Sweepstake Technologies Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Sweepstake Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13235601 . The registered office is 5 Bridewell Place, London, E1W 2PB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and 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 £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

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

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% Reducing balance

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

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.

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Sweepstake Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.8. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.

2.9. 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.

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.

2.10. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 April 2024	1,540
Additions	1,416

As at 31 March 2025	2,956

Depreciation
As at 1 April 2024	708
Provided during the period	364

As at 31 March 2025	1,072

Net Book Value
As at 31 March 2025	1,884

As at 1 April 2024	832

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Sweepstake Technologies Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	28,210	-
Other debtors	21,023	4,137
Corporation tax recoverable assets	40,000	20,000
VAT	15,690	8,395
Directors' loan accounts	2,142	2,142

	107,065	34,674

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	48,399	-
Other creditors	40,437	1,589
Accruals and deferred income	4,859	-
Directors' loan accounts	4,451	4,451
Amounts owed to related parties	-	92

	98,146	6,132

7. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
205,370 Ordinary Shares of £ 0.0001 each	21	19


Shares issued during the period:	£
18,670 Ordinary Shares of £ 0.0001 each	2

On 14th November 2024 the shares were sub-divided from £0.01 shares to £0.0001 shares.

On 15th November 2024, 16,575 Ordinary shares of £0.0001 each were allotted and fully paid at a price of £32.14 each.

On 13th January 2025, 2,095 Ordinary shares of £0.0001 each were allotted and fully paid at a price of £32.14 each.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,884		832

			1,884		832
CURRENT ASSETS
Debtors	5	107,065		34,674
Cash at bank and in hand		24,733		3,774

		131,798		38,448
Creditors: Amounts Falling Due Within One Year	6	(98,146 )		(6,132 )

NET CURRENT ASSETS (LIABILITIES)			33,652		32,316

TOTAL ASSETS LESS CURRENT LIABILITIES			35,536		33,148

NET ASSETS			35,536		33,148

CAPITAL AND RESERVES
Called up share capital	7		21		19
Share premium account			1,586,970		986,919
Profit and Loss Account			(1,551,455 )		(953,790 )

SHAREHOLDERS' FUNDS			35,536		33,148