Company No: 14215283 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Investments	3	2		2
		2		2
Current assets
Debtors	4	3,419,215		1,917,822
Cash at bank and in hand	5	1,135,017		1,362,744
		4,554,232		3,280,566
Creditors: amounts falling due within one year	6	( 91,707)		( 154,694)
Net current assets		4,462,525		3,125,872
Total assets less current liabilities		4,462,527		3,125,874
Net assets		4,462,527		3,125,874
Capital and reserves
Called-up share capital	7	124		124
Share premium account		3,439,977		3,439,977
Capital contribution reserve		1,800,000		0
Profit and loss account		( 777,574 )		( 314,227 )
Total shareholders' funds		4,462,527		3,125,874

For the financial 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.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Salt Limited (registered number: 14215283) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Imrie Director

30 September 2025

1. Accounting policies

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

General information and basis of accounting

Salt 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 9 Hafer Road, C/O Ground Floor, London, SW11 1HF, 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 £.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income 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 Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Comprehensive Income. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	6		3

3. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	2
At 31 December 2024	2
Carrying value at 31 December 2024	2
Carrying value at 31 December 2023	2

4. Debtors

	2024		2023
	£		£
Amounts owed by group undertakings	3,352,104		1,572,000
Other debtors	67,111		345,822
	3,419,215		1,917,822

5. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	1,135,017		1,362,744

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	69,300		25,422
Amounts owed to group undertakings	0		102,116
Other taxation and social security	17,130		16,978
Other creditors	5,277		10,178
	91,707		154,694

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1,002,815 Ordinary shares of £ 0.0001 each	100.28		100.28
234,672 Ordinary A shares of £ 0.0001 each	23.47		23.47
	123.75		123.75

On the 8th January 2025 19,715 Ordinary shares of £0.0001 each, 225,871 Ordinary A shares of £0.0001 each and 6,822 Ordinary B shares of £0.0001 each were issued.

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with wholly-owned group undertakings.

9. Events after the Balance Sheet date

Included within the capital contribution reserve on the statement of comprehensive income, there is an amount of £1,800,000 received as advanced payments for the subscription of Ordinary shares in the company. After the year end date, a further £1,700,000 was received. The total amount of £3,500,000 was converted to 19,715 Ordinary shares of £0.0001 each, 225,871 Ordinary A shares of £0.0001 each and 6,822 Ordinary B shares of £0.0001 each on the 8th January 2025.