REGISTERED NUMBER: 07206707 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

INETUM DIGITAL SERVICES UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

Ms K Quashie

REGISTERED OFFICE:

No. 1 Poultry

London

EC2R 8EJ

REGISTERED NUMBER:

07206707 (England and Wales)

AUDITORS:

CBHC (Audit) Limited

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

The director presents her strategic report for the year ended 31 March 2025.

Inetum Digital Services UK Limited (hereafter referred to as 'the Company') is a full-service provider of enterprise service management technology, delivering professional services, managed services, license resell and specialist technology solutions.

Our clients are a mix of high-growth digital organisations to large established enterprises across all market sectors and segments, looking to transform their service management processes and operations, through automation and best of breed technology.

We partner with our clients to provide sustainable, long-term value.

Since November 2023, we are part of Inetum Group. Being part of Inetum Group allow us to bring to our customers an enlarged portfolio of expertise in the domain of digital transformation and support from nearshore professional services located in Bulgaria, Portugal or Africa which complements our historical operational basis.

REVIEW OF BUSINESS

Business Review

Inetum Digital Services UK Limited had a solid performance in the year ending 31 March 2025, the company continuing to strengthen its position as the leading independent ServiceNow partner in the UK.

At year end, Inetum had an operational presence in the United Kingdom and provided services and support to organisations globally.

Revenue Analysis

Revenue for the period reduced by 56.8% to £10.3m primarily due to a reduction in resale licenses as the renewal contract term is three years, operating profit eroded due to investment in Sales and Delivery aiming at supporting future development of the company, which was compensated by the impact of deferred taxation. The Company

ends the year with a comfortable cash and bank balance of £851,649 (2024: £891,885).

PRINCIPAL RISKS AND UNCERTAINTIES

Risks and threats relate to operational and market issues such as reputational damage or customer attrition, in a context marked by the integration into Inetum Group organisation. The director manages risks in a variety of ways including contracts, insurance, internal controls and where necessary, external professional advice is sought.

The director believes that even though the ServiceNow market is a strong but mature one in the UK region, the Company needs to transform its operational model in order to develop more added-value offers related to ServiceNow technology, and to diversify to grow the whole Inetum Group's portfolio in the region. We remain very focused on our medium to long term growth strategy.

ON BEHALF OF THE BOARD:

Ms K Quashie - Director

23 April 2026

The director presents her report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

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

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

M C Glock - resigned 1 October 2024

S J Mamelok - resigned 1 October 2024

Ms K Quashie - appointed 19 August 2024

H Ruffat - resigned 19 August 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, CBHC (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms K Quashie - Director

23 April 2026

Opinion

We have audited the financial statements of Inetum Digital Services UK Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other 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 March 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Director 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 Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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.

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

We assessed the risks of material misstatement in respect of fraud as being low due to the nature of the business. We made enquiries relating to fraud with the company's management. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journals throughout the year and reviewed any unusual transactions throughout our audit,

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

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

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.

P Sartain (Senior Statutory Auditor)

for and on behalf of CBHC (Audit) Limited

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

1 May 2026

TURNOVER

10,260,781

23,746,862

Cost of sales

5,079,137

12,237,216

GROSS PROFIT

5,181,644

11,509,646

Administrative expenses

9,243,866

11,564,412

OPERATING LOSS

4

(4,062,222

)

(54,766

)

Income from shares in group undertakings

-

564,993

Interest receivable and similar income

-

1,365

-

566,358

(4,062,222

)

511,592

Interest payable and similar expenses

6

10

-

(LOSS)/PROFIT BEFORE TAXATION

(4,062,232

)

511,592

Tax on (loss)/profit

7

(68,421

)

(1,479,202

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(3,993,811

)

1,990,794

(LOSS)/PROFIT FOR THE YEAR

(3,993,811

)

1,990,794

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,993,811

)

1,990,794

FIXED ASSETS

Intangible assets

9

48,447

64,610

Tangible assets

10

7,748

35,776

Investments

11

1,147,914

1,147,914

1,204,109

1,248,300

CURRENT ASSETS

Debtors

12

9,159,636

7,755,828

Cash at bank

851,649

891,885

10,011,285

8,647,713

CREDITORS

Amounts falling due within one year

13

9,434,323

4,114,127

NET CURRENT ASSETS

576,962

4,533,586

TOTAL ASSETS LESS CURRENT LIABILITIES

1,781,071

5,781,886

PROVISIONS FOR LIABILITIES

15

1,992

8,996

NET ASSETS

1,779,079

5,772,890

CAPITAL AND RESERVES

Called up share capital

16

400

400

Retained earnings

17

1,778,679

5,772,490

SHAREHOLDERS' FUNDS

1,779,079

5,772,890

The financial statements were approved by the director and authorised for issue on 23 April 2026 and were signed by:

Ms K Quashie - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

400

4,603,346

4,603,746

Changes in equity

Dividends

-

(821,650

)

(821,650

)

Total comprehensive income

-

1,990,794

1,990,794

Balance at 31 March 2024

400

5,772,490

5,772,890

Changes in equity

Total comprehensive income

-

(3,993,811

)

