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Registered number: SC627120 (Scotland) USER TESTING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
USER TESTING LIMITED
COMPANY INFORMATION
Directors | H M O'Donnell
| S Kumar
Registered number | SC627120
Registered office | 7 Exchange Crescent
| Conference Square
| Edinburgh
| Scotland
| EH3 8RD
Independent auditors | ZEDRA Audit & Assurance (UK) Limited
USER TESTING LIMITED
CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 - 23
USER TESTING LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors of User Testing Limited (the "Company") present their Strategic Report for the year ended 31 December 2025.
Business review
The Company provides operational support to the ultimate parent company UserZoom Technologies, Inc. ('the Group'). The Group provides consulting services and operate a human insight platform, supporting clients in developing and gaining feedback on their user interfaces. Performance for the year was in line with expectations, reflecting the nature of the Company which continues to operate as a cost-plus entity. The Company’s net asset position remains stable and is considered appropriate for the continued support of its operational activities. At 31 December 2025, the Company’s balance sheet position remained stable. There were no material changes during the year, reflecting the Company’s continuing role as an operational support entity within the Group. The Directors consider the year-end position to be satisfactory and consistent with the Company’s cost-plus business model.
Principal risks and uncertainties
Due to the Company’s support activities to the Group, the Company’s principal risks and uncertainties are linked to, and integrated with, the risks of the Group. These risks include, but are not limited to, credit risk, currency risk and economic risk. These risks are managed and mitigated at Group level, with oversight provided by Group management. Operational risk is considered limited for the Company given its nature as a cost-plus entity.
Financial key performance indicators
The Company considers its key financial performance indicators to be those that communicate the financial performance and strength of the Company as a whole. The operating profit within the year decreased to £609,922 (2024: £687,538). The profit after tax also decreased to £499,677 (2024: £580,441) driven by an increase in share-based payment expenditure to £99,001 (2024: £57,814) due to awards in the year for which there is no corresponding cost-plus revenue recognised.
Other key performance indicators
The Company considers headcount growth to be its only significant non-financial key performance indicator applicable to the Company. The average headcount has remained fairly consistent at 113 (2024: 119). The marginal decrease in headcount is attributable to natural attrition and does not reflect any planned restructuring activity. This report was approved by the board and signed on its behalf.
H M O'Donnell Director
Date: 29 June 2026
Page 1
USER TESTING LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025. In accordance with s414c(11), certain information which is required to be included in the directors' report has been otherwise included in the strategic report.
Directors
The directors who served during the year were: H M O'Donnell S Kumar
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Future developments
The Directors consider the future developments in the Company to be limited, with the strategic plan being to continue providing the operational support to the Group.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
USER TESTING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end as detailed in note 17. This report was approved by the board on 29 June 2026 and signed on its behalf.
H M O'Donnell Director
Page 3
USER TESTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USER TESTING LIMITED
Opinion
We have audited the financial statements of User Testing Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 United Kingdom, including the Financial Reporting Council'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 directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material Page 4
USER TESTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USER TESTING LIMITED (CONTINUED) misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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. Page 5
USER TESTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USER TESTING LIMITED (CONTINUED)
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with management and from our commercial knowledge and experience; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. Page 6
USER TESTING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF USER TESTING LIMITED (CONTINUED) In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Auditors' Report.
Use of our report
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed. Edward Wallis ACA (Senior Statutory Auditor) for and on behalf of ZEDRA Audit & Assurance (UK) Limited Chartered Accountants and Statutory Auditors Birchin Court 5th Floor 19-25 Birchin Lane London United Kingdom EC3V 9DU Date: 29 June 2026 Page 7
USER TESTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 13,109,434 | 13,840,076
Gross profit |  | 13,109,434 | 13,840,076
Administrative expenses |  | (12,499,512) | (13,152,538)
Operating profit | 4 | 609,922 | 687,538
Interest receivable and similar income |  | 3,131 | 9,393
Profit before tax |  | 613,053 | 696,931
Tax on profit | 7 | (113,376) | (116,490)
Profit for the financial year |  | 499,677 | 580,441
There was no other comprehensive income for 2025 (2024: £NIL).
