SITESPECT LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S A Maher

REGISTERED OFFICE:

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

REGISTERED NUMBER:

09345820 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hari Vasdev MEng FCA

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

CURRENT ASSETS

Debtors

4

194,780

275,657

Cash at bank

44,902

8,564

239,682

284,221

CREDITORS

Amounts falling due within one year

5

383,360

439,393

NET CURRENT LIABILITIES

(143,678

)

(155,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(143,678

)

(155,172

)

CAPITAL AND RESERVES

Called up share capital

6

10

10

Retained earnings

(143,688

)

(155,182

)

SHAREHOLDERS' FUNDS

(143,678

)

(155,172

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 2 September 2025 and were signed by:

S A Maher - Director

1.	STATUTORY INFORMATION

Sitespect 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company is a wholly owned subsidiary. The company has taken advantage of the exemption within the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions entered into between fellow group members that are also wholly owned within the group.

Turnover

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

Turnover represents the amounts derived from the provision of services to customers during the year. Revenue is recognised in the income statement when a right to the consideration has been obtained through performance.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

During the year ended 31 December 2024 the company incurred a net profit of £11,494 (2023: £66,933 net loss) and, as of that date, the company's current liabilities exceeded it's total assets by £143,678 (2023: £155,182).

It can be noted that included within current liabilities is deferred income amounting to £298,885 (2023: £285,735) which will be taken to the profit and loss account in future years.

Sitespect Limited is very dependant on the parent company, Sitespect Inc, more so from an operational aspect in the past couple of years however, historically they have relied upon them from a financial aspect also. If Sitespect Inc were to cease trading it is likely that the UK subsidiary would follow given the involvement Sitespect Inc has in Sitespect Limited.

Historically, SiteSpect has been operating at a loss, and has negative cash flow from the operations. Although the Company has incurred losses from the operations, the following factors will support the management conclusion that the going concern basis of accounting remains appropriate:

- The Company successfully closed a Series C investment in early 2024. The new fundraising allowed SiteSpect to continue to operate and invest in product development through FY24 and early 2025.

- In June 2025, the Company entered into a acquisition agreement with Monetate Intermediate, LLC, a Delaware limited liability company. As a result, Sitespect became a wholly owned subsidiary of Monetate Intermediate, LLC.

- The parent company has provided a written letter of financial support confirming its intent and ability to provide financial assistance, as needed, to enable the Company to meet its obligations as they fall due.

Based on financial projections, combined with the explicit support of the parent company, the management has concluded that there are no conditions or events that raise substantial doubt about the company's ability to continue as a going concern for at least one year from the issuance date of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

79,000

81,923

Amounts owed by group undertakings

114,026

192,079

Prepayments

1,754

1,655

194,780

275,657

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

125,121

130,133

Social security and other taxes

2,827

6,493

Other creditors

442

442

Accruals and deferred income

254,970

302,325

383,360

439,393

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10

Ordinary

£1

10

10

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)

for and on behalf of Sibbalds Limited

8.	POST BALANCE SHEET EVENTS

On 30 June 2025, subsequent to the year end, it was announced that SiteSpect Inc were acquired by Monetate Intermediate LLC. The acquisition became effective on 13 June 2025, after the balance sheet date of 31 December 2024.

This event is considered to be non-adjusting subsequent event as it relates to conditions that arose after the reporting period. Accordingly, no adjustments have been made to the financial statements as at 31 December 2024.

9.	ULTIMATE CONTROLLING PARTY

As at the balance sheet date, the company was a wholly owned subsidiary of Sitespect Inc., a company incorporated as a Delaware corporation in the United States of America and whose registered office is 251 Little Falls Drive, Wilmington, Delaware, 19808. Copies of the consolidated financial statements of Sitespect Inc. are available from Sitespect Inc.'s corporate office located at 275 Grove Street, Suite 3-400, Auburndale, MA 02466.