The directors present the strategic report for the year ended 31 March 2026.

The company's main objective is to provide high-quality information, technology and services to clients looking to maximise returns on their betting and trading activities. We have an active pipeline of software products and statistical modelling developments focused on providing faster access to the best possible predictions for upcoming sporting events, as well as market making facilities for our licensed clients. The ongoing efforts to increase automation and reduce manual intervention will continue to help with improving the quality and accuracy of our products. In parallel, expanding our offerings in terms of additional sports and markets – from pre-match to live, including traditional and more exotic bet types – will continue to facilitate a healthy growth. In addition to this we continue to invest in top of the class football analysis services, and execution analysis across all sports and markets supported.

The flexibility of our products is such that Smartodds’ clients are able to react easily to changes to market conditions, adapt accordingly and take advantage of opportunities if, when and where they arise.

All of this reasonably justifies our optimism that we will continue to provide services of value to our customers.

Our clients continue to pay us in a timely manner. Their success in turning Smartodds information and systems into betting winnings inevitably remains a key factor in their willingness to continue to buy our research, data, software and analysis. Only a long and sustained period of failure would cause a material risk to the continued demand for our services. This risk is inherent to many other suppliers of information and services in this sector and is one which the company believes is manageable.

The company employs and invests into an experienced leadership team who are managing the business in a manner that ensures the company will perform profitably and provide the quality of information which our clients will continue to want to purchase. We continue to improve and utilise a performance management system to better manage our people, promote personal growth and help everyone contribute to achieving the Company objectives.

The risk implications of business decisions affecting the company are considered by the director. The directors and senior management re-assess these risks on a regular basis to ensure that any risks arising from changes in the company's operations, or the external environment are identified and appropriately managed. The individual risks have been categorised into the following areas:

• taxation;

• management;

• financing (see financial instruments);

• economic climate;

• market conditions;

• health and safety.

• regulatory changes;

The nature of the specific risk and related controls are as follows:

Taxation risk

The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including national insurance contributions, corporation tax, VAT as well as Research & Development (R&D) tax relief.

Management risk

The company is reliant on its small high calibre team of professionals and the directors. Throughout the years, the leadership team has put in place a management structure, driven by the People strategy, to minimise the incidence and impact of turnover by combining talent recruitment, personal development for all employees, market competitive remuneration, and careful succession planning where required.

Economic climate

The directors have identified and evaluated risks and uncertainties and have put controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The company historically had limited exposure to the risks of the current economic climate that could lower the company's revenues and operating results in the future. The company also has limited exposure to foreign exchange risk, as the majority of its revenues and costs are denominated in the same currencies, reducing the impact of exchange rate fluctuations. The company holds good cash reserves, and R&D tax refunds should enable the company to continue its trading activities. The focus of the management team is to provide high-quality information whilst maintaining tight control of costs.

Market Conditions

The betting industry is changing rapidly, customers’ habits move and opportunities arise in new territories. This has a direct and indirect impact on the company’s clients. Furthermore, the rise of AI is lowering the barrier to entry, making betting markets more efficient. As a result, the company is under continual pressure to innovate and develop new products and services to maintain its competitive position and meet the evolving needs of its clients. The Company employs experienced professionals to stay on top of recent trends within the betting industry, as well as in the wider predictive analytics community. Projects to analyse betting patterns and market profitability are prioritised accordingly.

Health and safety

Health and safety is taken very seriously by the company. The risk of non-compliance with health and safety legislation is minimised through comprehensive training, development and review of policies and procedures to maintain standards.

Regulatory changes

Any industry-specific changes in legislation within the UK or globally are investigated, as well as other relevant changes with a reach beyond the industry. The business model is adapted to consider any impact. Again, the company employs experienced executives in conjunction with the engagement of sector specific external professional advisors to address the impact of any changes.

Principal controls

These include regular monitoring of legislative proposals and the engagement of experienced sector-specific professional advisers to mitigate the impact of changes.

Management consider the main key performance indicator to be the net current asset position of the company, which has increased to £5,631,202 (2025: £5,401,999) . Other key figures include turnover and wages costs, with turnover decreasing to £16,370,883 (2025: £16,641,778) and wages and pension charge also decreasing to £10,009,836 (2025: £10,446,799). When assessing wages as a proportion of turnover, it has decreased to 61% (2025: 63%).

The company's principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to raise funds for the company's operations. The company's approach to managing risks applicable to the financial instruments concerned is shown below.

