ACCOUNTS - Final Accounts

Staff costs were as follows:

Registered number: 05549559

CONNECT44 LTD

AUDITED STRATEGIC REPORT, DIRECTORS' REPORT AND
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CONNECT44 LTD

COMPANY INFORMATION

Directors	L D Kidel (resigned 1 April 2026)
	J F Rogerson (resigned 1 April 2026)
	F M Schmeer (resigned 10 March 2026)
	M C Cordero (appointed 1 April 2026)
	A Vasou (appointed 1 April 2026)


Registered number	05549559


Registered office	One Arlington Square
	2nd Floor
	Downshire Way
	Bracknell
	Berkshire
	RG12 1WA


Independent auditor	Cooper Parry Group Limited
	Statutory Auditor
	5th Floor
	5 Appold Street
	Broadgate
	London
	EC2A 2AG

CONNECT44 LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Profit and loss account	9
Balance sheet	10
Statement of changes in equity	11
Statement of cash flows	12
Analysis of net debt	13
Notes to the financial statements	14 - 25

CONNECT44 LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

The company continued providing telecommunications services and engineering solutions. The principal objective remains to increase market share and maximise shareholder wealth.

Principal risks and uncertainties

The principal risks and uncertainties surrounding the business are those associated with rapid evolution driven by technological advancements, changing consumer preferences, and regulatory shifts. The directors address these uncertainties at all times by adopting a flexible and dynamic approach to the provision of services and to allow for us to capitalise on these opportunities.
The directors continually assess the potential impact to the business presented by any force majeure situations and have not experienced any material affect from such occurrences to the operational performance of the business over the past year, nor do they believe that ongoing company operational performance will be materially affected.

Development and performance

The directors use sales revenue and gross profit margin to measure performance and track progress. The results for the year and financial position at the year end give a full explanation of the company's performance which was considered very good by the directors considering the competition in the market, and prevailing economic conditions.
Quality & Information Security Management Systems & Risk management
The company has continued its commitment to best practice in Quality Management and cyber security. The existing Certified ISO 27001 Information Security Management Systems and practices have been matured and audited (UK, Romania and Germany) and the Iberian operation has achieved ISO 27001 Certification.
Our ISO 9001:2015 Quality Management system, which is certified through BSI, has been re-certified successfully. With respect to the Business Continuity Management System, ISO 22301 Certification was awarded for the UK and now our Romanian entity has gained ISO 22301 Certification. Finally with respect to Environment and Health and Safety ISO 14001 Certification is in place for the UK, and we have also been recommended for the award of ISO 45001.
Research and Development
The company continued to involve itself in research and development activities on projects, for which it duly claimed relief for, resulting in a corporation tax refund in the year relating to prior periods. It is the intention of the directors to continue this activity through the coming years.

Page 1

CONNECT44 LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Other key performance indicators

The group strategy to increase sales turnover by winning services direct with the end client and replacing our indirect sales turnover is successfully underway. The consequence of this strategy secured our turnover for 2025 year the 2024 levels (£23.07m 2025 and £25.1m 2024). Gross margin of 20.2% for the current year showed a slight decrease from the 22.4% achieved in 2024, the gross margin has been fairly stable as it only decreased by 2.2%. We expect margins to maintain at around this level over the next financial year. Expansion of the client base continues through the business the rewards of which are expected to be achieved in the coming years. Our focus of increasing turnover streams with the end client being the MNOs and Tower Companies and acquiring a deeper client base for the foreseeable future continues.
On 1 April 2026, the Company was acquired by Amdocs Limited, a company incorporated in Guernsey becoming a wholly owned subsidiary of the Amdocs Group (Note 23).

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

................................................

M C Cordero

Director

Date: 22 September 2026

Page 2

CONNECT44 LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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 to 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.

Principal activity

The principal activity of the company in the year under review was that of the provision of telecommunications
services and engineering solutions.

Results and dividends

The profit for the year, after taxation, amounted to £1,239,177 (2024: £1,511,158).

During the year, the company declared a dividend to the amount of £Nil (2024: £8,500,000).

Directors

The directors who served during the year were:

L D Kidel (resigned 1 April 2026)

J F Rogerson (resigned 1 April 2026)

F M Schmeer (resigned 10 March 2026)

Page 3

CONNECT44 LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Research and Development

The company continues to carry out research and development activities as defined by the Income and Corporation Taxes Act. The R&D projects undertaken seek to achieve advancements in knowledge, capability and optimization of mobile telecom networks, embarking on numerous technical investigations each year in relation to developing and appreciably improving the industry standard of software engineering, over and above the routine work within the projects. The company will continue to invest in research and development activities through competent professionals spending appreciable time to overcome significant technological uncertainty within the field of software and Network Engineering, in an attempt for the company to remain at the forefront of the industry as a leading mobile and fixed network solutions provider.
Future developments
Connect44 is reinforcing its engagement with MNOs by building on the success of existing projects and offering end-to-end solutions from planning to network management. The team is strategically scaling Site Design services to prepare for industry shifts such as the Vodafone/3UK merger. To diversify its portfolio, the company is investing in Mobile Build capabilities including Private Networks, ORAN, and Neutral-host services, enabling scalable, flexible infrastructure deployment.

