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Registered number: 02962739
















ANTECH LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024


































img13a9.png


ANTECH LIMITED
REGISTERED NUMBER:02962739

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
1,305,912
1,194,677

Tangible assets
 7 
2,535,930
2,390,515

  
3,841,842
3,585,192

Current assets
  

Stocks
 9 
3,930,249
2,658,391

Debtors: amounts falling due within one year
 10 
1,912,720
1,419,597

Cash at bank and in hand
 11 
5,384,428
4,929,837

  
11,227,397
9,007,825

Creditors: amounts falling due within one year
 12 
(6,077,427)
(2,771,732)

Net current assets
  
 
 
5,149,970
 
 
6,236,093

Total assets less current liabilities
  
8,991,812
9,821,285

Provisions for liabilities
  

Deferred tax
 13 
(487,358)
(485,064)

  
 
 
(487,358)
 
 
(485,064)

Net assets
  
8,504,454
9,336,221


Capital and reserves
  

Called up share capital 
 14 
647,498
647,498

Share premium account
 15 
-
6,112,054

Revaluation reserve
 15 
194,991
199,012

Foreign exchange reserve
 15 
44,408
12,627

Profit and loss account
 15 
7,617,557
2,365,030

  
8,504,454
9,336,221


Page 1


ANTECH LIMITED
REGISTERED NUMBER:02962739
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A K L Miszewski
Director

Date: 30 April 2025

Page 2


ANTECH LIMITED
REGISTERED NUMBER:02962739

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
1,305,912
1,194,677

Tangible assets
 7 
2,514,952
2,379,789

Investments
 8 
38,505
38,505

  
3,859,369
3,612,971

Current assets
  

Stocks
 9 
3,796,583
2,655,146

Debtors: amounts falling due within one year
 10 
1,876,141
1,145,232

Cash at bank and in hand
 11 
4,285,394
3,461,183

  
9,958,118
7,261,561

Creditors: amounts falling due within one year
 12 
(3,921,631)
(1,210,459)

Net current assets
  
 
 
6,036,487
 
 
6,051,102

Total assets less current liabilities
  
9,895,856
9,664,073

  

Provisions for liabilities
  

Deferred taxation
 13 
(487,358)
(485,064)

  
 
 
(487,358)
 
 
(485,064)

Net assets
  
9,408,498
9,179,009


Capital and reserves
  

Called up share capital 
 14 
647,498
647,498

Share premium account
 15 
-
6,112,054

Revaluation reserve
 15 
194,991
199,012

Profit and loss account brought forward
  
2,220,445
813,888

Profit for the year
  
229,489
1,402,536

Other changes in the profit and loss account

  

6,116,075
4,021

Profit and loss account carried forward
  
8,566,009
2,220,445

  
9,408,498
9,179,009


Page 3


ANTECH LIMITED
REGISTERED NUMBER:02962739
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





A K L Miszewski
Director

Date: 30 April 2025

The notes on pages 5 to 21 form part of these financial statements.

Page 4


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

AnTech Limited is a private company limited by shares incorporated in England and Wales, registered number 02962739. The registered office is Unit 7 Newbery Commercial Centre, Exeter Airport Business Park, Exeter, Devon, EX5 2UL. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 4).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 5


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

Management have carried out an assessment of AnTech Group as a going concern for the next 12 months to May 2026. In doing so a cashflow forecast has been prepared, combined with an overall risk assessment for the Group, with reference to the Risk Register and SWOT analysis.

Management are confident that AnTech Group is a going concern for the next 12 months.

AnTech Group has had a successful year in 2024, despite a drop in revenue. In the services division, there is an ongoing contract for Alaska and work on the COBALT development with applications outside of the oil and gas industry. The products division has maintained revenue compared to 2023, and the comparison included late shipments driven by customer demand.

We expect the performance of both divisions to remain at this level into 2025. Products orders are tracking on budget and the Services division is working on 3 active contracts.

The Directors have considered conflict in Ukraine and what impact it will have on the ongoing operations of the business. There are risks to the business which could impact production of goods, supply of materials and demand for product and services and these have been considered in detail through the Group's risk assessment process. 
 
The Directors have reviewed the Group’s current stock holdings, working environment and future trading ability, and as a result anticipate that the business will continue to be successful. In light of this, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

Page 6


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

INTANGIBLE ASSETS

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged over five years from the date on which commercial production commences. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Computer software
-
4
years

 
2.6

TANGIBLE FIXED ASSETS

Freehold property is measured under the revaluation model, with all other tangible fixed assets being measured under the cost model. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.

