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REGISTERED NUMBER: 09952842 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| SPYROSOFT LTD |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| SPYROSOFT LTD |

COMPANY INFORMATION

for the Year Ended 31 December 2025

| DIRECTORS: | Spyrosoft S.A.

| A D Radcliffe

| K Weiske

| D Johnson

| REGISTERED OFFICE: | SmartBase

| Target Road

| Aviation Park West

| Christchurch

| Dorset

| BH23 6NW

| REGISTERED NUMBER: | 09952842 (England and Wales)

| AUDITORS: | PKF Francis Clark

| Chartered Accountants

| Towngate House

| 2-8 Parkstone Road

| Poole

| Dorset

| BH15 2PW

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

STRATEGIC REPORT

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

The principal activity and purpose of the Company during the year continued to be delivering technology solutions predominantly into the public sector. The Company continued to work across media, finance, geospatial, and other sectors.

The results for the year are set out in the profit and loss account. The company reported a profit after tax for the financial year of £1,503,045 (2024: £561,136) and net assets of £3,491,164 at the balance sheet date (2024: £1,981,373).

The directors monitor the performance of the company using the following Key Performance Indicators:

a) Turnover: £28,741,983 (2024: £16,940,640)

b) Gross profit: £4,575,495 (2024: £2,168,358)

c) Operating profit: £1,975,989 (2024: £723,431)

The company has continued its track record of organic growth at pace this year, with an increase in turnover of £11,801,343 compared to the previous year. This is a year-on-year increase of 70%. A significant proportion of this turnover increase is linked to public sector contract work, for which a contract is in place to continue for another year.

It should be noted that in addition to the public sector work, there is a solid core of recurring business with a diverse array of customers who are committing to ongoing and repeating work with the company.

This growth has been achieved through the tireless efforts of the team, and through the outstanding reputation the company has built for adding value and providing excellence throughout production and delivery of solutions.

Whilst the increase in turnover is positive, the contribution to gross profit is the key measure of a contracts value. To that end, the company has reported an increase of 3.12% in its gross margin this year (15.92%) compared to last year (12.80%). Part of this is better negotiation on initial contract terms, and part of this is due to increased operational efficiency from the project managers within the teams.

Operating profits have increased by £1,252,558 (173%) this year compared to last year. When considered as a percentage of total turnover, the operating profit sits at 6.87% this year compared with 4.27% last year, which has been achieved through keeping overhead increases under strict control.

The Company continued to invest in key strategic areas, including expansion into new public sector accounts and the healthcare and life sciences sector.

The directors are satisfied with the performance of the business during the year and its financial position at the year end.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

STRATEGIC REPORT

for the Year Ended 31 December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in a dynamic and competitive environment, with a significant proportion of its revenue derived from UK public sector. The directors continuously monitor the Company's risk profile and key risks and uncertainties that could affect the business's future performance and implement appropriate measures to manage them. The directors consider the following to be the principal risks and uncertainties facing the business:

Talent acquisition and retention: The Company is heavily reliant on skilled technical specialists. A failure to attract, retain and develop key personnel could c onstrain growth and service delivery. This is mitigated through competitive remuneration, share options, flex ible working and career development opportunities.

Geo-political environment: The war in Ukraine does not directly affect the UK company operations, but there are strong ties to the parent company and sister entities in Poland. Whilst there is currently no indication that the war will escalate further than it already ha s, the risk is deemed to be minimal but not zero.

Economic environment: Changes in the wider economic environment may impact demand for the company's products and services.

Credit risk: The risk of financial loss due to customers failing to meet their contractual obligations. This is managed through credit contr ol procedures and ongoing monitoring of receivables.

Key Customer Reliance: The risk of becoming over reliant on a small group of customers and suffering negative consequences if the re lationship deteriorates is a concern. The directors are confident that although there is a risk associated key custome r reliance, the business would be profitable and solvent even if key contracts were dropped. New customers and contract s are actively being fostered at all times.

