REGISTERED NUMBER: 11700102 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RAD PROPULSION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Daltry

D J Hook

D J Keen

SECRETARIES:

Mrs S Daltry

Dr L Hook

REGISTERED OFFICE:

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

REGISTERED NUMBER:

11700102 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Intangible assets

4

19,389

22,464

Tangible assets

5

342,803

125,118

362,192

147,582

CURRENT ASSETS

Stocks

942,547

568,626

Debtors

6

881,664

330,794

Prepayments and accrued income

715,464

322,748

Cash at bank

512,300

1,219,539

3,051,975

2,441,707

CREDITORS

Amounts falling due within one year

7

1,046,134

721,460

NET CURRENT ASSETS

2,005,841

1,720,247

TOTAL ASSETS LESS CURRENT LIABILITIES

2,368,033

1,867,829

ACCRUALS AND DEFERRED INCOME

131,142

35,924

NET ASSETS

2,236,891

1,831,905

CAPITAL AND RESERVES

Called up share capital

223

191

Share premium

6,063,891

4,222,342

Retained earnings

(3,827,223

)

(2,390,628

)

SHAREHOLDERS' FUNDS

2,236,891

1,831,905

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 Profit and Loss Account has not been delivered.

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:

R Daltry - Director

1.	STATUTORY INFORMATION

RAD Propulsion Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Going concern

At the balance sheet date the company reports negative retained earnings, however the business has successfully continued its fund raising with over £1.8m raised during 2024. The business has also been successful with more non-dilutive funding in the form of grants and other funded R&D work.

Since the year end the company continues to grow its product and project gross profits, continues to win grant funding and is in advanced stages of raising further equity funding.

Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the company were unable to realise its assets and settle its liabilities as a going concern in the normal course of business. Such adjustments could be material.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are not amortised until they are brought into use and are considered to have a useful life of 10 years.

Tangible fixed assets

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

Plant and machinery

-

20-25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

Expenditure on research and development is written off in the year in which it is incurred.

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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

22,464

Disposals

(921

)

At 31 December 2024

21,543

AMORTISATION

Charge for year

2,154

At 31 December 2024

2,154

NET BOOK VALUE

At 31 December 2024

19,389

At 31 December 2023

22,464

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

137,137

18,727

-

35,883

191,747

Additions

252,613

5,914

18,500

19,110

296,137

At 31 December 2024

389,750

24,641

18,500

54,993

487,884

DEPRECIATION

At 1 January 2024

45,199

6,556

-

14,874

66,629

Charge for year

60,673

4,296

2,775

10,708

78,452

At 31 December 2024

105,872

10,852

2,775

25,582

145,081

NET BOOK VALUE

At 31 December 2024

283,878

13,789

15,725

29,411

342,803

At 31 December 2023

91,938

12,171

-

21,009

125,118

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

556,849

73,591

Other debtors

324,815

257,203

881,664

330,794

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

295,580

169,166

Taxation and social security

62,131

34,456

Other creditors

688,423

517,838

1,046,134

721,460

8.	LEASING AGREEMENTS

At the balance sheet date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £217,833 (2023: £63,000)