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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
CONTENTS
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DENODO TECHNOLOGIES LIMITED
COMPANY INFORMATION
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DENODO TECHNOLOGIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents the strategic report of Denodo Technologies Limited ("Denodo UK") for the year ended 31 December 2025.
Denodo is an information technology and software services company providing enterprise data integration and management solutions to customers worldwide with the Company’s proprietary data virtualization software products. Denodo provides a data management platform designed to transform enterprise data into reliable insights for Artificial Intelligence ("AI"), analytics, and self-service initiatives. Unlike traditional “extract, transform, load” (“ETL”) data integration and management solutions that replicate data from disparate sources into a new destination system, the Company’s data virtualization software leaves the data in their source systems and creates a unified virtual data layer integrating all of an organization’s data from sources stored in on-premises applications, cloud, big data, and unstructured data sources. Unified virtual data layers allow organizations to focus on their business goals without wasting time worrying about where data is housed or how it is formatted.
The Denodo Platform is one logical platform for all enterprise data, enhancing decision-making, driving operational efficiency, and facilitating swift responses to evolving business and market trends. The Denodo Group offers various types of licensing on the Denodo Platform under term-based license subscriptions, or hourly and yearly subscriptions, depending on the Denodo Platform edition purchased, as well as training, and support services related to the Denodo Platform. Denodo’s sales strategy is mainly direct sales through field sales teams, with strong marketing and inside sales support, along with focused investment on fast-growing markets. The Company also plans to target customers indirectly through a mix of global and regional partners. Denodo UK is based in London and operates within the UK, northern Europe, and South Africa as a wholly-owned subsidiary for Denodo S.L.U. (Denodo ES), a subsidiary of the Denodo group parent Denodo Technologies, Inc. (Denodo US).
Denodo UK shows organic growth of 34.61% in revenue in 2025 compared to 2024. Overhead expenses remain stable and in line with the prior year, while Salaries & Wages reflected a year-over-year increase of 7.2%.
Denodo UK ended the year with cash balances of £2,601,073 (2024: £2,157,943). In 2024, Denodo UK replaced its sublicensing agreement with the limited risk distribution model with Denodo US as a principal. This guarantees Denodo UK to receive routine returns on its distribution activity. This includes activities such as sales generation, marketing, contract negotiation, contract execution, and customer support. On 13 September 2023, the controlling parent Denodo US, and TPG (NASDAQ: TPG), a global alternative asset management firm, signed an agreement for TPG Growth, the firm’s middle market and growth equity platform, to invest $336 million in Denodo’s Series B preferred equity. The transaction included both primary capital and a secondary sale of shares by HGGC. HGGC, which invested in Denodo’s Series A investment round in 2017, remained a significant investor.
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DENODO TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Denodo UK continues to be focused on long-term growth and to expand its market share within the U.K. northern Europe and South Africa by expanding penetration within both new and established customer segments.
The Data Integration industry is expected to increase at an annual growth rate of 9.12 percent to reach $22.17 billion of total revenue in 2031 from $14.33 billion in 2026. This momentum is propelled by several structural shifts: AI & Real-Time Analytics: Enterprises are migrating from traditional batch-based processing to real-time pipelines to support artificial intelligence, generative AI adoption, and advanced learning algorithms. Architecture & Governance: While cloud-first modernization remains dominant, there is escalating demand for hybrid architectures to balance scalability with regulatory data sovereignty. Concurrently, organizations are prioritizing governed semantic layers to ensure data consistency and reduce AI model error rates. Platform Consolidation: The market is shifting toward unified platforms that integrate ingestion, transformation, activation, and governance. While skills shortages and rising data egress costs act as minor headwinds, they are accelerating the adoption of managed and outsourced integration services. In the near future, Denodo plans to operationalize marketing efforts in new countries, redefine a new subscription plan portfolio, redefine cloud product marketing promotion, participate in customer engagement programs through virtual events, introduce a worldwide marketing program for partners, and work on market intelligence support and marketing automation initiatives. To further strengthen its sales, Denodo will focus on consolidating product marketing practice, completing direct sales teams, consolidating regional structure, self-service online enablement, and education for customers, developers, and partners. Denodo introduced version 9.4 of the Denodo Platform in March 2026. This release strengthens how data, AI, and business teams access, understand, and use enterprise data — improving performance, reducing complexity, and building trust in AI-driven decisions. Companies are shifting their focus from merely experimenting with AI to driving actual business results with it. To support this transition, Denodo Platform 9.4 delivers a strong data foundation built on enhanced performance, robust governance, and real-time data access. This ensures that data teams, AI teams, and business users can successfully deploy trusted, production-ready AI applications that provide a competitive advantage. The Director does not anticipate, at the date of this report, any other likely significant changes to the company’s activities in 2026.