Group Support: The risk of becoming over dependant on support from other group companies. Staffing for some UK contracts is f illed though the group company network of staff specialists. This risk is being managed by diversification of contracts and by building a strong UK based network of independent IT specialists that can support contracts if needed.

Operational risk: Risks arising from internal processes, systems, and human error are mitigated through established procedures and co ntrols.

FUTURE OUTLOOK

The directors expect the company to continue to grow responsibly, operate profitably and to build on its current position. The focus for the coming year will be to continue to grow our presence in the public sector whilst expanding our offerings in the private sector to include both legal and healthcare industries.

While economic conditions remain uncertain, the directors believe the company is well positioned to manage these challenges.

ON BEHALF OF THE BOARD:

A D Radcliffe - Director

14 August 2026

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITIES

Spyrosoft Limited provides multiple technology focused services including Business and Product Design, Technological Consulting, Enterprise Software Development, Embedded Software Development, Artificial Intelligence and Machine Learning Technologies, Cloud Solutions, Optimisation and Managed Services. These services are provided to a number of industry sectors including the Automotive Industry, Financial Services, Industry 4.0, Geospatial Services, HR and Education and Healthcare & Life Sciences.

DIVIDENDS

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

FUTURE DEVELOPMENTS

In 2026 Spyrosoft Ltd will increase brand awareness throughout the UK market by continuing to support the Financial Services, Geospatial, Media and HR industries with comprehensive technology services including Digital Product Design, Software Development, Application Maintenance, IT Support and Managed IT Services. Services for eCommerce and Cyber Security will develop further in addition to expected growth in the Automotive and Industry 4.0 embedded software sectors. Employee headcount is expected to increase in support of this growth.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Spyrosoft S.A.

A D Radcliffe

K Weiske

D Johnson

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations made in either this year or the previous year. All donations listed in the accounts are for charitable causes.

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.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

REPORT OF THE DIRECTORS

for the Year Ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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, PKF Francis Clark, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A D Radcliffe - Director

14 August 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPYROSOFT LTD

Opinion

We have audited the financial statements of Spyrosoft 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPYROSOFT LTD

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 pages four and five, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPYROSOFT LTD

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and industry in which the company operates as part of this assessment t o identify key laws and regulations affecting the company. We enquired with management policies and procedures and made an appropriate team selection (ensuring competence and capability to recognise non-compliance). Key regulations we identified were employment law and also those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and tax legislation.

Based on this understanding we designed out audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Enquiries of management regarding their knowledge of any non-compliance with laws or regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances of fraud.

- Reviewed legal and professional costs to identify any possible non-compliance; and

- Reviewing board minutes to identify and instances of non-compliance raised.

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. The key risk we identified was in relation to the cut-off and existence of revenue. Based upon our understanding we designed and conducted audit procedures including:

- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- Selecting a sample of revenue from the general ledger, agreeing to bank receipts and tracing it through to management's ERP system to signed customer contracts to ensure the existence of revenue;

- Selecting a sample of revenue recognised around the year-end and agreeing to timesheet information to confirm it relates to the correct period; and

- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPYROSOFT LTD

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.

Dan Tout FCA (Senior Statutory Auditor)

for and on behalf of PKF Francis Clark

Chartered Accountants

Towngate House

2-8 Parkstone Road

Poole

Dorset

BH15 2PW

14 August 2026

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

INCOME STATEMENT

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 28,741,983 |  | 16,940,640 |  |

Cost of sales | (24,166,488 | ) | (14,772,282 | ) |

GROSS PROFIT | 4,575,495 |  | 2,168,358 |  |

Administrative expenses | (2,601,159 | ) | (1,445,927 | ) |

1,974,336 |  | 722,431 |  |

Other operating income | 1,653 |  | 1,000 |  |

OPERATING PROFIT | 6 | 1,975,989 |  | 723,431 |  |

Interest receivable and similar income | 10,103 |  | 18,816 |  |

1,986,092 |  | 742,247 |  |

Interest payable and similar expenses | 7 | (1,668 | ) | (207 | ) |

PROFIT BEFORE TAXATION | 1,984,424 |  | 742,040 |  |

Tax on profit | 8 | (481,379 | ) | (180,904 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,503,045 |  | 561,136 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

