REGISTERED NUMBER: 13162730 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ADDEPAR UK LTD.

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

Mr E D Poirier

Mr E J Daniels

REGISTERED OFFICE:

Clifton House

Bunnian Place

Basingstoke

Hampshire

RG21 7JE

BUSINESS ADDRESS:

Level 3, Quartermile One

15 Lauriston Place

Edinburgh

EH3 9EP

REGISTERED NUMBER:

13162730 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ross Garfitt

AUDITORS:

Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

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

REVIEW OF BUSINESS

Addepar UK Ltd is a UK-based company providing software development and sales support services to its US parent company. The primary function of the business is to supply skilled UK-based staff to support the development of software and data platforms designed for wealth managers, family offices, private banks, and institutional investors. The company plays a key role in the group’s broader technology and data offerings.

BUSINESS MODEL AND PERFORMANCE

As a cost-plus company, Addepar UK Ltd operates under a model where staff costs are charged to the parent company on a monthly basis. This ensures that the business is self-sustaining while supporting the parent company’s operations. Given the nature of the business, performance is not measured by traditional financial metrics, as the company focuses on recovering costs and ensuring a consistent, quality service to the parent.

STAFFING AND OPERATIONS

The company’s main cost driver is staff, which accounts for a significant portion of operating expenses. Staff are engaged on long-term projects that align with the goals of the parent company. The number of employees has been growing to meet the increasing demand for services, with recruitment focused on high-quality programming talent to support the growing scope of the group’s software platforms.

FINANCIAL OVERVIEW

The company’s revenue is derived entirely from cost-plus arrangements with the parent company. No financial challenges have been encountered in the past year, and there are no major issues regarding cash flow or profitability, given the nature of the cost-plus structure. The company continues to maintain a stable financial position with predictable and regular monthly invoices.

FUTURE STRATEGY AND PLANS

Looking ahead, Addepar UK Ltd anticipates further growth, with the intention to increase the number of staff to support an expanding project pipeline. The company will continue to focus on staffing to ensure it can meet the demands of its parent company and the wider market. However, no major changes to the strategic direction or operational model are expected in the near future.

PRINCIPAL RISKS AND UNCERTAINTIES

There are no material risks or uncertainties that the company faces at this time. The business is not exposed to significant market volatility, as it operates under a stable, fixed-cost structure with the parent company. Additionally, there are no anticipated disruptions in the company’s operations or financial performance.

ON BEHALF OF THE BOARD:

Mr E J Daniels - Director

15 July 2026

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

DIVIDENDS

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

DIRECTORS

Mr E D Poirier has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Mr E J Daniels - appointed 8 May 2025

Ms S K Buchanan ceased to be a director after 31 December 2025 but prior to the date of this report.

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.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr E J Daniels - Director

15 July 2026

Opinion

We have audited the financial statements of Addepar UK Ltd. (the 'company') for the year ended 31 December 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 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 from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the company based upon our knowledge of the company, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with the requirements of the Companies Act 2006.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists.

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

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

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

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.

Ross Garfitt (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Statutory Auditor

Fleming Court

Leigh Road

Eastleigh

Southampton

Hampshire

SO50 9PD

15 July 2026

TURNOVER

28,219,087

20,165,939

Administrative expenses

27,560,873

19,853,292

OPERATING PROFIT

5

658,214

312,647

Interest receivable and similar income

11,683

11,752

669,897

324,399

Interest payable and similar expenses

6

-

964

PROFIT BEFORE TAXATION

669,897

323,435

Tax on profit

7

378,215

271,705

PROFIT FOR THE FINANCIAL YEAR

291,682

51,730

FIXED ASSETS

Tangible assets

8

413,779

405,867

CURRENT ASSETS

Debtors

9

5,078,356

4,117,337

Cash at bank

1,092,195

385,270

6,170,551

4,502,607

CREDITORS

Amounts falling due within one year

10

3,685,677

3,130,779

NET CURRENT ASSETS

2,484,874

1,371,828

TOTAL ASSETS LESS CURRENT LIABILITIES

2,898,653

1,777,695

PROVISIONS FOR LIABILITIES

12

103,445

101,467

NET ASSETS

2,795,208

1,676,228

CAPITAL AND RESERVES

Called up share capital

13

100

100

Contribution from parent

14

2,500,261

1,672,963

Retained earnings

14

294,847

3,165

SHAREHOLDERS' FUNDS

2,795,208

1,676,228

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

Mr E J Daniels - Director

Called up

Contribution

share

Retained

from

Total

capital

earnings

parent

equity

£

£

£

£

Balance at 1 January 2024

100

(48,565

)

939,742

891,277

Changes in equity

Total comprehensive income

-

51,730

733,221

784,951

Balance at 31 December 2024

100

3,165

1,672,963

1,676,228

Changes in equity

Total comprehensive income

-

291,682

827,298

1,118,980

Balance at 31 December 2025

100

294,847

2,500,261

2,795,208

Cash flows from operating activities

Cash generated from operations

1

1,303,194

788,093

Interest paid

-

(964

)

Tax paid

(360,623

)

