Ionate Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: SC640134

Ionate Limited

Consolidated Financial Statements

31 December 2024

Ionate Limited

Consolidated Financial Statements

Period from 1 May 2024 to 31 December 2024

Contents	Page

Directors' report	1

Independent auditor's report to the members	3

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Company statement of financial position	10

Consolidated statement of changes in equity	11

Company statement of changes in equity	12

Notes to the consolidated financial statements	13

Ionate Limited

Directors' Report

Period from 1 May 2024 to 31 December 2024

The directors present their report and the Consolidated Financial Statements of the group for the period ended 31 December 2024 .

Directors

The directors who served the company during the period were as follows:

P J C Gawley
R Ricci
J Tolnar
M J Williams
IQ Capital Directors Nominees Ltd

P J C Gawley resigned on 7 February 2025. R Ricci resigned on 12 May 2025. L Mezossy-Dona was appointed on 13 May 2025. D A Grimm was appointed on 8 January 2025.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the Consolidated Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Consolidated Financial Statements for each financial period. Under that law the directors have elected to prepare the Consolidated 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 Consolidated Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Consolidated Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Consolidated Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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 Consolidated 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 28 July 2025 and signed on behalf of the board by:

M J Williams

Director

Registered office:

3 Queen Street

Edinburgh

Scotland

EH2 1JE

Ionate Limited

Independent Auditor's Report to the Members of Ionate Limited

Period from 1 May 2024 to 31 December 2024

Opinion

We have audited the Consolidated Financial Statements of Ionate Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated Financial Statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

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 consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the Consolidated 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 Consolidated Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Consolidated 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 Consolidated Financial Statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Consolidated 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. In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in 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 there is a material misstatement in the Consolidated Financial Statements or a material misstatement of the other information. 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 the audit:

- the information given in the directors' report for the financial period for which the Consolidated Financial Statements are prepared is consistent with the Consolidated Financial Statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Consolidated Financial Statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the Consolidated Financial Statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Consolidated 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 Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated Financial Statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the Consolidated 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 Consolidated Financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual or potential litigation and claims; and - reviewing correspondence with HMRC and the company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Paul Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered accountants & statutory auditor

Suite 1, First Floor

1 Duchess Street

London

W1W 6AN

28 July 2025

Ionate Limited

Consolidated Statement of Comprehensive Income

Period from 1 May 2024 to 31 December 2024

	Period from
	1 May 24 to	Year to
	31 Dec 24	30 Apr 24
Note	£	£
Turnover	70,759	25,885

	--------	--------
Gross profit	70,759	25,885

Administrative expenses	( 2,379,927)	( 2,168,761)
Other operating income	457,456	146,046
	------------	------------
Operating loss	( 1,851,712)	( 1,996,830)

Other interest receivable and similar income		4,873	57,472
Interest payable and similar expenses		( 1,341)	–
		------------	------------
Loss before taxation	6	( 1,848,180)	( 1,939,358)

Tax on loss	( 424)	( 6,229)
	------------	------------
Loss for the financial period and total comprehensive income	( 1,848,604)	( 1,945,587)
	------------	------------

All the activities of the group are from continuing operations.

Ionate Limited

Consolidated Statement of Financial Position

31 December 2024

	31 Dec 24	30 Apr 24
Note	£	£

Fixed assets

Tangible assets	7	19,356	17,188

Current assets

Debtors	9	5,481,120	167,546
Cash at bank and in hand		7,118,974	388,013
		-------------	---------
		12,600,094	555,559

Creditors: amounts falling due within one year	10	( 485,344)	( 153,749)
		-------------	---------
Net current assets		12,114,750	401,810
		-------------	---------
Total assets less current liabilities		12,134,106	418,998
		-------------	---------
Net assets		12,134,106	418,998
		-------------	---------

Capital and reserves

Called up share capital		285	166
Share premium account	11	17,204,205	3,640,612
Profit and loss account	11	( 5,070,384)	( 3,221,780)
		-------------	------------
Shareholders funds		12,134,106	418,998
		-------------	------------

These Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:

M J Williams

Director

Company registration number: SC640134

Ionate Limited

Company Statement of Financial Position

31 December 2024

	31 Dec 24	30 Apr 24
Note	£	£

Fixed assets

Tangible assets	7	12,839	15,369
Investments	8	29,989	29,989
		--------	--------
		42,828	45,358

Current assets

Debtors	9	5,734,192	449,284
Cash at bank and in hand		7,116,639	278,877
		-------------	---------
		12,850,831	728,161

Creditors: amounts falling due within one year	10	( 357,713)	( 140,619)
		-------------	---------
Net current assets		12,493,118	587,542
		-------------	---------
Total assets less current liabilities		12,535,946	632,900
		-------------	---------
Net assets		12,535,946	632,900
		-------------	---------

Capital and reserves

Called up share capital		285	166
Share premium account	11	17,204,205	3,640,612
Profit and loss account	11	( 4,668,544)	( 3,007,878)
		-------------	------------
Shareholders funds		12,535,946	632,900
		-------------	------------

The loss for the financial period of the parent company was £ 1,660,666 (2024: £ 1,731,685 ).