OTHER COMPREHENSIVE INCOME

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,503,045 |  | 561,136 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,503,045 |  | 561,136 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

BALANCE SHEET

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 53,518 |  | 51,336 |  |

CURRENT ASSETS

Debtors | 10 | 4,346,454 |  | 3,766,793 |  |

Prepayments and accrued income | 49,942 |  | 39,670 |  |

Cash at bank | 2,172,152 |  | 1,419,594 |  |

6,568,548 |  | 5,226,057 |  |

CREDITORS

Amounts falling due within one year | 11 | 3,130,902 |  | 3,295,751 |  |

NET CURRENT ASSETS | 3,437,646 |  | 1,930,306 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,491,164 |  | 1,981,642 |  |

PROVISIONS FOR LIABILITIES | 13 | - |  | 269 |  |

NET ASSETS | 3,491,164 |  | 1,981,373 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 124 |  | 122 |  |

Share option reserve | 15 | 34,817 |  | 61,252 |  |

Retained earnings | 15 | 3,456,223 |  | 1,919,999 |  |

SHAREHOLDERS' FUNDS | 3,491,164 |  | 1,981,373 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2026 and were signed on its behalf by:

A D Radcliffe - Director

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

STATEMENT OF CHANGES IN EQUITY

for the Year Ended 31 December 2025

| Called up |  | Share |

| share |  | Retained |  | option |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 120 |  | 1,325,684 |  | 79,257 |  | 1,405,061 |  |

Changes in equity

Issue of share capital | 2 |  | - |  | - |  | 2 |  |

Total comprehensive income | - |  | 561,136 |  | - |  | 561,136 |  |

Movement - exercised options | - |  | 33,179 |  | (33,178 | ) | 1 |  |

Share options issued in year | - |  | - |  | 15,173 |  | 15,173 |  |

Balance at 31 December 2024 | 122 |  | 1,919,999 |  | 61,252 |  | 1,981,373 |  |

Changes in equity

Issue of share capital | 2 |  | - |  | - |  | 2 |  |

Total comprehensive income | - |  | 1,503,045 |  | - |  | 1,503,045 |  |

Movement - exercised options | - |  | 33,179 |  | (33,179 | ) | - |  |

Share options issued in year | - |  | - |  | 6,744 |  | 6,744 |  |

Balance at 31 December 2025 | 124 |  | 3,456,223 |  | 34,817 |  | 3,491,164 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

CASH FLOW STATEMENT

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,215,666 |  | 88,903 |  |

Interest paid | (1,668 | ) | (207 | ) |

Tax paid | (454,839 | ) | (12,712 | ) |

Net cash from operating activities | 759,159 |  | 75,984 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (16,706 | ) | (22,109 | ) |

Interest received | 10,103 |  | 18,816 |  |

Net cash from investing activities | (6,603 | ) | (3,293 | ) |

Cash flows from financing activities

Share issue | 2 |  | 2 |  |

Net cash from financing activities | 2 |  | 2 |  |

Increase in cash and cash equivalents | 752,558 |  | 72,693 |  |

Cash and cash equivalents at beginning of year | 2 | 1,419,594 |  | 1,346,901 |  |

