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REGISTERED NUMBER: 08987637 (England and Wales)










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:

Unit 2A Forward Park


96-97 Bagot Street


Birmingham


West Midlands


B7 4BB







REGISTERED NUMBER:

08987637 (England and Wales)







ACCOUNTANTS:

UHY Hacker Young (Bham) LLP


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

150,815


140,261



Tangible assets

5

279,173


226,887



429,988


367,148




CURRENT ASSETS

Debtors

6

652,703


658,169



Cash at bank and in hand

587,353


191,945



1,240,056


850,114



CREDITORS

Amounts falling due within one year

7

6,957,624


1,904,704



NET CURRENT LIABILITIES

(5,717,568

)

(1,054,590

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(5,287,580

)

(687,442

)



CREDITORS

Amounts falling due after more than

one year

8

-


20,800



NET LIABILITIES

(5,287,580

)

(708,242

)



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

344


344



Share premium

4,770,511


4,770,511



Other reserves

38,184


-



Retained earnings

(10,096,619

)

(5,479,097

)


SHAREHOLDERS' FUNDS

(5,287,580

)

(708,242

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.  


The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.  


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


In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025  and were signed on its behalf by:






D H Mead - Director



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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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



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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


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 50 (2024 - 35 ) .


4.

INTANGIBLE FIXED ASSETS


Intangibles

£   



COST


At 1 April 2024

206,965




Additions

26,695




At 31 December 2024

233,660




AMORTISATION


At 1 April 2024

66,704




Charge for period

16,141




At 31 December 2024

82,845




NET BOOK VALUE


At 31 December 2024

150,815




At 31 March 2024

140,261




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

310,635




Additions

101,609




At 31 December 2024

412,244




DEPRECIATION


At 1 April 2024

83,748




Charge for period

49,323




At 31 December 2024

133,071




NET BOOK VALUE


At 31 December 2024

279,173




At 31 March 2024

226,887




6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.12.24

31.3.24


£   

£   



Other debtors

110


6,849




VAT

97,381


90,009




Prepayments and accrued income

167,377


451,995




Prepayments

387,835


109,316



652,703


658,169




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



6,957,624


1,904,704




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
2024202420242024
WeightedWeighted
AverageAverage
ExerciseExercise
Price (pence)NumberPrice (pence)Number

Enterprise Management Scheme32.111,18932.111,455





31
December

31 March
20242024
NumberNumber
Brought forward1,4551,455
Granted in the period--
Exercised in the period--
Forfeited in the period266-
Carried forward1,1891,455
Exercisable quantity (vested)1,1891,455


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.