Company No: SC625939 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	470,777		163,911
Tangible assets	4	68,233		66,114
		539,010		230,025
Current assets
Debtors	5	186,238		366,518
Cash at bank and in hand		694,461		592,552
		880,699		959,070
Creditors: amounts falling due within one year	6	( 1,531,655)		( 676,921)
Net current (liabilities)/assets		(650,956)		282,149
Total assets less current liabilities		(111,946)		512,174
Creditors: amounts falling due after more than one year	7	( 96,400)		( 138,852)
Net (liabilities)/assets		( 208,346)		373,322
Capital and reserves
Called-up share capital	8	2		2
Share premium account		779,839		782,089
Profit and loss account		( 988,187 )		( 408,769 )
Total shareholders' (deficit)/funds		( 208,346)		373,322

For the financial year ending 31 March 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 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 Profit and Loss Account has not been delivered.

The financial statements of Snow Line Ltd (registered number: SC625939) were approved and authorised for issue by the Board of Directors on 19 December 2025. They were signed on its behalf by:

C Mckenna Director

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

Snow Line Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 16-18 Earl Haig Road, Hillington, Glasgow, G52 4JU, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

Following the year end, the company secured additional funding of £500k and a convertible loan note of £250k that the company received prior to the year end converted to share capital, which has further strengthened its liquidity position. This funding reflects continued investor confidence in the Company’s strategy and long-term prospects and provides a solid foundation to support ongoing operation and planned growth initiatives.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and any other discounts. Turnover is recognised on the transfer of title of the goods, when the significant risk and rewards of the ownership have transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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:

Land and buildings	10 years straight line
Office equipment	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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, bank loans, loans from fellow group companies and preference shares 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.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		11

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	163,911		163,911
Additions	388,843		388,843
At 31 March 2025	552,754		552,754
Accumulated amortisation
At 01 April 2024	0		0
Charge for the financial year	81,977		81,977
At 31 March 2025	81,977		81,977
Net book value
At 31 March 2025	470,777		470,777
At 31 March 2024	163,911		163,911

4. Tangible assets

	Land and buildings		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2024	9,055		54,097		39,077		102,229
Additions	0		19,663		11,225		30,888
Disposals	0		0		( 583)		( 583)
At 31 March 2025	9,055		73,760		49,719		132,534
Accumulated depreciation
At 01 April 2024	2,114		21,647		12,354		36,115
Charge for the financial year	904		14,013		13,366		28,283
Disposals	0		0		( 97)		( 97)
At 31 March 2025	3,018		35,660		25,623		64,301
Net book value
At 31 March 2025	6,037		38,100		24,096		68,233
At 31 March 2024	6,941		32,450		26,723		66,114

5. Debtors

	2025		2024
	£		£
Trade debtors	140,468		296,082
Other debtors	45,770		70,436
	186,238		366,518

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	42,452		40,155
Trade creditors	395,323		118,842
Convertible loan notes	250,000		0
Other taxation and social security	228,097		75,938
Other creditors	615,783		441,986
	1,531,655		676,921

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

	2025		2024
	£		£
Bank loans	96,400		138,852

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
20,062 Ordinary shares of £ 0.0001 each	2.01		2.01
3,251 Series Seed preference shares of £ 0.0001 each	0.33		0.33
	2.34		2.34

9. Events after the Balance Sheet date

In August 2025, the Company secured additional investment of £500k. At the same time a convertible loan note of £250k converted to share capital. This injection of capital has further strengthened the Company’s financial position and liquidity. The funding is expected to support ongoing operations and facilitate the execution of planned initiatives in the coming financial year.