | 5,104,261 |  |  | 5,575,215 |  |

| - Other creditors |  | 15 |  | 360,479 |  |  | 124,310 |  |

|  | 5,773,570 |  |  | 5,996,790 |  |

| Company

| The company has the following financial instruments:

|  | Note |  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Financial assets that are debt instruments measured at amortised |  |  |

| - Trade debtors |  | 14 |  | 1,586,397 |  |  | 1,566,814 |  |

| - Amounts owed by group undertakings |  | 14 |  | 695,381 |  |  | 532,478 |  |

| - Other debtors |  | 14 |  | 61,134 |  |  | 35,331 |  |

|  | 2,342,912 |  |  | 2,134,623 |  |

| Financial liabilities measured at amortised cost |  |

| - Trade creditors |  | 15 |  | 176,842 |  |  | 136,598 |  |

| - Amounts owed to group undertakings |  | 15 |  | 2,322,589 |  |  | 2,858,771 |  |

| - Other creditors |  | 15 |  | 131,654 |  |  | 86,845 |  |

|  | 2,631,085 |  |  | 4,677,312 |  |

| The Group holds or issues financial instruments in order to achieve three main objectives, being:

| (a) to finance its operations;

| (b) to manage its exposure to currency risks arising from its operations and from its sources of finance; and

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

| (c) for trading purposes.

| In addition, various financial instruments as above arise directly from the Group's operations.

18. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 23,113 |  | 23,113 |  | 23,590 |  | 23,590 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 23,113 |  |

| Balance at 31 March 2025 | 23,113 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 23,590 |  |

| Balance at 31 March 2025 | 23,590 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 16,151 | Share capital 1 | 16 | 16 |  | 16 |  |

20. | RESERVES

| Group

| Retained |  | Share |  | Translation |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 April 2024 | 4,267,806 |  | 29,984 |  | (50,823 | ) | 4,246,967 |  |

| Profit for the year | 2,120,394 |  | 2,120,394 |  |

| Movement in year | - |  | - |  | (62,337 | ) | (62,337 | ) |

| At 31 March 2025 | 6,388,200 |  | 29,984 |  | (113,160 | ) | 6,305,024 |  |

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

20. | RESERVES - continued

| Company

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 1,789,025 |  | 29,984 |  | 1,819,009 |  |

| Profit for the year | 802,874 |  | 802,874 |  |

| At 31 March 2025 | 2,591,899 |  | 29,984 |  | 2,621,883 |  |

21. | PENSION COMMITMENTS

|  | 2025 |  |  | 2024 |  |

| Defined contribution schemes |  | £ |  |  | £ |  |

| Charge to profit or loss in respect of defined contribution schemes |  | 338,470 |  |  | 258,145 |  |

| 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.

22. | ULTIMATE PARENT COMPANY

| Zifo Technologies Private Limited, a company registered in India, is the immediate parent company by virtue of its controlling interest in the share capital of the company.

| Zifo Technologies Private Limited is the parent undertaking of the largest group and Zifo Technologies Limited is the parent undertaking of the smallest group of which the company is a member for which consolidated accounts have been prepared. Copies of these accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

| Copies of Zifo Technologies Private Limited consolidated financial statements can be obtained from its registered office in India.

| The ultimate parent company is TA India 1 Limited, a company registered in Mauritius.

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included in other creditors in note 15 is £75,910 (2024: £nil) in respect of expense claims made by the directors of the company that were reimbursed after the year end.

ZIFO TECHNOLOGIES LTD (REGISTERED NUMBER: 08120509)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

24. | RELATED PARTY DISCLOSURES

| The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

| Other than transactions with wholly owned group undertakings for which exemption has been taken, the company has no related party transactions during the year (2024: £nil).

25. | POST BALANCE SHEET EVENTS

| There were no material events subsequent to 31 March 2025 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements.