Company registration number 08004482 (England and Wales)
ICEOTOPE TECHNOLOGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
ICEOTOPE TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
Simon Jesenko
Neil Yule
(Appointed 14 January 2025)
Company number
08004482
Registered office
AMP Technology Centre
Brunel Way
Rotherham
S60 5WG
Auditor
Sumer Auditco Limited
One Waterside Place
Basin Square
Brimington Road
Chesterfield
Derbyshire
S41 7FH
Business address
AMP Technology Centre
Brunel Way
Rotherham
S60 5WG
ICEOTOPE TECHNOLOGIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
ICEOTOPE TECHNOLOGIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Summary Review of the Business

Over the past year, the industry has continued to shift towards liquid cooling as a standard for high‑performance computing, supporting the rapid growth of Artificial Intelligence (“AI”) workloads. Iceotope has strengthened its position with specialized immersion technology designed for efficient high‑density compute across the IT stack (i.e servers, power supply, storage etc.) at both the core and the edge environment.

We have advanced commercialization by partnering with industry leaders to develop, certify, and sell liquid‑cooled solutions, growing our patent portfolio and further enhancing our technology at the same time.

Principal risks and uncertainties

Iceotope develops liquid cooling solutions for data center and edge environments, with key risks mitigated by:

- Maintaining strong R&D focus to support AI‑driven IT growth,

- Building a broad patent portfolio across core IT domains,

- Co‑developing products with partners to meet emerging requirements,

- Using partner channels to speed market access and commercialization,

- Securing funding to execute growth plans and continue IP expansion

Development and performance

In late 2025, we secured key safety certifications for our liquid‑cooled server range and introduced an enhanced AI‑optimized product line. We also completed the first customer deployment of these systems for a high‑performance compute use case.

In parallel, we began developing a high‑density hybrid liquid‑cooled solution within our platform, targeting maximum energy efficiency and thermal performance at rack‑scale power levels.

Key performance indicators

We raised a total of £26 million in 2025 from both existing shareholders and new investors, placing us in a strong position to accelerate commercialization in the next 2-3 years. New funds raised will support go-to-market efforts and new product co-development opportunities with OEMs and ODMs.

Our current revenue reflects customer deployments and co-financed R&D activities, complemented by grant programs. Our sales pipeline positions us to capture the significant AI-driven market growth in the coming years.

ESG Impact

We raised a total of £26 million in 2025 from both existing shareholders and new investors, placing us in a strong position to accelerate commercialization in the next 2-3 years. New funds raised will support go-to-market efforts and new product co-development opportunities with OEMs and ODMs.

Our current revenue reflects customer deployments and co-financed R&D activities, complemented by grant programs. Our sales pipeline positions us to capture the significant AI-driven market growth in the coming years.

On behalf of the board

Simon Jesenko
Director
8 April 2026
ICEOTOPE TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the period ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of design and development of liquid cooling systems for computer equipment and electronics.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

David Craig
(Resigned 22 July 2024)
Simon Jesenko
Neil Yule
(Appointed 14 January 2025)
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

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 company and of the profit or loss of the company 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor 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 company’s auditor is aware of that information.

ICEOTOPE TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
On behalf of the board
Simon Jesenko
Director
8 April 2026
ICEOTOPE TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ICEOTOPE TECHNOLOGIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Iceotope Technologies Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 30 June 2025 and of its profit 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 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 related 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 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:

- the 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.

ICEOTOPE TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ICEOTOPE TECHNOLOGIES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 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 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.

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 entity through discussions with Directors and other management, and from our knowledge and experience of the 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 entity, health and safety, and data protection laws;

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

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

We assessed the susceptibility of the entity’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; and

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

ICEOTOPE TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ICEOTOPE TECHNOLOGIES LIMITED (CONTINUED)
- 6 -

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;

- reading the minutes of meetings of those charged with governance; and

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adrian Staniforth (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
One Waterside Place
Basin Square
Brimington Road
Chesterfield
Derbyshire
S41 7FH
8 April 2026
ICEOTOPE TECHNOLOGIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
838,412
1,859,856
Cost of sales
(1,182,444)
(1,255,792)
Gross (loss)/profit
(344,032)
604,064
Administrative expenses
(9,313,111)
(9,404,215)
Exceptional item
4
9,242,919
7,744,741
Operating loss
5
(414,224)
(1,055,410)
Interest receivable and similar income
9
105,690
579,459
Interest payable and similar expenses
10
(14,943)
(6,797)
Loss before taxation
(323,477)
(482,748)
Tax on loss
11
323,477
482,748
Profit for the financial year
-
0
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ICEOTOPE TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,174,346
1,225,303
Current assets
Stocks
13
1,204,329
1,700,869
Debtors
14
5,053,816
4,571,161
Cash at bank and in hand
3,593,345
7,395,177
9,851,490
13,667,207
Creditors: amounts falling due within one year
15
(870,442)
(1,146,237)
Net current assets
8,981,048
12,520,970
Total assets less current liabilities
10,155,394
13,746,273
Creditors: amounts falling due after more than one year
16
(10,155,293)
(13,746,172)
Net assets
101
101
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
1
1
Total equity
101
101

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 8 April 2026 and are signed on its behalf by:
Simon Jesenko
Director
Company registration number 08004482 (England and Wales)
ICEOTOPE TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2023
100
1
101
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
0
-
0
Balance at 30 June 2024
100
1
101
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
0
-
0
Balance at 30 June 2025
100
1
101
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
1
Accounting policies
Company information

Iceotope Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is AMP Technology Centre, Brunel Way, Rotherham, S60 5WG.

