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REGISTERED NUMBER: 04124967 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| PUZZEL LTD |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

PUZZEL LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Frederic Laziou

| Stephen John Grist

| REGISTERED OFFICE: | Herschel House

| 58 Herschel Street

| Slough

| Berkshire

| SL1 1PG

| REGISTERED NUMBER: | 04124967 (England and Wales)

| AUDITORS: | Oury Clark Chartered Accountants

| Statutory Auditors

| Herschel House

| 58 Herschel Street

| Slough

| Berkshire

| SL1 1PG

PUZZEL LTD (REGISTERED NUMBER: 04124967)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

Puzzel Ltd is part of the Puzzel AS group of companies and sells and implements the group’s multi channel Software-as-a-Service (SaaS) AI-first customer engagement platform to, primarily UK-based customers. The group has introduced innovative technology, organically and through acquisition, that helps customers succeed with customer service across all channels through a best-in-class user interface that engages our customers' employees while utilising AI to augment our customer's agents, automate more of the end customer queries and accelerate case resolution.

REVIEW OF BUSINESS

Puzzel Ltd’s total revenue has grown by 4% in the year (2025 - £16.2m; 2024 - £15.6m). Revenue from third parties grew by 14% (2025 - £13.2m; 2024 - £11.6m). For all of 2025, the company's sales efforts have been focused on expansion of customer contracts, and new business, primarily within the company's key focus industries of Financial Services, Local Government and Utilities, and the company added to its customer base in all these industries during 2025.

The company’s revenue from other group companies was 25% lower than in 2024 (2025 - £3.0m; 2024 - £4.0m), reflecting the application of the Group’s transfer pricing arrangements.

The company’s gross profit was £9.5m in 2025 (2024 - £9.8m). Gross margin reduced to 59% in 2025 (2024 - 63%).

Puzzel’s administrative expenses decreased by 2% year on year (2025 - £8.8m; 2024 - £9.0m). Consequently, operating profit for the year was £0.7m (2024 - £0.7m).

Profit before tax was £0.7m in 2025 (2024 - £0.8m). At the year end, the company had net assets of £1.3m (2024 - £0.8m). The largest component (£4.7m) of the company’s liabilities is deferred income, or the obligation to continue to perform services for its customers. This liability is not payable in cash. The Directors have forecast that there are sufficient resources in the company to continue with its current strategy. In further support of that, Puzzel Ltd. has received a letter of support from its immediate parent.

PRINCIPAL RISKS AND UNCERTAINTIES

Puzzel Ltd operates in a competitive but growing market and is exposed to market risks that may affect its financial results and cash flows. The market risk arises from the potential changes in demand for our customer engagement solution due to evolving customer needs, competitive pressures, technological advancements, and economic conditions. The growth in this market is mostly driven by cloud-native players such as the company winning share over legacy on-premise solutions due to superior offering and capabilities.

To mitigate the market risks, the company relies on the Puzzel AS group continuing to invest in research and development and in acquisitions of the latest technology to stay ahead of market trends and customer requirements. The group also diversifies its product offerings and focuses on building long term relationships with its customers to ensure a stable revenue stream. Puzzel Ltd’s customers are diversified by vertical sector and size and the Directors consider the customer base to be well-balanced. As at the date of these financial statements, the Directors believe that the Company’s market risk exposure is manageable and are comfortable that the current market conditions do not materially impact its operations.

The Company is exposed to interest rate risk, which arises from fluctuations in market interest rates that may affect the Company's financial results and cash flows. The Company’s exposure to interest rate risk is primarily related to debt to other companies within the Group and on lease agreements. The Company ensures that the level of debt and its maturity profile are appropriate, and the interest cost is managed efficiently.

