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Registered number: 09865115 VERITY RELATIONSHIP INTELLIGENCE LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
VERITY RELATIONSHIP INTELLIGENCE LIMITED REGISTERED NUMBER: 09865115 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 1,728,148 |  | 1,165,695
Tangible assets | 6 |  | 50,339 |  | 116,081
|  |  | 1,778,487 |  | 1,281,776
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 4,849,702 |  | 3,378,036 |
Cash at bank and in hand | 8 | 962,671 |  | 414,508 |
|  | 5,812,373 |  | 3,792,544 |
Creditors: amounts falling due within one year | 9 | (6,736,362) |  | (4,896,197) |
Net current liabilities |  |  | (923,989) |  | (1,103,653)
Total assets less current liabilities |  |  | 854,498 |  | 178,123
Provisions for liabilities |  |  |  |  |
Other provisions | 11 | (64,897) |  | (43,129) |
|  |  | (64,897) |  | (43,129)
Net assets |  |  | 789,601 |  | 134,994
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 789,501 |  | 134,894
|  |  | 789,601 |  | 134,994
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Page 1
VERITY RELATIONSHIP INTELLIGENCE LIMITED REGISTERED NUMBER: 09865115 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2026.
V Mickel
Director
The notes on pages 3 to 14 form part of these financial statements. Page 2
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Verity Relationship Intelligence Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Valentine Place, London, England, SE1 8QH. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This is based on future projections and support from group companies. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | 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 arising from the settlement of transactions and the remeasurement of monetary assets and liabilities denominated in foreign currencies at period-end exchange rates are recognised directly in profit or loss, as the Company does not apply hedge accounting for cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of each project. Revenue is recognised over time by reference to specific milestones, being: database preparation, fieldwork, analysis, and final reporting. Amounts invoiced in advance of service delivery are deferred until the related stage has been completed. Where services are performed in advance of invoicing, the value is recognised as accrued income.
| 2.5 | 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.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 3 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Page 4
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years, while further excluding items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have never been enacted or substantively enacted by the reporting end date. 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Exceptional items
The company classifies certain one-off charges or credits that have a material impact on the company's financial results as "exceptional items". These are disclosed separately to provide further understanding of the financial performance of the company. Page 5
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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. Depreciation is provided on the following basis:
|  |  |  | Leasehold land and buildings | - | written down over the life of the lease
|  |  |  | Office equipment | - | 33%
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 6
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 7
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Page 8
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including the directors, during the year was 67 (2024 - 49).
4. | Exceptional item
|  | 2025 | 2024
|  | £ | £
| Expenditure |  |
| Exceptional item | 395,284 | 219,949
Exceptional items consist of expenses such as termination costs and professional fees of a non-routine nature. Page 9
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2025 | 1,165,695
| Additions | 1,107,779
| At 31 December 2025 | 2,273,474
| Amortisation |
| Charge for the year on owned assets | 545,326
| At 31 December 2025 | 545,326
| Net book value |
| At 31 December 2025 | 1,728,148
| At 31 December 2024 | 1,165,695
Page 10
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Tangible fixed assets
|  | Leasehold land and buildings | Computers | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 182,490 | 570,723 | 753,213
| Additions | 13,817 | 1,155 | 14,972
| Disposals | - | (4,248) | (4,248)
| Transfer to P&L | (43,129) | - | (43,129)
| At 31 December 2025 | 153,178 | 567,630 | 720,808
| Depreciation |  |  |
| At 1 January 2025 | 101,104 | 536,028 | 637,132
| Charge for the year on owned assets | 11,761 | 25,824 | 37,585
| Disposals | - | (4,248) | (4,248)
| At 31 December 2025 | 112,865 | 557,604 | 670,469
| Net book value |  |  |
| At 31 December 2025 | 40,313 | 10,026 | 50,339
| At 31 December 2024 | 81,386 | 34,695 | 116,081
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VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 771,887 | 208,301
| Amounts owed by group undertakings | 3,195,815 | 2,657,454
| Other debtors | 300,353 | 141,013
| Prepayments and accrued income | 352,574 | 297,059
| Deferred taxation | 229,073 | 74,209
|  | 4,849,702 | 3,378,036
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 962,671 | 414,508
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 488,221 | 577,862
| Amounts owed to group undertakings | 5,251,614 | 3,804,033
| Other taxation and social security | 361,698 | 172,176
| Other creditors | 191,010 | -
| Accruals and deferred income | 443,819 | 342,126
|  | 6,736,362 | 4,896,197
Page 12
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 74,209
| Credited to profit or loss | 154,864
| At end of year | 229,073
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (6,170) | (22,933)
| Tax losses carried forward | 235,243 | 97,142
|  | 229,073 | 74,209
11. | Provisions
|  | Dilapidation
|  | £
| At 1 January 2025 | 43,129
| Charged to profit or loss | 21,768
| At 31 December 2025 | 64,897
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £27,406 (2024 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
13. | Controlling party
The immediate parent company is The Client Relationship Consultancy Group Limited, a company registered in England & Wales, with the address 6 Valentine Place, London, SE1 8QH. The ultimate parent company is Patron Topco Limited, a company registered in England & Wales, with the address 6 Valentine Place, London, England, SE1 8QH. There is no single ultimate controlling party. Page 13
VERITY RELATIONSHIP INTELLIGENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Fixed and floating charges
In 2022, a charge was registered in favour of Coniston Capital I LP and (E) Equal Consultancy Limited. The registered charge is a fixed charge, a floating charge covering all the property and undertakings of the Company and a negative pledge. The charge is over Patron Topco Limited, Patron Bidco Limited, The Client Relationship Consultancy Group Limited, Verity Relationship Intelligence Limited, Verity Relationship Intelligence Inc, CRC Latam Limited, CRC USA Limited, The Client Relationship Asia PTE Ltd, and The Client Relationship Consultancy Mexico S.A. de C.V. The amount of the loan note instruments covered by the charges is £3,268,077. On 30 September 2024, a charge was registered in favour of Triple Point Advance Leasing PLC. The registered charge is a fixed charge, a floating charge covering all the property and undertakings of the Company and a negative pledge. The charge is over Patron Topco Limited, Patron Bidco Limited, The Client Relationship Consultancy Group Limited, Verity Relationship Intelligence Limited, Verity Relationship Intelligence Inc, CRC Latam Limited, CRC USA Limited, The Client Relationship Asia PTE Ltd, and The Client Relationship Consultancy Mexico S.A. de C.V. The amount of the loan note instruments covered by the charges is £3,000,000.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 15 July 2026 by Gary Leonard (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
Page 14