(230,919

)

Net cash from operating activities

942,571

556,210

Cash flows from investing activities

Purchase of tangible fixed assets

(247,329

)

(326,155

)

Sale of tangible fixed assets

-

3,770

Interest received

11,683

11,752

Net cash from investing activities

(235,646

)

(310,633

)

Increase in cash and cash equivalents

706,925

245,577

Cash and cash equivalents at beginning of year

2

385,270

139,693

Cash and cash equivalents at end of year

2

1,092,195

385,270

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

2025

2024

£

£

Profit before taxation

669,897

323,435

Depreciation charges

239,417

144,431

Loss on disposal of fixed assets

-

746

Share based payment

827,298

733,221

Finance costs

-

964

Finance income

(11,683

)

(11,752

)

1,724,929

1,191,045

Increase in trade and other debtors

(961,019

)

(1,701,151

)

Increase in trade and other creditors

539,284

1,298,199

Cash generated from operations

1,303,194

788,093

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 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,092,195

385,270

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

385,270

139,693

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

385,270

706,925

1,092,195

385,270

706,925

1,092,195

Total

385,270

706,925

1,092,195

1.	STATUTORY INFORMATION

Addepar UK 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and the underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company have made these policies based on the detailed knowledge and understanding that they have of the industry and the business.

The most significant accounting estimate is that of the share based payments that is explained in detail below under share based payments.

Turnover

Turnover represents income earned from the parent, Addepar Inc., based on a cost plus agreement, excluding Value Added Tax.

Tangible fixed assets

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

Fixtures and fittings

-

50% straight line and 33% straight line

Computer equipment

-

50% straight line

All fixed assets are initially recorded 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.

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.

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.

Financial instruments

The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Share based payments

The company make share based payments in respect of equities of the ultimate parent company, Addepar Inc. Such share based payments are accounted for in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Details of the policy is documented with the ultimate parent company's accounts:-

The company measures and recognises compensation expenses for share based payments awards made to employees, Non-statutory Stock Option (NSO), based upon the grant-date fair value of those awards. The company recognises the impact of forfeitures as they occur.

The fair value of the NSOs is calculated using the Black-Scholes option pricing model based on common equity valuation provided by a third party professional valuation company at the grant date.

The company recognises the share based payments expense for options on a straight-line basis over the requisite service period, which is generally the vesting period.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

19,316,720

13,706,466

Social security costs

2,808,330

1,877,926

Other pension costs

237,420

159,510

22,362,470

15,743,902

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

2025

2024

Office based workers

206

146

2025

2024

£

£

Directors' remuneration

-

-

The directors are considered to be the key management personnel of the company and they are remunerated by the ultimate parent company, Addepar Inc.

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

10,222

11,252

Other operating leases

859,310

925,217

Depreciation - owned assets

239,417

144,431

Loss on disposal of fixed assets

-

746

Foreign exchange differences

451,867

357,525

Auditors' remuneration for the audit of the financial statements

10,656

10,149

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

HMRC interest paid

-

964

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

376,237

227,403

Deferred tax

1,978

44,302

Tax on profit

378,215

271,705

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

669,897

323,435

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

167,474

80,859

Effects of:

Expenses not deductible for tax purposes

3,916

7,563

Income not taxable for tax purposes

-

(22

)

Capital allowances in excess of depreciation

(1,978

)

(44,302

)

Share-based payments

206,825

183,305

Change in deferred tax

1,978

44,302

Total tax charge

378,215

271,705

The effective rate of corporation tax in the year was 25% (2024: 25%).

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

156,881

119,563

395,344

671,788

Additions

-

-

247,329

247,329

At 31 December 2025

156,881

119,563

642,673

919,117

DEPRECIATION

At 1 January 2025

15,436

38,562

211,923

265,921

Charge for year

22,412

39,125

177,880

239,417

At 31 December 2025

37,848

77,687

389,803

505,338

NET BOOK VALUE

At 31 December 2025

119,033

41,876

252,870

413,779

At 31 December 2024

141,445

81,001

183,421

405,867

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

4,365,924

3,409,788

Other debtors

420,692

453,703

VAT

45,813

52,315

Prepayments

245,927

201,531

5,078,356

4,117,337

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

107,607

45,322

Tax

119,698

104,084

Social security and other taxes

1,024,424

508,059

Other creditors

236,096

259,636

Accrued expenses

2,197,852

2,213,678

3,685,677

3,130,779

11.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

563,521

752,145

Between one and five years

577,575

1,141,096

1,141,096

1,893,241

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

103,445

101,467

Deferred

tax

£

Balance at 1 January 2025

101,467

Charge to Income Statement during year

1,978

Balance at 31 December 2025

103,445

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

100

100

100

14.

RESERVES

Contribution

Retained

from

earnings

parent

Totals

£

£

£

At 1 January 2025

3,165

1,672,963

1,676,128

Profit for the year

291,682

291,682

Share based payments

-

827,298

827,298

At 31 December 2025

294,847

2,500,261

2,795,108

The Contribution from parent represents the share based payments made by way of share purchase plans operated through the ultimate parent company.