PUZZEL LTD (REGISTERED NUMBER: 04124967)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

FUTURE DEVELOPMENTS

The Company plans to continue to focus its commercial efforts on its key vertical markets in the UK and to continue to invest in its commercial team. The AI-focused offerings that have been released in the last 12-18 months enhance the Company's opportunities for upsell and cross-sell in the increasingly important AI space. Based on the Company's recent sales into key verticals, the Company believes that the secular trend of shifting from on-premise solutions to cloud-based contact centres will continue to provide market growth, while a general industry trend towards incorporating GenAI into solutions will position the Company for further growth.

ON BEHALF OF THE BOARD:

Stephen John Grist - Director

2 April 2026

PUZZEL LTD (REGISTERED NUMBER: 04124967)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the delivery of advanced network based customer interaction management solutions, with focus on inbound telephony to call centres and corporations with extensive inbound telephony, or who require a high degree of customer service.

DIVIDENDS

No dividends have been distributed for the year ended 31 December 2025 or 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Frederic Laziou

Stephen John Grist

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

PUZZEL LTD (REGISTERED NUMBER: 04124967)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Stephen John Grist - Director

2 April 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PUZZEL LTD

Opinion

We have audited the financial statements of Puzzel Ltd (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its 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 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 and one day 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 Independent 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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

PUZZEL LTD

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements.

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 Statement of Directors' Responsibilities set out on page four, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:

1. Management override;

2. Revenue recognition.

Discussing within the engagement team, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PUZZEL LTD

Audit response to the risks identified

As noted above, we identified management override and revenue recognition as the matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:

1. Review of the nominal ledger and a journal review, with any entries which are unusual investigated to ensure there is no evidence of management override;

2. Review of a sample of sales from an external ledger, verifying the sales selected through to sales contracts and invoices, to ensure sales are legitimate and recognised in the correct accounting period.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

1. Review the disclosures in the financial statements through completion of a disclosure checklist and testing supporting documentation to assess compliance with the Companies Act 2006;

2. Safeguard review of the accounts by a qualified accountant not associated with the audit team, and of the corporation tax by a Chartered Tax Adviser not associated with the audit team;

3. Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

4. Checking a sample of compliance with right to work checks and reviewing legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Phipps (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

7 April 2026

PUZZEL LTD (REGISTERED NUMBER: 04124967)

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 3 | 16,225,355 |  | 15,579,928 |  |

Cost of sales | 6,708,775 |  | 5,822,988 |  |

GROSS PROFIT | 9,516,580 |  | 9,756,940 |  |

Administrative expenses | 8,813,970 |  | 9,033,609 |  |

OPERATING PROFIT | 6 | 702,610 |  | 723,331 |  |

Interest receivable and similar income | 319,773 |  | 404,386 |  |

1,022,383 |  | 1,127,717 |  |

Interest payable and similar expenses | 7 | 301,286 |  | 309,773 |  |

PROFIT BEFORE TAXATION | 721,097 |  | 817,944 |  |

Tax on profit | 8 | 189,543 |  | (128,980 | ) |

PROFIT FOR THE FINANCIAL YEAR | 531,554 |  | 946,924 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 531,554 |  | 946,924 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

BALANCE SHEET

31 DECEMBER 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | 555,859 |  |

Tangible assets | 10 | 31,335 |  | 22,984 |  |

31,335 |  | 578,843 |  |

CURRENT ASSETS

Debtors | 11 | 7,055,132 |  | 7,628,393 |  |

Cash at bank and in hand | 808,420 |  | 366,416 |  |

7,863,552 |  | 7,994,809 |  |

CREDITORS

Amounts falling due within one year | 12 | 6,553,976 |  | 5,340,858 |  |

NET CURRENT ASSETS | 1,309,576 |  | 2,653,951 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,340,911 |  | 3,232,794 |  |

CREDITORS

Amounts falling due after more than one year | 13 | - |  | 2,423,437 |  |

NET ASSETS | 1,340,911 |  | 809,357 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 3,080,694 |  | 3,080,694 |  |

Retained earnings | 17 | (1,739,783 | ) | (2,271,337 | ) |

SHAREHOLDERS' FUNDS | 1,340,911 |  | 809,357 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2026 and were signed on its behalf by:

Stephen John Grist - Director

PUZZEL LTD (REGISTERED NUMBER: 04124967)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 3,080,694 |  | (3,218,261 | ) | (137,567 | ) |

Changes in equity

Total comprehensive income | - |  | 946,924 |  | 946,924 |  |

Balance at 31 December 2024 | 3,080,694 |  | (2,271,337 | ) | 809,357 |  |

Changes in equity

Total comprehensive income | - |  | 531,554 |  | 531,554 |  |

Balance at 31 December 2025 | 3,080,694 |  | (1,739,783 | ) | 1,340,911 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (785,410 | ) | 1,973,492 |  |

Interest paid | (301,286 | ) | (309,773 | ) |

Net cash from operating activities | (1,086,696 | ) | 1,663,719 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (29,960 | ) | (6,458 | ) |

Interest received | 319,773 |  | 404,386 |  |

Net cash from investing activities | 289,813 |  | 397,928 |  |

Cash flows from financing activities

Intercompany movements in the year | 1,238,887 |  | (2,098,458 | ) |

Net cash from financing activities | 1,238,887 |  | (2,098,458 | ) |

Increase/(decrease) in cash at bank | 442,004 |  | (36,811 | ) |

Cash at bank at beginning of year | 2 | 366,416 |  | 403,227 |  |

Cash at bank at end of year | 2 | 808,420 |  | 366,416 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 721,097 |  | 817,944 |  |

| Depreciation charges | 577,469 |  | 584,465 |  |

| Finance costs | 301,286 |  | 309,773 |  |

| Finance income | (319,773 | ) | (404,386 | ) |

1,280,079 |  | 1,307,796 |  |

| Increase in trade and other debtors | (855,170 | ) | (376,251 | ) |

| (Decrease)/increase in trade and other creditors | (1,210,319 | ) | 1,041,947 |  |

| Cash generated from operations | (785,410 | ) | 1,973,492 |  |

2. | CASH AT BANK

| 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 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash at bank | 808,420 |  | 366,416 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash at bank | 366,416 |  | 403,227 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 366,416 |  | 442,004 |  | 808,420 |  |

366,416 |  | 442,004 |  | 808,420 |  |

| Total | 366,416 |  | 442,004 |  | 808,420 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

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

| The company's business address is 16 Middlesex Street, London, E1 7EX.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The company has obtained a letter of support from its parent company, Puzzel AS. The directors of Puzzel AS have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and one day from the date of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

| Preparation of consolidated financial statements

| The financial statements contain information about Puzzel Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| There are three main revenue streams being maintenance, traffic and change revenue. Turnover is recognised monthly based on usage, this is when the risks and rewards are transferred to the customer.

| There is additionally revenue recharged to the parent company, Puzzel AS, based on a transfer pricing agreement. This revenue is recognised in the period in which the costs it relates to are incurred.

| 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.

| Intellectual property is being amortised evenly over its estimated useful life of 5 years.

| Goodwill is being amortised evenly over its estimated useful life of 5 years.

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost, subsequently measured at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

| Fixtures and fittings |  | 33% on cost |  |

| Computer equipment |  | 33% on cost |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised in the company’s balance sheet when the company becomes a party to the contractual provisions of the relevant instrument, and derecognised when it ceases to be a party to such provisions.

| Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through the statement of total comprehensive income are recognised immediately in profit or loss.

| Financial assets

| The company classifies its financial assets into the categories, discussed below, due to the purpose for which the asset was acquired. The company has not classified any of its financial assets as held to maturity.

| Loans and receivables

| These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (e.g. trade debtors), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value, including transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost.

| The company’s loans and receivables consist of trade and other debtors and accrued revenue included within the balance sheet. Cash and bank balances include cash held at bank and cash on hand.

| Impairment provisions are recognised when there is objective evidence, for example, significant financial difficulties on the part of the counterparty, or default, or significant delay in payment, that the company will be unable to collect all of the amounts due under the terms of the receivable. The amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable.

