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COMPANY REGISTRATION NUMBER: SC331391

IceRobotics Ltd

Filleted Unaudited Financial Statements

30 June 2025

IceRobotics Ltd

Statement of Financial Position

30 June 2025

| 2025 | 2024
Note | £ | £

Fixed Assets

Intangible assets | 5 | 73,661 | 85,202
Tangible assets | 6 | 18,404 | 18,984
Investments | 7 | 807 | 807
| -------- | ---------
| 92,872 | 104,993

Current Assets

Stocks | 8 | 84,235 | 94,866
Debtors | 9 | 478,266 | 1,178,816
Cash at bank and in hand | 2,392 | 4,841
| --------- | ------------
| 564,893 | 1,278,523

Creditors: amounts falling due within one year | 10 | 644,637 | 874,358
| --------- | ------------
Net Current (Liabilities)/Assets | ( 79,744) | 404,165
| -------- | ---------
Total Assets Less Current Liabilities | 13,128 | 509,158

Creditors: amounts falling due after more than one year | 11 | 1,950,059 | 2,350,057

Provisions | 12 | 59,943 | 48,531
| ------------ | ------------
Net Liabilities | ( 1,996,874) | ( 1,889,430)
| ------------ | ------------

Capital and Reserves

Called up share capital | 8,149,606 | 8,149,606
Profit and loss account | ( 10,146,480) | ( 10,039,036)
| ------------- | -------------
Shareholders Deficit | ( 1,996,874) | ( 1,889,430)
| ------------- | -------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2025 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

IceRobotics Ltd

Statement of Financial Position (continued)

30 June 2025
These financial statements were approved by the board of directors and authorised for issue on 13 November 2025 , and are signed on behalf of the board by:

Mr RE Boyce
Director

Company registration number: SC331391

IceRobotics Ltd

Notes to the Financial Statements

Year Ended 30 June 2025
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit13a, Alpha Centre, Stirling University Innovation Park, Stirling, FK9 4NF.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources including support from their parent company Peacock Technology Ltd to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and Key Sources of Estimation Uncertainty
In preparing these financial statements, the directors have made the following judgements: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Bad debts are provided for where objective evidence of the need for a provision exists. Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due;- the costs incurred can be measured reliably.
Corporation Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Trademarks and licences | - | 5-7 years which is their estimated useful economic life.
| Patents | - | 5-7 years which is their estimated useful economic life.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and Development
Expenditure on research activities is recognised in the income statement as an expense as incurred. Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities improve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 20% straight line
| Fixtures and fittings | - | 20% straight line
| Motor vehicles | - | 20% straight line
| Equipment | - | 33% straight line

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of Fixed 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 profit or loss as described below. Non-financial assets An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Financial assets For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
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. Financial assets and liabilities are offset, with 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 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 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
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2024: 12 ).
5. Intangible Assets

| Trademarks and licenses | Patents | Development Costs | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 July 2024 and 30 June 2025 | 50,687 | 80,737 | 46,859 | 178,283
| -------- | -------- | -------- | ---------
Amortisation |  |  |  |
At 1 July 2024 | 46,438 | 46,643 | – | 93,081
Charge for the year | 1,588 | 9,953 | – | 11,541
| -------- | -------- | -------- | ---------
At 30 June 2025 | 48,026 | 56,596 | – | 104,622
| -------- | -------- | -------- | ---------
Carrying amount |  |  |  |
At 30 June 2025 | 2,661 | 24,141 | 46,859 | 73,661
| -------- | -------- | -------- | ---------
At 30 June 2024 | 4,249 | 34,094 | 46,859 | 85,202
| -------- | -------- | -------- | ---------

6. Tangible Assets

| Plant and machinery | Fixtures and fittings | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 July 2024 | 35,699 | 12,186 | 19,834 | 130,022 | 197,741
Additions | 8,920 | – | – | – | 8,920
Disposals | – | – | ( 18,279) | – | ( 18,279)
| -------- | -------- | -------- | --------- | ---------
At 30 June 2025 | 44,619 | 12,186 | 1,555 | 130,022 | 188,382
| -------- | -------- | -------- | --------- | ---------
Depreciation |  |  |  |  |
At 1 July 2024 | 17,558 | 11,905 | 19,834 | 129,460 | 178,757
Charge for the year | 8,727 | 281 | – | 492 | 9,500
Disposals | – | – | ( 18,279) | – | ( 18,279)
| -------- | -------- | -------- | --------- | ---------
At 30 June 2025 | 26,285 | 12,186 | 1,555 | 129,952 | 169,978
| -------- | -------- | -------- | --------- | ---------
Carrying amount |  |  |  |  |
At 30 June 2025 | 18,334 | – | – | 70 | 18,404
| -------- | -------- | -------- | --------- | ---------
At 30 June 2024 | 18,141 | 281 | – | 562 | 18,984
| -------- | -------- | -------- | --------- | ---------

7. Investments

| Shares in group undertakings
| £
Cost |
At 1 July 2024 and 30 June 2025 | 807
| ----
Impairment |
At 1 July 2024 and 30 June 2025 | –
| ----

Carrying amount |
At 30 June 2025 | 807
| ----
At 30 June 2024 | 807
| ----

8. Stocks

| 2025 | 2024
| £ | £
Raw materials and consumables | 84,235 | 94,866
| -------- | --------

9. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 474,392 | 439,128
Other debtors | 3,874 | 739,688
| --------- | ------------
| 478,266 | 1,178,816
| --------- | ------------

10. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 593,732 | 496,556
Social security and other taxes | 2,326 | 25,796
Other creditors | 48,579 | 352,006
| --------- | ---------
| 644,637 | 874,358
| --------- | ---------

11. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Amounts owed to group undertakings | 1,950,059 | 2,337,346
Other creditors | – | 12,711
| ------------ | ------------
| 1,950,059 | 2,350,057
| ------------ | ------------

12. Provisions

| User defined class 1
| £
At 1 July 2024 | 48,531
Charge against provision | 11,412
| --------
At 30 June 2025 | 59,943
| --------

13. Controlling Party
The ultimate controlling party by virtue of their shareholding is Peacock Technology Limited.