The director presents the strategic report for the year ended 31 December 2025.

The principal activity of the company is to act as an intermediate holding company. The principal activities of the company's subsidiaries incorporate database licensing and direct marketing services which includes data cleansing, customer analytics and marketing and customer acquisition services.

The Company made a profit of £10,597 (2024: £13,139) in the year and its results are consolidated in the accounts of 118 Group Holdings Ltd.

As the company solely acts as a holding company, it is not considered necessary to consider key performance indicators further. Key performance indicators are managed on a group basis and are set out in the accounts of 118 Group Holdings Ltd.

The management of the business and the nature of the Group’s strategy are subject to a number of risks, and these are monitored on a group-wide basis. The principal risks of the company are consistent with those of the Group and are further disclosed in the consolidated financial statements of 118 Group Holdings Ltd, although a specific liquidity risk is highlighted below

The Board is of the opinion that a thorough risk management process is adopted and involves a formal review of all the risks and where possible processes are in place to monitor and mitigate such risks.

Market and competition risk

The Company’s current and potential competitors operate in similar business areas. Competition may come from similar or entirely different product, services and technologies to those currently being utilised by the Company. There can be no assurances that they will not succeed in developing products and services that are more viable in the marketplace in which the Company operates. The Company’s success is dependent on continued development of products and new markets and being well positioned to effectively respond and adapt to changes in customer preferences and competitors’ initiatives.

Cyber risk

The Company is at risk of cyber-attacks to IT systems failure which would potentially significantly disrupt its operations and potentially to the loss, theft or corruption of data. The Company has a high level of cyber security protection and comprehensive IT security protocols and policies in place.

Liquidity risks

Liquidity and cash flow risk is the risk than an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group manages this risk through its financial and liquidity management processes, including the regular review of projected cash flow requirements.

The company does not have access to funds except to the extent of its available cash balances and via other group companies and so it is dependent on those group companies for future financial support, for example to pay administrative fees and interest on behalf of the company and to repay any group balances, should payments be requested in excess of the company's available cash balances.

The Group’s subsidiaries remain focused on their strategy of delivering sustainable growth in the medium term through investment in technology, sales resource, and product development.

On behalf of the board

The director presents her annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of an intermediate holding company.

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

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

The Group has granted indemnities to the director in respect of all losses arising out of or in connection with the execution of his powers, duties and responsibilities as a director to the extent permitted by the Companies Act 2006 and the company's articles of association. Such qualifying third-party indemnity provisions remain in force at the date of approving the Director's Report. In addition, Directors and officers of the Group and its subsidiaries are covered by Directors' and officers' liability insurance.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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. She is 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.

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.

As at 31 December 2025, the company had net assets of £3.3m (2024: £3.3m). The company acts as an intermediate holding company and does not have access to funds except to the extent of its available cash balances and via other group companies and so it is dependant on those group companies for future financial support, for example to pay administrative fees on behalf of the company and to repay any group balances, should payment be requested in excess of the company's available cash balances.

The directors have prepared the accounts on the going concern basis as they continue to receive support from fellow group companies if required.

We have audited the financial statements of 118 Group Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the 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 FRS 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 Auditor's 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. 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have 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 strategic report or the director's 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 director's remuneration specified by law are not made; or

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

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006 and taxation legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Understanding the business model as part of the control and business environment;

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates as set out in note 2 to the financial statements were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

118 Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 62 Anchorage Road, Sutton Coldfield, West Midlands, B74 2PG.

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 amounts in these financial statements are rounded to the nearest £.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

118 Group Limited is a wholly owned subsidiary of 118 Group Holdings Limited. The financial statements of the company are consolidated in the financial statements of 118 Group Holdings Limited. These consolidated financial statements are available from its registered office, 62 Anchorage Road, Sutton Coldfield, B74 2PG.

These financial statements have been prepared on a going concern basis, which assumes the Company willtrue

continue to be able to meet its liabilities as they fall due for at least 12 months following the date of approval of

these financial statements. In September 2026, the Company’s parent company 118 Group Holdings

entered into further amendments to its subordinated loan note agreements and amended financial covenants.

The Group has prepared and reviewed forecasts and projections for a period of not less than 12 months from the date of approval of these financial statements. These are based upon detailed assumptions in particular regarding the key risks and uncertainties. The Group also has taken account of reasonable possible changes in trading performance to determine whether the Group has sufficient liquidity and be able to operate with the headroom on financial covenants.

In the event, should actual performance fall below the current forecasted levels in this period the Group has a number of mitigating factors available to it and has the necessary monitoring and controls in place in order to be able to put the necessary actions in place if they see a need to do so.

The Director has at the time of approving the financial statements after taking into account the factors noted above concluded that the Group has adequate financial resources to continue in operational existence for the foreseeable future and have been provided with confirmation of continued financial support from other Group Companies. For those reasons, the Director continues to adopt the going concern basis.

118 Group Limited is a holding company and its income is derived from the provision of services by its management to its subsidiary companies and is recognised as the service is provided. All turnover is generated in the United Kingdom.

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

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.

In the application of the company’s accounting policies, the director is 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.

Significant management estimates

Investments

Investments in subsidiaries are measured at cost less accumulated impairment. Management has carefully reviewed the carrying value of the investments in comparison to the net assets and profitability of the relevant subsidiaries.

Significant management judgements

There are deemed to be no significant judgements made in preparing these financial statements.

All turnover arose within the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

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:

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Included within amounts owed by group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and repayable on demand.

Included within amounts due to group undertakings are loan balances that are unsecured, interest free and repayable on demand.

There is a two classes of Ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

Profit and loss account

The profit and loss reserve holds distributable reserves.

During the year the company entered into the following transactions with related parties:

The company has taken the exemption in FRS 102 section 33 not to disclose transactions with other wholly owned group companies.

The ultimate controlling party is 118 Group Holdings Limited, a company incorporated in England and Wales and is the parent undertaking of the smallest group to consolidate these financial statements at 31 December 2025. The consolidated financial statements are publicly available from Companies House or can be obtained from 62 Anchorage Road Sutton Coldfield, West Midlands, B74 2PG.

There is no overall controlling party of 118 Group Holdings Limited, as no one party holds more that 50% of the Companies voting rights.

The Company entered into debentures in March 2017 over all its assets in favour of the holders of the senior loan notes, senior subordinated loan notes and other loan notes issued by 118 Group Investments Limited to secure the Company’s guarantees in respect of those loan notes which had aggregate amounts outstanding at 31 December 2025 of £46,297,617 (2024: £44,451,670).