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REGISTERED NUMBER: 07913648 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

DELPHIX SOFTWARE LIMITED

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Contents of the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Income Statement | 7 |

| Other Comprehensive Income | 8 |

| Balance Sheet | 9 |

| Statement of Changes in Equity | 10 |

| Notes to the Financial Statements | 11 |

| DELPHIX SOFTWARE LIMITED |

Company Information

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | M C Goergen

| S M Kilian

| REGISTERED OFFICE: | The Capitol Building

| Second Floor, Suite 3

| Oldbury

| Bracknell

| RG12 8FZ

| REGISTERED NUMBER: | 07913648 (England and Wales)

| AUDITORS: | Byrd + Link Audit Limited

| Honeybourne Place

| Jessop Avenue

| Cheltenham

| Gloucestershire

| GL50 3SH

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Strategic Report

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Delphix Software Limited, or the company, presents its financial statements for the period to 31 December 2025.

The principal activity of the company is to provide sales and marketing support to the parent company, Delphix Corp.

REVIEW OF BUSINESS

Delphix Software Limited is engaged in selling and marketing software products developed by the parent company Delphix Corp.

Delphix Corp. develops and markets data management software to accelerate application development lifecycles within enterprises. By virtualizing and securing data, Delphix enables its customers to increase efficiencies, eliminate costs and meet security and compliance mandates.

The directors are pleased with the activities and profitability during the year and are hopeful this can be maintained in the following financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The parent company, Delphix Corp. had experienced losses since its inception. The parent company has in the past successfully raised both equity and debt financing to continue operations and growth. On 22 March 2024 the company and its parent, Delphix Corp. was acquired by Perforce Software, Inc. a company incorporated in the United States of America which has confirmed its continued support for the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS

As the company is reimbursed for operational costs, revenue grows proportionately with operating spending. Therefore, the key performance indicators are total operating spend. The parent company, Delphix Corp. evaluates the sales transactions that are generated by the sales team. As those sales occur directly between customers and Delphix Corp. they do not appear within the financial statements of Delphix Software Limited.

OTHER KEY PERFORMANCE INDICATORS

A further performance indicator is employee costs as a proportion to total expenses.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's activities do not expose it to significant financial risk. The company's principal objective is to manage risk by adhering to the group's financial risk related policies and procedures.

ON BEHALF OF THE BOARD:

M C Goergen - Director

14 August 2026

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

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.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors are expecting to see an increase in the company's engagement in marketing events to help promote and drive awareness of the business brand.

DIRECTORS

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

M C Goergen

S M Kilian

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

Each of the company's directors are indemnified for certain events or occurrences, subject to certain limits, while the director is or was serving at the company's request in such capacity.

MATTERS COVERED IN THE STRATEGIC REPORT

Matters concerning the financial risk management and exposure to risk have been covered in the Strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Byrd + Link Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M C Goergen - Director

14 August 2026

Report of the Independent Auditors to the Members of

Delphix Software Limited

Opinion

We have audited the financial statements of Delphix Software Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Report of the Independent Auditors to the Members of

Delphix Software Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Company and its financial operations we have considered the initial risks of non-compliance with the UK regulators, predominantly HM Revenue and Customs and Companies Act 2006. We have assessed the impact of any breaches in such laws and regulations and considered whether any such findings would have a material impact on these financial statements.

We have considered the risk of those charged with management overriding internal controls and the opportunity for financial manipulation. We have considered the effect of any accounting estimates included within these accounts and the effect this may have on our audit opinion.

Our audit procedures together with our assessment of risks identified at planning were transparent to the Company and we have communicated with the client throughout the audit as well as the audit engagement team, and this includes such matters as fraud and irregularity.

The above procedures do however have their limitations as we can only work on a sample of financial transactions. Ultimately it is the responsibility of those charged with management for the prevention and detection of fraud and other irregularities.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report of the Independent Auditors to the Members of

Delphix Software Limited

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.

Russel Byrd FCA (Senior Statutory Auditor)

for and on behalf of Byrd + Link Audit Limited

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

17 August 2026

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Income Statement

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 14,551,409 |  | 16,718,966 |  |

Administrative expenses | 13,881,597 |  | 15,985,555 |  |

OPERATING PROFIT | 5 | 669,812 |  | 733,411 |  |

Interest receivable and similar income | 4,865 |  | 16,377 |  |

674,677 |  | 749,788 |  |

Interest payable and similar expenses | 7 | 3,416 |  | - |  |

PROFIT BEFORE TAXATION | 671,261 |  | 749,788 |  |

Tax on profit | 8 | 163,642 |  | 230,849 |  |

PROFIT FOR THE FINANCIAL YEAR | 507,619 |  | 518,939 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Other Comprehensive Income

