Company No: 11404796 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	1,204,881		912,748
Investments	5	27,552		0
		1,232,433		912,748
Current assets
Stocks		2,994,800		1,782,809
Debtors	6	979,553		1,203,025
Cash at bank and in hand		51,760		1,491,055
		4,026,113		4,476,889
Creditors: amounts falling due within one year	7	( 3,027,984)		( 1,573,526)
Net current assets		998,129		2,903,363
Total assets less current liabilities		2,230,562		3,816,111
Creditors: amounts falling due after more than one year	8	( 1,102,469)		( 1,405,549)
Net assets		1,128,093		2,410,562
Capital and reserves
Called-up share capital	9	3		3
Share premium account		13,576,040		11,312,723
Profit and loss account		( 12,447,950 )		( 8,902,164 )
Total shareholders' funds		1,128,093		2,410,562

For the financial 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.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Maeving Limited (registered number: 11404796) were approved and authorised for issue by the Board of Directors on 18 September 2025. They were signed on its behalf by:

W Stirrup Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maeving Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Behind Global Moto Sibree Road, Stonebridge Trading Estate (South), Coventry, CV3 4FD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs	5 years straight line
Other intangible assets	5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	3 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	40		34

3. Intangible assets

	Development costs		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2024	710,547		8,114		718,661
At 31 December 2024	710,547		8,114		718,661
Accumulated amortisation
At 01 January 2024	710,547		8,114		718,661
At 31 December 2024	710,547		8,114		718,661
Net book value
At 31 December 2024	0		0		0
At 31 December 2023	0		0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	0		1,220,223		9,983		14,424		18,469		1,263,099
Additions	3,697		657,117		0		12,379		15,858		689,051
Disposals	0		( 88,787)		0		0		( 196)		( 88,983)
At 31 December 2024	3,697		1,788,553		9,983		26,803		34,131		1,863,167
Accumulated depreciation
At 01 January 2024	0		338,115		1,073		6,937		4,226		350,351
Charge for the financial year	719		330,465		1,997		5,055		5,923		344,159
Disposals	0		( 36,132)		0		0		( 92)		( 36,224)
At 31 December 2024	719		632,448		3,070		11,992		10,057		658,286
Net book value
At 31 December 2024	2,978		1,156,105		6,913		14,811		24,074		1,204,881
At 31 December 2023	0		882,108		8,910		7,487		14,243		912,748

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	0
Additions	27,552
At 31 December 2024	27,552
Carrying value at 31 December 2024	27,552
Carrying value at 31 December 2023	0

6. Debtors

	2024		2023
	£		£
Trade debtors	27,698		11,031
Amounts owed by Group undertakings	460,526		247,423
Corporation tax	270,000		294,702
Other debtors	221,329		649,869
	979,553		1,203,025

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	1,523,892		451,000
Trade creditors	902,615		225,782
Other taxation and social security	187,356		45,343
Other creditors	414,121		851,401
	3,027,984		1,573,526

The loans have a fixed and floating charge over all the property or undertakings of the company.

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

	2024		2023
	£		£
Bank loans	1,102,469		1,405,549

The loans have a fixed and floating charge over all the property or undertakings of the company.


Charges:
Df Capital Bank Limited held a fixed and floating charge against all the property or undertaking of the company.
Charge code 1140 4796 0003
Date of creation - 1 July 2024

Meif Wm Debt LP Acting by Its General Partner Maven Meif (Wm) GP (One) Limited held a fixed and floating charge against all the property or undertaking of the company.
Charge code 1140 4796 0002
Date of creation - 30 May 2022

Innovate UK Loans Limited held a fixed and floating charge against all the property or undertaking of the company.
Charge code 1140 4796 0001
Date of creation - 17 November 2021

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
3,105,553 Ordinary shares of £ 0.000001 each (2023: 2,740,216 shares of £ 0.000001 each)	3.11		2.74
374,879 A Ordinary shares of £ 0.000001 each (2023: 230,839 shares of £ 0.000001 each)	0.37		0.23
	3.48		2.97

During the year, on 14 February 2024, 107,388 Ordinary shares of £0.000001 each were issued and allotted at a premium of £5.952499 for a cash consideration of £639,226.96.

During the year, on 02 August 2024, 30,014 Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040099 for a cash consideration of £121,259.53.

During the year, on 02 August 2024, 31,866 A Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040099 for a cash consideration of £128,741.79.

During the year, on 03 October 2024, 8,110 Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040100 for a cash consideration of £32,765.21.

During the year, on 03 October 2024, 78,522 A Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040099 for a cash consideration of £317,236.65.

During the year, on 25 October 2024, 3,476 Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040100 for a cash consideration of £14,043.39.

During the year, on 25 October 2024, 33,652 A Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040099 for a cash consideration of £135.957.41.

During the year, on 22 December 2024, 40,616 Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040100 for a cash consideration of £164,092.03.

During the year, on 22 December 2024, 175,733 Ordinary shares of £0.000001 each were issued and allotted at a premium of £4.040099 for a cash consideration of £709,978.72.

10. Related party transactions

At the year end the company owed £7,115 (2023 - £7,484) to the directors of the company, in respect of an interest free loan which is repayable on demand.