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DENODO TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Denodo UK’s activities are subject to risks and uncertainties, which may affect future financial performance. The key business risks are generally related to the UK economy, including competition, credit, and liquidity risks.
Wage inflation One of the risk factors for Denodo UK is wage inflation. The high demand for technology resources, along with current macro-economic conditions, has created wage inflation across the company and this is being regularly reviewed by the senior leadership team and board of directors to ensure that Denodo UK remains competitive in the current market. Credit risk
Additionally, Denodo UK, as a distributor, bears limited market risk as well as limited credit and collections risk when selling the Group’s software product to third parties. Similarly, Denodo UK bears limited product liability and limited warranty risk for all products and services provided to third-party customers. In order to avoid liquidity risk, Denodo UK monitors regularly its projected cash flow to ensure sufficient funds to meet working capital and investment requirements.
Foreign exchange risk
Furthermore, Denodo UK bears foreign exchange risk in that it uses the British Pound as its functional currency but makes payments and issues invoices in Euros and USD. Therefore, it is subject to currency rate fluctuations.
Liquidity risk
The company has significant cash reserves and support from its wider group and is therefore well placed to grow the business as opportunities arise.
The directors use several Financial key performance indicators to effectively measure its ongoing development and to monitor the performance of the company. They regard the following as the key performance indicators:
∙Revenue: defined as revenue from the sale of subscription licenses and the related maintenance and professional services.
∙Gross profit: defined as revenue less direct costs associated with producing the services provided.
∙EBITDA: defined as operating profit plus depreciation and amortisation.
Denodo UK’s key performance indicators during the year were:
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DENODO TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the sole director.
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DENODO TECHNOLOGIES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £302,402 (2024 - £661,662).
There were no dividends declared or paid in either financial year.
The director who served during the year was:
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved by the sole director.
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DENODO TECHNOLOGIES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DENODO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
We have audited the financial statements of Denodo Technologies Limited (the 'company') for the year ended 31 December 2025, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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DENODO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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DENODO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with senior management, and from our commercial knowledge and experience of the computer software sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
∙which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
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DENODO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DENODO TECHNOLOGIES LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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DENODO TECHNOLOGIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the sole director:.
The notes on pages 16 to 30 form part of these financial statements.
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DENODO TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Denodo Technologies Limited is an information technology and software services company providing enterprise data integration and management solutions with the group's proprietary data virtualization software products.
The company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW. The company's principal place of business is First Floor 10 Eastbourne Terrace, London, W2 6LG.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
Having considered post year end trading and financial results, cash reserves and group support, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
The company recognises revenue where all of the following conditions have been satisfied: Maintenance revenues associated with license sales are deferred and recognised rateably over the period in which the services are provided in accordance with the terms of the contract. Maintenance and support services that are sold as a bundle in an agreement are unbundled and recognised over the contract term.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Professional services revenue is recognised in the period in which the services are provided in accordance with the revenue recognition criteria within FRS 102 Section 23. Professional services include consulting services and training courses. Deferred revenue represents revenue from product and service elements received in advance that does not yet qualify for revenue recognition under the company's revenue recognition policy.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings are initially 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements and estimations that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements: Judgements in applying accounting policies Unbundling revenue Maintenance revenues associated with license sales are deferred and recognised rateably over the period in which the services are provided in accordance with the terms of the contract. Maintenance and support services that are sold as a bundle in an agreement are unbundled and recognised over the contract term. There is judgement involved in respect of unbundling services and the revenue recognised over time. The company follows its group's post contract maintenance and support policy based on standalone selling price. Key sources of estimation uncertainty Deferred tax assets The company has estimated unrelieved tax losses of £1,391,442 (2024: £1,829,401) available for carry forward against future trading profits. At 31 December 2025 the company has a potential deferred tax asset in respect of these losses of £347,861 (2024: £457,350) which has been fully recognised due to the certainty of the timing of the recovery of the deferred tax asset. The company also has an unvested share option reserve of £667,182 (2024: £550,508) which has given rise to a deferred tax asset recognised of £166,796 (2024: £137,627). Assessments as to whether or not to recognise deferred tax assets involve forecasts of future taxable profits. These forecasts involve a series of complex judgements about future events and can rely heavily on estimates and assumptions. Actual outcomes could be different to the estimates and assumptions used in determining the forecasts.
The whole of the turnover is attributable to the principal activity of the company.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the balance sheet date, there were tax losses in the company of £1,391,442 (2024: £1,829,401) available to be set off against future taxable profits. At 31 December 2025 the company has a potential deferred tax asset in respect of these losses of £347,861 (2024: £457,350) that has been fully recognised.
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Other reserves
Profit and loss account
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DENODO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The smallest group for which consolidated financial statements are drawn up is headed by
The smallest group for which consolidated financial statements are drawn up is headed by Denodo Technologies Inc., the ultimate parent company, incorporated in the United States. In the opinion of the directors there is no ultimate controlling party.
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