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 sterling, 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.

1.2
Going concern

The directors have considered the company’s forecasts and projections, including reasonably possible changes in trading performance, and the company’s current liquidity position, which includes significant (or strong) cash balances. On the basis of this review, and having made appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
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:

Land and buildings Leasehold
5 years over the lease term
Plant and machinery
33.33% / 25% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33.33% straight line
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
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.

ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 11 -
1.8
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 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.

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 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.

ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
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 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. A m ounts 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.

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 s ubsequently 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

Taxation represents the sum of the tax currently receiv able, net of an adjustments for prior years.

Current tax

The tax currently receivable relates to tax credits available on allowable R&D expenditure.

1.11
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.

1.12
Retirement benefits

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

ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.13
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 s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
US
306,152
897,119
Europe
529,423
830,021
Asia
2,837
132,716
838,412
1,859,856
2025
2024
£
£
Other revenue
Interest income
105,690
579,459
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item
(9,242,919)
(7,744,741)
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
4
Exceptional item
(Continued)
- 14 -

This relates to the transfer of intellectual property to the parent company which had previously been expensed through the profit and loss account.

5
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
413,617
12,015
Research and development costs
1,498,076
1,600,011
Depreciation of tangible fixed assets
416,678
311,491
(Profit)/loss on disposal of tangible fixed assets
-
3,724
Operating lease charges
372,761
350,328
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,790
15,545
7
Employees

The average monthly number of employees (including directors) employed by the company during the period was:

2025
2024
Number
Number
56
65

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,919,989
4,064,919
Social security costs
361,741
425,449
Pension costs
87,029
80,122
4,368,759
4,570,490
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
317,574
585,439
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Directors' remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
244,615
265,885
Company pension contributions to defined contribution schemes
18,000
24,250
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
105,690
579,459
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
14,943
6,797
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(323,477)
(482,748)

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

2025
2024
£
£
Loss before taxation
(323,477)
(482,748)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(80,869)
(120,687)
Tax effect of expenses that are not deductible in determining taxable profit
5,036
9,979
Tax effect of income not taxable in determining taxable profit
(2,308,206)
(1,936,185)
Change in unrecognised deferred tax assets
2,283,941
1,427,110
Amortisation on assets not qualifying for tax allowances
10
-
0
Research and development tax credit
(223,638)
136,832
Other permanent differences
249
203
Taxation credit for the year
(323,477)
(482,748)
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
12
Tangible fixed assets
Land and buildings Leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 July 2024
754,663
135,774
512,836
99,914
343,287
1,846,474
Additions
5,026
-
0
21,307
-
0
339,388
365,721
At 30 June 2025
759,689
135,774
534,143
99,914
682,675
2,212,195
Depreciation and impairment
At 1 July 2024
110,327
-
0
293,557
34,673
182,614
621,171
Depreciation charged in the year
175,252
-
0
83,905
24,799
132,722
416,678
At 30 June 2025
285,579
-
0
377,462
59,472
315,336
1,037,849
Carrying amount
At 30 June 2025
474,110
135,774
156,681
40,442
367,339
1,174,346
At 30 June 2024
644,336
135,774
219,279
65,241
160,673
1,225,303
13
Stocks
2025
2024
£
£
Work in progress
-
206,193
Finished goods and goods for resale
1,204,329
1,494,676
1,204,329
1,700,869
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
14,765
244,244
Corporation tax recoverable
323,477
482,748
Other debtors
445,802
625,595
Prepayments and accrued income
309,350
595,556
1,093,394
1,948,143
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Debtors
(Continued)
- 17 -
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
3,960,422
2,623,018
Total debtors
5,053,816
4,571,161
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
17
58,307
11,686
Trade creditors
410,208
577,448
Taxation and social security
91,218
109,221
Accruals and deferred income
310,709
447,882
870,442
1,146,237
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
17
99,173
19,576
Amounts owed to group undertakings
10,056,120
13,726,596
10,155,293
13,746,172
17
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
58,307
11,686
After more than one year
99,173
19,576
157,480
31,262
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
58,307
11,686
In two to five years
99,173
19,576
157,480
31,262
ICEOTOPE TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
17
Finance lease obligations
(Continued)
- 18 -

Finance lease payments represent rentals payable by the company for servers acquired for certification testing purposes. These assets were obtained under finance lease arrangements with fixed repayment terms over an average lease term of 3 years. Ownership of the servers transfers to the company automatically upon full repayment of the lease obligations.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,029
80,122

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
20
Capital commitments

As at 30 June 202 5 the company had contracted to purchase plant and machinery amounting to £nil (2024: £nil).

21
Related party transactions

Included in creditors due after one year are amounts of £10,056,120 (20 24: £13,726,596) owed to Iceotope Group Limited.

Included in debtors due over 1 year are amounts of £3,960,422 (2024: £2,623,018) owed by Iceotope Technologies US Inc.

22
Ultimate controlling party

The immediate parent company and th e ultimate controlling parent company is Iceotope Group Limited, a company registered in England and Wales.

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