Price risk

The company is not exposed to price risks. Income and price is based on an assessment of anticipated costs and a cost plus basis, ensuring continued profitability.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved by close monitoring of debtors and the timely collection of sales invoices. The company policy throughout the period has been to ensure continuity of funding.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The principal activity of the company in the year under review was to provide in-depth statistical research and analysis on numerous sporting events all over the globe, producing world-class bespoke software platforms, with the aim to support its clients operating in the betting sector.

The results for the year are set out on page 10.

No dividends have been distributed for the year ended 31 March 2026 (2025: £nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors believe that the company will continue to provide high quality research and modelling services during the current economic climate.

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are 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 directors are required to:

• select suitable accounting policies 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for at least 12 month from the date of signing the financial statements. The validity of this assumption is dependent upon achieving a certain level of sales to related parties. Forecasts for the period ahead underpin this. The directors have received assurances from these related parties that funds are in place to support the company's trading activities, confirmed by letters of support for the 12 months from the signing of these financial statements. Taking into consideration the above, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2026.

This report has been prepared in accordance with the provisions applicable to companies entities to the medium-sized companies exemption.

We have audited the financial statements of Smartodds Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' 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 directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 March 2026.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud

and non-compliance with laws and regulations, our procedures included the following:

• The engagement lead ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

• Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

• Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals; bank payments; expenses.

• Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, tax legislation and employment law.

To address the risk of fraud through management bias and override of controls, we:

• Assessing the risk of management override of controls, including through testing unusual journal entries for appropriateness.

• Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias.

• 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 are not limited to:

• Agreeing financial statements disclosures to underlying supporting documentation.

• Reviewing minutes of meetings of those charged with governance.

• Enquiring of management as to actual and potential litigation claims.

• Reviewing any correspondence with HMRC and review of legal and professional fees.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the director of Smartodds Limited.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Smartodds Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR and the principal place of business is Unit F 3.2, Highgate Studios, 53 - 79 Highgate Road, London, NW5 1TL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for at least 12 month from the date of signing the financial statements. The validity of this assumption is dependent upon achieving a certain level of sales to related parties. Forecasts for the period ahead underpin this. The directortrues have received assurances from these related parties that funds are in place to support the company's trading activities. Taking into consideration the above, the directors continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2026.

Turnover represents net invoiced sales of services, excluding value added tax. Income is recognised on a cost plus basis throughout the year and on the provision of the services.

The intangible fixed asset relates to the acquisition of technical know-how and both historical and current sports data, and is stated at cost.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account.

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 the profit and loss account.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over three years.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors estimate the useful lives and residual values of both intangible and tangible assets in order to calculate the amortisation and depreciation charges respectively. Changes in these estimates could result in changes being required to the annual charges in the profit and loss account and the carrying values of these assets in the balance sheet.

Operating profit in the year was £334,029 (2024: £590,833).

An analysis of the company's turnover is as follows:

The turnover for the year relates entirely to the company's principal activities.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The Company is finalising a claim for Research and Development (R&D) tax credits to HMRC under the Merged R&D Expenditure Credit scheme for the year ended 31 March 2026. The claim relates to qualifying R&D expenditure incurred during the period. Under FRS 102, a contingent asset is defined by the standard as a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. As at the signing date of these accounts, the company has estimated that the claim value will be £300k - £400k and will be submitted shortly after the signing date of these accounts. Based on this, and the potential uncertainty regarding the approval from HMRC, we have recognised the claim as a contingent asset. Therefore, the full Corporation Tax provision has been recognised without adjustment for the potential R&D credit. The R&D tax credit will be recognised in the appropriate subsequent accounting period when HMRC's acceptance of the claim becomes virtually certain.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. The amount outstanding at the year end was £0 (2025: £1,267).

The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 3 (2025: 3).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Sales aggregating £10,992,969 (2025: £10,771,879) in the year were made to entities in which M Benham has a material interest and at the year-end there was a debtor of £3,355,454 (2025: £2,770,154) in respect of these sales. In addition, fees of £5,282,947 (2025: £5,777,915) were charged to MSPP Admin Limited, a company whose directors are part of the senior management team / employees at Smartodds Limited, at the year-end there was a debtor of £49,322 (2025: £80,320) in respect of these sales. All of the trade debtors and accrued income relate to amounts due from related entities.

All sales related to the provision of the company's core services.

The ultimate controlling party is Matthew Benham.