MERQUAN LTD

Company Registration Number:
13235486 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2026

Period of accounts

Start date: 1 April 2025

End date: 31 March 2026

MERQUAN LTD

Contents of the Financial Statements

for the Period Ended 31 March 2026

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MERQUAN LTD

Directors' report period ended 31 March 2026

The directors present their report with the financial statements of the company for the period ended 31 March 2026

Principal activities of the company

MERQUAN LTD is a private company limited by shares, incorporated in England and Wales, company number 13235486, with registered office at 167-169 Great Portland Street, 5th Floor, London W1W 5PF, United Kingdom. These are Company individual accounts for the year ended 31 March 2026, prepared under FRS 102 Section 1A for small entities with expanded voluntary disclosures. The Company has elected not to use the micro-entity presentation because the material related-party acquisition and owner contributions require transparent recognition, measurement and disclosure. The Company qualifies as a small entity and applies FRS 102 Section 1A as its reporting framework. Authority: Companies Act 2006 sections 393, 395, 396 and 414; FRS 102 (January 2022) paragraphs 1.1 to 1.3 and Section 1A. The principal activity of the company during the year was the development, acquisition, ownership and commercial preparation of proprietary software, artificial intelligence systems, quantitative analytics technology and related intellectual property.

Additional information

Going concern and directors' statement The director prepared these final accounts on a going-concern basis using documented funding, deployment, operating-cost and liability forecasts covering at least twelve months from the date of authorisation. The preparation included reconciliation of the trial balance, application of the reporting framework and audit exemption, recognition and control analysis, determination of the available-for-use position and useful-life policy, impairment and tax assessment, and verification of third-party liabilities. The director states that these final accounts give a true and fair view of the Company's financial position at 31 March 2026 and have been prepared in accordance with the Companies Act 2006 and FRS 102 Section 1A. Authority: Companies Act 2006 sections 393, 414, 476 and 477; FRS 102 paragraphs 3.8 to 3.9 and Section 1A.



Directors

The director shown below has held office during the whole of the period from
1 April 2025 to 31 March 2026

Yasin Spinks

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 July 2026

And signed on behalf of the board by:
Name: Yasin Spinks
Status: Director

MERQUAN LTD

Profit And Loss Account

for the Period Ended 31 March 2026

2026 2025


£
£
Turnover: 0 0
Gross profit(or loss): 0 0
Administrative expenses: ( 328,700 ) ( 263,000 )
Operating profit(or loss): (328,700) (263,000)
Profit(or loss) before tax: (328,700) (263,000)
Profit(or loss) for the financial year: (328,700) (263,000)

MERQUAN LTD

Balance sheet

As at 31 March 2026

Notes 2026 2025


£
£
Called up share capital not paid: 0 2,000,000
Fixed assets
Intangible assets: 3 47,337,761 0
Tangible assets: 4 23,000 23,000
Investments:   0 0
Total fixed assets: 47,360,761 23,000
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 0 0
Investments:   0 0
Total current assets: 0 0
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 0 ( 286,000 )
Net current assets (liabilities): 0 (286,000)
Total assets less current liabilities: 47,360,761 1,737,000
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 47,360,761 1,737,000
Capital and reserves
Called up share capital: 2,000,000 2,000,000
Share premium account: 0 0
Other reserves: 45,952,461 0
Profit and loss account: (591,700 ) (263,000 )
Total Shareholders' funds: 47,360,761 1,737,000

The notes form part of these financial statements

MERQUAN LTD

Balance sheet statements

For the year ending 31 March 2026 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 13 July 2026
and signed on behalf of the board by:

Name: Yasin Spinks
Status: Director

The notes form part of these financial statements

MERQUAN LTD

Notes to the Financial Statements

for the Period Ended 31 March 2026

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Intangible fixed assets amortisation policy

    11.0 Amortisation, impairment and subsequent measurement All FRS 102 intangible assets have a finite useful life. When available for use, the portfolio must be amortised systematically over the best-supported useful life; if a reliable estimate is exceptionally unavailable, the life may not exceed ten years. The Company must test impairment indicators including title defects, licence restrictions, obsolescence, failed deployment, funding stress, loss of key know-how and adverse trading-system performance. Authority: FRS 102 paragraphs 18.18A, 18.19 to 18.25 and Section 27.

