REGISTERED NUMBER: |
| PETALITE LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
REGISTERED NUMBER: |
| PETALITE LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PETALITE LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
DIRECTORS: | J M Groocock |
C D O Jillings |
D H Mead |
L Purnell A Unwin |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
BALANCE SHEET |
31 DECEMBER 2024 |
31.12.24 | 31.3.24 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( | ) | ( | ) |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
BALANCE SHEET - continued |
31 DECEMBER 2024 |
31.12.24 | 31.3.24 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS | ( | ) | ( | ) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Petalite Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentational and functional currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1. |
Measurement convention |
| The financial statements are prepared on the historical cost basis except in the instance where assets and liabilities are stated at their fair value. |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they have adopted the going concern basis of accounting in preparing these financial statements. |
| Basic financial instruments |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. |
Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other income, in which case it is recognised directly in equity or other income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date. |
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. |
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Intangibles |
£ |
COST |
At 1 April 2024 |
Additions |
At 31 December 2024 |
AMORTISATION |
At 1 April 2024 |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 March 2024 |
| Intangible Fixed Assets relate to patents; these are being amortised over their estimated useful life of 10 years, in accordance with FRS102. |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 April 2024 |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 March 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.3.24 |
£ | £ |
Other debtors |
VAT |
Prepayments and accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.3.24 |
£ | £ |
Trade Creditors | 527,358 | 174,800 |
Other Creditors | 304,873 | 173,090 |
Loans | 6,125,393 | 1,556,814 |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.3.24 |
£ | £ |
Bounceback Loan > 1 Year | - | 20,800 |
9. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are granted with a fixed exercise price determined at the grant option. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company. |
| 31 December | 31 December | 31 March | 31 March |
| 2024 | 2024 | 2024 | 2024 |
| Weighted | Weighted |
| Average | Average |
| Exercise | Exercise |
| Price (pence | ) | Number | Price (pence | ) | Number |
| Enterprise Management Scheme | 32.11 | 1,189 | 32.11 | 1,455 |
| 31 December | 31 March |
| 2024 | 2024 |
| Number | Number |
| Brought forward | 1,455 | 1,455 |
| Granted in the period | - | - |
| Exercised in the period | - | - |
| Forfeited in the period | 266 | - |
| Carried forward | 1,189 | 1,455 |
| Exercisable quantity (vested) | 1,189 | 1,455 |
| The company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the period is determined using the Black-Scholes model. |
| The total charge for the period recognised as administrative expenses was £38,184 (31 March 2024: £Nil). |
PETALITE LIMITED (REGISTERED NUMBER: 08987637) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
10. | EVENTS AFTER REPORTING DATE |
On 26 March 2025 the Company received additional capital of £13.7m, made up of £10.6m cash from US energy investors, Quantum Capital, £2.9m conversion of debt from existing shareholder, Utilico Emerging Markets, and £0.2m from existing angel investors. All outstanding loan financing outstanding at that date was repaid in March 2025. |