ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 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 7F Aintree Racecourse Retail and Business Park
Topham Drive
Aintree
Liverpool
L9 5AL

The principal activity of the company is engineering services to convert diesel engines to run on hydrogen.

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 -'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The Directors have prepared the accounts on a Going Concern basis after due consideration of the company's financial forecasts, order book, and projected cash requirements. As described in the Post Balance Sheet Events note, the company has benefited from further investment from existing shareholders following the year-end date, which enables the company to continue all operations for the foreseeable future. In making this assessment the directors have considered a period of at least twelve months from the date of approval of the financial statements.

ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 30 September 2025 was Zoe Fitchett BSc FCA, who signed for and on behalf of Beever and Struthers.

Judgements

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.

Management have made the following judgements in applying the accounting policies:

• A specific provision is made against certain trade debtors where in the opinion of management, the debt is not fully recoverable.

•A specific provision is made against stock where in the opinion of management, the stock may not be saleable at a value in excess of cost.

Revenue recognition

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 sales value added tax, returns, rebates and discounts.

Turnover is recognised on despatch of goods and completion of conversions.

Revenue on service contracts is accrued as contract activity progresses by reference to the value of the work performed.

Government grants

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current tax. Current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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 less its residual value over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% straight line
Office equipment/Computers	33% straight line

ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

Motor Vehicles	25% straight line
Plant and Machinery	33% straight line

Intangible assets

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
Patent costs	20 years straight line

Development costs
Research and development expenditure is written off to the income statement as incurred.
 

Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
 

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable.

Trade and other debtors
Debtors are measured at transaction price less any impairment.

Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade & Other Creditors
All payables are measured at transaction price. Any payments under deferred payment terms are recorded at amortised cost and assessed for the existence of objective evidence of impairment.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 (including directors) during the year, was 24 (2023 - 20).

ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

4	Intangible assets

	Patents  £	Total £
Cost or valuation
At 1 October 2023	55,938	55,938
At 30 September 2024	55,938	55,938
Amortisation
At 1 October 2023	8,391	8,391
Amortisation charge	2,797	2,797
At 30 September 2024	11,188	11,188
Carrying amount
At 30 September 2024	44,750	44,750
At 30 September 2023	47,547	47,547

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2023	41,282	23,905	35,577	35,483	136,247
Additions	3,839	278,227	14,816	-	296,882
At 30 September 2024	45,121	302,132	50,393	35,483	433,129
Depreciation
At 1 October 2023	15,634	13,500	23,770	20,698	73,602
Charge for the year	9,167	3,626	8,945	6,580	28,318
At 30 September 2024	24,801	17,126	32,715	27,278	101,920
Carrying amount
At 30 September 2024	20,320	285,006	17,678	8,205	331,209
At 30 September 2023	25,648	10,405	11,807	14,785	62,645

Included within tangible fixed assets is a motor vehicle on a finance lease with a net book value of £8,205 (2023: £14,785).

6

Stocks

	2024 £	2023 £
Stock	289,078	408,523

ULEMCo Ltd

Notes to the Financial Statements for the Year Ended 30 September 2024

7

Debtors

Current	2024 £	2023 £
Trade debtors	88,268	192,578
Prepayments	62,482	41,707
Other debtors	1,034,354	344,152
	1,185,104	578,437

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	225,396	249,201
Taxation and social security	37,800	79,199
Accruals and deferred income	185,100	998,816
Other creditors	20,887	14,371
	469,183	1,341,587

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Other creditors		-	7,959