REGISTERED NUMBER: 14001838 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

SALT MONEY LTD

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G J Chiappini

J Dalton

D R Shiells

REGISTERED OFFICE:

44 Grand Parade

Brighton

East Sussex

BN2 9QA

REGISTERED NUMBER:

14001838 (England and Wales)

ACCOUNTANTS:

bk plus Limited

Chartered Certified Accountants

44 Grand Parade

Brighton

East Sussex

BN2 9QA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salt Money Ltd for the year ended 31st December 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Salt Money Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Salt Money Ltd and state those matters that we have agreed to state to the Board of Directors of Salt Money Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Salt Money Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Salt Money Ltd. You consider that Salt Money Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Salt Money Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

bk plus Limited

Chartered Certified Accountants

44 Grand Parade

Brighton

East Sussex

BN2 9QA

24th August 2026

CURRENT ASSETS

Debtors

4

547,123

1,634

Cash at bank

64,172

2,253

611,295

3,887

CREDITORS

Amounts falling due within one year

5

(382,273

)

(267,921

)

NET CURRENT ASSETS/(LIABILITIES)

229,022

(264,034

)

TOTAL ASSETS LESS CURRENT LIABILITIES

229,022

(264,034

)

CREDITORS

Amounts falling due after more than one year

6

(522,284

)

-

NET LIABILITIES

(293,262

)

(264,034

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Other reserves

10

60,125

-

Retained earnings

10

(354,387

)

(265,034

)

SHAREHOLDERS' FUNDS

(293,262

)

(264,034

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th August 2026 and were signed on its behalf by:

J Dalton - Director

1.	STATUTORY INFORMATION

Salt Money Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition

Interest on loans made is recognised on a time basis subject to the outstanding balance of the loan at the prevailing interest rate of the loan agreement.

Interest on bank deposits is recognised on a received basis.

Fees for administration and registration are recognised on a received basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Convertible loan notes

Convertible loan notes issued by the company are accounted for as compound financial instruments.

On initial recognition, the proceeds received are allocated between the liability component and the equity component. The liability component is measured at the fair value of a similar liability that does not have an associated conversion option. The equity component, representing the holder's option to convert the loan into ordinary shares of the company, is recognised within equity as a conversion reserve.

The liability component is subsequently measured at amortised cost using the effective interest method. The equity component is not subsequently remeasured.

Where the loan notes are converted into ordinary shares, the carrying value of the liability together with the balance of the conversion reserve is transferred to share capital and share premium, as appropriate. Where the loan notes are redeemed without conversion, the conversion reserve remains within equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Other debtors

547,123

634

Amounts falling due after more than one year:

Other debtors

-

1,000

Aggregate amounts

547,123

1,634

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

6,189

3,082

Amounts owed to group undertakings

355,330

259,996

Taxation and social security

429

-

Other creditors

20,325

4,843

382,273

267,921

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

522,284

-

7.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due between two and five years:

Other loans - 2-5 years

414,875

-

Creditors note

Creditors: amounts falling due after more than one year

2025

2024

£

£

Convertible loan notes

414,874

0

Other Creditors

107,409

0

Total

522,284

0

8.	CONVERTIBLE LOAN NOTES

In December 2025 the company issued unsecured convertible loan notes with a nominal value of £475,000.

The loan notes bear interest at 8% per annum, payable annually, and are redeemable in 2029 or a funding event if earlier.

The holders may convert the loan notes into ordinary shares at a fixed conversion price of 20% discount on a fund raising event otherwise as agreed by the company and the noteholder.

In accordance with FRS 102, the proceeds from the issue have been apportioned between:

- a financial liability measured subsequently at amortised cost; and

- an equity component representing the value of the conversion option.

At 31 December 2025 the carrying amount of the liability component was £414,874.57 (2024: £nil) and the equity component recognised within reserves was £60,125.43 (2024: £nil).

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100,000

Ordinary

£ 0.0

1

1,000

1,000

10.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1st January 2025

(265,034

)

-

(265,034

)

Deficit for the year

(89,353

)

(89,353

)

Convertible loan note issue

-

60,125

60,125

At 31st December 2025

(354,387

)

60,125

(294,262

)

Other reserves

Equity reserve

£

Balance as at 1st January 2025

0

Equity component recognised on issue of convertible loan notes

60,125

Balance as at 31st December 2025

60,125

11.	GOING CONCERN

At the time of approving the financial statements , the directors have a reasonable expectation that the company 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.