Company registration number 15748325 (England and Wales)
STG PARTNERS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
STG PARTNERS UK LIMITED
COMPANY INFORMATION
Directors
Mr Stephen Henkenmeier
Mrs Wenda Adriaanse
Secretary
CSC CLS (UK) Limited
Company number
15748325
Registered office
6 Upper Grosvenor Street
London
United Kingdom
W1K 2LJ
Auditor
BDO LLP
55 Baker Street
London
United Kingdom
W1U 7EU
STG PARTNERS UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
STG PARTNERS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the Company during the year was that of a f und management activities.

Results

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Stephen Henkenmeier
Mrs Wenda Adriaanse
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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; 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 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

STG PARTNERS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
On behalf of the board
Mr Stephen Henkenmeier
Director
7 August 2026
STG PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STG PARTNERS UK LIMITED
- 3 -
Opinion on the financial statements

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.

We have audited the financial statements of STG Partners UK Limited (“the Company”) for the year ended 31 December 2025 which comprise of the following:

Income Statement
Statement of Financial Position
Statement of Changes in Equity
Notes 1-14 to the financial statements

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).

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

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.

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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern.

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

STG PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STG PARTNERS UK LIMITED (CONTINUED)
- 4 -

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Directors’ report and financial statements, other than the financial statements and our auditor’s 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.

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 course of 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.

Other Companies Act 2006 reporting

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

- the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Directors’ report has been prepared in accordance with applicable legal requirements.

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 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; or

- the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.

STG PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STG PARTNERS UK LIMITED (CONTINUED)
- 5 -
Responsibilities of directors

As explained more fully in the Statement of Directors Responsibilities, 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.

Auditor’s 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 auditor’s 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

Non-compliance with laws and regulations

- Our understanding of the Company and the industry in which it operates;

- Discussion with management and those charged with governance; and

- Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations.

We considered the significant laws and regulations to be the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and UK tax legislation.

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be UK tax legislation.

Our procedures in respect of the above included:

- Inquiry with those charged with governance for any instances of non-compliance with laws and regulations;

- Review tax workings to identify potential instances of non-compliance with laws and regulations;

- Review of financial statement disclosures and agreeing to supporting documentation;

- Review of legal expenditure accounts to understand the nature of expenditure incurred.

STG PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STG PARTNERS UK LIMITED (CONTINUED)
- 6 -

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Obtaining an understanding of the Company’s policies and procedures relating to:

- Detecting and responding to the risks of fraud; and

- Internal controls established to mitigate risks related to fraud.

- Inquiry with those charged with governance for any known or suspected instances of fraud;

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.

Based on our risk assessment, we considered the areas most susceptible to fraud to be Management override of controls and Revenue relating to Transfer Pricing.

Our procedures in respect of the above included:

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;

- Reviewing judgements applied by management in the financial statements to assess their appropriateness and the existence of any systematic bias;

- Reviewing the amounts recorded pursuant to the Transfer Pricing agreement, that they have been recorded and calculated in accordance with the Transfer Pricing agreement.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s 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 as a body, for our audit work, for this report, or for the opinions we have formed.

STG PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STG PARTNERS UK LIMITED (CONTINUED)
- 7 -
Daniel Quiligotti (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, United Kingdom
7 August 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
STG PARTNERS UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Year
Period
ended
ended
31 December
31 December
2025
2024
Notes
£
£
Revenue
3
6,819,314
3,157,881
Administrative expenses
4
(6,195,279)
(2,870,534)
Operating profit
624,035
287,347
Finance income / (costs)
45
(182)
Profit before taxation
624,080
287,165
Tax on profit
6
(156,008)
(71,836)
Profit and total comprehensive income for the financial year
468,072
215,329

The income statement has been prepared on the basis that all operations are continuing operations.

There were no components of 'other comprehensive income' which are required to be separately disclosed during

the current year. As a result, no separate Statement of Comprehensive Income has been presented.

STG PARTNERS UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
7
64,325
-
Current assets
Trade and other receivables
8
2,105,250
1,705,987
Cash and cash equivalents
1,393,264
326,072
3,498,514
2,032,059
Current liabilities
9
(2,879,437)
(1,816,729)
Net current assets
619,077
215,330
Net assets
683,402
215,330
Equity
Called up share capital
1
1
Retained earnings
683,401
215,329
Total equity
683,402
215,330

These financial statements have been prepared in accordance with FRS 102, Section 1A - the reduced disclosure framework for small entities.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
Mr Stephen Henkenmeier
Director
Company registration number 15748325 (England and Wales)
STG PARTNERS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 29 May 2024
-
0
-
0
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
215,329
215,329
Issue of share capital
1
-
1
Balance at 31 December 2024
1
215,329
215,330
Year ended 31 December 2025:
Profit and total comprehensive income
-
468,072
468,072
Balance at 31 December 2025
1
683,401
683,402
STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

STG Partners UK Limited (the Company) is a company incorporated on 2 9 May 202 4 in the United Kingdom under the Companies Act 2006.

The Company is a private company limited by shares incorporated in England and Wales. The registered office is 6 Upper Grosvenor Street, London, United Kingdom, W1K 2LJ.

The principal activity of the Company during the year was that of a fund management activities.

1.1
Reporting period

The Company's financial year starts 1 January and ends 31 December each year. However, t he prior comparative reporting does not correspond to a full financial year, as it covers the period from the date of incorporation on 29 May 2024 to 31 December 2024, being a total of 7 months and 2 days.

1.2
Basis of preparation

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

In accordance with the exemption available to small entities under Section 1A of FRS 102, the company has not prepared a cash flow statement.

