Company registration number 11079291 (England and Wales)
SNIPPLE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
SNIPPLE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr K K Patel
Mr Sanjay Ashar
Mr Stephen Saltzman
Company number
11079291
Registered office
6th Floor
Manfield House
1 Southampton Street
London
WC2R 0LR
Auditor
Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
SNIPPLE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
SNIPPLE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Principal activities

Snipple Animation is a creator, developer, and producer of children’s animation with a dedicated team of creatives based in the UK and a long-established production studio in Manila, Philippines, undertaking pre-production and production work. Our core activity is the production of 2D animation series for the best-known brands in the world. Snipple Animation creates and develops its own ‘in-house’ titles and properties with the objective of creating long-term asset value for Snipple.

Review of the year and analysis of development and performance

This was an unusual year for Snipple with our overall income of $10.0m down by -$2.8m on prior year income of $12.8m. This was primarily due to a drop in production income, which was down -$2.5m ($9.9 m vs $12.4m). This slowdown was a result of a delay on the commencement of potential productions. Despite this downturn, we maintained our average value per contract and our order book remains healthy for the foreseeable future. Our broadcast income dropped as well from $398.8k to $182.0k, down -$216.8k. This was expected as we approach the end of in-house production, the Woohoos.

We have maintained our operational capacity as we plan to expand our services and continue our commitment to the development of our in-house titles. As a result, we suffered an operating loss of -$389.3k. This was impacted by a revision in accounting policies in our subsidiary in the Philippines, Snipple Animation Studios Inc. We have had to make a number of non-cash expense adjustments totalling -$246.9k, of which a provision for pension liabilities was $186.5k. There was interest receivable income of $237.2k during the year which reduced our losses before tax to $152.1k ($3.2m profit before tax in the prior year).

Principal risks and uncertainties

The principal risks and uncertainties faced by animation production studios in the market surround production pipelines and retaining talent in a period of change and adjustment from broadcasters.

Our forward forecast and production pipeline remains strong with a high level of certainty of income over the next 24 months. We have a number of repeat series on our production roster, as we have consistently delivered projects ahead of time and to budget. This allows us to underpin our current position and enable future investment into our creative endeavours.

It has been our aim to acquire the best available animation talent and secure our resources to deliver on our commitments. There is an ever-present demand for our services. Our aim is to maintain and enhance the quality of our production without compromising on delivery or service. To mitigate any risks, we have built a very stable and experienced workforce.

Key performance indicators

The group consider their key performance indicators to be turnover, gross profit and profit before tax, which help give a guide to the annual business performance. As noted and analysed above, we are satisfied with the performance of the company, although we have gone through an unusual loss-making year.

FY25 FY24

$'m $'m

Turnover 10.01 12.77

Gross profit 2.79 5.49

(Loss)/Profit before tax (0.15) 3.17

SNIPPLE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Future developments

We will continue on our path of being one of the best 2D animation production studios in the world. We plan to expand our services to pre- and post-production services, which has come into fruition in 2025/26. We have created a great deal of expertise in the recent past from our efforts in creating ‘in-house’ titles and have built a proven ability to deliver an end-to-end animation service.

Our strength is our people and our operation in Manila is the cornerstone of Snipple. We will invest into our people and expand our services where we can add-value to Snipple Animation.

On behalf of the board

Mr K K Patel
Director
19 December 2025
SNIPPLE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K K Patel
Mr Sanjay Ashar
Mr C Morgan
(Resigned 10 July 2025)
Mr Stephen Saltzman
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Changes in presentation to the financial statements

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risks, financial instruments and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

SNIPPLE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr K K Patel
Director
19 December 2025
SNIPPLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SNIPPLE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Snipple Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SNIPPLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNIPPLE HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed b elow. which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the television, streaming, and animation industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

SNIPPLE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNIPPLE HOLDINGS LIMITED
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sudheer Gupta BA FCA
For and on behalf of Alliotts LLP
19 December 2025
Chartered Accountants
Statutory Auditor
Manfield House
1 Southampton Street
London
WC2R 0LR
SNIPPLE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
$
$
Turnover
3
10,013,633
12,772,449
Cost of sales
(7,226,749)
(7,283,783)
Gross profit
2,786,884
5,488,666
Administrative expenses
(3,172,831)
(2,558,468)
Other operating (expenses)/income
(3,369)
802
Operating (loss)/profit
4
(389,316)
2,931,000
Interest receivable and similar income
237,216
238,313
(Loss)/profit before taxation
(152,100)
3,169,313
Tax on (loss)/profit
6
(181,751)
(840,546)
(Loss)/profit for the financial year
(333,851)
2,328,767
Other comprehensive income
Currency translation differences
15,281
(87,253)
Total comprehensive income for the year
(318,570)
2,241,514
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SNIPPLE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 9 -
2025
2024
Notes
$
$
$
$
Fixed assets
Intangible assets
8
326,398
139,342
Tangible assets
9
172,089
81,816
498,487
221,158
Current assets
Debtors
12
2,638,141
2,569,060
Cash at bank and in hand
6,254,506
7,810,037
8,892,647
10,379,097
Creditors: amounts falling due within one year
13
(1,636,640)
(1,384,226)
Net current assets
7,256,007
8,994,871
Total assets less current liabilities
7,754,494
9,216,029
Provisions for liabilities
Deferred tax liability
14
4,143
5,029
(4,143)
(5,029)
Net assets
7,750,351
9,211,000
Capital and reserves
Called up share capital
16
1,319
1,340
Share premium account
1,724,969
1,724,969
Capital redemption reserve
161
140
Profit and loss reserves
6,023,902
7,484,551
Total equity
7,750,351
9,211,000

