REGISTERED NUMBER: 01265610 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LEVERTONHELM LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

F Bautista-Parra

T A Viering

REGISTERED OFFICE:

Unit 15

Sherrington Way

Lister Road Industrial Estate

Basingstoke

Hampshire

RG22 4DQ

REGISTERED NUMBER:

01265610 (England and Wales)

The directors present their Strategic Report for the year ended 31 December 2024:

BUSINESS REVIEW

LevertonHELM Limited operates from three sites in Basingstoke, UK and exports to over 50 different countries with an active list of over 300 customers. The business works directly with customers and using its global logistics partners can ship by land, sea or air to wherever they are based. The company is wholly owned by HELM AG which is headquartered in Hamburg, Germany

With more than 45 years' experience in the lithium industry, the company is experienced in the production and shipment of hazardous chemicals.

Trading during 2024 continued to be challenging with global lithium prices continuing to fall from $20/kg at the start of the year to lower $10's/kg at the end. The company processed and sold more lithium during 2024 than the prior year but the impact of lower prices was the dominant event of the year.

BUSINESS MODEL

The global Lithium marketplace spans a wide range of industries and company strategy remains unchanged from previous years which is to maintain sales across a broad spectrum of applications by focussing on the manufacture and selling of lithium products. The company concentrates on meeting customer specific requests for products on an order-by-order basis and building for stock. This deep knowledge of customer needs allied with unique understanding of lithium chemistry is the cornerstone of the business model as it embeds, as routine, the concept of adapting to changing customer and market demands. The company sells its products globally.

LevertonHELM Limited has an acknowledged presence in the global lithium market place and this is developed and maintained by excellent customer service, by providing first class products and sophisticated laboratory analysis. All this is aided by advanced in-house research and development facilities alongside close working relationships with customers and suppliers.

MARKETS AND TRENDS

The international demand for electric vehicles (EV's) continues to grow although global market penetration is at a lower rate than previously predicted. The short-term lithium outlook is for prices to remain low throughout 2025, with a potential for price recovery in the medium to long term, as the market adjusts to current oversupply and as production cuts by major producers help balance supply & demand.

OBJECTIVES AND STRATEGY

LevertonHELM's primary objective is to manufacture and supply high quality lithium products for use in chemical manufacturing and energy storage solutions.

The company is working on supply agreements for lithium products and is actively adding additional sources to increase the resource base and simultaneously advance the wider opportunities a more diverse group of suppliers will give the company. The company is actively seeking to use lithium materials from recycled lithium batteries. Mass recycling of used lithium batteries is some years away, but the company is exploring ways in which its chemistry and engineering expertise can be used to build a strategic position to take advantage of this opportunity as it develops. The company expects to begin to process several hundred tonnes of recycled lithium in 2025.

The company continues to invest significant money in both plant capacity and in research and development programmes. The company has a team of dedicated development chemists and engineers who are working across industry to assist in the development of next generation manufacturing processes and plant.

SUSTAINABILITY

The company is actively using recycled lithium products as a raw material and considers that this business element will grow rapidly in the coming years. It is an integral part of the company's diversification drive and is seen as a key component in helping the company achieve a 'cradle to grave' process for many of its products. The company has targeted a 70% reduction in CO2 emissions by 2030. The company is engaged in the life cycle assessment of its products and is actively seeking ways to achieve energy efficiency through improved engineering design of its plant and machinery.

KEY PERFORMANCE INDICATORS

Turnover during 2024 of £40m was a significant fall from 2023. Whilst disappointing, lithium carbonate equivalent volumes sold in 2024 increased from that of 2023, the cause for the reduced turnover was predominantly a year-on-year pricing impact.

Although the year-on-year pricing effected turnover, the business was able to protect its market share and margins, this is reflected in the vastly improved gross margin performance of 2024. The effect was a gross margin profit in 2024 of £4m (2023: £29m loss).

Furthermore, the company was able to reach new markets and increase customer engagement. More than 50 new customer creations were recorded across our products and services during the year.

The above resulted in an EBITDA loss for 2024 of £2.7m (2023: £49m).

FUTURE DEVELOPMENTS

During Q1 2025, the company has unveiled its new production facility in Basingstoke, substantially increasing the available production capacity. In addition, further investment into plant and machinery continues throughout 2025 with additional volumes coming online during the second half of 2025. The new facilities will increase capacity of the company's speciality products.