(3,993,811

)

Balance at 31 March 2025

400

1,778,679

1,779,079

Cash flows from operating activities

Cash generated from operations

1

(95,658

)

(3,277,758

)

Interest paid

(10

)

-

Tax paid

61,364

(134,144

)

Net cash from operating activities

(34,304

)

(3,411,902

)

Cash flows from investing activities

Purchase of tangible fixed assets

(7,361

)

(21,792

)

Purchase of fixed asset investments

-

(1,147,829

)

Sale of tangible fixed assets

1,847

1,815

Interest received

-

1,365

Dividends received

-

564,993

Net cash from investing activities

(5,514

)

(601,448

)

Cash flows from financing activities

Amount introduced by directors

-

418

Amount withdrawn by directors

(418

)

-

Equity dividends paid

-

(821,650

)

Net cash from financing activities

(418

)

(821,232

)

Decrease in cash and cash equivalents

(40,236

)

(4,834,582

)

Cash and cash equivalents at beginning of year

2

891,885

5,726,467

Cash and cash equivalents at end of year

2

851,649

891,885

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/3/25

31/3/24

£

£

(Loss)/profit before taxation

(4,062,232

)

511,592

Depreciation charges

49,706

55,827

Intercompany

2,785,311

(3,144,532

)

Finance costs

10

-

Finance income

-

(566,358

)

(1,227,205

)

(3,143,471

)

(Increase)/decrease in trade and other debtors

(3,864,299

)

8,764,184

Increase/(decrease) in trade and other creditors

4,995,846

(8,898,471

)

Cash generated from operations

(95,658

)

(3,277,758

)

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

851,649

891,885

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

891,885

5,726,467

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

891,885

(40,236

)

851,649

891,885

(40,236

)

851,649

Total

891,885

(40,236

)

851,649

1.	STATUTORY INFORMATION

Inetum Digital Services UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Computer Equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

5,954,742

8,098,353

Social security costs

739,282

997,546

Other pension costs

110,966

246,481

6,804,990

9,342,380

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

31/3/25

31/3/24

Directors

1

3

Productive and administrative employees

108

115

109

118

31/3/25

31/3/24

£

£

Director's remuneration

421,643

478,155

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

31/3/25

31/3/24

£

£

Emoluments etc

231,647

180,498

4.	OPERATING LOSS

The operating loss is stated after charging:

31/3/25

31/3/24

£

£

Hire of plant and machinery

144,300

207,981

Other operating leases

9,745

28,108

Depreciation - owned assets

33,542

42,058

Development costs amortisation

16,163

16,208

Auditors remuneration

22,996

27,250

Foreign exchange differences

13,714

2,136

5.	EXCEPTIONAL ITEMS

31/3/25

31/3/24

£

£

Restructuring & reorganisation

(651,314

)

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/25

31/3/24

£

£

Bank interest

10

-

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31/3/25

31/3/24

£

£

Current tax:

UK corporation tax

(61,417

)

(119,541

)

Deferred taxation

(7,004

)

(1,359,661

)

Tax on (loss)/profit

(68,421

)

(1,479,202

)

The deferred tax asset is the result of carried forward tax losses at the current rate of corporation tax. This balance has been recognised within debtors.

8.

DIVIDENDS

31/3/25

31/3/24

£

£

Ordinary A shares of 0.01 each

Interim

-

821,650

9.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 April 2024

and 31 March 2025

80,818

AMORTISATION

At 1 April 2024

16,208

Amortisation for year

16,163

At 31 March 2025

32,371

NET BOOK VALUE

At 31 March 2025

48,447

At 31 March 2024

64,610

10.	TANGIBLE FIXED ASSETS

Computer

Equipment

£

COST

At 1 April 2024

182,800

Additions

7,361

Disposals

(1,847

)

At 31 March 2025

188,314

DEPRECIATION

At 1 April 2024

147,024

Charge for year

33,542

At 31 March 2025

180,566

NET BOOK VALUE

At 31 March 2025

7,748

At 31 March 2024

35,776

11.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

1,147,914

NET BOOK VALUE

At 31 March 2025

1,147,914

At 31 March 2024

1,147,914

Fixed Asset Investments are held at consideration (cost) and are detailed below:

2024

2024

£

£

Shares held in UDC Private Limited

1,147,829

1,147,829

Shares held in Unifii Consultancy (Ireland)

85

85

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

3,232,067

1,074,198

Net Wages Due

-

203

Amounts owed by group undertakings

767,339

3,227,882

Other debtors

66,226

49,905

Taxation

61,417

45,842

Deferred Tax Asset

1,357,716

1,357,664

Prepayments and accrued income

3,674,871

2,000,134

9,159,636

7,755,828

The Deferred Taxation Asset is the result of carried forward tax losses at the current corporation tax rate

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

3,668,462

499,391

Amounts owed to group undertakings

324,768

-

Social security and other taxes

166,425

250,016

VAT

41,169

241,037

Other creditors

36,520

56,433

Directors' current accounts

-

418

Income in advance

4,695,059

2,481,552

Accrued expenses

501,920

585,280

9,434,323

4,114,127