Page 7


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.6
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is provided on the following basis:

Freehold property
-
5 - 50 years
Plant and machinery
-
4 - 5 years
Rental tools and equipment
-
2 - 10 years
Assets under construction
-
Not depreciated

All assets are initially recorded at cost. The capitalisation threshold is £250 apart from handtools where there is no capitalisation threshold, and all handtools will be capitalised regardless of value.
Depreciation has been charged on rental tools based on a straight line basis, and these tools have an expected useful life between 2 and 10 years.

 
2.7

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 8


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.14

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 9


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.16

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 September 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.17

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 10


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.20

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.22

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 criteria 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, which range from 3 to 6 years.
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.

Page 11


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 13 May 2025 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

4.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, the directors are required to make judgments, 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Carrying value of intangible and tangible assets
Management assesses the probability of expected future economic benefits using reasonable and supportable assumptions that represent their best estimate of the economic conditions that will exist over the useful life of the asset.  Due to the specialised nature of the assets judgement is used to assess the degree of certainty attached to the flow of future economic benefits and the technical feasibility and success of the various projects.
In reviewing for impairment, the carrying value of such assets is compared to the estimated discounted cashflows expected from the use of the assets which involves significant estimates on the part of management.  
If there is a material change in economic conditions, climate or other circumstances influencing the estimate of future cash flows or fair value the Group could be required to recognise impairment charges in the future.  With the fluctuating oil prices management have this is under constant review.
Useful economic life of intangibles assets
The annual amortisation charge is sensitive to any changes in the estimated useful economic life and residual values of intangible assets.  

Useful economic lives of tangible assets
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
Impairment of stocks 
The Group's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
 
Page 12


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.JUDGMENTS IN APPLYING ACCOUNTING POLICIES (CONTINUED)

Impairment of debtors
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.


5.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 51 (2023: 47).


6.


INTANGIBLE ASSETS

Group





Research and development
Computer software
Total

£
£
£



COST


At 1 September 2023
2,132,937
44,301
2,177,238


Additions
378,297
-
378,297



At 31 August 2024

2,511,234
44,301
2,555,535



AMORTISATION


At 1 September 2023
940,449
42,112
982,561


Charge for the year on owned assets
265,373
1,689
267,062



At 31 August 2024

1,205,822
43,801
1,249,623



NET BOOK VALUE



At 31 August 2024
1,305,412
500
1,305,912



At 31 August 2023
1,192,488
2,189
1,194,677



Page 13


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
           6.INTANGIBLE ASSETS (CONTINUED)

Company




Research and development
Computer software
Total

£
£
£



COST


At 1 September 2023
2,132,937
44,301
2,177,238


Additions
378,297
-
378,297



At 31 August 2024

2,511,234
44,301
2,555,535



AMORTISATION


At 1 September 2023
940,449
42,112
982,561


Charge for the year on owned assets
265,373
1,689
267,062



At 31 August 2024

1,205,822
43,801
1,249,623



NET BOOK VALUE



At 31 August 2024
1,305,412
500
1,305,912



At 31 August 2023
1,192,488
2,189
1,194,677

Page 14


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Rental tools and equipment
Assets under construction
Total

£
£
£
£
£



COST OR VALUATION


At 1 September 2023
607,656
767,090
4,118,841
89,229
5,582,816


Additions
25,798
142,129
647,888
256,577
1,072,392


Disposals
-
(22,416)
(71,692)
-
(94,108)



At 31 August 2024

633,454
886,803
4,695,037
345,806
6,561,100



DEPRECIATION


At 1 September 2023
147,792
391,598
2,652,911
-
3,192,301


Charge for the year on owned assets
19,702
110,299
727,635
-
857,636


Disposals
-
(141)
(24,626)
-
(24,767)



At 31 August 2024

167,494
501,756
3,355,920
-
4,025,170



NET BOOK VALUE



At 31 August 2024
465,960
385,047
1,339,117
345,806
2,535,930



At 31 August 2023
459,864
375,492
1,465,930
89,229
2,390,515

The freehold property was valued on 25 July 2018 by an independent, RICS qualified valuer. On an open market basis, this indicated a value of £470,000. The 2024 valuations have been made by the directors on an open market basis.

