Nex Power Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 12

Nex Power Ltd

Company Information

Directors

Dr Esmail Najafisaatlou Dr Martina Mohseni

Registered office

9 Centurion Court Brick Close Kiln Farm Milton Keynes Buckinghamshire MK11 3JB

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nex Power Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nex Power Ltd for the year ended 31 December 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Nex Power Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Nex Power Ltd and state those matters that we have agreed to state to the Board of Directors of Nex Power Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nex Power Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Nex Power Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Nex Power Ltd. You consider that Nex Power Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Nex Power Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

30 September 2025

Nex Power Ltd

(Registration number: 07300839)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	(As restated) 31 December 2023 £
Fixed assets
Intangible assets	4	2,132	3,288
Tangible assets	5	9,875	14,558
Investments	6	7,584,800	3,640,000
		7,596,807	3,657,846
Current assets
Stocks	7	605	-
Debtors	8	174,532	343,001
Cash at bank and in hand		475	5,227
		175,612	348,228
Creditors: Amounts falling due within one year	9	(74,093)	(1,400,289)
Net current assets/(liabilities)		101,519	(1,052,061)
Total assets less current liabilities		7,698,326	2,605,785
Creditors: Amounts falling due after more than one year	9	(8,582)	(16,836)
Provisions for liabilities		(319,674)	(350,843)
Net assets		7,370,070	2,238,106
Capital and reserves
Called up share capital		209	195
Share premium reserve		4,444,851	2,966,023
Revaluation reserve		7,429,800	-
Other reserves		71,993	71,993
Retained earnings		(4,576,783)	(800,105)
Shareholders' funds		7,370,070	2,238,106

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:

Nex Power Ltd

(Registration number: 07300839)
Balance Sheet as at 31 December 2024

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 30 September 2025 and signed on its behalf by:
 

......................................... Dr Esmail Najafisaatlou Director

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 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:
9 Centurion Court
Brick Close
Kiln Farm
Milton Keynes
Buckinghamshire
MK11 3JB

These financial statements were authorised for issue by the Board on 30 September 2025.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, sales returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted for under the accruals model. Grant income is recognised when the expenditure towards which the grant is intended to contribute is incurred.

Research and development

Research and development expenditure is recognised in profit and loss as incurred.

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Plant and machinery	25% and 50% on cost
Fixtures and fittings	25% on cost
Leasehold improvements	25% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

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.

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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
Patents and trademarks	On a straight line basis over the life of the patent

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments where fair value cannot be measured reliably are measured at cost less impairment. The fair value of unlisted investments is based on the judgement of the company's directors, and no independent valuers are involved.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 during the year, including directors, was 9 (2023 - 9).

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 January 2024	20,388	20,388
Additions acquired separately	1,554	1,554
At 31 December 2024	21,942	21,942
Amortisation
At 1 January 2024	17,100	17,100
Amortisation charge	2,710	2,710
At 31 December 2024	19,810	19,810
Carrying amount
At 31 December 2024	2,132	2,132
At 31 December 2023	3,288	3,288

5	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	14,100	176,291	190,391
At 31 December 2024	14,100	176,291	190,391
Depreciation
At 1 January 2024	2,547	173,286	175,833
Charge for the year	3,525	1,158	4,683
At 31 December 2024	6,072	174,444	180,516
Carrying amount
At 31 December 2024	8,028	1,847	9,875
At 31 December 2023	11,553	3,005	14,558

Nex Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6	Investments

	31 December 2024 £	31 December 2023 £
Investments in associates	7,584,800	3,640,000