Cash and cash equivalents at end of year | 2 | 2,172,152 |  | 1,419,594 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE CASH FLOW STATEMENT

for the Year Ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,984,424 |  | 742,040 |  |

| Depreciation charges | 14,524 |  | 15,813 |  |

| Equity settled share based payments | 6,744 |  | 15,173 |  |

| Finance costs | 1,668 |  | 207 |  |

| Finance income | (10,103 | ) | (18,816 | ) |

1,997,257 |  | 754,417 |  |

| Increase in trade and other debtors | (568,498 | ) | (864,771 | ) |

| (Decrease)/increase in trade and other creditors | (213,093 | ) | 199,257 |  |

| Cash generated from operations | 1,215,666 |  | 88,903 |  |

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 | 2,172,152 |  | 1,419,594 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 1,419,594 |  | 1,346,901 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,419,594 |  | 752,558 |  | 2,172,152 |  |

1,419,594 |  | 752,558 |  | 2,172,152 |  |

| Total | 1,419,594 |  | 752,558 |  | 2,172,152 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Spyrosoft 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

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

| 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 | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Financial instruments

| The company has chosen to apply the provisions of Section 11 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other receivables, receivables from fellow group companies, and cash and bank balances, are initially recognised at transaction price.

| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all the risks and rewards of the ownership of the asset are transferred to another party.

| Financial liabilities

| Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| 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.

| Share based payments

| When share options are awarded to employees of the subsidiary company, the fair value of the options at the date of grant is charged to profit and loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.

| Fair value is calculated by reference to the market value of the parent company at the date of option exercise.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Leased assets

| At inception the company assesses agreements that transfer the right to use assets.

| The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

| Operating leased assets

| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

| Finance lease assets

| Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease.

| Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

| The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the company.

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 28,006,757 |  | 16,539,695 |  |

| Europe | 735,226 |  | 400,945 |  |

28,741,983 |  | 16,940,640 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,589,408 |  | 2,919,766 |  |

| Social security costs | 729,672 |  | 330,176 |  |

| Other pension costs | 343,703 |  | 153,105 |  |

6,662,783 |  | 3,403,047 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Directors | 2 |  | 1 |  |

| Back office staff | 16 |  | 14 |  |

| Software developers | 77 |  | 39 |  |

95 |  | 54 |  |

5. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 207,051 |  | 116,029 |  |

| Directors' pension contributions to money purchase schemes | 21,558 |  | 11,264 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Two directors exercised share options during the year (2024 - two directors).

| Two directors received shares under long term incentive schemes (2024 - two directors).

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

| 2025 |

£ |  |

| Emoluments etc | 106,581 |  |

| Pension contributions to money purchase schemes | 13,165 |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 14,524 |  | 15,813 |  |

| Statutory Audit | 21,900 |  | 17,250 |  |

| Foreign exchange differences | 496 |  | 11,365 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| HMRC interest payable | 1,668 |  | 207 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

8. | 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 | 493,317 |  | 178,086 |  |

| Deferred tax | (11,938 | ) | 2,818 |  |

| Tax on profit | 481,379 |  | 180,904 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,984,424 |  | 742,040 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 496,106 |  | 185,510 |  |

| Effects of:

| Expenses not deductible for tax purposes | 9,887 |  | 16,604 |  |

| Utilisation of tax losses | - |  | (9,175 | ) |

| Other timing differences | (24,614 | ) | (12,035 | ) |

| Total tax charge | 481,379 |  | 180,904 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 31,606 |  | 69,680 |  | 101,286 |  |

| Additions | - |  | 16,706 |  | 16,706 |  |

| At 31 December 2025 | 31,606 |  | 86,386 |  | 117,992 |  |

| DEPRECIATION

| At 1 January 2025 | 17,480 |  | 32,470 |  | 49,950 |  |

| Charge for year | 3,532 |  | 10,992 |  | 14,524 |  |

| At 31 December 2025 | 21,012 |  | 43,462 |  | 64,474 |  |

| NET BOOK VALUE

| At 31 December 2025 | 10,594 |  | 42,924 |  | 53,518 |  |

| At 31 December 2024 | 14,126 |  | 37,210 |  | 51,336 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 4,011,667 |  | 3,472,416 |  |