RISKS

The lithium carbonate market continues to experience weak demand and is not expected to recover until late 2025. The global instability currently being experienced including a slow-down in the Chinese economy and the global economic turbulence brings an element of uncertainty to the future business outlook. However, diversification of material supply chains together with an expansive sales portfolio of products gives the greatest opportunity to mitigate these risks whilst placing the company in a prime position to take advantage of market improvements when they occur. The company has a reliance on the continued support of its parent company when decision is made to invest in further production capacity and continue to grow the diversification of product lines.

GOVERNANCE

The directors have taken due notice of their duties under section 172(1) of the Companies Act 2006 to at all times and in good faith, to promote the success of the company for the benefit of its members, its employees, suppliers and customers are to act faithfully with regard to the company's responsibilities to the wider economic and social environment in which it operates.

ON BEHALF OF THE BOARD:

F Bautista-Parra - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and distribution of metal salts and compounds.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2024 will be nil (2023 - nil).

DIRECTORS

T A Viering has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

G J Howe - resigned 12 August 2024

F Bautista-Parra - appointed 16 September 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Caldwell Penn Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

F Bautista-Parra - Director

30 September 2025

Opinion

We have audited the financial statements of LevertonHELM Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the 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.

Material uncertainty related to going concern

We draw attention to Note 22 in the financial statements, which indicates that there is an material uncertainty relating to going concern as the company is reliant upon the ongoing support of the parent company and if the forecast support was withdrawn, the company would need to seek alternative sources of finance, which would not be guaranteed on the basis of the recent trading results.

As stated in Note 22, the continued reliance upon the parent company indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern if this support were to be withdrawn or unavailable.. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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 this gives rise to a material misstatement in the financial statements themselves. 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified that the most significant laws and regulations are those directly relevant to the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance with this legislation might have a material effect on the financial statements.

Other significant laws and regulations which may have an effect on the financial statements are those relating to GDPR, health and safety, UK employment law and those relating to fraud, bribery and corruption. The company is also required to comply with REACH (an EU regulation surrounding the production and use of chemicals). Consequences of non-compliance with these laws and regulations could have a material impact on the amounts or disclosures within the financial statements, for example through fines or litigation.

We reviewed the company's documentation relating to policies and procedures including those designed to identify and comply with laws and regulations and detecting and mitigating risks of fraud and non-compliance with laws and regulations. We also made enquiries of management regarding the above and whether they have any knowledge of any actual, suspected or alleged fraud or any instances of non-compliance with laws and regulations.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the nature of the industry, the control environment, business performance including key drivers for remuneration and bonus targets and results of our enquiries of management about their assessment of the risks and irregularities which might occur.

As part of planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur. We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the valuation of stock, the timing of recognition of income and expenditure (cut-off), the incorrect estimation of depreciation and useful economic life of assets, and the override of controls by management.

In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override, including

-

identifying and testing the appropriateness of journal entries, judgements and other adjustments and considering whether these are indicative of potential bias;

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations which have a direct effect on the financial statements;

-

reading minutes of meetings of those charged with governance;

-

reviewing legal and professional expense accounts to identify any potential costs which may indicate a breach of laws and regulations;

-

reviewing correspondence with HMRC;

evaluating management's incentives and opportunities for manipulation of the financial statements; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and reminded them of the need for professional scepticism.

As a result of performing the above, no key audit matters were identified that related to irregularities, including fraud.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Katharine Halsall (Senior Statutory Auditor)

for and on behalf of Caldwell Penn Limited, Statutory Auditor

7a Abbey Business Park

Monks Walk

Farnham

Surrey

GU9 8HT

30 September 2025

TURNOVER

3

40,142,880

103,511,227

Cost of sales

36,311,510

132,708,284

GROSS PROFIT/(LOSS)

3,831,370

(29,197,057

)

Distribution costs

4,561,001

3,966,528

Administrative expenses

4,202,505

16,623,357

8,763,506

20,589,885

(4,932,136

)

(49,786,942

)

Other operating income

699,461

654,076

OPERATING LOSS

6

(4,232,675

)

(49,132,866

)

Interest receivable and similar income

481,688

52,423

(3,750,987

)

(49,080,443

)

Interest payable and similar expenses

7

5,118,738

3,719,145

LOSS BEFORE TAXATION

(8,869,725

)

(52,799,588

)