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2025 and are signed on its behalf by:
19 December 2025
Mr K K Patel
Director
Company registration number 11079291 (England and Wales)
SNIPPLE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
$
$
$
$
Fixed assets
Investments
10
1,246
1,246
Current assets
Debtors
12
1,752,633
1,613,961
Cash at bank and in hand
31,554
132,895
1,784,187
1,746,856
Creditors: amounts falling due within one year
13
(43,890)
(34,056)
Net current assets
1,740,297
1,712,800
Net assets
1,741,543
1,714,046
Capital and reserves
Called up share capital
16
1,319
1,340
Share premium account
1,724,969
1,724,969
Capital redemption reserve
161
140
Profit and loss reserves
15,094
(12,403)
Total equity
1,741,543
1,714,046

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was $1,169,576 (2024 - $2,745,526 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 December 2025 and are signed on its behalf by:
19 December 2025
Mr K K Patel
Director
Company registration number 11079291 (England and Wales)
SNIPPLE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
Balance at 1 May 2023
1,369
1,724,969
111
8,012,495
9,738,944
Year ended 30 April 2024:
Profit for the year
-
-
-
2,328,767
2,328,767
Other comprehensive income:
Currency translation differences
-
-
-
(87,253)
(87,253)
Total comprehensive income
-
-
-
2,241,514
2,241,514
Dividends
7
-
-
-
(1,270,890)
(1,270,890)
Redemption of shares
16
(29)
-
29
(1,498,568)
(1,498,568)
Balance at 30 April 2024
1,340
1,724,969
140
7,484,551
9,211,000
Year ended 30 April 2025:
Loss for the year
-
-
-
(333,851)
(333,851)
Other comprehensive income:
Currency translation differences
-
-
-
15,281
15,281
Total comprehensive income
-
-
-
(318,570)
(318,570)
Redemption of shares
16
(21)
-
21
(1,142,079)
(1,142,079)
Balance at 30 April 2025
1,319
1,724,969
161
6,023,902
7,750,351
SNIPPLE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
Balance at 1 May 2023
1,369
1,724,969
111
11,529
1,737,978
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
2,745,526
2,745,526
Dividends
7
-
-
-
(1,270,890)
(1,270,890)
Redemption of shares
16
(29)
-
29
(1,498,568)
(1,498,568)
Balance at 30 April 2024
1,340
1,724,969
140
(12,403)
1,714,046
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
-
-
1,169,576
1,169,576
Redemption of shares
16
(21)
-
21
(1,142,079)
(1,142,079)
Balance at 30 April 2025
1,319
1,724,969
161
15,094
1,741,543
SNIPPLE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
2025
2024
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
20
334,414
4,088,677
Income taxes paid
(441,496)
(1,327,791)
Net cash (outflow)/inflow from operating activities
(107,082)
2,760,886
Investing activities
Purchase of intangible assets
(407,736)
(116,074)
Purchase of tangible fixed assets
(150,731)
(56,797)
Interest received
237,216
238,313
Net cash (used in)/generated from investing activities
(321,251)
65,442
Financing activities
Redemption of shares
(1,142,100)
(1,498,597)
Dividends paid to equity shareholders
-
0
(1,270,890)
Net cash used in financing activities
(1,142,100)
(2,769,487)
Net (decrease)/increase in cash and cash equivalents
(1,570,433)
56,841
Cash and cash equivalents at beginning of year
7,810,037
7,833,976
Effect of foreign exchange rates
14,902
(80,780)
Cash and cash equivalents at end of year
6,254,506
7,810,037
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
1
Accounting policies
Company information

Snipple Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

The group consists of Snipple Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Snipple Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The group has made a small loss in the current financial year in an unusual year for the group, primarily due to delays in the commencement of potential productions and some non-cash expense adjustments in the Philippines subsidiary. The directors are confident that the expertise gained from developing 'in-house' titles and expanding the group's services to pre and post-production services, together with the strong production pipeline for the group's services will return the group to profitability going forward. The directors note that the group has significant cash reserves as at 30 April 202 5 and forecasts remain strong for the future.

