REGISTERED NUMBER: SC622689 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

ICEFLO Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Jacqueline Smith

Mr Andrew John Smith

REGISTERED OFFICE:

St Dunstans House

High Street

Melrose

TD6 9RU

REGISTERED NUMBER:

SC622689 (Scotland)

ACCOUNTANT:

EQ Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Intangible assets

4

4,257,529

4,554,319

Property, plant and equipment

5

7,865

10,358

4,265,394

4,564,677

CURRENT ASSETS

Debtors

6

5,273

33,172

Cash at bank

-

52,779

5,273

85,951

CREDITORS

Amounts falling due within one year

7

170,505

225,576

NET CURRENT LIABILITIES

(165,232

)

(139,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,100,162

4,425,052

CREDITORS

Amounts falling due after more than one year

8

(5,833

)

(15,833

)

PROVISIONS FOR LIABILITIES

-

(2,000

)

ACCRUALS AND DEFERRED INCOME

(124,109

)

(132,973

)

NET ASSETS

3,970,220

4,274,246

CAPITAL AND RESERVES

Called up share capital

4,892,203

4,892,203

Retained earnings

(921,983

)

(617,957

)

3,970,220

4,274,246

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 16 September 2025 and were signed on its behalf by:

Mr Andrew John Smith - Director

Mrs Jacqueline Smith - Director

1.	STATUTORY INFORMATION

ICEFLO Limited is a private company, limited by shares , registered in Scotland. 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.

The directors are of the opinion that the company can continue to meet its obligations as they fall due for the

foreseeable future. As a consequence, the directors have prepared the financial statements on the going concern

basis.

Turnover

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

Software development

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is capitalised. The amortisation of the development expenditure capitalised is calculated to write off the cost of the asset, less its estimated residual value, over the useful economic life of that asset at 5% straight line.

Computer software

Computer software expenditure is amortisation to write off the cost of the asset, less its estimated residual value, over the useful economic life of that asset at 20% reducing balance.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% on reducing balance

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 cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price. 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.

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.

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.

Share-based payments

Equity-settled share-based payments 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.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

5,893,969

AMORTISATION

At 1 January 2024

1,339,650

Charge for year

296,790

At 31 December 2024

1,636,440

NET BOOK VALUE

At 31 December 2024

4,257,529

At 31 December 2023

4,554,319

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2024

26,318

Additions

121

At 31 December 2024

26,439

DEPRECIATION

At 1 January 2024

15,960

Charge for year

2,614

At 31 December 2024

18,574

NET BOOK VALUE

At 31 December 2024

7,865

At 31 December 2023

10,358

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Other debtors

5,273

33,172

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts

52,926

10,000

Trade creditors

-

14,840

Amounts owed to associates

2,172

3,650

Taxation and social security

5,385

27,142

Other creditors

110,022

169,944

170,505

225,576

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

5,833

15,833

9.	SECURED DEBTS

The Royal Bank of Scotland PLC has a floating charge that covers all the property or undertaking of the company.

10.	SHARE-BASED PAYMENT TRANSACTIONS

During 2020 the company established and EMI scheme for 1,630,734 equity settled share options at an exercise price of £0.01 to an employee of the company with a maximum term of 10 years before exercise. The total fair value of the options issued during the year has been calculated at £1,538 using the Black-Scholes model. The company has recognised the expense in the profit and loss account over the vesting period of the options, based on the number of options expected to actually vest.