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 507,619 |  | 518,939 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 507,619 |  | 518,939 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Balance Sheet

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 13,185 |  | 2,135 |  |

CURRENT ASSETS

Debtors | 10 | 9,618,021 |  | 8,728,912 |  |

Cash at bank | 117,741 |  | 238,374 |  |

9,735,762 |  | 8,967,286 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,075,836 |  | 1,806,691 |  |

NET CURRENT ASSETS | 7,659,926 |  | 7,160,595 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,673,111 |  | 7,162,730 |  |

PROVISIONS FOR LIABILITIES | 13 | 3,321 |  | 559 |  |

NET ASSETS | 7,669,790 |  | 7,162,171 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Share based compensation | 15 | 208,809 |  | 208,809 |  |

Retained earnings | 15 | 7,459,981 |  | 6,952,362 |  |

SHAREHOLDERS' FUNDS | 7,669,790 |  | 7,162,171 |  |

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:

M C Goergen - Director

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Statement of Changes in Equity

FOR THE YEAR ENDED 31 DECEMBER 2025

| Called up |  | Share |

| share |  | Retained |  | based |  | Total

| capital |  | earnings |  | compensation |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 1,000 |  | 4,269,964 |  | 2,163,459 |  | 6,434,423 |  |

Changes in equity

Profit for the year | - |  | 518,939 |  | - |  | 518,939 |  |

Other comprehensive income | - |  | 2,163,459 |  | (2,163,459 | ) | - |  |

Total comprehensive income | - |  | 2,682,398 |  | (2,163,459 | ) | 518,939 |  |

Capital contribution for

equity settled share based

payments | - |  | - |  | 208,809 |  | 208,809 |  |

Total transactions with owners, recognised directly in equity | - |  | - |  | 208,809 |  | 208,809 |  |

Balance at 31 December 2024 | 1,000 |  | 6,952,362 |  | 208,809 |  | 7,162,171 |  |

Changes in equity

Profit for the year | - |  | 507,619 |  | - |  | 507,619 |  |

Total comprehensive income | - |  | 507,619 |  | - |  | 507,619 |  |

Total transactions with owners, recognised directly in equity | - |  | - |  | - |  | - |  |

Balance at 31 December 2025 | 1,000 |  | 7,459,981 |  | 208,809 |  | 7,669,790 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Delphix Software Limited 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

| The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

| All amounts have been rounded to the nearest £1 pound sterling, unless otherwise indicated.

| The following accounting policies have been applied:

| Going Concern

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

| The company relies on the continued support from both its parent company, Delphix Corp and its ultimate parent company Perforce Software, Inc, which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

| • | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

| • | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

| • | the requirement of paragraph 33.7.

| This information is included in the consolidated financial statements of Perforce Corp. as at 31 December 2024 and these financial statements may be obtained from 400 First Avenue North, Suite 400, Minneapolis, MN 55401, United States of America.

| Critical accounting judgements and key sources of estimation uncertainty

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The directors concluded that, due to the nature of the business, there are no critical accounting judgements or key sources of estimation uncertainty that are required to be disclosed here.

| Turnover

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

| The company is contracted by its parent company, Delphix Corp to deliver sales and marketing services under an intercompany agreement. The company is remunerated by its parent for these services.

| Tangible fixed assets

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

| Improvements to property | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Office equipment | - | 33% on cost

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

| 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 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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

| Share-based payments

| Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

| The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

| Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

| Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Interest income

| Interest income is recognised in profit or loss using the effective interest method.

| Debtors

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

| 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.

| Holiday pay accrual

| A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Intercompany sales | 14,551,409 |  | 16,718,966 |  |

14,551,409 |  | 16,718,966 |  |

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

| 2025 |  | 2024

£ | £ |

| United States of America | 14,551,409 |  | 16,718,966 |  |

14,551,409 |  | 16,718,966 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 9,572,070 |  | 10,844,684 |  |

| Social security costs | 1,378,542 |  | 1,476,543 |  |

| Other pension costs | 162,050 |  | 76,026 |  |

11,112,662 |  | 12,397,253 |  |

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

| 2025 |  | 2024

| UK | 35 |  | 36 |  |

| Germany | 3 |  | 5 |  |

| Italy | 2 |  | 5 |  |

| France | 4 |  | 5 |  |

| Ireland | - |  | 1 |  |

| Switzerland | 1 |  | 1 |  |

| Spain | 2 |  | 3 |  |

47 |  | 56 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 4,399 |  | 4,733 |  |

| Foreign exchange differences | 23,113 |  | 62,730 |  |

| Other operating lease rentals | 312,028 |  | 327,076 |  |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 10,000 |  | 10,000 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 3,416 |  | - |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

