SLAMcore Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

SLAMcore Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09999502 . The registered office is Ketton Suite, The King Centre Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are trademarks and licences. They are amortised to profit and loss account over the estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	1.33 years, straight line
Plant & Machinery	3 years, straight line
Fixtures & Fittings	5 years, straight line
Computer Equipment	3 years, straight line

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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SLAMcore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. 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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

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.

2.9. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.10. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.11. 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 of 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.

2.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is

recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

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SLAMcore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.14. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 28 (2024: 26)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	57,083
Additions	8,172

As at 31 December 2025	65,255

Amortisation
As at 1 January 2025	22,115
Provided during the period	7,416

As at 31 December 2025	29,531

Net Book Value
As at 31 December 2025	35,724

As at 1 January 2025	34,968

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SLAMcore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	5,543	44,485	74,104	295,106	419,238
Additions	-	1,049	-	22,981	24,030
Disposals	-	-	-	(1,283 )	(1,283 )

As at 31 December 2025	5,543	45,534	74,104	316,804	441,985

Depreciation
As at 1 January 2025	5,543	25,282	48,834	239,811	319,470
Provided during the period	-	15,276	7,747	38,725	61,748
Disposals	-	-	-	(605 )	(605 )

As at 31 December 2025	5,543	40,558	56,581	277,931	380,613

Net Book Value
As at 31 December 2025	-	4,976	17,523	38,873	61,372

As at 1 January 2025	-	19,203	25,270	55,295	99,768

6. Stocks

	2025	2024 as restated
	£	£
Stock	279,959	39,007

7. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	237,417	560,214
Prepayments and accrued income	236,210	97,068
Other debtors	168,332	114,360
Corporation tax recoverable assets	691,765	769,738
VAT	32,588	55,267

	1,366,312	1,596,647

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SLAMcore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	34,175	9,613
Other taxes and social security	112,958	100,009
Other creditors	29,754	20,463
Accruals and deferred income	88,468	129,637
Income in advance	198,195	300,009

	463,550	559,731

9. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
2,544,114 Ordinary Shares of £ 0.0001 each	254	94
13,246 Growth shares of £ 0.0001 each	1	1
111,200 Seed Round 1 and 1A shares of £ 0.0001 each	11	25
692,697 Seed Round 2 and 2A shares of £ 0.0001 each	69	95
504,109 Series A-1 and A-1A shares of £ 0.0001 each	50	74
0 Series A-2 shares of £ 0.0001 each	-	17
1,464,549 Series A-3 shares of £ 0.0001 each	146	-

	531	306

On 31st January 2025, 2,714 Ordinary shares of £0.0001 each were allotted and fully paid at a price of £0.0001 each.

On 31st March 2025 the following shares were issued:

238,091 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.
373,134 Series A-3 shares of £0.0001 each were allotted at a fully paid price of £5.36 per share.
1 Series A-3A share of £0.0001 each were allotted at a fully paid price of £0.0001 per share.

On 31st March 2025 the following redesignations were made:

252,800 Seed 1 shares to Ordinary shares
260,986 Seed 2 shares to Ordinary shares
231,000 Series A-1 shares to Ordinary shares
166,711 Series A-2 shares to Ordinary shares
70,165 Seed 2 shares to Seed 2A shares
178,262 Series A-1 shares to Series A-1A shares
111,200 Ordinary shares to Seed 1A shares

On 1st April 2025 the following shares were issued:

408,280 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.
818,096 Series A-3 shares of £0.0001 each were allotted at a fully paid price of £5.36 per share.

On 2nd April 2025 the following shares were issued:

18,679 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0535 per share.
119,402 Series A-3 shares of £0.0001 each were allotted at a fully paid price of £5.36 per share.

On 3rd April 2025 the following shares were issued:

...CONTINUED

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SLAMcore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Share Capital - continued

63,472 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.
74,626 Series A-3 shares of £0.0001 each were allotted at a fully paid price of £5.36 per share.

On 7th April 2025, 4,664 Series A-3 shares of £0.0001 each were allotted and fully paid at a price of £5.36 each.

On 7th May 2025, 1,534 Ordinary shares of £0.0001 each were allotted and fully paid at a price of £0.651897 each.

On 17th June 2025 the following shares were issued:

63,472 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.
74,627 Series A-3 shares of £0.0001 each were allotted at a fully paid price of £5.36 per share.

On 22nd October 2025 the following shares were issued:

3,500 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.01 per share.
2,156 Ordinary shares of £0.0001 each were allotted at a fully paid price of £0.0001 per share.

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024 as restated
	£	£
Not later than one year	174,810	182,076
Later than one year and not later than five years	-	150,000

	174,810	332,076

The amount of non-cancellable operating lease payments recognised as an expense during the year was £181,800 (2024 - £185,325).

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		35,724		34,968
Tangible Assets	5		61,372		99,768

			97,096		134,736
CURRENT ASSETS
Stocks	6	279,959		39,007
Debtors	7	1,366,312		1,596,647
Cash at bank and in hand		4,194,485		1,241,503

		5,840,756		2,877,157
Creditors: Amounts Falling Due Within One Year	8	(463,550 )		(559,731 )

NET CURRENT ASSETS (LIABILITIES)			5,377,206		2,317,426

TOTAL ASSETS LESS CURRENT LIABILITIES			5,474,302		2,452,162

NET ASSETS			5,474,302		2,452,162

CAPITAL AND RESERVES
Called up share capital	9		531		306
Share premium account			28,397,508		20,672,140
Capital redemption reserve			22		22
Other Reserves			3,452,460		3,166,573
Profit and Loss Account			(26,376,219 )		(21,386,879 )

SHAREHOLDERS' FUNDS			5,474,302		2,452,162