The notes on pages 12 to 23 form part of these financial statements.
Page 8
USER TESTING LIMITED REGISTERED NUMBER:SC627120
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 297,165 |  | 276,391
|  |  | 297,165 |  | 276,391
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 25,976,581 |  | 25,944,543 |
Bank and cash balances |  | 1,399,811 |  | 1,119,119 |
|  | 27,376,392 |  | 27,063,662 |
Creditors: amounts falling due within one year | 10 | (20,774,488) |  | (21,088,085) |
Net current assets |  |  | 6,601,904 |  | 5,975,577
Total assets less current liabilities |  |  | 6,899,069 |  | 6,251,968
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | (48,423) |  | - |
Provisions | 11 | (171,000) |  | (171,000) |
|  |  | (219,423) |  | (171,000)
Net assets |  |  | 6,679,646 |  | 6,080,968
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 1 |  | 1
Capital contribution reserve | 14 |  | 265,883 |  | 166,882
Profit and loss account |  |  | 6,413,762 |  | 5,914,085
|  |  | 6,679,646 |  | 6,080,968
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
H M O'Donnell
Director
The notes on pages 12 to 23 form part of these financial statements. Page 9
USER TESTING LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Capital contributionreserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1 | 109,068 | 5,333,644 | 5,442,713
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 580,441 | 580,441
Share based payment expense | - | 57,814 | - | 57,814
At 1 January 2025 | 1 | 166,882 | 5,914,085 | 6,080,968
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 499,677 | 499,677
Share based payment expense | - | 99,001 | - | 99,001
At 31 December 2025 | 1 | 265,883 | 6,413,762 | 6,679,646
Page 10
USER TESTING LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Cash flows from operating activities |  |  |
Profit for the financial year |  | 499,677 | 580,441
Adjustments for: |  |  |
Depreciation of tangible assets | 8 | 197,650 | 335,986
Taxation charge | 7 | 113,376 | 116,490
(Increase)/decrease in debtors | 9 | (103,652) | 129,186
Decrease/(increase) in amounts owed by groups | 9 | 70,241 | (13,970,069)
Increase/(decrease) in creditors | 10 | 98,129 | (668,055)
Increase/(decrease) in amounts owed to groups | 10 | (192,066) | 11,870,831
Share based payment expense |  | 99,001 | 57,814
Corporation tax (paid)/received |  | (283,240) | 35,922
Net cash generated from operating activities |  | 499,116 | (1,511,454)
Cash flows from investing activities |  |  |
Purchase of tangible fixed assets | 8 | (218,424) | (149,272)
Net cash from investing activities |  | (218,424) | (149,272)
Net increase/(decrease) in cash and cash equivalents |  | 280,692 | (1,660,726)
Cash and cash equivalents at beginning of year |  | 1,119,119 | 2,779,845
Cash and cash equivalents at the end of year |  | 1,399,811 | 1,119,119
Cash and cash equivalents at the end of year comprise: |  |  |
Bank and cash balances |  | 1,399,811 | 1,119,119
|  | 1,399,811 | 1,119,119
The notes on pages 12 to 23 form part of these financial statements.
