Silverfin false false 30/06/2024 19/06/2023 30/06/2024 Professor Chris Ballentine 30/12/2024 27/07/2023 Professor Michael Christopher Daly 27/07/2023 Rawan Farwana 09/10/2024 27/07/2023 Martin Guy Fiennes 09/10/2024 Mark Gainsborough 01/06/2024 Daniel McMahon 19/06/2023 Kevin Rodrigues 30/12/2024 17 March 2025 The principal activity of the company was to be that of data processing, hosting and related activities and exploration activities. 14946145 2024-06-30 14946145 bus:Director1 2024-06-30 14946145 bus:Director2 2024-06-30 14946145 bus:Director3 2024-06-30 14946145 bus:Director4 2024-06-30 14946145 bus:Director5 2024-06-30 14946145 bus:Director6 2024-06-30 14946145 bus:Director7 2024-06-30 14946145 core:CurrentFinancialInstruments 2024-06-30 14946145 core:ShareCapital 2024-06-30 14946145 core:SharePremium 2024-06-30 14946145 core:RetainedEarningsAccumulatedLosses 2024-06-30 14946145 2023-06-18 14946145 core:OtherPropertyPlantEquipment 2023-06-18 14946145 core:OtherPropertyPlantEquipment 2024-06-30 14946145 bus:OrdinaryShareClass1 2024-06-30 14946145 bus:PreferenceShareClass1 2024-06-30 14946145 2023-06-19 2024-06-30 14946145 bus:FilletedAccounts 2023-06-19 2024-06-30 14946145 bus:SmallEntities 2023-06-19 2024-06-30 14946145 bus:AuditExemptWithAccountantsReport 2023-06-19 2024-06-30 14946145 bus:PrivateLimitedCompanyLtd 2023-06-19 2024-06-30 14946145 bus:Director1 2023-06-19 2024-06-30 14946145 bus:Director2 2023-06-19 2024-06-30 14946145 bus:Director3 2023-06-19 2024-06-30 14946145 bus:Director4 2023-06-19 2024-06-30 14946145 bus:Director5 2023-06-19 2024-06-30 14946145 bus:Director6 2023-06-19 2024-06-30 14946145 bus:Director7 2023-06-19 2024-06-30 14946145 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-19 2024-06-30 14946145 core:OtherPropertyPlantEquipment 2023-06-19 2024-06-30 14946145 bus:OrdinaryShareClass1 2023-06-19 2024-06-30 14946145 bus:PreferenceShareClass1 2023-06-19 2024-06-30 14946145 1 2023-06-19 2024-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14946145 (England and Wales)

SNOWFOX DISCOVERY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

SNOWFOX DISCOVERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024

Contents

SNOWFOX DISCOVERY LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024
SNOWFOX DISCOVERY LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024
DIRECTORS Professor Chris Ballentine (Appointed 27 July 2023, Resigned 30 December 2024)
Professor Michael Christopher Daly (Appointed 27 July 2023)
Rawan Farwana (Appointed 27 July 2023, Resigned 09 October 2024)
Martin Guy Fiennes (Appointed 09 October 2024)
Mark Gainsborough (Appointed 01 June 2024)
Daniel McMahon (Appointed 19 June 2023)
Kevin Rodrigues (Appointed 30 December 2024)
REGISTERED OFFICE 46 Woodstock Road
Oxford
OX2 6HT
United Kingdom
COMPANY NUMBER 14946145 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
SNOWFOX DISCOVERY LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
SNOWFOX DISCOVERY LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 30.06.2024
£
Fixed assets
Tangible assets 5 10,563
10,563
Current assets
Debtors 6 22,225
Cash at bank and in hand 2,013,582
2,035,807
Creditors: amounts falling due within one year 7 ( 33,086)
Net current assets 2,002,721
Total assets less current liabilities 2,013,284
Net assets 2,013,284
Capital and reserves
Called-up share capital 8 15
Share premium account 2,999,995
Profit and loss account ( 986,726 )
Total shareholders' funds 2,013,284

For the financial period ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Snowfox Discovery Limited (registered number: 14946145) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

Daniel McMahon
Director
Mark Gainsborough
Director
SNOWFOX DISCOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024
SNOWFOX DISCOVERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 19 JUNE 2023 TO 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Snowfox Discovery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 46 Woodstock Road, Oxford, OX2 6HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

As this is the company's first trading period the reporting period is from 19th June 2023 to 30 June 2024

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been reviewed, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. No adjustment to this expected life was deemed necessary compared to when the options originally vested.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements 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.

Going Concern
As per note 10, the company received significant investment after the year end which enabled the directors to come to the conclusion that the company is a going concern.

Share options
The directors have factored externally agreed valuations for the company and share option restrictions to determine the values entered into the Black-Scholes model in order to derive the fair value of the share options at the year end.

3. Employees

Period from
19.06.2023 to
30.06.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 3

4. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for all employees.

The options outstanding at the period end had an exercise price of £0.00001 and a remaining contractual life of nine years.

Details of the share options outstanding during the financial year are as follows:

30.06.2024
Weighted Average
Number of share options Average exercise price (£)
Outstanding at beginning of period 0 0
Granted during the period 123,600 0.00001
Outstanding at the end of the period 123,600 0
Exercisable at the end of the period 0 0

Equity-settled share options are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 19 June 2023 0 0
Additions 12,158 12,158
At 30 June 2024 12,158 12,158
Accumulated depreciation
At 19 June 2023 0 0
Charge for the financial period 1,595 1,595
At 30 June 2024 1,595 1,595
Net book value
At 30 June 2024 10,563 10,563

6. Debtors

30.06.2024
£
Prepayments 1,001
Other debtors 21,224
22,225

7. Creditors: amounts falling due within one year

30.06.2024
£
Trade creditors 16,102
Accruals 8,548
Other creditors 8,436
33,086

8. Called-up share capital

30.06.2024
£
Allotted, called-up and fully-paid
1,000,000 Ordinary £0.00001 shares of £ 0.00001 each 10
500,000 Seed Preference £0.00001 shares of £ 0.00001 each 5
15

The ordinary shares in the company have full rights in the company with respect to voting and dividend rights and are non-redeemable. In respect of distributions, ordinary shares rank below the seed preference shares such that the holders of which shall receive the balance of the surplus assets (if any) on a pro rata basis after a distribution to the holders of the seed preference shares.

The seed preference shares have full rights in the company with respect to voting and dividend rights. In respect of distributions, the seed preferred shares rank in priority to any other class such that the holders receive an amount equal to the greater of: (i) the preference amount of such seed preferred share, and (ii) the amount that would be received if each of the seed preferred shares were converted into ordinary shares.

The company also holds a share premium account representing the amount paid for shares issued above the par value per share. The balance at the year end is £2,999,995.

9. Related party transactions

Transactions with the entity's directors

30.06.2024
£
Consultancy Services 57,855

In the year a director invoiced for consultancy services rendered. A balance of £NIL was owed to them at year end.

10. Events after the Balance Sheet date

Since the balance sheet date 809,091 Series A Shares were allotted on the 31st January 2025. The shares were issued at a value of £8.58 for a nominal share price of £0.00001.