At the time of approving the financial statements, the directors have therefore have a reasonable expectation that the group has adequate resources 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and volume rebates.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -

Revenue from contracts for the provision or license of animation productions is recognised by reference to the stage of completion in the production of the content wh en the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred and the percentage of the animation production completed to the total animation project per the agreed contract and the proportion of total costs expected to be incurred to complete the production. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
33% straight line
Plant and equipment
25% - 33% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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 current liabilities.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

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 m ethod 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.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 paymen ts 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.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition and recoverability of contracts not completed at year end

Projects are at various stages of completion at the year end and management are required to estimate the amount recoverable for each of these. Factors taken into consideration in assessing the stage of completion include episodes of the animation delivered compared to the total set out in the contract and the agreed budget and project phases of the contract, including any milestones.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
3
Turnover and other revenue
2025
2024
$
$
Turnover analysed by class of business
Animation production
9,831,590
12,373,642
Broadcast
182,043
398,807
10,013,633
12,772,449
2025
2024
$
$
Turnover analysed by geographical market
North America
9,831,590
12,373,642
United Kingdom
182,043
398,807
10,013,633
12,772,449
2025
2024
$
$
Other revenue
Interest income
237,216
238,313
Grants received
6,132
-
4
Operating (loss)/profit
2025
2024
$
$
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(12,054)
24,614
Government grants
(6,132)
-
Fees payable to the group's auditor for the audit of the group's financial statements
21,320
18,125
Depreciation of owned tangible fixed assets
60,542
33,155
Amortisation of intangible assets
220,996
215,620
Operating lease charges
6,435
3,787
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
7
7
4
4
Creative
5
5
-
-
Animators
191
188
-
-
Finance
9
9
-
-
Administration
32
30
-
-
Total
244
239
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
$
$
$
$
Wages and salaries
2,743,464
2,197,717
77,166
75,354
Social security costs
254,165
231,310
9,170
8,823
Pension costs
41,110
27,603
-
0
-
0
3,038,739
2,456,630
86,336
84,177
6
Taxation
2025
2024
$
$
Current tax
UK corporation tax on profits for the current period
108,971
823,299
Adjustments in respect of prior periods
5,041
8,025
Total current tax
114,012
831,324
Deferred tax
Origination and reversal of timing differences
67,739
5,608
Adjustment in respect of prior periods
-
0
3,614
Total deferred tax
67,739
9,222
Total tax charge
181,751
840,546
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
6
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
$
$
(Loss)/profit before taxation
(152,100)
3,169,313
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(38,025)
792,328
Tax effect of expenses that are not deductible in determining taxable profit
56,200
14,286
Unutilised tax losses carried forward
752,856
233,978
Foreign exchange differences
-
0
310
Foreign Tax
10,390
12,784
Deferred Tax
-
0
3,614
Tax Credits
(599,670)
(216,754)
Taxation charge
181,751
840,546
7
Dividends
2025
2024
Recognised as distributions to equity holders:
$
$
Final paid
-
1,270,890
8
Intangible fixed assets
Group
Software
$
Cost
At 1 May 2024
1,192,556
Additions
407,736
Disposals
(240,615)
Exchange adjustments
35,212
At 30 April 2025
1,394,889
Amortisation and impairment
At 1 May 2024
1,053,214
Amortisation charged for the year
220,996
Disposals
(240,615)
Exchange adjustments
34,896
At 30 April 2025
1,068,491
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
8
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 April 2025
326,398
At 30 April 2024
139,342
The company had no intangible fixed assets at 30 April 2025 or 30 April 2024.
9
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
$
$
$
$
$
Cost
At 1 May 2024
226,012
837,595
31,085
65,042
1,159,734
Additions
-
0
147,376
-
0
3,355
150,731
Exchange adjustments
8,360
30,982
-
0
-
0
39,342
At 30 April 2025
234,372
1,015,953
31,085
68,397
1,349,807
Depreciation and impairment
At 1 May 2024
222,075
788,539
23,871
43,433
1,077,918
Depreciation charged in the year
2,882
50,238
1,803
5,619
60,542
Exchange adjustments
8,316
30,942
-
0
-
0
39,258
At 30 April 2025
233,273
869,719
25,674
49,052
1,177,718
Carrying amount
At 30 April 2025
1,099
146,234
5,411
19,345
172,089
At 30 April 2024
3,937
49,056
7,214
21,609
81,816
The company had no tangible fixed assets at 30 April 2025 or 30 April 2024.
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
$
$
$
$
Investments in subsidiaries
11
-
0
-
0
1,246
1,246
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
10
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 May 2024 and 30 April 2025
1,246
Carrying amount
At 30 April 2025
1,246
At 30 April 2024
1,246
11
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Snipple Animation Studios Limited
6th Floor Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Ordinary shares
100.00
-
Snipple Animation Studios Inc.
2nd Floor Building 4, #13 Economia St., Bagumbayan, Quezon City, Philippines
Ordinary shares
0
99.90
The Woohoos Productions Limited
6th Floor Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Ordinary shares
0
100.00
12
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
$
$
$
$
Trade debtors
681,244
713,631
-
0
-
0
Corporation tax recoverable
599,670
216,888
-
0
-
0
Amounts owed by group undertakings
-
-
1,572,396
1,426,333
Other debtors
400,411
362,613
164,526
173,648
Prepayments and accrued income
956,450
1,159,269
15,711
13,980
2,637,775
2,452,401
1,752,633
1,613,961
Deferred tax asset (note 14)
366
116,659
-
0
-
0
2,638,141
2,569,060
1,752,633
1,613,961
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
13
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
$
$
$
$
Trade creditors
413,612
235,130
-
0
-
0
Corporation tax payable
551,835
544,205
-
0
-
0
Other taxation and social security
90,632
76,000
-
-
Other creditors
233,818
79,275
4,788
-
0
Accruals and deferred income
346,743
449,616
39,102
34,056
1,636,640
1,384,226
43,890
34,056
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
$
$
$
$
Accelerated capital allowances
4,143
5,029
-
-
Tax losses
-
-
-
116,659
Short term timing differences
-
-
366
-
4,143
5,029
366
116,659
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
$
$
Asset at 1 May 2024
(111,630)
-
Charge to profit or loss
115,407
-
Liability at 30 April 2025
3,777
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above is expected to reverse within 3 years and relates to accelerated capital allowances that are expected to mature within the same period.

