REGISTERED NUMBER: 02784605 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MENDIP MEDIA GROUP LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C F Williams

C R Middlehurst

SECRETARY:

C F Williams

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

REGISTERED NUMBER:

02784605 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

37,335

-

Tangible assets

5

14,743

22,529

52,078

22,529

CURRENT ASSETS

Debtors

6

201,695

246,046

Cash at bank and in hand

247,319

150,369

449,014

396,415

CREDITORS

Amounts falling due within one year

7

4,850,693

4,727,515

NET CURRENT LIABILITIES

(4,401,679

)

(4,331,100

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,349,601

)

(4,308,571

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Capital contribution reserve

10

25,501

20,275

Retained earnings

10

(4,375,104

)

(4,328,848

)

SHAREHOLDERS' FUNDS

(4,349,601

)

(4,308,571

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

C R Middlehurst - Director

1.	STATUTORY INFORMATION

Mendip Media Group 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 trading address of the company is Aspen House, Pynes Hill, Exeter, EX2 5AY.

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.

The financial statements have been prepared on the going concern basis in light of the fact that the ultimate parent company, Appen Limited has confirmed to provide financial support to Mendip Media Group Ltd. for at least 12 months and 1 day following the signing of the audit report.

Related party exemption

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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of services falling within the company's ordinary activities, based on the completion status.

Intangible assets

Costs in relation to other intangibles are capitalised as an asset and amortised on a straight line basis over the period of their expected benefit being three to seven years.

Development costs are capitalised when the company can demonstrate all of the following: the technical feasibility of completing the asset so that it is available for use or sale; the intention to complete the asset and use or sell it; the ability to use or sell it; how the asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the asset; and the ability to measure reliably the expenditure attributable to the asset during its development.

Off the shelf databases are internally generated intangibles and are capitalised only if they meet all of the criteria stated in the preceding paragraph. Costs are capitalised at the direct costs incurred and amortised on a straight line basis over the period of their expected benefit being their finite life of seven years. Amortisation starts at the time that the database is available for use or sale to external customers.

Tangible fixed assets

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - between 3 and 10 years straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Share based payments

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using either the Binomial or Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

When a share based payment is exercised or cancelled (or in the case of Restricted Stock Units, when vested), share based payments remain in the capital contribution reserve, there is no transfer from the capital contribution reserve to retained earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2024 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

5,748

Additions

37,335

At 31 December 2025

43,083

AMORTISATION

At 1 January 2025

and 31 December 2025

5,748

NET BOOK VALUE

At 31 December 2025

37,335

At 31 December 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

142,258

Disposals

(74,723

)

At 31 December 2025

67,535

DEPRECIATION

At 1 January 2025

119,729

Charge for year

7,786

Eliminated on disposal

(74,723

)

At 31 December 2025

52,792

NET BOOK VALUE

At 31 December 2025

14,743

At 31 December 2024

22,529

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

187,312

225,154

Amounts owed by group undertakings

-

82

Other debtors

14,383

20,810

201,695

246,046

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

33,711

17,427

Amounts owed to group undertakings

4,655,916

4,545,376

Taxation and social security

83,377

62,204

Other creditors & accruals

77,689

102,508

4,850,693

4,727,515

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

33,712

33,712

Between one and five years

37,445

70,233

71,157

103,945

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Capital

Retained

contribution

earnings

reserve

Totals

£

£

£

At 1 January 2025

(4,328,848

)

20,275

(4,308,573

)

Deficit for the year

(46,256

)

(46,256

)

RSUs vesting

-

5,226

5,226

At 31 December 2025

(4,375,104

)

25,501

(4,349,603

)

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

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"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 a Report of the Auditors 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."

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Appen Limited, a public listed company incorporated in Australia. Its registered office is Level 6, 9 Help Street, Chatswood, NSW 2067, Australia. The consolidated accounts can be found on https://appen.com/annual-reports/.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

14.	SHARE BASED PAYMENTS

Mendip Media Group Ltd. operates an equity settled share based payment scheme for employees. The vesting period is split over 3 years. The rights to conversions lapse on cessation of employment before the vesting date.

The following table summarises the Restricted Stock Units with employees in the period:

Item

Number

Outstanding at the beginning of the period

24,391

Granted during the year

4,399

Forfeited/cancelled during the period

-

Exercised during the period

(5,382

)

Expired during the period

-

Outstanding at the end of the period

23,408

Exercisable at the end of the period

-

The share based payment expense recognised in the year was £5,226 (2024: £1,622).

Further details over how the fair value of the goods or services received are measured are given in note 2 to the financial statements.