| Amounts owed by group undertakings | 12,189 |  | 22,145 |  |

| Other debtors | 233,765 |  | 204,833 |  |

| s455 tax debtor | 77,164 |  | 67,399 |  |

| Deferred tax asset | 11,669 |  | - |  |

4,346,454 |  | 3,766,793 |  |

| Deferred tax asset

2025 |  |

£ |  |

| Accelerated capital allowances | (12,945 | ) |

| Other timing differences | 24,614 |  |

11,669 |  |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 64,098 |  | 367,990 |  |

| Amounts owed to group undertakings | 1,576,123 |  | 1,834,045 |  |

| Tax | 235,271 |  | 187,028 |  |

| Social security and other taxes | 171,540 |  | 110,596 |  |

| VAT | 572,778 |  | 559,357 |  |

| Other creditors | 35,308 |  | 23,196 |  |

| Credit cards | 8,517 |  | 3,523 |  |

| Directors' current accounts | 1,014 |  | 1,014 |  |

| Accrued expenses | 466,253 |  | 209,002 |  |

3,130,902 |  | 3,295,751 |  |

12. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 50,663 |  | 50,663 |  |

13. | PROVISIONS FOR LIABILITIES

2024 |

£ |

| Deferred tax

| Accelerated capital allowances | 12,304 |  |

| Other timing differences | (12,035 | ) |

269 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 269 |  |

| Accelerated capital allowances | 641 |  |

| Other timing differences | (12,579 | ) |

| Balance at 31 December 2025 | (11,669 | ) |

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | Ordinary | £0.01 | 100 |  | 100 |  |

| 2,400 | Ordinary B | £0.01 | 24 |  | 22 |  |

124 |  | 122 |  |

| 200 Ordinary B shares of £0.01 each were allotted and fully paid for cash at par during the year.

| Ordinary shares have the right to participate in dividends and share in the

| residual assets of the company upon winding up. Each ordinary share carries the right to

| one vote at general meetings.

| Ordinary B shares have the right to participate in dividends and share in the

| residual assets of the company upon winding up. The ordinary B shares do not carry the right to a vote at general meetings.

15. | RESERVES

| Share |

| Retained |  | option |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2025 | 1,919,999 |  | 61,252 |  | 1,981,251 |  |

| Profit for the year | 1,503,045 |  | 1,503,045 |  |

| Movement - exercised options | 33,179 |  | (33,179 | ) | - |  |

| Share options issued in year | - |  | 6,744 |  | 6,744 |  |

| At 31 December 2025 | 3,456,223 |  | 34,817 |  | 3,491,040 |  |

16. | ULTIMATE PARENT COMPANY

| Spyrosoft S.A (incorporated in Poland ) is regarded by the directors as being the company's ultimate parent company.

| The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Spyrosoft S.A. company number: 0000616387.

| Copies of the Spyrosoft S.A consolidated financial statements can be obtained from the company website, or from the investor relations team at the following address:

| pl. Nowy Targ 28

| 50-141 Wroclaw

| Poland.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

17. | RELATED PARTY DISCLOSURES

| Spyrosoft S. A. (joint stock company) is a Director & Shareholder:

| During the year the company purchased services, on a commercial basis, to the value of £9,043,154 (2024: £7,390,442) from Spyrosoft S. A.

| During the year the company provided services, on a commercial basis, to the value of

| £604,009 (2024: £327,026) to Spyrosoft S. A.

| At the year end the company was owed £86,692 (2024: £42,174) by Spyrosoft S. A, and owed £1,335,197 (2024: £1,512,219) to Spyrosoft S. A during the normal course of its business.

| Additionally, at the year end the company owed £950 (2024: £950) to Spyrosoft S. A in the form of a loan.

| Better Software Group S. A. is a company that is 60% owned by Spyrosoft S.A:

| During the year the company purchased services, on a commercial basis, to the value of

| £nil (2024: £512,080) from Better Software Group S. A.

| During the year the company provided services, on a commercial basis, to the value of

| £nil (2024: £93) to Better Software Group S. A.