These Consolidated Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These Consolidated Financial Statements were approved by the board of directors and authorised for issue on 28 July 2025 , and are signed on behalf of the board by:

M J Williams

Director

Company registration number: SC640134

Ionate Limited

Consolidated Statement of Changes in Equity

Period from 1 May 2024 to 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 May 2023	166	3,640,612	( 1,276,193)	2,364,585

Loss for the period			( 1,945,587)	( 1,945,587)
	----	------------	------------	------------
Total comprehensive income for the period	–	–	( 1,945,587)	( 1,945,587)

At 30 April 2024	166	3,640,612	( 3,221,780)	418,998

Loss for the period			( 1,848,604)	( 1,848,604)
	----	------------	------------	------------
Total comprehensive income for the period	–	–	( 1,848,604)	( 1,848,604)

Issue of shares	119	13,563,593	–	13,563,712
	----	-------------	----	-------------
Total investments by and distributions to owners	119	13,563,593	–	13,563,712

	----	-------------	------------	-------------
At 31 December 2024	285	17,204,205	( 5,070,384)	12,134,106
	----	-------------	------------	-------------

Ionate Limited

Company Statement of Changes in Equity

Period from 1 May 2024 to 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 May 2023	166	3,640,612	( 1,276,193)	2,364,585

Loss for the period			( 1,731,685)	( 1,731,685)
	----	------------	------------	------------
Total comprehensive income for the period	–	–	( 1,731,685)	( 1,731,685)

At 30 April 2024	166	3,640,612	( 3,007,878)	632,900

Loss for the period			( 1,660,666)	( 1,660,666)
	----	------------	------------	------------
Total comprehensive income for the period	–	–	( 1,660,666)	( 1,660,666)

Issue of shares	119	13,563,593	–	13,563,712
	----	-------------	----	-------------
Total investments by and distributions to owners	119	13,563,593	–	13,563,712

	----	-------------	------------	-------------
At 31 December 2024	285	17,204,205	( 4,668,544)	12,535,946
	----	-------------	------------	-------------

Ionate Limited

Notes to the Consolidated Financial Statements

Period from 1 May 2024 to 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Queen Street, Edinburgh, EH2 1JE, Scotland.

2. Statement of compliance

These Consolidated Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The Consolidated Financial Statements consolidate the Consolidated Financial Statements of Ionate Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for transformer goods supplier and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of transformers is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% - 66% Straight line

Research and development expenditure

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Auditor's remuneration

	Period from
	1 May 24 to	Year to
	31 Dec 24	30 Apr 24
	£	£
Fees payable for the audit of the consolidated financial statements	9,500	7,125
	-------	-------

5. Employee numbers

The average number of persons employed by the company during the period amounted to 19 (2024: 14 ).

6. Profit before taxation

Profit before taxation is stated after charging:

	Period from
	1 May 24 to	Year to
	31 Dec 24	30 Apr 24
	£	£
Depreciation of tangible assets	9,663	9,615
	-------	-------

7. Tangible assets

Group	Equipment
	£
Cost
At 1 May 2024	30,052
Additions	11,831
	--------
At 31 December 2024	41,883
	--------
Depreciation
At 1 May 2024	12,864
Charge for the period	9,663
	--------
At 31 December 2024	22,527
	--------
Carrying amount
At 31 December 2024	19,356
	--------
At 30 April 2024	17,188
	--------

Company	Equipment
	£
Cost
At 1 May 2024	27,794
Additions	5,503
	--------
At 31 December 2024	33,297
	--------
Depreciation
At 1 May 2024	12,425
Charge for the period	8,033
	--------
At 31 December 2024	20,458
	--------
Carrying amount
At 31 December 2024	12,839
	--------
At 30 April 2024	15,369
	--------

8. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 May 2024 and 31 December 2024	29,989
	--------
Impairment
At 1 May 2024 and 31 December 2024	–
	--------

Carrying amount
At 1 May 2024 and 31 December 2024	29,989
	--------
At 30 April 2024	29,989
	--------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Ionate GmbH	Ordinary	100

9. Debtors

	Group		Company
	31 Dec 24	30 Apr 24	31 Dec 24	30 Apr 24
	£	£	£	£
Trade debtors	10,272	–	10,272	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	340,498	330,667
Other debtors	5,470,848	167,546	5,383,422	118,617
	------------	---------	------------	---------
	5,481,120	167,546	5,734,192	449,284
	------------	---------	------------	---------

10. Creditors: amounts falling due within one year

	Group		Company
	31 Dec 24	30 Apr 24	31 Dec 24	30 Apr 24
	£	£	£	£
Trade creditors	128,158	110,770	121,100	108,152
Corporation tax	531	213	–	–
Social security and other taxes	47,716	28,453	31,863	20,289
Other creditors	308,939	14,313	204,750	12,178
	---------	---------	---------	---------
	485,344	153,749	357,713	140,619
	---------	---------	---------	---------

11. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.