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 27 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
41,110
27,603

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

16
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 0.005p each
15,602,650
15,602,650
1,101
1,109
Ordinary A1 shares of 0.005p each
792,715
1,132,450
44
57
Ordinary A2 shares of 0.005p each
2,264,900
2,264,900
157
157
Ordinary B shares of 0.005p each
255,044
255,044
17
17
18,915,309
19,255,044
1,319
1,340

The holders of the A ordinary shares (A1 and A2 ordinary shares) shall be entitled to receive, in priority to the holders of the ordinary shares, the long term dividend. The balance of any profits on resolution of the company shall be distributed first to the holders of the A ordinary shareholders up to and including the A ordinary threshold pro rata according to the number of A ordinary shares held.

The balance will be distributed to the holders of the ordinary shares. Any capital on an exit will be distributed first to the holders of the A1 ordinary shares in an amount equal to the option share price per A1 ordinary share.

Any balance of the exit proceeds up to and including the B ordinary threshold will be distributed to the holders of the A2 ordinary shares and ordinary shares pari passu. Any balance of the exit proceeds in excess of the B ordinary threshold will be distributed to the A2 ordinary shares, ordinary shares and B ordinary shares pari passu.

The holders of the ordinary shares have full voting rights. the shares do not confer any rights of redemption.

On 27 July 2024 the company redeemed 113,245 Ordinary A1 shares for a consideration of £300,000 ($381,960).

On 24 October 2024 the company redeemed 113,245 Ordinary A1 shares for a consideration of £300,000 ($387,712).

On 07 February 2025 the company redeemed 113,245 Ordinary A1 shares for a consideration of £300,000 ($381,398).

Post year-end

On 09 May 2025 the company redeemed 113,245 Ordinary A1 shares for a consideration of £300,000 ($396,941).

SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 28 -
17
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
$
$
$
$
Within one year
177,692
168,749
-
-
Between two and five years
44,958
214,608
-
-
222,650
383,357
-
-
18
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
$
$
Aggregate compensation
2,027,188
1,947,958
19
Controlling party

The ultimate controlling party is Kaine Patel, by virtue of his majority shareholding in the parent company Snipple Holdings Limited.

20
Cash generated from group operations
2025
2024
$
$
(Loss)/profit after taxation
(333,851)
2,328,767
Adjustments for:
Taxation charged
181,751
840,546
Investment income
(237,216)
(238,313)
Amortisation and impairment of intangible assets
220,996
215,620
Depreciation and impairment of tangible fixed assets
60,542
33,155
Movements in working capital:
Decrease in debtors
197,408
1,088,184
Increase/(decrease) in creditors
244,784
(179,282)
Cash generated from operations
334,414
4,088,677
SNIPPLE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 29 -
21
Analysis of changes in net funds - group
1 May 2024
Cash flows
Exchange rate movements
30 April 2025
$
$
$
$
Cash at bank and in hand
7,810,037
(1,570,433)
14,902
6,254,506
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