| At the year end, the company owed £nil (2024: £nil) to Better Software Group S. A.

| Spyrosoft BSG S.A. is a company that is 60% owned by Spyrosoft S.A:

| During the year the company purchased services, on a commercial basis, to the value of

| £1,368,069 (2024: £386,406) from Spyrosoft BSG S.A.

| The company was charged commissions to the value of £12,631 (2024: £50,277) by Spyrosoft BSG S.A.

| During the year the company provided services, on a commercial basis, to the value of

| £6,373 (2024: £2,186) to Spyrosoft BSG S.A.

| At the year end, the company owed £223,602 (2024: £162,397) to Spyrosoft BSG S.A and was owed £1,364 (2024: £145) by Spyrosoft BSG S.A.

| Spyrosoft ECommerce S. A. is a company that is 60% owned by Spyrosoft S.A:

| During the year the company purchased services, on a commercial basis, to the value of

| £72,425 (2024: £117,102) from Spyrosoft ECommerce S. A.

| During the year the company provided services, on a commercial basis, to the value of

| £nil (2024: £nil) to Spyrosoft ECommerce S. A.

| At the year end the company was owed £nil (2024: £nil) by Spyrosoft ECommerce S. A and owed £12,037 (2024: £18,122) to Spyrosoft ECommerce S. A.

| Unravel S. A. is a company that is 50% owned by Spyrosoft S.A:

| During the year the company purchased services, on a commercial basis, to the value of

| £10,585 (2024: £137,446) from Unravel S. A.

| During the year the company provided services, on a commercial basis, to the value of

| £353 (2024: £nil) to Unravel S. A.

| At the year end, the company owed £4,454 (2024: £nil) to Unravel S. A.

| Spyrosoft Solutions S. A. is a company that is 50% owned by Spyrosoft S.A:

| During the year the company purchased services, on a commercial basis, to the value of

| £10,801 (2024: £130,867) from Spyrosoft Solutions S. A.

| During the year the company provided services, on a commercial basis, to the value of

| £54,173 (2024: £71,640) to Spyrosoft Solutions S. A.

| At the year end the company was owed £970 (2024: £22,145) by Spyrosoft Solutions S. A and owed £3,507 (2024: £nil) to Spyrosoft Solutions S. A.

| Spyrosoft Solutions d.o.o. is a subsidiary concern within the Spyrosoft S. A. group:

| During the year the company provided services, on a commercial basis, to the value of

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

| £nil (2024: £nil) to Spyrosoft Solutions d.o.o.

| During the year the company purchased services, on a commercial basis, to the value of

| £5,515 (2024: £181,163) from Spyrosoft Solutions d.o.o.

| At the year end the company was owed £nil (2024: £nil) by Spyrosoft Solutions d.o.o. and owed £3,706 (2024: £10,485) to Spyrosoft Solutions d.o.o.

| Spyrosoft Synergy S.A. is a subsidiary concern within the Spyrosoft S. A. group:

| During the year the company provided services, on a commercial basis, to the value of

| £34,303 (2024: £nil) to Spyrosoft Synergy S.A.

| During the year the company purchased services, on a commercial basis, to the value of

| £48,847 (2024: £197,367) from Spyrosoft Synergy S.A.

| At the year end the company owed £8,036 (2024: £47,385) to Spyrosoft Synergy S.A.

| Spyrosoft Connect S.A. is a subsidiary concern within the Spyrosoft S. A. group:

| During the year the company provided services, on a commercial basis, to the value of

| £3,206 (2024: £nil) to Spyrosoft Synergy S.A.

| During the year the company purchased services, on a commercial basis, to the value of

| £221,019 (2024: £296,152) from Spyrosoft Connect S.A.

| At the year end the company was owed £nil (2024: £nil) by Spyrosoft Connect S.A.and owed £32,570 (2024: £125,757) to Spyrosoft Connect S.A.