Page 15


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           7.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property
Plant and machinery
Rental tools and equipment
Assets under construction
Total

£
£
£
£
£

COST OR VALUATION


At 1 September 2023
607,656
744,673
4,106,519
89,229
5,548,077


Additions
25,798
127,067
647,888
256,577
1,057,330


Disposals
-
(22,416)
(71,692)
-
(94,108)



At 31 August 2024

633,454
849,324
4,682,715
345,806
6,511,299



DEPRECIATION


At 1 September 2023
147,792
379,907
2,640,589
-
3,168,288


Charge for the year on owned assets
19,702
105,489
727,635
-
852,826


Disposals
-
(141)
(24,626)
-
(24,767)



At 31 August 2024

167,494
485,255
3,343,598
-
3,996,347



NET BOOK VALUE



At 31 August 2024
465,960
364,069
1,339,117
345,806
2,514,952



At 31 August 2023
459,864
364,766
1,465,930
89,229
2,379,789





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
465,960
459,864

465,960
459,864


The freehold property was valued on 25 July 2018 by an independent, RICS qualified valuer. On an open market basis, this indicated a value of £470,000. The 2024 valuations have been made by the directors on an open market basis.

Page 16


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 September 2023
38,505



At 31 August 2024
38,505





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

AnTech Oilfield Services Inc
United States
Ordinary
100%
AnTech Oilfield Services PTY Ltd
Australia
Ordinary
100%


9.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
1,633,807
1,252,465
1,633,807
1,252,465

Work in progress (goods to be sold)
988,959
621,602
855,293
618,357

Finished goods and goods for resale
330,785
379,690
330,785
379,690

Subassembly stock
976,698
404,634
976,698
404,634

3,930,249
2,658,391
3,796,583
2,655,146


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 17


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,432,413
1,067,824
1,432,413
797,195

Other debtors
19,794
54,748
19,401
52,619

Prepayments and accrued income
460,513
297,025
424,327
295,418

1,912,720
1,419,597
1,876,141
1,145,232



11.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,384,428
4,929,837
4,285,394
3,461,183



12.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
1,500,000
-
1,500,000
-

Trade creditors
771,119
690,610
746,661
682,848

Amounts owed to group undertakings
-
-
36,363
-

Other taxation and social security
371,041
60,798
204,401
54,118

Other creditors
2,669,440
1,368,511
415,655
105,426

Accruals and deferred income
765,827
651,813
1,018,551
368,067

6,077,427
2,771,732
3,921,631
1,210,459


Included in other loans is a convertible loan note of £1,500,000. The loan note has an interest rate of 0% and at the year end, the option to convert had lapsed. The loan is repayable on demand.  

Page 18


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(485,064)


Charged to profit or loss
(2,294)



AT END OF YEAR
(487,358)

Company


2024


£






At beginning of year
(485,064)


Charged to profit or loss
(2,294)



AT END OF YEAR
(487,358)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(619,617)
(578,075)
(619,617)
(578,075)

Short term timing differences
1,419
1,007
1,419
1,007

Capital (gains)/losses
19,848
18,843
19,848
18,843

Losses and other deductions
110,992
73,161
110,992
73,161

(487,358)
(485,064)
(487,358)
(485,064)

Page 19


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



33,913,810 (2023: 33,913,810) Ordinary shares of £0.01 each
339,138
339,138
30,835,951 (2023: 30,835,951) Ordinary B shares of £0.01 each
308,360
308,360

647,498

647,498



15.


RESERVES

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
On 12th December 2023, a resolution was passed to cancel the share premium account and credit the value of share premium to reserves. The total value of the capital reduction was £6,112,054.

Revaluation reserve

The revaluation reserve includes reserves generated from revaluation of assets.

Foreign exchange reserve

The foreign exchange reserve includes all differences arising from consolidation of the financial statements with subsidiaries with a different currency. 

Profit and loss account

The profit and loss account includes all current and prior retained profits and losses. 


16.


CAPITAL COMMITMENTS




At 31 August 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
205,000
-
205,000
-

205,000
-
205,000
-

Page 20


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £61,145 (2023: £47,330). Contributions totalling £16,780 (2023: £12,258) were payable to the fund at the balance sheet date and are included in creditors.


18.


COMMITMENTS UNDER OPERATING LEASES

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
30,292
59,188
30,292
59,188

Later than 1 year and not later than 5 years
36,750
9,292
36,750
9,292

67,042
68,480
67,042
68,480


19.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption available under the requirements of Section 33 Related Party Disclosures paragraph 33.1A, in not providing details of any transaction entered into between two of more members of a wholly owned group.


20.


POST BALANCE SHEET EVENTS

On 13th December 2024, a convertible loan note included in creditors at the year end of £1,500,000 was converted into 7,281,553 ordinary shares for a convertible price of £0.206 per share. The total share capital issued was £72,816 and share premium issued was £1,427,184.


21.


CONTROLLING PARTY

During the year there was no ultimate controlling party. Since the year end, the ultimate controlling party is now AnTech Holdings Ltd.

 
Page 21