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Registered number: 06968542 VERDERG RENEWABLE ENERGY LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
01483 755 399 hamlyns.com
VERDERG RENEWABLE ENERGY LIMITED REGISTERED NUMBER: 06968542 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 4,126,914 |  | 3,758,156
Tangible assets | 6 |  | 40 |  | 243
|  |  | 4,126,954 |  | 3,758,399
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 111,543 |  | 128,191 |
Bank and cash balances |  | 70,117 |  | 26,279 |
|  | 181,660 |  | 154,470 |
Creditors: amounts falling due within one year | 8 | (1,843,761) |  | (1,384,795) |
Net current liabilities |  |  | (1,662,101) |  | (1,230,325)
Total assets less current liabilities |  |  | 2,464,853 |  | 2,528,074
Creditors: amounts falling due after more than one year | 9 |  | (3,445) |  | (13,780)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (519,831) |  | (649,788) |
|  |  | (519,831) |  | (649,788)
Net assets |  |  | 1,941,577 |  | 1,864,506
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 2,461 |  | 2,461
Share premium account |  |  | 2,598,000 |  | 2,598,000
Profit and loss account |  |  | (658,884) |  | (735,955)
|  |  | 1,941,577 |  | 1,864,506
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 profit and loss account 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 on 10 September 2025. Page 1
VERDERG RENEWABLE ENERGY LIMITED REGISTERED NUMBER: 06968542 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
___________________________ P Roberts
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Verderg Renewable Energy Limited is a private company, limited by shares, registered in England and Wales. The company number and registered office address is 06968542, Sundial House 98 High Street, Horsell, Woking, Surrey, GU21 4SU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The 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 management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The directors have acknowledged the latest guidance on going concern and financial reporting published by the Financial Reporting Council. The directors have prepared a business plan covering 2025 to 2031, with revenue forecast from 2025 and an annual profit first forecast in 2028. The directors have also considered the current level of cash held by the company and are confident that this together with further investment from the ultimate controlling party will be sufficient to enable the company to settle its liabilities as they fall due. Assurances have been received from the ultimate controlling party that additional funding will be made available by way of loans or share capital should this be necessary.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.
| 2.4 | 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.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | 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 balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 balance sheet date.
| 2.8 | Intangible fixed assets
Intangible fixed assets relate to development costs. Included in development costs are costs incurred in developing Venturi-Enhanced Turbine Technology (VETT). The VETT project is deemed feasible and commercially viable by the directors, who review the project annually for evidence of impairment. Amortisation of this asset will begin once the developed product is complete, and will be amortised over a period of which the entity benefits Page 4
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
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.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both reducing balance and straight line methods. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% | On reducing balance
|  |  |  | Office equipment | - | 25% | On cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | 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.
| 2.12 | 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.
3. | Critical accounting judgements and key sources of estimation uncertainty
In preparing the accounts the company is required to make estimates and assumptions that impact on the reported amounts of revenues, expenses, assets and liabilities of the company. Actual results may differ from these estimates. Intangible fixed assets relates to the development of Venturi-Enhanced Turbine Technology. An estimate of staff time has been capitalised as part of these costs. The directors have reviewed this carrying value of this balance to see if any impairment is required, the conclusion of which is that none was required Page 5
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
5. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 April 2024 | 3,758,156
| Additions - internal | 368,758
| At 31 March 2025 | 4,126,914
| Net book value |
| At 31 March 2025 | 4,126,914
| At 31 March 2024 | 3,758,156
6. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 782 | 8,174 | 8,956
| At 31 March 2025 | 782 | 8,174 | 8,956
| Depreciation |  |  |
| At 1 April 2024 | 732 | 7,981 | 8,713
| Charge for the year on owned assets | 10 | 193 | 203
| At 31 March 2025 | 742 | 8,174 | 8,916
| Net book value |  |  |
| At 31 March 2025 | 40 | - | 40
| At 31 March 2024 | 50 | 193 | 243
Page 6
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 22,352 | -
| Other debtors | 77,557 | 110,859
| Prepayments and accrued income | 11,634 | 17,332
|  | 111,543 | 128,191
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,335 | 10,335
| Trade creditors | 28,744 | 72,165
| Amounts owed to group undertakings | 16,467 | 8,495
| Other taxation and social security | 7,567 | 6,212
| Other creditors | 1,766,419 | 1,273,851
| Accruals and deferred income | 14,229 | 13,737
|  | 1,843,761 | 1,384,795
| Within Other Creditors are Directors loans totalling £1,764,992 (see Related Party Note).
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 3,445 | 13,780
|  | 3,445 | 13,780
Page 7
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,335 | 10,335
|  | 10,335 | 10,335
| Amounts falling due 1-2 years |  |
| Bank loans | 3,445 | 13,780
|  | 3,445 | 13,780
|  | 13,780 | 24,115
Page 8
VERDERG RENEWABLE ENERGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (649,788) | (625,527)
| Charged to the profit or loss | - | (24,261)
| Utilised in year | 129,957 | -
| At end of year | (519,831) | (649,788)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (519,831) | (649,788)
|  | (519,831) | (649,788)
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,461 (2024 - 2,461) Ordinary shares of £1.00 each | 2,461 | 2,461
13. | Pension commitments
The entity owed £1,417 in pension commitments as at the end of the year (2024: £1,400).
14. | Related party transactions
| A balance of £1,764,992 (2024: £1,266,500) was owed by the company to the directors..
15. | Provisions available for audits of small entities
In common with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
16. | Auditors' information
The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified. The audit report was signed on 15 September 2025 by Oliver Spevack ACA FCCA (Senior Statutory Auditor) on behalf of Hamlyns Limited. Page 9
VERDERG RENEWABLE ENERGY LIMITED
Page 10