Tax on loss

8

-

(5,847,995

)

LOSS FOR THE FINANCIAL YEAR

(8,869,725

)

(46,951,593

)

Retained earnings at beginning of year

(18,767,805

)

28,183,788

RETAINED EARNINGS AT END OF YEAR

(27,637,530

)

(18,767,805

)

FIXED ASSETS

Tangible assets

9

40,454,618

22,959,453

CURRENT ASSETS

Stocks

10

7,448,853

5,843,780

Debtors

11

8,704,368

13,732,883

Cash at bank

-

6,665,488

16,153,221

26,242,151

CREDITORS

Amounts falling due within one year

12

15,998,180

17,634,463

NET CURRENT ASSETS

155,041

8,607,688

TOTAL ASSETS LESS CURRENT LIABILITIES

40,609,659

31,567,141

CREDITORS

Amounts falling due after more than one year

13

(67,360,331

)

(49,371,612

)

PROVISIONS FOR LIABILITIES

17

(881,858

)

(958,334

)

NET LIABILITIES

(27,632,530

)

(18,762,805

)

CAPITAL AND RESERVES

Called up share capital

18

5,000

5,000

Retained earnings

19

(27,637,530

)

(18,767,805

)

SHAREHOLDERS' FUNDS

(27,632,530

)

(18,762,805

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

F Bautista-Parra - Director

1.	STATUTORY INFORMATION

LevertonHELM Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant upon support from the parent company who will continue to provide the necessary finance to enable the company to meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

In preparing these financial statements, the company has taken advantage of the disclosure exemptions, as permitted by FRS 102 paragraph 1.12. The company has therefore complied with the applicable conditions, including providing notification of the use of exemptions to the company's shareholders who have not objected to the use of such disclosure exemptions.

The company's ultimate parent undertaking, HELM AG, includes the company within it's consolidated financial statements.

In these financial statements, the company is considered to be a qualifying entity and has applied the following exemptions available under FRS 102 in respect of the following disclosures:

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

Management have applied the following judgements in the preparation of these financial statements:

Useful economic lives of tangible fixed assets

Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents sales relating to the manufacture and distribution of metal salts and compounds, excluding value added tax, sold to customers during the year.

Turnover is recognised at point of invoice when goods are shipped. Downpayment invoices are raised and deferred on the balance sheet until goods are despatched.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property lease

Improvements to property

-

in accordance with the property lease

Plant and machinery

-

at varying rates on cost and at variable rates on reducing balance

The profit 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.

Plant and machinery includes assets under construction which are accounted for at cost. These are not depreciated until the accounting period in which they are brought into use. Assets under construction are considered for impairment on an annual basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Stock is revalued on a quarterly basis. Revaluation losses are recognised immediately, revaluation gains are released as the stock is consumed.

Financial instruments

The company enters into financial instruments, which result in the recognition of financial assets and liabilities.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods. Deferred tax liabilities are generally recognised for all timing differences and 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. Where deferred tax assets exceed deferred tax liabilities and there is no certainty over the availability of future taxable profits, the excess deferred tax asset will not be recognised.

Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development

Expenditure on research and development is usually written off in the year in which it is incurred. Where an item of machinery will be used for research and development purposes over a number of years, the item will be capitalised and depreciated in line with the depreciation policy.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight-line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees, whilst also making contributions into the director's personal pension schemes. Contributions payable are charged to the profit and loss in the period to which they relate.

Hedge accounting

During the year the group entered into a hedging agreement with an external hedging agent. Any gains or losses arising on the hedge are recognised in the profit and loss.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

4,108,720

8,931,836

Europe

28,606,748

67,144,338

United States of America

2,224,708

5,402,135

Asia

4,331,587

13,104,376

China

483,205

94,496

Rest of world

387,912

8,834,046

40,142,880

103,511,227

4.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was as follows:

2024

2023

Employees

78

72

Directors

1

2

79

74

The aggregate remuneration during the year of such employees by department was as follows:

Directors

Production

Laboratory

Administration

Total

£

£

£

£

£

Wages and salaries

671,606

2,472,866

520,678

246,476

3,911,626

Social security costs

86,553

288,411

55,023

183,316

613,303

Other pension costs

734

95,979

31,546

47,105

175,364

758,893

2,857,285

607,247

476,897

4,700,293

Following the acquisition of the final 50% of LevertonHELM (Holdings) Ltd by HELM AG in August 2023 the liability for the long-term incentive plan (LTIP) which was disclosed in the financial statements for 2022, became known. In line with the prior year, the company has made a pro-rated provision in the 2024 financial statements and will make provisions in subsequent years for the amounts due. The directors of LevertonHELM Limited and its immediate parent, together with the ultimate beneficial owner, HELM AG, in making the provisions, recognise and will honour the company commitment to pay out the LTIP, when it falls due if all of the conditions of the plan have been met.