The directors consider that the cash flow statement is not required as the company qualifies as a small entity under the Companies Act 2006.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company has prepared a going concern assessment for a period of at least 12 months from the date of true approval of these financial statements. Our forecasts and projections take into account reasonably possible changes in business operations and demonstrate that the Company has sufficient funds to meet its obligations as they fall due. Furthermore, the Company does not have significant debt obligations or external financing arrangements that would materially impact liquidity.

In addition, the directors have received a commitment of continued financial support from the Company's ultimate parent company. The ultimate parent company have sufficient financial resources with which to provide the support for STG Partners UK Limited business.

On 31 December 202 5, the Company recorded a net current asset position of £619,077 (2024: £215,330). Furthermore, the Company does not have significant debt obligations or external financing arrangements that would materially impact liquidity.

Accordingly the Company has adopted the going concern basis for preparing these financial statements which the Directors consider appropriate having regard to the above considerations.

STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Revenue

Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and that revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable. Turnover comprises transfer pricing income, exclusive of Value Added Tax. Turnover is based on the reimbursement for all direct costs and properly allocable indirect costs incurred to support the investment and portfolio companies managed by the parent company, plus a 10% mark-up.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years - straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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.

Trade receivables and transfer pricing amounts are shown gross since these amounts will not be settled at the same time.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Cash and bank balances are stated at its nominal value. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

As part of their assessment, the directors have reviewed the transfer pricing transactions between the company and its ultimate parent and have concluded that the judgments and estimates related to the transfer pricing agreement are within the arm's length range. They have also determined that the standard rate applied is appropriate and consistent with industry practices relevant to the company's operations.

It is the view of the directors that there are no other critical judgements in applying the Company's accounting policies or key sources of estimation uncertainty.

STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
3
Revenue

An analysis of the company's UK revenue is as follows:

2025
2024
£
£
Revenue analysed by class of business
Recharges to STG Partners LLC
6,819,314
3,157,881

4
Administrative expenses

A significant part of administrative expenses are related to employee costs £4,929,369 (2024: £1,970,198), rent £388,437 (2024: £311,568), legal fees £104,437 (2024: £155,954) and recruiting £118,961 (2024: £69,404).

Other costs of £626,775 (2024: £337,410) comprise a range of individually immaterial operating expenses, including IT and software subscriptions, insurance, office and general administrative expenses, travel, professional subscriptions and other overheads. No individual category within other costs is considered material to warrant separate disclosure.

A full expense breakdown can be seen below:

2025
2024
£
£
Employee remuneration
4,929,369
1,970,198
Rent
388,437
311,568
Legal fees
104,437
155,954
Audit fees
27,300
26,000
Recruiting
118,961
69,404
Other costs
626,775
337,410
6,195,279
2,870,534
The fees payable to the company's auditor and associates were for audit services, there has been no non-audit services during the year.
5
Employees

The Directors received no remuneration from the Company in respect of qualifying services rendered during the period under review. The average number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
10
9
STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,560,276
1,721,112
Social security costs
225,536
113,088
Pension costs - Defined contributions
71,899
32,183
Other staff costs
71,658
103,815
4,929,369
1,970,198
6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
191,594
94,084
Deferred tax
Origination and reversal of timing differences
(35,586)
(22,248)
Total tax charge
156,008
71,836

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
624,080
287,165
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
156,020
71,791
Non (taxable)/deductible loan relationship amounts
(12)
45
Taxation charge for the year
156,008
71,836
STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
7
Property, plant and equipment
Computers
£
Cost
At 1 January 2025
-
0
Additions
74,700
At 31 December 2025
74,700
Depreciation and impairment
At 1 January 2025
-
0
Depreciation charged in the year
10,375
At 31 December 2025
10,375
Carrying amount
At 31 December 2025
64,325
At 31 December 2024
-
0
8
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by STG Partners LLC
1,939,108
1,656,881
Other receivables
89,739
26,858
Prepayments and accrued income
18,569
-
0
2,047,416
1,683,739
Deferred tax asset (note 10)
57,834
22,248
2,105,250
1,705,987

In relation to a mounts owed by group undertakings, the amounts outstanding are unsecured, non-interest bearing and repayable on demand.

9
Current liabilities
2025
2024
£
£
Trade payables
127,229
42,611
Amounts owed to STG Partners LLC
333,272
553,288
Corporation tax
177,222
94,084
Other taxation and social security
104,241
79,417
Accruals
2,137,473
1,047,329
2,879,437
1,816,729
STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Current liabilities
(Continued)
- 18 -

In relation to amounts owed to group undertakings, the amounts outstanding are unsecured, non-interest bearing and repayable on demand.

The company entered into a BACSTEL-IP payment facility agreement with Barclays with a limit of £250,000 (2024: £200,000) which has not been utilised during the year.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Short term timing differences - trading
57,834
22,248

The deferred tax asset set out above is expected to reverse within 12 months and relates to timing differences arising from pension contributions and unpaid remuneration adjustments.

11
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,899
32,183

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Related party transactions

The Company is party to a transfer pricing arrangement with its parent, STG Partners LLC, under which it receives reimbursement for all direct costs and properly allocable indirect costs incurred to support the investments and portfolio companies, plus a 10% mark-up. This arrangement is documented and compliant with applicable transfer pricing regulations.

At year end amounts owed by STG Partners LLC amounts to £1,939,108 (2024: £1,656,881) and amounts owed to STG Partners LLC £333,272 (2024: £553,288).

13
Ultimate controlling party

The ultimate parent and controlling party is STG Partners, LLC a limited liability company incorporated in Delaware with its registered office at 251 Little Falls Drive, Wilmington, DE 19808 USA, United States.

The Company is wholly owned by STG Partners LLC.

STG PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
14
Post reporting date events

There have been no events after the reporting date which require adjustment to or disclosure in these financial statements.

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