Steama Company Limited Filleted accounts for Companies House (small and micro)

Steama Company Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	1,482,780	2,027,333
Tangible assets	6	8,755	13,191
		------------	------------
		1,491,535	2,040,524

Current assets

Stocks		335,693	498,591
Debtors	7	780,296	995,748
Cash at bank and in hand		915,883	28,895
		------------	------------
		2,031,872	1,523,234

Creditors: amounts falling due within one year	8	( 259,370)	( 899,980)
		------------	------------
Net current assets		1,772,502	623,254
		------------	------------
Total assets less current liabilities		3,264,037	2,663,778

Creditors: amounts falling due after more than one year	9	( 916,488)	( 808,157)
		------------	------------
Net assets		2,347,549	1,855,621
		------------	------------

Capital and reserves

Called up share capital	67,851	21,985
Share premium account	15,709,663	12,649,435
Profit and loss account	( 13,429,965)	( 10,815,799)
	-------------	-------------
Shareholders funds	2,347,549	1,855,621
	-------------	-------------

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 statement of comprehensive income 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.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Steama Company Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr J Hughes

Director

Company registration number: 08081185

Steama Company 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 and Wales. The address of the registered office is Pannone Corporate Llp, 378-380 Deansgate, Castlefield, Manchester, M3 4LY, England.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis. Going Concern The Directors have assessed the Company's ability to continue as a going concern, taking into account all relevant information available up to the date of this report. During the year ended 31 December 2024, the company received investment of $3.1m (£2.4m). During 2025, the company has received investment funds of $1m (£770k). The company is expected to become profitable in Q4 2026. The Company's financial projections and pipeline remain robust, with forecasts based upon named contracts with conservative assumptions regarding meter rollout timings and volumes. A further 45% haircut assumption has been made to these forecasts to arrive at a liquidity forecast. If contracts do not unfold in line with expectations, mitigating actions will be taken including raising further capital, cost cutting or both. Based on this assessment, the Directors are of the opinion that the Company has adequate resources to continue in operational existence and have adopted the going concern basis in preparing these financial statements. 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. There are no judgements in addition to those disclosed in the accounting policies below. Revenue Recognition Turnover is measured at the fair value of the consideration received or receivable for thee sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue for services is recognised upon provision when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. A deferred tax asset has not been recognised for carried forward losses. 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, with any gains or losses being taken to the profit and loss account. Intangible Assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Licences	-	33% straight line
Internally generated software development costs	-	50% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and Development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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

Plant and machinery	-	25% straight line
Computer and office equipment	-	25 - 33.3% straight line

Stocks

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

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.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 17 (2023: 24 ).

5. Intangible Assets

	Licences	Internally generated software development costs	Total
	£	£	£
Cost
At 1 January 2024	5,500	8,447,962	8,453,462
Additions	–	–	–
Additions from internal developments	–	1,175,432	1,175,432
	-------	------------	------------
At 31 December 2024	5,500	9,623,394	9,628,894
	-------	------------	------------
Amortisation
At 1 January 2024	5,500	6,420,629	6,426,129
Charge for the year	–	1,719,985	1,719,985
	-------	------------	------------
At 31 December 2024	5,500	8,140,614	8,146,114
	-------	------------	------------
Carrying amount
At 31 December 2024	–	1,482,780	1,482,780
	-------	------------	------------
At 31 December 2023	–	2,027,333	2,027,333
	-------	------------	------------

6. Tangible Assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 January 2024	183,599	158,725	342,324
Additions	1,299	2,035	3,334
	---------	---------	---------
At 31 December 2024	184,898	160,760	345,658
	---------	---------	---------
Depreciation
At 1 January 2024	182,135	146,998	329,133
Charge for the year	1,780	5,990	7,770
	---------	---------	---------
At 31 December 2024	183,915	152,988	336,903
	---------	---------	---------
Carrying amount
At 31 December 2024	983	7,772	8,755
	---------	---------	---------
At 31 December 2023	1,464	11,727	13,191
	---------	---------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	228,260	437,438
Amounts owed by group undertakings and undertakings in which the company has a participating interest	405,176	–
Other debtors	146,860	558,310
	---------	---------
	780,296	995,748
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	114,595
Trade creditors	177,896	337,545
Social security and other taxes	20,857	268,551
Other creditors	50,617	179,289
	---------	---------
	259,370	899,980
	---------	---------

Bank loans and overdrafts repayable within one year is £nil (2023: £104,595) which are secured by a fixed and floating charge covering all property or undertaking of the company and contains a negative pledge; and other loans of £10,000 (2023: £10,000).

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

	2024	2023
	£	£
Bank loans and overdrafts	830,833	736,238
Other creditors	85,655	71,919
	---------	---------
	916,488	808,157
	---------	---------

Bank loans and overdrafts include loans of £820,000 (2023: £715,404) which are secured by a fixed and floating charge covering all property or undertaking of the company and contains a negative pledge; and other loans of £10,833 (2023: £20,833).

10. Other Financial Commitments

The total amount of financial commitments not included in the balance sheet is £2,340 (2023: £2,340).

11. Controlling Party

The directors are of the opinion that the company is not under the control of one individual.