SEABOUND CARBON LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 14170323

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		180,537		65,233

			180,537		65,233
CURRENT ASSETS
Debtors	5	778,471		985,303
Cash at bank and in hand		1,254,044		704,732

		2,032,515		1,690,035
Creditors: Amounts Falling Due Within One Year	6	(352,521 )		(186,836 )

NET CURRENT ASSETS (LIABILITIES)			1,679,994		1,503,199

TOTAL ASSETS LESS CURRENT LIABILITIES			1,860,531		1,568,432

Creditors: Amounts Falling Due After More Than One Year	7		(330,106 )		(802,737 )

NET ASSETS			1,530,425		765,695

CAPITAL AND RESERVES
Called up share capital	8		6,714,667		4,066,142
Profit and Loss Account			(5,184,242 )		(3,300,447 )

SHAREHOLDERS' FUNDS			1,530,425		765,695

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SEABOUND CARBON LTD

Balance Sheet (continued)

As At 30 June 2026

For the year ending 30 June 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Ms Alisha Fredriksson

Director

8th October 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Seabound Carbon Ltd is a private company, limited by shares, incorporated in London, England, registered number 14170323. The registered office is Seabound, 124 City Road, London, England, EC1V 2NX.

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.

2.2. Going Concern Disclosure

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

The Company incurred a loss during the year of £1,883,795 (2025: £1,217,511), which has been funded by the company's parent company, Seabound Carbon Inc.

Seabound Carbon Inc will continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.

The Directors have assessed the current financial position of Seabound Carbon Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as a going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. 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:

Plant & Machinery	over 5 years
Fixtures & Fittings	over 3 years
Computer Equipment	over 3 years

2.5. Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

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SEABOUND CARBON LTD

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

2.6. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.7. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 17 (2025: 17)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 July 2025	57,340	2,074	30,787	90,201
Additions	148,877	1,736	6,366	156,979

As at 30 June 2026	206,217	3,810	37,153	247,180

Depreciation
As at 1 July 2025	6,706	682	17,580	24,968
Provided during the period	30,356	1,151	10,168	41,675

As at 30 June 2026	37,062	1,833	27,748	66,643

Net Book Value
As at 30 June 2026	169,155	1,977	9,405	180,537

As at 1 July 2025	50,634	1,392	13,207	65,233

5. Debtors

	2026	2025
	£	£
Due within one year
Prepayments and accrued income	70,600	68,743
Other debtors	-	127,088
Corporation tax recoverable assets	641,310	727,602
VAT	66,561	61,870

	778,471	985,303

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SEABOUND CARBON LTD

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2026

6. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	200,825	126,111
Bank loans and overdrafts	1,925	1,628
Other taxes and social security	30,491	27,737
Other creditors	12,903	4,943
Accruals and deferred income	106,377	26,417

	352,521	186,836

7. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Innovate UK Loan	330,106	-
Amounts owed to group undertakings	-	802,737

	330,106	802,737

Other loans are advances on an Innovate UK loan from a total facility of £1,955,643 plus accrued interest of £1,859. The loan is secured by a fixed and floating charge on the company's assets.

8. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
6,714,667 Ordinary Shares of £ 1.00 each	6,714,667	4,066,142


Shares issued during the period:	£
2,648,525 Ordinary Shares of £ 1.00 each	2,648,525

9. Other Commitments

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

	2026	2025
	£	£
Not later than one year	86,380	542,024
Later than one year and not later than five years	-	86,380

	86,380	628,404

10. Related Party Transactions

During the year, 2,648,525 new ordinary shares of £1.00 each were issued to Seabound Carbon Inc. for a cash consideration of £2,648,525.

11. Ultimate Controlling Party

The company's immediate and ultimate parent undertaking is Seabound Carbon Inc., a company incorporated in the United States of America. The ultimate controlling party is Ms Alisha Fredriksson.

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