Metier Technologies Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01834088

Metier Technologies Limited

Filleted Unaudited Financial Statements

31 December 2024

Metier Technologies Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Director's report	1

Statement of financial position	2

Notes to the financial statements	4

Metier Technologies Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year under review was that of R&D, related to commercial hydrogen engines.

Directors

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

Mr J Budgett
Mr M Walton	(Resigned 3 September 2024)

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 8 August 2025 and signed on behalf of the board by:

Mr J Budgett
Director

Registered office:

Park Farm Technology Centre

Kirtlington

Kidlington

Oxfordshire

OX5 3JQ

Metier Technologies Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	71,205	98,502

Current assets

Debtors	5	446,106	194,578
Cash at bank and in hand		78,310	28,223
		---------	---------
		524,416	222,801

Creditors: amounts falling due within one year	6	571,413	176,792
		---------	---------
Net current (liabilities)/assets		( 46,997)	46,009
		--------	---------
Total assets less current liabilities		24,208	144,511

Creditors: amounts falling due after more than one year	7	2,218,176	995,000
		------------	---------
Net liabilities		( 2,193,968)	( 850,489)
		------------	---------

Capital and reserves

Called up share capital	8	1,295	1,295
Profit and loss account		( 2,195,263)	( 851,784)
		------------	---------
Shareholder deficit		( 2,193,968)	( 850,489)
		------------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Metier Technologies Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 8 August 2025 , and are signed on behalf of the board by:

Mr J Budgett
Director

Company registration number: 01834088

Metier Technologies Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Park Farm Technology Centre, Kirtlington, Kidlington, Oxfordshire, OX5 3JQ.

2. 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.

Going concern

Metier Technologies focuses on developing hydrogen fuelling components and powertrains, supporting its parent company, Metier Ventures Ltd, in providing zero-emission options to bus and truck companies through hydrogen engine repowering. In assessing the company's ability to continue as a going concern, management has considered the following: 1. Funding: Over the last 12 months, Metier Ventures Ltd has raised over £1.7 million from existing and new investors. This funding, together with the revenue generated from our advisory and research projects, supports the company's operational and development expenses. The company has been awarded a £0.5 million grant funding from Innovate UK to develop hydrogen components for market launch. With revenue growth projections and an additional £2 million investment secured from an existing investor, the company is well-positioned to meet its technology milestones and drive sales expansion in 2025 and beyond. 2. Strategic Partnerships and Market Opportunities: The company has established key partnerships with OEMs and hydrogen fuelling component manufacturers to accelerate product development and market entry. A major milestone has been achieved by successfully repowering the first hydrogen ICE-powered demonstration truck in the UK. This has generated significant interest from fleet customers, and the company is making excellent progress in securing customer trials. The company's technologies directly support the rollout of repower services to commercial fleet operators, presenting substantial growth opportunities. 3. Management Team: The company is led by a management team with extensive experience in developing new powertrain technologies within the automotive industry, providing a solid foundation for executing the business plan. Based on these factors, management believes the company has adequate resources to continue operations for the foreseeable future and is well-positioned to achieve its strategic objectives. The financial support from investors, combined with the company's strategic initiatives, supports the assessment that the company will remain a going concern. Management will continue to closely monitor the company's financial position and operations, ensuring proactive measures are taken to maintain financial stability and achieve key milestones.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover on contracts is recognised using the percentage-of-completion method. Under this method revenues recorded represent the aggregate of costs incurred during the year and a portion of estimated profit on individual contracts based on the relationship of costs incurred to total estimate costs for each contract. Revisions in estimates are reflected in the accounting period when the revision becomes known. Anticipated losses on contracts are charged to income in their entirety when the losses become evident. Turnover from consulting services is recognised over the period services are provided. Turnover from royalties is recognised on a receivable basis. All amounts exclude Value Added Tax.

Income tax

Deferred taxation is recognised on a full provision basis in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax assets are recognised only to the extent that their recoverability is regarded as probable. Deferred tax balances are not discounted.

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 as set out by the European Central Bank, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intellectual property rights acquired from third parties are capitalised at cost and amortised over their useful economic life which is estimated to be up to 10 years. Provision is made for any impairment in value. Internally generated intellectual property rights are not capitalised.

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 of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	12% straight line
Leasehold Improvements	-	20% straight line
Office Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Particulars of employees

The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).

4. Tangible assets

	Plant and machinery	Leasehold improvements	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	388,267	14,973	145,783	549,023
Additions	–	–	2,381	2,381
Disposals	( 25,140)	–	–	( 25,140)
	---------	--------	---------	---------
At 31 December 2024	363,127	14,973	148,164	526,264
	---------	--------	---------	---------
Depreciation
At 1 January 2024	334,935	14,973	100,613	450,521
Charge for the year	10,798	–	6,503	17,301
Disposals	( 12,763)	–	–	( 12,763)
	---------	--------	---------	---------
At 31 December 2024	332,970	14,973	107,116	455,059
	---------	--------	---------	---------
Carrying amount
At 31 December 2024	30,157	–	41,048	71,205
	---------	--------	---------	---------
At 31 December 2023	53,332	–	45,170	98,502
	---------	--------	---------	---------

5. Debtors

	2024	2023
	£	£
Other debtors	446,106	194,578
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	497,164	119,340
Social security and other taxes	34,210	23,218
Other creditors	40,039	34,234
	---------	---------
	571,413	176,792
	---------	---------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,178,176	995,000
Other creditors	40,000	–
	------------	---------
	2,218,176	995,000
	------------	---------

Included within creditors: amounts falling due after more than one year is an amount of £2,178,176 (2023: £995,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

Amounts due to group undertakings have been provided interest free. Repayment is due in full on 31 December 2029.

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	129,455	1,295	129,455	1,295
	---------	-------	---------	-------

The Ordinary shares have full voting rights and participate in dividends and capital distributions.

9. Related party transactions

The company has entered a non-cancellable operating lease with a member of key management personnel. The lease is entered into on terms equivalent to those that prevail in arm's length transactions.

10. Controlling party

The immediate parent company is Metier Ventures Limited.