MARKET DOJO LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J-M Berard

N R P Drewe

N P Martin

E Olivier

A Rafique

Ms C Valencony

REGISTERED OFFICE:

Suite 30-33

Westend Office Suites

Stonehouse

Gloucestershire

GL103FA

REGISTERED NUMBER:

07332766 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hari Vasdev MEng FCA

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Sixth Floor

Cavendish Building

1 Agard Street

Derby

Derbyshire

DE1 1DZ

FIXED ASSETS

Intangible assets

4

1,636,057

1,551,974

Tangible assets

5

15,493

20,658

1,651,550

1,572,632

CURRENT ASSETS

Debtors

6

843,212

650,492

Cash at bank

1,089,636

1,601,821

1,932,848

2,252,313

CREDITORS

Amounts falling due within one year

7

6,442,042

6,038,729

NET CURRENT LIABILITIES

(4,509,194

)

(3,786,416

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,857,644

)

(2,213,784

)

CAPITAL AND RESERVES

Called up share capital

9

375

375

Retained earnings

(2,858,019

)

(2,214,159

)

SHAREHOLDERS' FUNDS

(2,857,644

)

(2,213,784

)

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 28 May 2026 and were signed on its behalf by:

A Rafique - Director

1.	STATUTORY INFORMATION

Market Dojo 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.

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.

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 includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

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 basis:

Fixture & Fittings 20% straight line basis.

Computer Equipment 20% or 33.33% straight line basis.

Computer equipment acquired before 1st May 2023 is depreciated over three years, after this date new acquisitions are depreciated over five years. This change was to bring the company in line with the policy of its holding company.

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.

In the case of deferred income, we have offset the associated deferred tax liability against the deferred income asset. This offset reflects the fact that the deferred tax liability arising from the timing difference is effectively neutralised by the corresponding deferred tax asset, due to the future taxable benefits that will arise when the deferred income is recognised. As a result, there is no net deferred tax impact on the balance sheet at the reporting date, as the tax effects have been fully accounted for through the offset.

By offsetting the deferred tax liability against the corresponding deferred tax asset, we ensure that the financial statements accurately reflect the future tax implications of the timing differences, while avoiding any distortion in the company’s overall tax position. This approach reflects the principle that the liability and asset will reverse in future periods, and their net impact on the tax position will be minimal.

Research and development

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:

- an asset is created that can be identified (such as software and new processes)

- the project from which the asset arises meet the company's criteria for assessing technical feasibility.

- it is probable that the asset created will generate future economic benefits; and

- the development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight line basis over the useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

Release of costs

Research and development expenditure capitalised in accordance with the above policy is written off over the expected life of the project.

Development costs amortisation - 20% straight line basis

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

The financial statements have been prepared on a going concern basis.

In assessing the appropriateness of the going concern assumption, the directors have considered the Company’s current trading performance, financial position, cash flow forecasts, and principal risks and uncertainties over a period of at least 12 months from the date of approval of the financial statements.

At the balance sheet date, the Company had net liabilities of £2,857,644, primarily arising from accumulated losses, and has historically reported losses. Notwithstanding this, the Company is currently cash generative and, at the reporting date, held a cash balance of approximately £1.0m. The directors consider this to represent a strong liquidity position relative to the Company’s operational requirements.

The directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts reflect expected continued revenue growth, consistent with recent trading performance. The forecasts have been sensitised for reasonably possible changes in key assumptions, including revenue growth and cost levels, and demonstrate that the Company is expected to maintain sufficient liquidity headroom throughout the period under review.

The Company has an existing loan facility with another group undertaking. The loan is repayable on the earlier of certain events linked to facility arrangements or, if not triggered, 75 months from inception (being during 2028). Repayment of the loan is not due within the going concern assessment period and has not been assumed within the directors’ cash flow forecasts covering the going concern assessment period (being at least 12 months from the date of approval of the financial statements). Interest is payable annually and is considered manageable within forecast cash flows.

The Company is not reliant on ongoing financial support from its parent undertaking.

Based on the above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2024 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

2,963,022

Additions

531,073

At 31 December 2025

3,494,095

AMORTISATION

At 1 January 2025

1,411,048

Charge for year

446,990

At 31 December 2025

1,858,038

NET BOOK VALUE

At 31 December 2025

1,636,057

At 31 December 2024

1,551,974

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

11,915

46,638

58,553

Additions

-

4,739

4,739

Disposals

-

(6,081

)

(6,081

)

At 31 December 2025

11,915

45,296

57,211

DEPRECIATION

At 1 January 2025

5,404

32,491

37,895

Charge for year

2,127

7,777

9,904

Eliminated on disposal

-

(6,081

)

(6,081

)

At 31 December 2025

7,531

34,187

41,718

NET BOOK VALUE

At 31 December 2025

4,384

11,109

15,493

At 31 December 2024

6,511

14,147

20,658

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

636,065

491,320

Other debtors

207,147

159,172

843,212

650,492

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

36,421

22,040

Amounts owed to group undertakings

4,129,872

4,207,926

Taxation and social security

121,778

98,601

Other creditors

2,153,971

1,710,162

6,442,042

6,038,729

8.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

49,140

11,985

Between one and five years

159,705

-

208,845

11,985

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

375

Ordinary

1

375

375

10.	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

11.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's immediate and ultimate parent undertaking is Esker S.A.. Esker S.A. is incorporated in France. Copies of the group accounts may be obtained from the secretary, 113 boulevard de la bataille de Stallingrad, 69100 Villeurbanne, France.

The ultimate controlling party is Esker S.A. who controls 51% of the shares of Market Dojo.