Matters covered in the strategic report

The company has chosen in accordance with Companies Act 2006, s 414C(11) to set out in the company's strategic report information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Account and Reports) Regulations 2008 (S1 2008/4/10) to be contained in the directors' report. It has done so in respect of principal activities, future developments, research and development and financial instruments.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Post balance sheet events

On 1 April 2026, the Company was acquired by Amdocs Limited, a company incorporated in Guernsey becoming a wholly owned subsidiary of the Amdocs Group (Note 23).

Auditor

The auditor, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 September 2026 and signed on its behalf.

................................................

M C Cordero

Director

Page 4

CONNECT44 LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECT44 LTD

Opinion

We have audited the financial statements of Connect44 Ltd (the 'company') for the year ended 31 December 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows, and the related notes, 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 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Page 5

CONNECT44 LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECT44 LTD (CONTINUED)

Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the strategic report and the directors' report 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 directors' report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

CONNECT44 LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECT44 LTD (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

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

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and other quality standard certifications. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgments in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

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 auditor's report.

Page 7

CONNECT44 LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONNECT44 LTD (CONTINUED)

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.

Nicola Pearson (Senior Statutory Auditor)

for and on behalf of

Cooper Parry Group Limited

Statutory Auditor

5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

22 September 2026

Page 8

CONNECT44 LTD

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	23,071,496	25,111,245
Cost of sales		(18,418,861)	(19,495,832)
Gross profit		4,652,635	5,615,413
Administrative expenses		(3,948,245)	(5,265,316)
Other operating income	5	202,854	267,994
Operating profit		907,244	618,091
Interest receivable and similar income	8	260,256	599,192
Profit before tax		1,167,500	1,217,283
Tax on profit	10	71,677	293,875
Profit for the financial year		1,239,177	1,511,158

Page 9

CONNECT44 LTD

REGISTERED NUMBER: 05549559

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		87,198		65,457
Current assets
Debtors: amounts falling due within one year	13	9,583,967		7,656,171
Cash at bank and in hand	14	532,311		435,186
		10,116,278		8,091,357
Creditors: amounts falling due within one year	15	(5,759,110)		(4,936,875)
Net current assets			4,357,168		3,154,482
Total assets less current liabilities			4,444,366		3,219,939
Provisions for liabilities
Deferred tax	17		-		(14,750)
Net assets			4,444,366		3,205,189

Capital and reserves
Called up share capital	18	100,000	100,000
Profit and loss account	19	4,344,366	3,105,189
		4,444,366	3,205,189

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M C Cordero

Director

Date: 22 September 2026

Page 10

CONNECT44 LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2025	100,000	3,105,189	3,205,189

Profit for the year	-	1,239,177	1,239,177
At 31 December 2025	100,000	4,344,366	4,444,366

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100,000	10,094,031	10,194,031

Profit for the year	-	1,511,158	1,511,158
Contributions by and distributions to owners
Dividends: Equity capital	-	(8,500,000)	(8,500,000)
At 31 December 2024	100,000	3,105,189	3,205,189

Page 11

CONNECT44 LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

				2025	2024
			Note	£	£

Cash flows from operating activities
Profit for the financial year		1,239,177	1,511,158
Adjustments for:
Depreciation of tangible assets	12	83,793	93,148
Interest received		(260,256)	(599,192)
Taxation charge	10	(71,677)	(293,875)
Decrease/(increase) in debtors	13	1,845,428	(433,720)
(Increase)/decrease in other debtors	13	(3,752,395)	7,837,569
Increase/(decrease) in creditors	15	26,450	(630,698)
Increase in other creditors	15	543,629	47,361
Corporation tax received	10	238,555	271,076
Net cash (used in)/generated from operating activities		(107,296)	7,802,827

Cash flows from investing activities
Purchase of tangible fixed assets	12	(105,534)	(1,540)
Interest received		260,256	599,192
Net cash from investing activities		154,722	597,652
Cash flows from financing activities
Finance lease and hire purchase	16	49,699	9,101
Dividends paid		-	(8,500,000)
Net cash from/(used in) financing activities		49,699	(8,490,899)
Net increase/(decrease) in cash and cash equivalents		97,125	(90,420)
Cash and cash equivalents at beginning of year		435,186	525,606
Cash and cash equivalents at the end of year		532,311	435,186

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	532,311	435,186

Page 12

CONNECT44 LTD

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	New finance leases	At 31 December 2025
£	£	£	£

Cash at bank and in hand	435,186	97,125	-	532,311
Leases	(9,101)	-	(49,699)	(58,800)
	426,085	97,125	(49,699)	473,511

Page 13

CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Connect44 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 financial statements are prepared in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound (£).

2.Accounting policies

2.1

Basis of preparation of 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 (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and forecasts in making their assessment. Based on these assessments and the current resources available, the directors have concluded that they can continue to adopt the going concern bases in preparing the annual report and accounts.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Income is spread over the term of the contract in order to reflect the level of performance achieved at any point in time. Turnover is recognised on the following basis:

∙Managed service fees are recognised on a straight line basis over the life of the contract.

