Company registration number 13070981 (England and Wales)
HYDROGEN EQUITY PARTNERS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HYDROGEN EQUITY PARTNERS UK LIMITED
COMPANY INFORMATION
Directors
J C E Bamford
R A M Winter
J H Burns
J Munce
Company number
13070981
Registered office
North Bailey House
12 New Inn Hall Street
Oxford
OX1 2RP
Auditor
Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
HYDROGEN EQUITY PARTNERS UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
HYDROGEN EQUITY PARTNERS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activity and business review

The principal activity of the Company during the year was the provision of investment advisory and asset management services.

 

The Company is authorised and regulated by the Financial Conduct Authority (FCA) within the United Kingdom, where the principal activities of the business are conducted.

Future developments

The Directors do not anticipate any significant change in the business of the Company.

Results and dividends

The loss for the year, after taxation, amounted to £7,071 (2023 – loss of £671,490).

The directors do not recommend the payment of a dividend in the current year.

Principal risks and uncertainties

The Company’s revenues are dependent on the size and timing of the commitments from the limited partners into the fund the Company manages. A decline in these could cause a decline in revenues unless new fund advisory agreements are put in place.

The Company is regulated by the FCA (reference number 1002543). Failure to comply with the government regulations could result in fines or temporary or permanent prohibitions on business activity.

Financial key performance indicators

The Company considers profit after taxation to be its key performance indicator.

Directors' statement of compliance with duty to promote the success of the Company

From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 (“s172”) have been considered to an appropriate extent by the Company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following:

On behalf of the board

J Munce
Director
25 April 2025
HYDROGEN EQUITY PARTNERS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

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:

J C E Bamford
R A M Winter
J H Burns
J Munce
L Spencer-Wilson
(Resigned 25 March 2025)
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

On behalf of the board
J Munce
Director
25 April 2025
HYDROGEN EQUITY PARTNERS UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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:

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.

HYDROGEN EQUITY PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HYDROGEN EQUITY PARTNERS UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Hydrogen Equity Partners UK Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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:

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 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 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:

HYDROGEN EQUITY PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HYDROGEN EQUITY PARTNERS UK 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 identified material misstatements in the strategic report or the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

HYDROGEN EQUITY PARTNERS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HYDROGEN EQUITY PARTNERS UK LIMITED (CONTINUED)
- 6 -

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

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

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.

Other matter

The comparative figures for the year ended 31 December 2023 are unaudited.

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.

Robert Kirtland (Senior Statutory Auditor)
For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor
Chartered Accountants
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
25 April 2025
HYDROGEN EQUITY PARTNERS UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
as restated
Notes
£
£
Turnover
3
5,359,695
1,255,344
Administrative expenses
4
(5,358,787)
(2,082,878)
Operating profit/(loss)
5
908
(827,534)
Interest receivable and similar income
9
43
-
0
Profit/(loss) before taxation
951
(827,534)
Tax on profit/(loss)
10
(8,022)
156,044
Loss for the financial year
(7,071)
(671,490)

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

HYDROGEN EQUITY PARTNERS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
as restated
£
£
Loss for the year
(7,071)
(671,490)
Other comprehensive income
-
-
Total comprehensive income for the year
(7,071)
(671,490)
HYDROGEN EQUITY PARTNERS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
16,976
-
0
Investments
12
462,637
341,331
479,613
341,331
Current assets
Debtors
14
449,042
894,623
Cash at bank and in hand
2,157,005
552,052
2,606,047
1,446,675
Creditors: amounts falling due within one year
15
(2,129,525)
(2,074,800)
Net current assets/(liabilities)
476,522
(628,125)
Net assets/(liabilities)
956,135
(286,794)
Capital and reserves
Called up share capital
17
200,000
160,000
Share premium account
1,210,000
-
0
Capital redemption reserve
40,000
40,000
Profit and loss reserves
(493,865)
(486,794)
Total equity
956,135
(286,794)
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
J  Munce
Director
Company registration number 13070981 (England and Wales)
HYDROGEN EQUITY PARTNERS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
200,000
-
0
-
0
1,434,696
1,634,696
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(671,490)
(671,490)
Own shares acquired
-
-
-
(1,250,000)
(1,250,000)
Redemption of shares
17
(40,000)
-
0
40,000
-
0
-
0
Balance at 31 December 2023
160,000
-
0
40,000
(486,794)
(286,794)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(7,071)
(7,071)
Issue of share capital
17
40,000
1,210,000
-
-
1,250,000
Balance at 31 December 2024
200,000
1,210,000
40,000
(493,865)
956,135
HYDROGEN EQUITY PARTNERS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
506,886
2,132,480
Investing activities
Purchase of tangible fixed assets
(35,753)
-
0
Proceeds from disposal of tangible fixed assets
5,083
-
0
Purchases of investments
(121,306)
(330,613)
Interest received
43
-
0
Net cash used in investing activities
(151,933)
(330,613)
Financing activities
Proceeds from issue of shares
1,250,000
-
0
Purchase of own shares
-
0
(1,250,000)
Net cash generated from/(used in) financing activities
1,250,000
(1,250,000)
Net increase in cash and cash equivalents
1,604,953
551,867
Cash and cash equivalents at beginning of year
552,052
185
Cash and cash equivalents at end of year
2,157,005
552,052
HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Hydrogen Equity Partners UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is North Bailey House, 12 New Inn Hall Street, Oxford, OX1 2RP.

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 amounts 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 has not prepared consolidated financial statements as there is no material difference between the group and the company's financial position.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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, settlement discounts and volume rebates.