At the beginning of the year, two employees of the company were in receipt of this fully funded, cash, long term incentive plan (LTIP). During the year, one employee left the company's employment. The provision as at 31 December 2024 is therefore based on the commitment to the one remaining employee in receipt of the LTIP.

5.	DIRECTORS' EMOLUMENTS

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

2024

2023

£

£

Emoluments etc

725,664

5,546,810

6.	OPERATING LOSS

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

195,657

107,918

Research and development

19,195

5,241

Depreciation - owned assets

1,547,949

844,585

Loss/(profit) on disposal of fixed assets

-

2,794

Foreign exchange differences

89,684

(854,195

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank loans

130,020

347,533

Other loans

4,988,718

3,371,612

Total

5,118,738

3,719,145

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

(4,980,000

)

Deferred tax

-

(867,995

)

Tax on loss

-

(5,847,995

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Loss before tax

(8,869,725

)

(52,799,588

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(2,217,431

)

(13,199,897

)

Effects of:

Expenses not deductible for tax purposes

6,831

22,724

Capital allowances in excess of depreciation

(4,041,333

)

(3,739,650

)

Losses carried forward

6,459,402

9,973,940

Deferred tax movement

(867,995

)

(867,995

)

(Over)/Under provision in prior year

-

(30,046

)

Losses carried back

-

1,563,143

Corporate interest restriction

660,526

429,786

Total tax credit

-

(5,847,995

)

9.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2024

8,105,345

16,828,651

24,933,996

Additions

1,725,927

17,317,187

19,043,114

Reclassification/transfer

515,045

(515,045

)

-

At 31 December 2024

10,346,317

33,630,793

43,977,110

DEPRECIATION

At 1 January 2024

509,389

1,465,154

1,974,543

Charge for year

648,216

899,733

1,547,949

At 31 December 2024

1,157,605

2,364,887

3,522,492

NET BOOK VALUE

At 31 December 2024

9,188,712

31,265,906

40,454,618

At 31 December 2023

7,595,956

15,363,497

22,959,453

10.

STOCKS

2024

2023

£

£

Stocks

7,448,853

5,843,780

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,781,007

5,218,769

Other debtors

356,447

1,738,814

Amounts owed by group undertakings

103,618

95,514

Corporation tax

5,427,008

4,977,500

Prepayments and accrued income

1,036,288

1,702,286

8,704,368

13,732,883

A deferred tax liability has been recognised, as in prior years, with respect to temporary timing differences arising from the excess of capital allowances over depreciation.

As the company has made a loss this year, a deferred tax asset has been recognised in respect of tax losses to the extent of the deferred tax liability. This deferred tax asset and liability have been offset, resulting in a nil deferred tax position this year.

Due to the further losses this year, a deferred tax asset has not been recognised on the remaining tax losses of approximately £40 million due to the uncertainty over when these will be recovered, which will depend upon the company's future taxable profits. If a deferred tax asset had been provided in respect of these remaining tax losses, it would have resulted in a deferred tax asset of approximately £10 million.

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 14)

1,092,718

-

Trade creditors

4,430,133

5,351,144

Amounts owed to group undertakings

300,161

300,161

Other creditors

6,255,635

8,396,850

Accruals and deferred income

3,919,533

3,586,308

15,998,180

17,634,463

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

67,360,331

49,371,612

14.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1,092,718

-

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

2,886,267

2,845,343

Between one and five years

10,848,858

11,113,229

In more than five years

30,367,358

32,610,249

44,102,483

46,568,821

16.	SECURED DEBTS

The company has a secured debenture with HSBC Bank Plc, which contains a fixed charge over the assets of the company and also a negative pledge.

17.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Other provisions

881,858

958,334

Other

provisions

£

Balance at 1 January 2024

958,334

Provided during year

690,000

Utilised during year

(565,000

)

Unused amounts reversed during year

(201,476

)

Balance at 31 December 2024

881,858