Page 11
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies
| 1.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2). The following principal accounting policies have been applied:
| 1.2 | Going concern
The Company is in a net asset position primarily supported by the intercompany loan balance owed by its ultimate parent company UserZoom Technologies Inc., due to the Company's business model being wholly based on a transfer pricing agreement. The Company has received written confirmation from its ultimate parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. In assessing the Company's ability to continue as a going concern, the directors have considered the availability of financing from the ultimate parent company, through a review of the ultimate parent company position and the budgeted cash requirements of the Company. The directors are confident that the Company will continue to be able to meet its obligations as liabilities fall due. For these reasons, the directors continue to prepare the financial statements on a going concern basis.
| 1.3 | Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Turnover is recognised on a cost plus basis of 5% for sales, marketing and general & administrative expenses and 6.5% for research and development expenses in line with the intercompany service agreement with the ultimate parent company. Intercompany turnover is recognised when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the intercompany service agreement; ∙the costs incurred under the intercompany service agreement can be measured reliably.
| 1.4 | Research and development costs
Research and development costs are expensed in the period that they are incurred. Page 12
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Short-term leasehold property | - | 2 | years
|  |  |  | Fixtures and fittings | - | 3 | - 5 years
|  |  |  | Computer equipment | - | 3 | years
|  |  |  | Asset retirement obligation | - | 3 | years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 1.6 | Debtors
Debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on the loans, which are repayable on demand.
| 1.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
| 1.8 | Creditors
Creditors are measured at the transaction price and subsequently at amortised cost using the effective interest method. Amounts owed to group undertakings are intercompany loans measured at cost. No interest is charged on the loans, which are repayable on demand. Page 13
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.9 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
| 1.10 | Share based payments
Where Incentive units or Restricted Stock Units (RSU's) are awarded to employees, the fair value of the awards at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of awards that eventually vest. Market vesting conditions are factored into the fair value of the awards granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the awards also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of awards are modified before they vest, the increase in the fair value of the awards, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
| 1.11 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 14
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 1.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 15
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. | Judgements in applying accounting policies and key sources of estimation uncertainty
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. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fair value of incentive units The expense which is recorded in relation to the share based payment scheme is subject to estimation uncertainty. Management uses various valuation methodologies to calculate the fair value for the shares for which they must estimate a risk free rate, expected volatility and other key measures. This estimation uncertainty may give rise to material changes in these financial statements over time. Dilapidation provision Management have considered the potential obligations arising as a result of the terms of the lease agreement. The provision is an estimate of the expected future cost of restoring its leased premises, based on management's judgement of the current state of the property.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Intercompany sales | 13,109,434 | 13,840,076
|  | 13,109,434 | 13,840,076
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United States | 13,109,434 | 13,840,076
|  | 13,109,434 | 13,840,076
| All turnover was derived in accordance with the intercompany services agreement with the ultimate parent company.
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 197,650 | 335,986
| Exchange differences | (5,373) | 991
| Operating lease rentals | 408,459 | 399,830
| Auditors' remuneration | 13,000 | 12,750
| Share based payment | 99,001 | 57,814
5. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 8,679,115 | 9,324,021
| Social security costs | 1,107,350 | 1,047,191
| Cost of defined contribution scheme | 350,811 | 401,043
|  | 10,137,276 | 10,772,255
| The average monthly number of employees during the year was 113 (2024 - 119).
6. | Directors' remuneration
During the year, the directors of User Testing Limited were paid by other group entities. Management deem the share of remuneration relevant to the services performed in their capacity as directors of User Testing Limited to be insignificant to the business. Page 17
USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 57,217 | 161,401
| Total current tax | 57,217 | 161,401
| Deferred tax |  |
| Origination and reversal of timing differences | 56,159 | (44,911)
| Total deferred tax | 56,159 | (44,911)
| Taxation on profit on ordinary activities | 113,376 | 116,490
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 613,053 | 696,931
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 153,263 | 174,233
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 24,957 | 16,225
| Fixed asset differences | - | 23,387
| Adjustments to tax charge in respect of prior periods | (110,834) | (61,973)
| Adjustments to tax charge in respect of previous periods - deferred tax | 42,750 | (42,751)
| Short-term timing difference leading to an increase in taxation | 3,240 | 7,369
| Total tax charge for the year | 113,376 | 116,490
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Computer equipment | Asset retirement obligation | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 255,460 | 106,963 | 1,016,356 | 171,000 | 1,549,779
| Additions | - | 5,390 | 213,034 | - | 218,424
| At 31 December 2025 | 255,460 | 112,353 | 1,229,390 | 171,000 | 1,768,203
| Depreciation |  |  |  |  |
| At 1 January 2025 | 252,483 | 79,155 | 834,875 | 106,875 | 1,273,388
| Charge for the year on owned assets | 2,977 | 22,090 | 146,734 | 25,849 | 197,650
| At 31 December 2025 | 255,460 | 101,245 | 981,609 | 132,724 | 1,471,038
| Net book value |  |  |  |  |
| At 31 December 2025 | - | 11,108 | 247,781 | 38,276 | 297,165
| At 31 December 2024 | 2,977 | 27,808 | 181,481 | 64,125 | 276,391
| As of 1 March 2025, management revised the accounting estimate for the asset retirement obligation, aligning the useful life with the new break date. This change has been applied prospectively.