 

Income invoiced in advance for services be provided in the next financial year is included in deferred income.

1.4
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:

Fixtures and fittings
20% straight line
Computers
33% straight line
1.5
Fixed asset investments

Interests in subsidiaries and unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.6
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.

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
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.

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

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.

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 through 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.

1.8
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.

1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
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.

1.11
Retirement benefits

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

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
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
2024
2023
£
£
Turnover analysed by class of business
Investment management services
5,359,695
1,255,344
2024
2023
£
£
Other revenue
Interest income
43
-
4
Exceptional item
2024
2023
£
£
Adminstrative expenses includes
Exceptional item - contract termination fee
-
1,250,000
5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange (gains)/losses
-
0
1,874
Depreciation of owned tangible fixed assets
13,694
-
Impairment of debtors
18,779
-
HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
-
0
For other services
All other non-audit services
2,000
-
0
7
Employees

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

2024
2023
Number
Number
12
5

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,379,690
387,500
Social security costs
353,292
53,475
Pension costs
227,194
-
0
2,960,176
440,975
Redundancy payments (unpaid at the year-end)
272,500
-
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
899,000
253,200
Company pension contributions to defined contribution schemes
57,000
-
956,000
253,200

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 0).

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
425,000
-
Company pension contributions to defined contribution schemes
57,000
-
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
43
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
43
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,022
(156,044)

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

2024
2023
£
£
Profit/(loss) before taxation
951
(827,534)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
238
(157,231)
Tax effect of expenses that are not deductible in determining taxable profit
7,117
1,187
Other adjustments
667
-
0
Taxation charge/(credit) for the year
8,022
(156,044)
HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
-
0
-
0
-
0
Additions
9,068
26,685
35,753
Disposals
-
0
(5,083)
(5,083)
At 31 December 2024
9,068
21,602
30,670
Depreciation and impairment
At 1 January 2024
-
0
-
0
-
0
Depreciation charged in the year
2,150
11,544
13,694
At 31 December 2024
2,150
11,544
13,694
Carrying amount
At 31 December 2024
6,918
10,058
16,976
At 31 December 2023
-
0
-
0
-
0
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
10,718
10,718
Unlisted investments
451,919
330,613
462,637
341,331
Movements in fixed asset investments
Shares in subsidiaries
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 January 2024
10,718
330,613
341,331
Additions
-
121,306
121,306
At 31 December 2024
10,718
451,919
462,637
Carrying amount
At 31 December 2024
10,718
451,919
462,637
At 31 December 2023
10,718
330,613
341,331

The company has a commitment to invest a further £298,081 (2023: £419,387) in the unlisted investments.

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
HyCap S.a r.l.
6 Rue Dicks, 1417, Luxembourg
General Partner
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
HyCap S.a r.l.
10,056
1,169

The results above are for the year ended 31 December 2023

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
166,243
-
0
Corporation tax recoverable
156,044
156,044
Other debtors
21,078
82,196
Prepayments and accrued income
105,677
656,383
449,042
894,623
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
74,537
-
0
Corporation tax
8,022
-
0
Other taxation and social security
113,860
-
0
Accruals and deferred income
1,933,106
2,074,800
2,129,525
2,074,800
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
227,194
-

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.

Included in the balance sheet are unpaid pension contributions of £nil (2023: £nil).

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
160,000
200,000
160,000

During the year, the company issued 40,000 Ordinary shares of £1 each for aggregate consideration of £1,250,000.

18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties (excluding amounts already disclosed within directors' remuneration):

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
5,359,695
1,255,344
488,924
1,282,583
2024
2023
Amounts due to related parties
£
£
Other related parties
28,748
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
218,243
703,588
19
Ultimate controlling party

J Bamford is the controlling party, being the majority shareholder.

HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
20
Cash generated from operations
2024
2023
£
£
Loss after taxation
(7,071)
(671,490)
Adjustments for:
Taxation charged/(credited)
8,022
(156,044)
Investment income
(43)
-
0
Depreciation and impairment of tangible fixed assets
13,694
-
0
Movements in working capital:
Decrease in debtors
445,581
1,645,389
Increase in creditors
46,703
1,314,625
Cash generated from operations
506,886
2,132,480
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
552,052
1,604,953
2,157,005
22
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Debtors due within one year
390,845
503,778
894,623
Creditors due within one year
Other creditors
(2,221,600)
146,800
(2,074,800)
Net assets
(937,372)
650,578
(286,794)
Capital and reserves
Profit and loss reserves
(1,137,372)
650,578
(486,794)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Turnover
598,961
656,383
1,255,344
Administrative expenses
(2,229,678)
146,800
(2,082,878)
Taxation
308,649
(152,605)
156,044
Loss for the financial period
(1,322,068)
650,578
(671,490)
HYDROGEN EQUITY PARTNERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Prior period adjustment
(Continued)
- 22 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Accrued income not previously recognised
-
656,383
Bonus accrual incorrectly included
-
146,800
Corporation tax on above adjustments
-
(152,605)
Total adjustments
-
650,578
Equity as previously reported
1,634,696
(937,372)
Equity as adjusted
1,634,696
(286,794)
Analysis of the effect upon equity
Profit and loss reserves
-
650,578
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Accrued income not previously recognised
656,383
Bonus accrual incorrectly included
146,800
Corporation tax on above adjustments
(152,605)
Total adjustments
650,578
Loss as previously reported
(1,322,068)
Loss as adjusted
(671,490)
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