REGISTERED NUMBER: 13602589 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SITEHOP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L N C Barclay

M R Chambers

G J Gaston

B T Harper

N J Kingsbury

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

13602589 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

1,514

1,705

Tangible assets

5

95,574

45,579

97,088

47,284

CURRENT ASSETS

Stocks

153,068

-

Debtors

6

274,742

273,555

Cash at bank

1,935,767

366,387

2,363,577

639,942

CREDITORS

Amounts falling due within one year

7

377,255

788,948

NET CURRENT ASSETS/(LIABILITIES)

1,986,322

(149,006

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,083,410

(101,722

)

CAPITAL AND RESERVES

Called up share capital

9

255

148

Share premium

6,054,033

1,041,896

Retained earnings

(3,970,878

)

(1,143,766

)

SHAREHOLDERS' FUNDS

2,083,410

(101,722

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2025 and were signed on its behalf by:

M R Chambers - Director

1.	STATUTORY INFORMATION

Sitehop Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements of Sitehop Ltd are prepared on a going concern basis, reflecting the expectation that the Company will continue operating into the foreseeable future. This assumption is supported by forecast data, the Company's successful fund-raising efforts during the year, and continued commercial progress.

Significant funding activities during the year included:

-On 27 March 2024, the issuance of 86,571 Series Seed-1 shares at a nominal value of £0.001 each, generating proceeds of £4,144,770.

-On 28 March 2024, the issuance of 18,002 Series Seed-2 shares at a nominal value of £0.001 each, with total proceeds of £732,936.

During the reporting period, the Company made substantial progress in developing and commercialising its core products. It has also built a strong order book, with revenues expected to be realised in financial year 2025.

Based on the funding secured during 2024, the progress in product development, and the visibility of future revenues, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

The depreciation rates used are:

Fixtures and fittings

- 5 years straight line

Computer equipment

- 3 years straight line

Plant and machinery

- 5 years straight line

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

1,912

AMORTISATION

At 1 January 2024

207

Charge for year

191

At 31 December 2024

398

NET BOOK VALUE

At 31 December 2024

1,514

At 31 December 2023

1,705

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

63,774

Additions

85,223

Disposals

(3,924

)

At 31 December 2024

145,073

DEPRECIATION

At 1 January 2024

18,195

Charge for year

32,678

Eliminated on disposal

(1,374

)

At 31 December 2024

49,499

NET BOOK VALUE

At 31 December 2024

95,574

At 31 December 2023

45,579

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

139,654

-

Other debtors

135,088

273,555

274,742

273,555

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

84,034

16,358

Taxation and social security

33,034

38,722

Other creditors & accruals

260,187

733,868

377,255

788,948

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

66,760

-

Between one and five years

150,210

-

216,970

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

£

100,000

Ordinary

£0.001

100

48,440

A Ordinary

£0.001

48

89,388

Seed 1 preference

£0.001

89

18,002

Seed 2 preference

£0.001

18

255

=======

89,388 of Seed 1 preference shares and 18,002 of Seed 2 preference shares of £0.001 each were allotted as fully paid at a premium of £47.87856 and £40.6946 respectively.

10.

CHARGES

On 8 January 2025, the Company entered into a fixed charge with HMRC Innovation Banking over its bank accounts. The charge includes a negative pledge clause, which restricts the Company from creating any further security over the charged assets without the prior consent of the charge holder.