∙Consultancy fees are recognised as earned in accordance with the contractual terms.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.6

Interest income

Interest income is recognised in the profit and loss account using the effective interest method.

2.7

Finance costs

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	Straight line over the life of the lease
Motor vehicles	-	25% on cost
Fixtures and fittings	-	25% on cost
Computer equipment	-	25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

2.11

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.

2.12

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.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

Page 17

CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of turnover and expenses during the reporting period.
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.
There is also estimation uncertainty in calculating the year end net book value of tangible fixed assets. Whilst every attempt is made to ensure that depreciation charges are as accurate as possible, there remains a risk that the provisions do not match the ultimate value of assets held.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	22,080,901	24,210,936
Rest of Europe	990,595	900,309
	23,071,496	25,111,245

5.	Other operating income
		2025	2024
		£	£

	Other operating income	202,854	267,994

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	1,696,875	1,892,230
Social security costs	202,667	224,467
Cost of defined contribution scheme	20,022	23,512
	1,919,564	2,140,209

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Project staff	108	108
Administrative staff	10	22

	118	130

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	-	113,846
	-	113,846

The directors are remunerated by other entities within the group. A proportion of this remuneration is recharged to the Company through group charges.

8.	Interest receivable
		2025	2024
		£	£

Interest receivable from group companies

260,256

599,192

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Profit before taxation
		2025	2024
		£	£

Other operating lease	87,369	203,080
Depreciation - owned assets	83,793	93,148
Auditor's remuneration	24,500	24,500
Other non-audit services	28,279	72,270
Foreign exchange differences	(672,721)	337,522
	(448,780)	730,520

Corporation tax
Current tax on profits for the year	202,457	-
Corporation tax received	(238,544)	(271,076)
	(36,087)	(271,076)

Total current tax	(36,087)	(271,076)

Deferred tax
Origination and reversal of timing differences	(35,590)	(22,799)
Total deferred tax	(35,590)	(22,799)


		(71,677)	(293,875)

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.Taxation (continued)

Profit on ordinary activities before tax

1,167,500

1,217,283

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	291,875	304,321
Effects of:
Capital allowances for year in excess of depreciation	14,642	22,799
Utilisation of tax losses	-	(245,764)
Non-taxable income	-	(30,491)
Movement in deferred tax	(35,590)	(22,799)
Other tax adjustments	(104,060)	(50,865)
Prior year adjustments	(238,544)	(271,076)
Total tax charge for the year	(71,677)	(293,875)

11.	Dividends
		2025	2024
		£	£

Dividends

8,500,000

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets

	Leasehold improvements	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 January 2025	19,573	9,417	72,630	856,689	958,309
Additions	85,234	-	-	20,300	105,534
At 31 December 2025	104,807	9,417	72,630	876,989	1,063,843
Depreciation
At 1 January 2025	17,870	9,417	69,806	795,759	892,852
Charge for the year	15,910	-	1,431	66,452	83,793
At 31 December 2025	33,780	9,417	71,237	862,211	976,645
Net book value
At 31 December 2025	71,027	-	1,393	14,778	87,198
At 31 December 2024	1,703	-	2,824	60,930	65,457

13.

Debtors

					2025	2024
					£	£


Trade debtors	1,253,066	3,098,494
Amounts owed by group undertakings	7,174,634	3,734,463
Other debtors	146,749	28,938
Prepayments and accrued income	1,004,938	794,276
Deferred taxation	4,580	-
	9,583,967	7,656,171

14.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	532,311	435,186

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	361,905	335,455
Amounts owed to group undertakings	1,007,181	791,657
Corporation tax	202,457	-
Other taxation and social security	303,846	587,886
Obligations under finance lease and hire purchase contracts	58,800	9,101
Other creditors	101,689	342,526
Accruals and deferred income	3,723,232	2,870,250
	5,759,110	4,936,875

Within one year	88,200	89,767
Between 1-5 years	264,600	367,500
	352,800	457,267

Lease Commitments
The company's previous lease agreement expired on 31 January 2025. A new lease agreement for office premises was signed on 28 February 2025. As such, the lease obligations arising under the new agreement have been incurred after the reporting date.

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Deferred taxation

		2025
		£

	At beginning of year	(14,750)
	Charged to the profit or loss	19,330
	At end of year	4,580

					2025	2024
					£	£

Accelerated capital allowances

(4,580)

14,750

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100,000 (2024: 100,000) Ordinary shares of £1 each	100,000	100,000

19.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses.

20.	Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pensions cost charge represents contributions payable by the company to the fund and amounted to £232,992 (2024: £246,141).

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CONNECT44 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Related party transactions
	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.

22.	Controlling party

Coltrane AG (incorporated in Switzerland) is regarded by the directors as being the company's ultimate parent company.
The registered office for the ultimate parent company is:
Coltrane AG
Baarestrasse 14,
6300 Zug,
Switzerland

23.	Events after the reporting period

On 1 April 2026, the Company was acquired by Amdocs Limited, a company incorporated in Guernsey becoming a wholly owned subsidiary of the Amdocs Group.

Page 25