Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mr N J Eccles 13/08/2021 Mr V Sudhakar 12/10/2021 26 August 2025 The principal activity of the Company during the financial year was that of the development of domestic software for the decentralised sports betting exchange. SC706589 2024-12-31 SC706589 bus:Director1 2024-12-31 SC706589 bus:Director2 2024-12-31 SC706589 2023-12-31 SC706589 core:CurrentFinancialInstruments 2024-12-31 SC706589 core:CurrentFinancialInstruments 2023-12-31 SC706589 core:ShareCapital 2024-12-31 SC706589 core:ShareCapital 2023-12-31 SC706589 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC706589 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC706589 2022-12-31 SC706589 core:OtherPropertyPlantEquipment 2023-12-31 SC706589 core:OtherPropertyPlantEquipment 2024-12-31 SC706589 core:ImmediateParent core:CurrentFinancialInstruments 2024-12-31 SC706589 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC706589 bus:OrdinaryShareClass1 2024-12-31 SC706589 2024-01-01 2024-12-31 SC706589 bus:FilletedAccounts 2024-01-01 2024-12-31 SC706589 bus:SmallEntities 2024-01-01 2024-12-31 SC706589 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC706589 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC706589 bus:Director1 2024-01-01 2024-12-31 SC706589 bus:Director2 2024-01-01 2024-12-31 SC706589 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 SC706589 2023-01-01 2023-12-31 SC706589 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC706589 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC706589 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC706589 (Scotland)

BETDEX LABS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

BETDEX LABS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

BETDEX LABS LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024
BETDEX LABS LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 0 1,613
0 1,613
Current assets
Debtors 5 73,020 290,625
Cash at bank and in hand 329,519 87,454
402,539 378,079
Creditors: amounts falling due within one year 6 ( 27,984) ( 16,939)
Net current assets 374,555 361,140
Total assets less current liabilities 374,555 362,753
Net assets 374,555 362,753
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 374,455 362,653
Total shareholder's funds 374,555 362,753

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of BetDEX Labs Ltd (registered number: SC706589) were approved and authorised for issue by the Board of Directors on 26 August 2025. They were signed on its behalf by:

Mr V Sudhakar
Director
BETDEX LABS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
BETDEX LABS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BetDEX Labs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Shepherd & Wedderburn Llp, 9 Haymarket Square, Edinburgh, EH3 8FY, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sports betting exchange software development services provided, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the parent company.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability or an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the appropriate pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are 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.

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
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 15

3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for all employees.

Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting period varies depending on the option agreement issued to the employees. If the options remain unexercised after a period of ten years from the date of grant the options expire. Options are forfeited if the employee leaves the Company before the options vest.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 119,029 0.75 0 0
Granted during the period 51,716 0.37 119,029 0.75
Forfeited during the period ( 72,529) 0.75 0 0
Outstanding at the end of the period 98,216 0.55 119,029 0.75
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value. The charge for the year ended 31 December 2024, was deemed to be immaterial and therefore not recognised as an expense in the profit and loss account this year. This will be assessed on an annual basis.

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 5,876 5,876
At 31 December 2024 5,876 5,876
Accumulated depreciation
At 01 January 2024 4,263 4,263
Charge for the financial year 1,613 1,613
At 31 December 2024 5,876 5,876
Net book value
At 31 December 2024 0 0
At 31 December 2023 1,613 1,613

5. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 0 216,932
Corporation tax 54,979 53,565
Other debtors 18,041 20,128
73,020 290,625

The amounts owed by Parent undertakings were cleared via dividend at year end. £62,941 was repaid in the year with the remaining balance of £153,991 being cleared via dividend declared by BetDex.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,369 1,565
Other creditors 18,615 15,374
27,984 16,939

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Ultimate controlling party

Parent Company:

BetDEX Labs Inc.
2093 Philadelphia Pike #1476, Claymont, Delaware, 19703