REGISTERED NUMBER: 10727666 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Corrosion Radar Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr D Emery

Dr C Ennaceur

Mr R T Green

Mercia Fund Management (Nominees) Ltd

Dr P Sharma

Dr M Silatani

Mr D Triantafyllidis

Dr S Vyakarnam

REGISTERED OFFICE:

Unit 52 548-550 Elder House

Eldergate

Milton Keynes

MK9 1LR

REGISTERED NUMBER:

10727666 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Tangible assets

4

23,877

8,868

CURRENT ASSETS

Stocks

388,609

235,564

Debtors

5

2,320,049

409,431

Cash at bank and in hand

3,290,882

303,843

5,999,540

948,838

CREDITORS

Amounts falling due within one year

6

(946,366

)

(241,874

)

NET CURRENT ASSETS

5,053,174

706,964

TOTAL ASSETS LESS CURRENT LIABILITIES

5,077,051

715,832

PROVISIONS FOR LIABILITIES

(63,729

)

(1,685

)

NET ASSETS

5,013,322

714,147

CAPITAL AND RESERVES

Called up share capital

7,888

5,289

Share premium

11,693,016

5,982,554

Other reserves

517,824

385,516

Retained earnings

(7,205,406

)

(5,659,212

)

5,013,322

714,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Dr M Silatani - Director

1.	STATUTORY INFORMATION

Corrosion Radar 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 12.50% to 33.33% on cost

Computer equipment - 11.11% to 33.33% on cost

Property, plant and equipment are initially recognised at acquisition cost or manufacturing cost, including any

costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management. These are subsequently measured at cost less accumulated depreciation and impairment losses.

Gains or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in profit or loss either within other income or other expenses.

In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required,but at least annually.

Stocks

Stocks are stated at the lower of cost and net realisable value. cost 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. Cost is calculated using the weighted average cost method. Net realisable value represents the estimated selling price less all estimated costs of completion.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and 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 or deferred taxation assets and liabilities are not discounted.

Current tax is 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within "finance income or costs". All other foreign exchange gains and losses are presented in profit or loss within "other operating income ".

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity.Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Share based payments

The company operates equity-settled share-based remuneration plans for its employees. None of the company's plans are cash-settled.

Where employees are rewarded using share-based payments, the fair value of employees’ services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions.

All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to other reserves. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.

Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal (or par) value of the shares issued with any excess being recorded as share premium.

Warranty provisions

Provisions for warranty obligations are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Where material, they are discounted to present value.

Warranty provisions include amounts for both routine product warranties and specific identified issues. Provisions are classified as current or non-current based on the expected timing of settlement.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

39,113

Additions

25,604

Disposals

(6,719

)

At 31 December 2024

57,998

DEPRECIATION

At 1 January 2024

30,245

Charge for year

10,596

Eliminated on disposal

(6,720

)

At 31 December 2024

34,121

NET BOOK VALUE

At 31 December 2024

23,877

At 31 December 2023

8,868

5.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

2,042,685

186,718

Other debtors

251,266

222,713

2,293,951

409,431

Amounts falling due after more than one year:

Other debtors

26,098

-

Aggregate amounts

2,320,049

409,431

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

226,944

102,765

Taxation and social security

-

36,292

Other creditors

719,422

102,817

946,366

241,874

7.	LEASING AGREEMENTS

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

31.12.24

31.12.23

£

£

Within one year

101,846

-

Between one and five years

324,684

-

426,530

-

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,835 (2023: £16,758). Contributions totalling £7,702 (2023: £3,749) were payable to the fund at the reporting date and are included in creditors.

9.	RELATED PARTY DISCLOSURES

Related Parties

The Saudi Arabian Oil Company is a related party of the Company by virtue of significant influence. Yusuf Bin Ahmed Kanoo Company, The Kanoo Group and The Kanoo Industrial & Energy further referred to as Kanoo is not a related party of the Company. However, a portion of products and services provided to Kanoo during the year were at the direction of and for the benefit of The Saudi Arabian Oil Company.

During the year the company invoiced £2,730,311 (2023: £320,050) to Kanoo for the benefit of The Saudi Arabian Oil Company under normal commercial terms. Included in trade receivables and contract assets at the year-end was £1,647,719 (2023: £NIL) and £196,111 (2023: £107.400) respectively, indirectly related to

The Saudi Arabian Oil Company.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The tax authority approved Enterprise Management Incentive Share Option Scheme is operated for all employees of the company and an unapproved share option scheme for other key individuals. Options are exercisable at a price equal to the estimated fair value of the company’s shares on the date of grant.

The options vest in accordance with terms determined by the directors but include continued employment. If the options remain unexercised after a period of ten years from the date of grant, the options expire. Options are forfeited if an employee leaves. Obligations under this scheme will be met by the issue of Ordinary shares of the company.

No charge has been recognised to the profit and loss in the year in respect of the options as the fair value of the award at the date of grant is the same as the exercise price.

Weighted average exercise price (£

)

Number

Weighted average exercise price (£

)

Number

2024

2024

2023

2023

Outstanding at the beginning of the year

0.01

707,080

0.01

620,657

Granted during the year

0.001

1,106,310

0.01

100,281

Lapsed during the year

0.001

(6,071

)

0.01

(13,858

)

Outstanding at the end of the year

0.05

1,807,319

0.01

707,080

The number of shares over which options were exercisable at 31 December 2024 was £NIL (2023: £NIL).