Registration number:
Sumdog Ltd
for the Year Ended 31 December 2024
Sumdog Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Sumdog Ltd
Company Information
Director |
Jonas Magnus Martenssson |
Registered office |
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Auditors |
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Sumdog Ltd
(Registration number: SC167331)
Statement of Financial Position as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,717 |
1,717 |
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Share premium reserve |
1,611,014 |
1,611,014 |
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Retained earnings |
(774,309) |
(459,460) |
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Shareholders' funds |
838,422 |
1,153,271 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in sterling (£) and rounded to the nearest £1. The company's functional currency is sterling (£).
Going concern
Whilst the company has positive cash reserves and net assets at the reporting date, it has generated a loss for the financial year and continues to rely on the support of its immediate parent company, eEducation Albert AB, which has been confirmed in writing. Having considered the post year-end financial results and forecasts, and after making enquiries, the director has a reasonable expectation that the company has adequate resources and support to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of at least twelve months from the date these financial statements were approved. Based on this, the director believes that this is appropriate to prepare the financial statements on a going concern basis.
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Audit report
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates an 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, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. |
In the opinion of the directors, there are no key sources of estimation uncertainty involved in the preparation of these financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue received in advance is recognised as deferred income in the Statement of Financial Position and released to the Income Statement as the service being supplied is provided.
Other grants
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
Over 2 years |
Other equipment |
Over 4 years |
Fixtures and fittings |
Over 10 years |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Research and development
Computers and equipment for research and development are included as fixed assets and written off in accordance with the company's depreciation policy. Other research and development expenditure is written off in the year in which it is incurred.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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United States of America |
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Scotland |
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Subsidiary undertakings |
Sumdog Inc. The principal activity of Sumdog Inc. is |
Crocodile Clips (Trustees) Limited The principal activity of Crocodile Clips (Trustees) Limited is |
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks |
2024 |
2023 |
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Raw materials and consumables |
- |
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Finished goods and goods for resale |
- |
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- |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,084 |
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1,084 |
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130 |
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130 |
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503 |
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503 |
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All shares rank pari passu for the payment of dividends. A Ordinary Shares have voting rights but rank behind Preference Shares and pari passu with Ordinary Shares in the case of a solvent or insolvent distribution of assets.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Sumdog Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Related party transactions |
Summary of transactions with other related parties
Relationship between entity and parents |
The immediate and ultimate parent undertaking is Eeducation Albert Ab (Publ), a company incorporated in Sweden and holds 100% of the issued share capital. Eeducation Albert Ab (Publ) is the parent undertaking of the smallest and largest group which consolidates the financial information of this company.
The registered office address of Eeducation Albert Ab (Publ) is Polhemsplatsen 5, 411 11 Gothenburg, Sweden.
In the director's opinion, there is no ultimate controlling party.