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 25,466,943 | 25,537,184
| Other debtors | 139,204 | 78,778
| Prepayments and accrued income | 370,434 | 320,845
| Deferred taxation | - | 7,736
|  | 25,976,581 | 25,944,543
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 120,078 | 59,121
| Amounts owed to group undertakings | 19,706,101 | 19,898,167
| Corporation tax | - | 219,660
| Other taxation and social security | 312,815 | 354,777
| Other creditors | 219,452 | 77,186
| Accruals and deferred income | 416,042 | 479,174
|  | 20,774,488 | 21,088,085
11. | Provisions
|  | Dilapidation provision
|  | £
| At 1 January 2025 | 171,000
| At 31 December 2025 | 171,000
| The provision is for dilapidations in respect of the property held under operating leases. The provision uses management's judgement based on the current state of the property and is expected to be utilised on vacation of the current premises, the date of which for the purpose of the calculation is considered to be September 2028.
12. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 7,736
| Charged to profit or loss | (56,159)
| At end of year | (48,423)
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Deferred taxation (continued)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (48,423) | (42,902)
| Short term timing differences | - | 50,638
|  | (48,423) | 7,736
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Capital contribution reserve
| On 12 January 2023, User Testing, Inc., the parent company of User Testing Limited, was acquired by Thunder Holdings, LLC, a subsidiary of the ultimate parent company. Following the acquisition, the existing incentive units scheme held by User Testing Limited was cancelled. All vested RSUs and incentive units granted to employees as at the closing date of the acquisition were converted into the right to receive an amount in cash, without interest, equal to the payout price of $7.50, less the exercise price, multiplied by the number of vested shares. During the year, the company operated two employee incentive schemes. Certain employees of the company, along with other group employees, were granted incentive units of equity in Owl TopCo LP or incentive units in UserZoom Technologies, Inc. that entitles the participants to receive a cash bonus equivalent to the value of the Owl TopCo scheme. The cash bonus is settled by UserZoom Technologies, Inc. The incentive units have two different vesting conditions: • Service conditions, satisfied over four years. • Certain financial targets An expense equivalent to the fair value of the incentive units granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve. The expense recognised in the profit and loss for the year totalled £99,001.
|  | Weighted average exercise price (£) 2025 | Number of Incentive units 2025
| Outstanding at the beginning of the year | 0.030 | 602,311
| Granted during the year | 0.002 | 950,000
| Forfeited during the year | 0.030 | (76,774)
| Cancelled during the year | 0.030 | (186,037)
| Outstanding at the end of the year | 0.002 | 1,289,500
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USER TESTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than one year | 401,937 | 292,184
| Later than one year and not later than five years | 695,855 | -
|  | 1,097,792 | 292,184
16. | Controlling party
The immediate parent company is UserZoom Technologies, Inc. a company incorporated in the United States of America. The registered office of the parent company is 251 Little Falls Drive, Wilmington, New Castle, 19808, United States.
17. | Post balance sheet events
There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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