| For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables includes the company’s past experience of collecting payments.

| For trade debtors which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of total comprehensive income. On confirmation that the trade receivables will not be collectable, the gross carrying value of the asset is written off against the associated provision. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

| Financial liabilities and equity

| Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

| Financial liabilities

| Borrowings are initially recognised at fair value net of any directly attributable transaction costs. These interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, with the interest expense charged at a constant rate on the outstanding liabilities.

| Equity instruments

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Ordinary shares are classified as equity; ordinary shares issued by the company are recognised at the proceeds received, net of direct issue costs.

| 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

| 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.

| 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.

| 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.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of further events that are believed to be reasonable under the circumstances.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

| The investment in the subsidiary is stated at nil value at the year-end. This is due to the subsidiary being struck off during the financial year. Consequently, the carrying amount of the investment has been fully written off in the financial statements.

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | TURNOVER

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

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

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 12,523,848 |  | 10,903,096 |  |

| Europe | 235,932 |  | 242,415 |  |

| United States of America | 372,074 |  | 352,729 |  |

| Africa | 75,673 |  | 60,176 |  |

| Oceania | 4,980 |  | 4,929 |  |

| Inter-group revenue | 3,012,848 |  | 4,016,583 |  |

16,225,355 |  | 15,579,928 |  |

| For the year ended 31 December 2025, the amounts of revenue recognised in each category are as follows:

|  | 31.12.25 |  |  | 31.12.24 |  |

| £ |  |  | £ |  |

| Sales of services |  | 13,212,507 |  |  | 11,563,345 |  |

| Inter-group revenue |  | 3,012,848 |  |  | 4,016,583 |  |

|  | 16,225,355 |  |  | 15,579,928 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 5,708,111 |  | 6,182,124 |  |

| Social security costs | 759,333 |  | 764,177 |  |

| Other pension costs | 262,885 |  | 262,692 |  |

6,730,329 |  | 7,208,993 |  |

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

| 31.12.25 |  | 31.12.24

| Administration and sales | 54 |  | 59 |  |

5. | DIRECTORS' EMOLUMENTS

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 269,973 |  | 290,099 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

5. | DIRECTORS' EMOLUMENTS - continued

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 269,973 |  | 290,099 |  |

| Only directors with service contracts with Puzzel Ltd have been included within the average number of employees.

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Depreciation - owned assets | 21,609 |  | 28,608 |  |

| Goodwill amortisation | 436,191 |  | 436,192 |  |

| Intellectual property amortisation | 119,668 |  | 119,668 |  |

| Auditors' remuneration | 24,836 |  | 40,631 |  |

| Foreign exchange differences | 46,141 |  | 35,220 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Loan interest | 301,286 |  | 309,773 |  |

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 189,543 |  | (128,980 | ) |

| Tax on profit | 189,543 |  | (128,980 | ) |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | TAXATION - continued

| Reconciliation of total tax charge/(credit) 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:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 721,097 |  | 817,944 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%) | 180,274 |  | 155,409 |  |

| Effects of:

| Expenses not deductible for tax purposes | (18,354 | ) | (34,873 | ) |

| Depreciation in excess of capital allowances | 136,688 |  | 109,646 |  |

| Utilisation of tax losses | (298,608 | ) | (230,182 | ) |

| Deferred tax movement | 189,543 |  | (128,980 | ) |

| Total tax charge/(credit) | 189,543 |  | (128,980 | ) |

9. | INTANGIBLE FIXED ASSETS

| Intellectual |

| Goodwill |  | property |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,968,536 |  | 536,758 |  | 2,505,294 |  |

| AMORTISATION

| At 1 January 2025 | 1,532,345 |  | 417,090 |  | 1,949,435 |  |

| Amortisation for year | 436,191 |  | 119,668 |  | 555,859 |  |

| At 31 December 2025 | 1,968,536 |  | 536,758 |  | 2,505,294 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | - |  | - |  |

