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Registration number: SC167331

Sumdog Ltd
Filleted Financial Statements
for the Year Ended 31 December 2025

Sumdog Ltd

Contents

Company Information | 1
Statement of Financial Position | 2
Notes to the Financial Statements | 3 to 11

Sumdog Ltd

Company Information

Director | Karl Fredrik Bengtsson

Registered office | Codebase Argyle House 3 Lady Lawson Street Edinburgh EH3 9DR

Auditors | Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent Perth PH1 5JN

Sumdog Ltd

(Registration number: SC167331)
Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 188,835 | -
Tangible assets | 5 | 2,904 | 5,477
Investments | 6 | 636 | 636
|  | 192,375 | 6,113
Current assets |  |  |
Debtors | 7 | 963,135 | 1,293,127
Cash at bank and in hand |  | 684,507 | 637,656
|  | 1,647,642 | 1,930,783
Creditors: Amounts falling due within one year | 8 | (1,335,240) | (1,098,474)
Net current assets |  | 312,402 | 832,309
Net assets |  | 504,777 | 838,422
Capital and reserves |  |  |
Called up share capital | 9 | 1,717 | 1,717
Share premium reserve |  | 1,611,014 | 1,611,014
Retained earnings |  | (1,107,954) | (774,309)
Shareholders' funds |  | 504,777 | 838,422

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 July 2026

......................................... Karl Fredrik Bengtsson Director

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Codebase
Argyle House
3 Lady Lawson Street
Edinburgh
EH3 9DR

These financial statements were authorised for issue by the director on 14 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling (£) and rounded to the nearest £1. The company's functional currency is sterling (£).

Going concern

Whilst the company has positive cash reserves and net assets at the reporting date, it has generated a loss for the financial year and continues to rely on the support of its immediate parent company, eEducation Albert AB, which has been confirmed in writing. Having considered the post year-end financial results and forecasts, and after making enquiries, the director has a reasonable expectation that the company has adequate resources and support to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of at least twelve months from the date these financial statements were approved. Based on this, the director believes that this is appropriate to prepare the financial statements on a going concern basis.

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 July 2026 was Alexander Fyfe M.A.A.T., C.A., DChA , who signed for and on behalf of Morris & Young, Statutory Auditor.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates an associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 revision and future periods if the revision affects both current and future periods.
In the opinion of the directors, there are no key sources of estimation uncertainty involved in the preparation of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue received in advance is recognised as deferred income in the Statement of Financial Position and released to the Income Statement as the service being supplied is provided.

Other grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Income Statement at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | Over 2 years
Other equipment | Over 4 years
Fixtures and fittings | Over 10 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software development | Over 3 years

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Research and development

Computers and equipment for research and development are included as fixed assets and written off in accordance with the company's depreciation policy. Other research and development expenditure is written off in the year in which it is incurred.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2024 - 30).

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

4 | Intangible assets

| Other intangible assets £ | Total £
Cost or valuation
Additions internally developed | 248,093 | 248,093
At 31 December 2025 | 248,093 | 248,093
Amortisation
Amortisation charge | 59,258 | 59,258
At 31 December 2025 | 59,258 | 59,258
Carrying amount
At 31 December 2025 | 188,835 | 188,835

The aggregate amount of research and development expenditure recognised as an expense during the period is £49,378 (2024 - £35,257).

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 202,303 | 202,303
Additions | 2,961 | 2,961
Disposals | (56,713) | (56,713)
At 31 December 2025 | 148,551 | 148,551
Depreciation
At 1 January 2025 | 196,826 | 196,826
Charge for the year | 2,766 | 2,766
Eliminated on disposal | (53,945) | (53,945)
At 31 December 2025 | 145,647 | 145,647
Carrying amount
At 31 December 2025 | 2,904 | 2,904
At 31 December 2024 | 5,477 | 5,477

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

6 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 636 | 636

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 636
Carrying amount
At 31 December 2025 | 636
At 31 December 2024 | 636

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Sumdog Inc. | United States of America | Ordinary | 100% | 100%
Crocodile Clips (Trustees) Limited | Scotland | Ordinary | 100% | 100%

Subsidiary undertakings
Sumdog Inc. The principal activity of Sumdog Inc. is that of the re-selling of Sumdog Subscriptions.
Crocodile Clips (Trustees) Limited The principal activity of Crocodile Clips (Trustees) Limited is a non trading company which is the first appointed Trustee of the Crocodile Clips Employee Benefit Trust.

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 68,766 | 185,522
Amounts owed by related parties | 11 | 817,770 | 1,032,490
Prepayments |  | 52,941 | 59,088
Other debtors |  | 23,658 | 16,027
|  | 963,135 | 1,293,127

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 10,019 | 14,281
Amounts owed to related parties | 11 | 269,947 | -
Taxation and social security |  | 79,929 | 102,145
Accruals and deferred income |  | 963,051 | 978,147
Other creditors |  | 12,294 | 3,901
|  | 1,335,240 | 1,098,474

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
A Ordinary Shares of £0.0001 each | 10,836,200 | 1,084 | 10,836,200 | 1,084
Ordinary Shares of £0.0001 each | 1,300,000 | 130 | 1,300,000 | 130
Preference Shares of £0.0001 each | 5,028,736 | 503 | 5,028,736 | 503
| 17,164,936 | 1,716 | 17,164,936 | 1,716

All shares rank pari passu for the payment of dividends. A Ordinary Shares have voting rights but rank behind Preference Shares and pari passu with Ordinary Shares in the case of a solvent or insolvent distribution of assets.

10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 31,266 | 31,266

The amount of non-cancellable operating lease payments recognised as an expense during the year was £31,266 (2024 - £50,000).The company has the right to terminate the lease at any time by giving 3 months notice.

11 | Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption granted by FRS 102 not to disclose transactions with other wholly-owned members of the group.

Sumdog Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

12 | Relationship between entity and parents

The immediate and ultimate parent undertaking is Eeducation Albert Ab (Publ), a company incorporated in Sweden and holds 100% of the issued share capital. Eeducation Albert Ab (Publ) is the parent undertaking of the smallest and largest group which consolidates the financial information of this company.
The registered office address of Eeducation Albert Ab (Publ) is Polhemsplatsen 5, 411 11 Gothenburg, Sweden.
In the director's opinion, there is no ultimate controlling party.