Registration number: 07411241

Fuel Cell Systems Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Fuel Cell Systems Ltd

(Registration number: 07411241)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 March 2024 £
Fixed assets
Intangible assets	4	432,464	-
Tangible assets	5	432,778	359,865
		865,242	359,865
Current assets
Stocks	6	3,463,641	2,512,322
Debtors	7	3,773,611	2,882,784
Cash at bank and in hand		821,627	2,620,813
		8,058,879	8,015,919
Creditors: Amounts falling due within one year	8	(3,554,713)	(3,357,152)
Net current assets		4,504,166	4,658,767
Net assets		5,369,408	5,018,632
Capital and reserves
Called up share capital		1	1
Share premium reserve		3,024,324	3,024,324
Retained earnings		2,345,083	1,994,307
Shareholders' funds		5,369,408	5,018,632

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... L Juby Director

Fuel Cell Systems Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3
Station Yard
Station Road
Hungerford
Berkshire
RG17 0DY
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 September 2025 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the supply of hydrogen refuelling systems and for the supply of fuel cells and methanol (for remote monitoring and other applications) in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Fuel Cell Systems Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	10%-20% straight line basis
Plant and machinery	17%-50% straight line basis
Office equipment	25% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development costs	10 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for the supply of hydrogen fuel cell power systems in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Fuel Cell Systems Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 37 (2024 - 28).

4	Intangible assets

	Development costs £	Total £
Cost or valuation
Additions internally developed	432,464	432,464
At 31 December 2024	432,464	432,464
Amortisation
Carrying amount
At 31 December 2024	432,464	432,464

The aggregate amount of research and development expenditure recognised as an expense during the period is £4,009 (2024 - £29,067).
 

Fuel Cell Systems Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 31 December 2024

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 April 2024	76,076	363,458	54,180	493,714
Additions	127,843	22,311	18,838	168,992
Disposals	-	(33,164)	-	(33,164)
At 31 December 2024	203,919	352,605	73,018	629,542
Depreciation
At 1 April 2024	28,723	89,976	15,150	133,849
Charge for the period	6,699	45,043	11,713	63,455
Eliminated on disposal	-	(540)	-	(540)
At 31 December 2024	35,422	134,479	26,863	196,764
Carrying amount
At 31 December 2024	168,497	218,126	46,155	432,778
At 31 March 2024	47,353	273,482	39,030	359,865

Fuel Cell Systems Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 31 December 2024

6

Stocks

	31 December 2024 £	31 March 2024 £
Other inventories	3,463,641	2,512,322

7

Debtors

Current	Note	31 December 2024 £	31 March 2024 £
Trade debtors		1,931,150	1,428,797
Amounts owed by related parties		48,616	14,319
Prepayments		488,462	1,113,144
Other debtors		1,305,383	326,524
		3,773,611	2,882,784

8

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2024 £	31 March 2024 £
Due within one year
Trade creditors		1,217,783	1,913,150
Amounts owed to related parties		10,449	16,422
Taxation and social security		363,936	145,031
Other creditors		1,962,545	1,282,549
		3,554,713	3,357,152