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 | 161,039 |  | 226,797 |  |

| Adjustments in respect of

| prior periods | (159 | ) | 3,690 |  |

| Total current tax | 160,880 |  | 230,487 |  |

| Deferred tax | 2,762 |  | 362 |  |

| Tax on profit | 163,642 |  | 230,849 |  |

| 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 | 671,261 |  | 749,788 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 167,815 |  | 187,447 |  |

| Effects of:

| Expenses not deductible for tax purposes | - |  | 52,202 |  |

| Depreciation in excess of capital allowances | - |  | 993 |  |

| Adjustments to tax charge in respect of previous periods | (4,173 | ) | 3,690 |  |

| for changes in tax rates |

| Other permanent differences | - |  | (13,483 | ) |

| recognised |

| Total tax charge | 163,642 |  | 230,849 |  |

9. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| to |  | and |  | Office |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| Cost

| At 1 January 2025 | 29,028 |  | 5,918 |  | 2,209 |  | 37,155 |  |

| Additions | - |  | - |  | 15,449 |  | 15,449 |  |

| At 31 December 2025 | 29,028 |  | 5,918 |  | 17,658 |  | 52,604 |  |

| Depreciation

| At 1 January 2025 | 29,028 |  | 5,918 |  | 74 |  | 35,020 |  |

| Charge for year | - |  | - |  | 4,399 |  | 4,399 |  |

| At 31 December 2025 | 29,028 |  | 5,918 |  | 4,473 |  | 39,419 |  |

| Net book value

| At 31 December 2025 | - |  | - |  | 13,185 |  | 13,185 |  |

| At 31 December 2024 | - |  | - |  | 2,135 |  | 2,135 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 9,398,317 |  | 8,440,091 |  |

| Other debtors | 168,123 |  | 169,500 |  |

| VAT | 14,784 |  | 37,825 |  |

| Prepayments | 36,797 |  | 81,496 |  |

9,618,021 |  | 8,728,912 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 79,843 |  | 126,531 |  |

| Corporation tax | 60,918 |  | 101,040 |  |

| Social security and other taxes | 27,504 |  | 175,184 |  |

| Accrued expenses | 1,907,571 |  | 1,403,936 |  |

2,075,836 |  | 1,806,691 |  |

12. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 71,960 |  | 272,290 |  |

| Between one and five years | - |  | 71,960 |  |

71,960 |  | 344,250 |  |

| Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

13. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 3,321 |  | 559 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 559 |  |

| Provided during year | 2,762 |  |

| Balance at 31 December 2025 | 3,321 |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,000 | Ordinary | 1 | 1,000 |  | 1,000 |  |

DELPHIX SOFTWARE LIMITED (REGISTERED NUMBER: 07913648) |

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

15. | RESERVES

| Share |

| Retained |  | based |

| earnings |  | compensation |  | Totals

£ | £ | £ |

| At 1 January 2025 | 6,952,362 |  | 208,809 |  | 7,161,171 |  |

| Profit for the year | 507,619 |  | 507,619 |  |

| At 31 December 2025 | 7,459,981 |  | 208,809 |  | 7,668,790 |  |

| Called up share capital - represents the nominal value of shares that have been issued.

| Equity settled share based payments - represents the accumulated share based payments expense.

| Profit and loss account - represents the accumulated profits and losses.

16. | 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. The pension cost charge represents contributions payable by the company to the fund and amounted to £162,050 (2024 - £76,026).

| Contributions totalling £33,815 (2024 - £NIL) were payable to the fund at the reporting date and are included in creditors.

17. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

18. | ULTIMATE CONTROLLING PARTY

| The ultimate parent undertaking and controlling party is Perforce Software Inc., a company incorporated in the United States of America, with the registered address of 400 First Avenue North, Suite 400, Minneapolis, MN 55401. This is the smallest and largest group, which Delphix Software Limited is included in a consolidation.

19. | SHARE-BASED PAYMENT TRANSACTIONS

| The company's ultimate parent company, Perforce Software, Inc. operates a share based payment scheme for all the employees of the company.

| The stock options in Perforce Software, Inc. are granted to the company's employees at a price equal to the fair value of the shares in Perforce Software, Inc. at the date of the grant and are denominated in US dollars.

| The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited if the employee leaves the company before the options vest.

| The company has taken advantage of the exemption provided in FRS 102 Section 1.12D not to disclose details of share based payment arrangements concerning equity instruments of another group entity.