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Registered number: 09999502
SLAMcore Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09999502
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 34,968 27,177
Tangible Assets 5 99,768 155,475
134,736 182,652
CURRENT ASSETS
Stocks 6 39,007 -
Debtors 7 1,596,647 1,446,018
Cash at bank and in hand 1,241,503 4,951,936
2,877,157 6,397,954
Creditors: Amounts Falling Due Within One Year 8 (559,731 ) (291,073 )
NET CURRENT ASSETS (LIABILITIES) 2,317,426 6,106,881
TOTAL ASSETS LESS CURRENT LIABILITIES 2,452,162 6,289,533
NET ASSETS 2,452,162 6,289,533
CAPITAL AND RESERVES
Called up share capital 9 306 306
Share premium account 20,672,140 20,670,390
Capital redemption reserve 22 22
Other Reserves 3,821,966 3,054,875
Profit and Loss Account (22,042,272 ) (17,436,060 )
SHAREHOLDERS' FUNDS 2,452,162 6,289,533
Page 1
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For the year ending 31 December 2024 the company was entitled to exemption from audit 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Owen Thomas Nicholson
Director
17 February 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SLAMcore Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09999502 . The registered office is Max Accountants Ketton Suite, The King Centre, Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and 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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademarks and licences. They are amortised to profit and loss account over the estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 1.33 years, straight line
Plant & Machinery 3 years, straight line
Fixtures & Fittings 5 years, straight line
Computer Equipment 3 years, straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. Financial Instruments
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
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
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
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.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.
2.10. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.11. Employee Benefits
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 of 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.
2.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.13. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
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2.14. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 29)
26 29
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 44,041
Additions 13,042
As at 31 December 2024 57,083
Amortisation
As at 1 January 2024 16,864
Provided during the period 5,251
As at 31 December 2024 22,115
Net Book Value
As at 31 December 2024 34,968
As at 1 January 2024 27,177
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 5,543 45,284 70,517 283,389 404,733
Additions - 2,101 3,587 16,550 22,238
Disposals - (2,900 ) - (4,833 ) (7,733 )
As at 31 December 2024 5,543 44,485 74,104 295,106 419,238
Depreciation
As at 1 January 2024 5,543 12,669 40,901 190,145 249,258
Provided during the period - 15,513 7,933 54,499 77,945
Disposals - (2,900 ) - (4,833 ) (7,733 )
As at 31 December 2024 5,543 25,282 48,834 239,811 319,470
Net Book Value
As at 31 December 2024 - 19,203 25,270 55,295 99,768
As at 1 January 2024 - 32,615 29,616 93,244 155,475
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6. Stocks
2024 2023
£ £
Stock 39,007 -
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 560,214 259,049
Prepayments and accrued income 97,068 84,238
Other debtors 114,360 63,832
Corporation tax recoverable assets 769,738 966,004
VAT 55,267 72,895
1,596,647 1,446,018
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,613 62,831
Other taxes and social security 100,009 106,739
Other creditors 20,463 14,709
Accruals and deferred income 129,637 101,245
Income in advance 300,009 5,549
559,731 291,073
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
941,919 Ordinary Shares of £ 0.0001 each 94 94
13,246 Growth shares of £ 0.0001 each 1 1
252,800 Seed Round 1 shares of £ 0.0001 each 25 25
953,683 Seed Round 2 shares of £ 0.0001 each 95 95
735,109 Series A-1 shares of £ 0.0001 each 74 74
166,711 Series A-2 shares of £ 0.0001 each 17 17
306 306
On 23rd August 2024 the following shares were issued:
  • 500 Ordinary shares of £0.0001 each were allotted at a fully paid price of £3.50 per share.
  • 5,000 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 182,076 180,000
Later than one year and not later than five years 150,000 150,000
332,076 330,000
The amount of non-cancellable operating lease payments recognised as an expense during the year was £185,325 (2023 - £180,000).
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