| At 31 December 2024 | 436,191 |  | 119,668 |  | 555,859 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 86,949 |  | 125,612 |  | 212,561 |  |

| Additions | 3,338 |  | 26,622 |  | 29,960 |  |

| At 31 December 2025 | 90,287 |  | 152,234 |  | 242,521 |  |

| DEPRECIATION

| At 1 January 2025 | 68,172 |  | 121,405 |  | 189,577 |  |

| Charge for year | 1,025 |  | 20,584 |  | 21,609 |  |

| At 31 December 2025 | 69,197 |  | 141,989 |  | 211,186 |  |

| NET BOOK VALUE

| At 31 December 2025 | 21,090 |  | 10,245 |  | 31,335 |  |

| At 31 December 2024 | 18,777 |  | 4,207 |  | 22,984 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 2,916,670 |  | 2,135,341 |  |

| Amounts owed by group undertakings | 3,660,796 |  | 4,899,685 |  |

| Other debtors | 91,485 |  | 124,295 |  |

| Deferred tax asset | 14,944 |  | 204,486 |  |

| Prepayments and accrued income | 371,237 |  | 264,586 |  |

7,055,132 |  | 7,628,393 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 424,589 |  | 44,961 |  |

| Amounts owed to group undertakings | 100 |  | 100 |  |

| Social security and other taxes | 238,783 |  | 186,682 |  |

| VAT | 682,973 |  | 545,628 |  |

| Other creditors | 40,252 |  | 63,904 |  |

| Accrued expenses | 439,205 |  | 641,656 |  |

| Deferred income | 4,728,074 |  | 3,857,927 |  |

6,553,976 |  | 5,340,858 |  |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other creditors | - |  | 2,423,437 |  |

| The entity had a long-term loan with Glas Agency, due for repayment on 31 December 2026, with an amount of £2,423,437 outstanding at start of the year. This was negotiated for early settlement and was completed on 22nd December 2025. The long-term loan was settled and replaced with a secured bond issue elsewhere in the group.

14. | LEASING AGREEMENTS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 121,140 |  | 172,800 |  |

| Between one and five years | 121,020 |  | - |  |

242,160 |  | 172,800 |  |

15. | SECURED DEBTS

| Glas Trust Corporation Limited had, at the start of the year, a fixed and floating charge with negative pledge over all the assets of the company. This was satisfied on 22nd December 2025 and therefore not in place at the end of the year.

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 3,080,694 | Ordinary | £1 | 3,080,694 |  | 3,080,694 |  |

| Ordinary shares carry full and equal rights to participate in voting in all circumstances, in dividends and in capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | (2,271,337 | ) |

| Profit for the year | 531,554 |  |

| At 31 December 2025 | (1,739,783 | ) |

PUZZEL LTD (REGISTERED NUMBER: 04124967)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

18. | ULTIMATE PARENT COMPANY

| The immediate parent company is Puzzel AS, a company incorporated and operating in Norway.

| The ultimate parent company is Jigsaw Topco AS, a company incorporated and operating in Norway.

| Puzzel AS prepares consolidated financial statements. These are available upon request from the head office at Fredrik Selmers Vei 4 0663 Oslo, Norway.

19. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party of the company is Marlin Ultimate GP, LLC, a company whose registered office is: 338 Pier Avenue, Hermosa Beach, 90254, CA, USA.

20. | DEFERRED TAX

| A deferred tax asset has been recognised in respect of unrelieved tax losses, amounting to £14,944 (2024: £204,486). The recognition of the asset is appropriate because the entity is expanding their operations and has re-entered a growth phase. A period of 12 months has been assessed, being the period that can be reliably estimated, and a profit is expected.

21. | PENSION COMMITMENTS

| During the year, the company made pension contributions of £262,885 (2024: £262,692). Within this the company made pension contributions of £84,375 (2024: £12,000) on behalf of directors. As at the year end, total unpaid pension contributions were £40,252 (2024: £30,332).