    Valuation information and policy

    5.0 Formal valuation method, evidence and US cross-check 5.1 Accounting measurement FRS 102: Deed cost USD 63,432,600, translated at USD 1.34 equals GBP 1.00, producing GBP 47,337,761. Excluded: Goodwill, brand, fundraising, speculative profits, strategic premiums and patent uplift. 5.2 Cost approach Cost method: Workbook scenarios are USD 82,380,000, USD 123,500,000 and USD 202,500,000. The low case is used. No uplift was applied for 120 engines over the older 62-engine and 67-profile schedule. Each deduction is applied once. GBP bridge: GBP 61,477,612 less GBP 14,139,851 equals the exact IP value of GBP 47,337,761. Conservative low rebuild benchmark: USD 82,380,000 translated at USD 1.34 equals GBP 1.00. Amount GBP 61,477,612. Percentage 100.0 percent. Functional and technological obsolescence: Parked estate, code age and service capacity adjustment without assuming failure of the underlying architecture. Deduction GBP 4,303,433. Percentage 7.0 percent. Economic and external obsolescence: Commercialisation, market adoption, funding and competitive uncertainty at the valuation date. Deduction GBP 3,688,657. Percentage 6.0 percent. Deployment and completion: Cost to complete and production hardening allowance for the parked and not yet live deployment state. Deduction GBP 3,073,881. Percentage 5.0 percent. Rights, transferability and evidence: Third party licences, base weights, market data rights and other excluded or non-transferable dependencies. Deduction GBP 1,844,328. Percentage 3.0 percent. Overlap, duplication and perimeter: Removes potential overlap among engines, LLM and router assets, platform, integration and learning layers. Deduction GBP 1,229,552. Percentage 2.0 percent. Aggregate valuation adjustment: Non-overlapping deductions applied to the conservative low rebuild benchmark. Deduction GBP 14,139,851. Percentage 23.0 percent. Adjusted IP value: Conservative low rebuild benchmark less the aggregate valuation adjustment. Amount GBP 47,337,761. Percentage 77.0 percent. 5.3 Market and income cross-checks Market: Nasdaq and Adenza, SimCorp and Itiviti were screened. No multiple was used because they were not reliably comparable. Income: DCF, relief from royalty and excess earnings were reviewed. The USD 138 million indication was excluded because core inputs were unvalidated. 5.4 Reconciliation Weighting: Cost 100 percent. Market and income 0 percent. The USD 63,432,600 price retains 77.0 percent of the low benchmark. Classification: Management's related party contractual valuation, not an independent arm's length opinion. 5.5 Applied valuation standards Applied: IVS 100 to 106, IVS 210 and WIPO guidance for identification, methods, reconciliation and documentation. Cross-checks: IFRS 13, IAS 38, ASC 805 and ASC 820. 5.6 Governing basis UK basis: FRS 102 and the Companies Act 2006 govern. International references are cross-checks only. Authority: Primary authority comprises FRS 102 paragraphs 18.9, 18.10, 18.13 and 18.18A and the Appendix to Section 2. Method cross-checks comprise IVS 100 to 106 and IVS 210, effective 31 January 2025; WIPO Intellectual Property Valuation Basics for Technology Transfer Professionals, 2025; IFRS 13 paragraphs 61 to 66 and B5 to B11; IAS 38; ASC 805; and ASC 820-10-35-24A to 24D.

    Other accounting policies

    Capital contributions, reserves and accumulated deficit After the share-call set-off, the Contributor irrevocably waives and contributes the remaining £45,337,761 purchase price to the IP capital contribution reserve. The separate director-balance release of £614,700 is credited to a distinct director-balance release reserve. Neither amount is share premium and neither is treated as automatically distributable. The profit and loss deficit is the opening £263,000 plus current-period expenses of £328,700, producing £591,700. The closing reconciliation is £2,000,000 + £45,337,761 + £614,700 - £591,700 = £47,360,761. Authority: FRS 102 paragraphs 2.22, 2.23, 22.7 to 22.10 and Section 6; Companies Act 2006 Parts 17 and 23. Distributability requires separate legal analysis.

MERQUAN LTD

Notes to the Financial Statements

for the Period Ended 31 March 2026

  • 2. Employees

    2026 2025
    Average number of employees during the period 1 1

MERQUAN LTD

Notes to the Financial Statements

for the Period Ended 31 March 2026

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2025 0 0 0
Additions 0 47,337,761 47,337,761
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 March 2026 0 47,337,761 47,337,761
Amortisation
At 1 April 2025 0 0 0
Charge for year 0 0 0
On disposals 0 0 0
Other adjustments 0 0 0
At 31 March 2026 0 0 0
Net book value
At 31 March 2026 0 47,337,761 47,337,761
At 31 March 2025 0 0 0

3.0 Recognition and initial measurement of acquired intellectual property The IP is treated as separately acquired from YASIN SPINKS, not as internally generated expenditure of the Company. Recognition is based on expected future economic benefits and reliable measurement. Initial measurement is the contractual acquisition cost of £47,337,761 under the executed transaction documents. The acquisition cost is not a revaluation to the gross rebuild scenarios and does not retrospectively capitalise expenses previously recognised by the Company. The executed chain of title, member authorisation, licence review and evidence establish control by the reporting date. Authority: FRS 102 paragraphs 18.4, 18.7, 18.9, 18.10 and 18.17; Companies Act 2006 sections 190, 191, 196 and 393. 4.0 Fixed assets Intangible IP: cost at 1 April 2025 £nil; additions £47,337,761; cost at 31 March 2026 £47,337,761; accumulated amortisation and impairment £nil; net book value £47,337,761. Tangible fixed assets carried forward are £23,000. Total fixed assets are £47,360,761. No amortisation is recorded because management determined that the portfolio was parked and was not in the location and condition necessary for its intended operational use at 31 March 2026. Amortisation begins when the portfolio becomes available for use, using its finite useful economic life and the consumption pattern of its economic benefits. Management assessed impairment indicators at the reporting date and recorded no impairment. Authority: FRS 102 paragraphs 18.18A, 18.19 to 18.25 and 27.5 to 27.9.

MERQUAN LTD

Notes to the Financial Statements

for the Period Ended 31 March 2026

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2025 23,000 23,000
Additions
Disposals
Revaluations
Transfers
At 31 March 2026 23,000 23,000
Depreciation
At 1 April 2025
Charge for year
On disposals
Other adjustments
At 31 March 2026
Net book value
At 31 March 2026 23,000 23,000
At 31 March 2025 23,000 23,000

MERQUAN LTD

Notes to the Financial Statements

for the Period Ended 31 March 2026

5. Creditors: amounts falling due within one year note

2026 2025
£ £
Other creditors 0 286,000
Total 0 286,000