| Spyrosoft Adtech S.A. is a subsidiary concern within the Spyrosoft S. A. group:

| During the year the company purchased services, on a commercial basis, to the value of

| £48,532 (2024: £nil) from Spyrosoft Adtech S.A.

| At the year end the company was owed £nil (2024: £nil) by Spyrosoft Adtech S.A.and owed £32,040 (2024: £nil) to Spyrosoft Adtech S.A.

| Codibly S.A. is a subsidiary concern within the Spyrosoft S. A. group:

| During the year the company provided services, on a commercial basis, to the value of

| £32,810 (2024: £nil) to Codibly S.A.

| At the year end the company was owed £12,189 (2024: £nil) by Codibly S.A.

| Codefix Ltd is a company in which A Radcliffe is also a Director & Shareholder:

| During the year the company purchased services, on a commercial basis, to the value of £436,010 (2024: £202,666) from Codefix Ltd.

| No amounts were outstanding at the year-end (2024: £nil).

| JTSP Ltd is a company in which D Johnson is also a Director & Shareholder:

| During the year the company purchased services, on a commercial basis, to the value of £303,852 (2024: £134,154) from JTSP Ltd.

| No amounts were outstanding at the year-end (2024: £nil).

| A Radcliffe is a Director:

| Amount owed by the company at the year end was £64 (2024: £64).

| The director also also had a loan extended to him under normal commercial terms during the year.

| Spyrosoft Limited has loaned £10,109 (2024: £11,056) to the director during the year, on which interest is being charged at 3.75% (2024: 2.25%). There are no set repayment terms but the loan is repayable on request. The balance at the year end was £113,650 (2024: £99,811).

| D Johnson is a Director.

| A loan was extended to him under normal commercial terms during the year.

| SPYROSOFT LTD (REGISTERED NUMBER: 09952842) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 December 2025

| Spyrosoft Limited has loaned £11,151 (2024: £11,056) to the director during the year, on which interest is being charged at 3.75% (2024: 2.25%). There are no set repayment terms but the loan is repayable on request. The balance at the year end was £120,115 (2024: £105,022).

| All amounts owed to / from group undertakings and related parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand unless otherwise stated.

18. | POST BALANCE SHEET EVENTS

| In the months following the end of the financial year two of the Directors exercised share options granted to them during the financial year ended 31 December 2025, leading to the issuing of 200 Ordinary £0.01 B Shares.

19. | ULTIMATE CONTROLLING PARTY

| The controlling party is Spyrosoft S.A..

| The ultimate controlling party is K Weiske.

20. | SHARE-BASED PAYMENT TRANSACTIONS

| The company is operating a key-employee share option scheme, which provides additional remuneration for those employees who are key to the operations of the company. The options are granted with an exercise price equalling the nominal value of the shares. The options have vested on an annual basis since 2021, the final tranche has vested at the end of 2025.

|  | 2025 |  | 2024 |  |

|  | No. |  | Weighted average exercise price (£) |  | No. |  | Weighted average exercise price (£) |  |

| Outstanding at 1 January |  | 400 |  | £0.01 |  | 600 |  | £0.01 |  |

| Granted |  | - |  | £- |  | - |  | £- |  |

| Forfeited |  | - |  | £- |  | - |  | £- |  |

| Exercised |  | (200) |  | £0.01 |  | (200) |  | (£0.01) |  |

| Expired |  | - |  | £- |  | - |  | £- |  |

| Outstanding at 31 December |  | 200 |  | £0.01 |  | 400 |  | £0.01 |  |

| Exercisable at 31 December |  | 200 |  | £0.01 |  | 200 |  | £0.01 |  |

| The effect of the share based payments transactions granted during the period have been reflected as a total expense of £6,744 in additional salary costs in the company's profit and loss account for the period, based on the fair value of the options at the date they were granted..

| The weighted average share price at the date of exercise for options exercised in the year was £4.8274 (2024: £2.4071)