ACCOUNTS - Final Accounts preparation

Cash and cash equivalents

As unaudited 30 April

Financial Statements

Motive Fuels Limited

For the period ended 31 December 2024

Registered number: 13290733


Motive Fuels Limited

Company Information

Directors	James Burns (resigned 29 July 2025)
	James Munce
	Kevin Selleslags (appointed 8 November 2024)
	Elliott Matthew (appointed 30 July 2025)


Registered number	13290733


Registered office	North Bailey House
	12 New Inn Hall Street
	Oxford
	OX1 2RP


Independent auditor	Grant Thornton (NI) LLP
	Chartered Accountants & Statutory Auditors
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Motive Fuels Limited

Contents

	Page
Independent auditor's report	1 - 4
Balance sheet	5 - 6
Statement of changes in equity	7
Notes to the financial statements	8 - 20

Independent auditor's report to the members of Motive Fuels Limited

Opinion

We have audited the financial statements of Motive Fuels Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the period ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Motive Fuels Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the period then ended; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.

Other matter

The period ended 31 December 2024 was the first year that Grant Thornton (NI) LLP were appointed as external auditors. For the financial year ended 30 April 2024, the Company was not required to obtain audited financial statements as the company qualified as small under Company Law, and availed of the small company exemption. Therefore, the comparative figures have not been audited.

Page 1

Independent auditor's report to the members of Motive Fuels Limited (continued)

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' report for the period for which the financial statements are prepared is consistent with the financial statements, and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.

Page 2

Independent auditor's report to the members of Motive Fuels Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax laws. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

Page 3

Independent auditor's report to the members of Motive Fuels Limited (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating impairment of debtors, estimating the useful live of fixed assets; and estimations and assumptions used in the provision for dilapidations; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Neal Taylor FCA (Senior statutory auditor)

for and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants &

Statutory Auditors

Belfast
Date:29 September 2025

Page 4


Motive Fuels Limited Registered number:13290733

Balance sheet

As at 31 December 2024

	31 December	As unaudited and restated 30 April
	2024	2024
Note	£	£

Fixed assets
Tangible assets	5		1,749,322		2,961,419
			1,749,322		2,961,419
Current assets
Debtors: amounts falling due within one year	6	2,651,842		366,080
Cash at bank and in hand	7	78,503		1,281,403
		2,730,345		1,647,483
Current liabilities
Creditors: amounts falling due within one year	8	(1,313,768)		(1,299,238)
Net current assets			1,416,577		348,245
Total assets less current liabilities			3,165,899		3,309,664
Creditors: amounts falling due after more than one year	9		(2,358,487)		-
Provisions for liabilities
Other provisions	11	(409,494)		(379,499)
			(409,494)		(379,499)
Net assets			397,918		2,930,165

Capital and reserves
Called up share capital	12	1,887,961	8,109,852
Share premium account	13	-	5,429,000
Profit and loss account	13	(1,490,043)	(10,608,687)
Shareholders' funds		397,918	2,930,165

Page 5


Motive Fuels Limited Registered number:13290733

Balance sheet (continued)

As at 31 December 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

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

Elliott Matthew

Director

The notes on pages 8 to 20 form part of these financial statements.

Page 6


Motive Fuels Limited

Statement of changes in equity

For the period ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2024 (as unaudited and restated)	8,109,852	5,429,000	(10,546,878)	2,991,974
Prior year adjustment - correction of error	-	-	(61,809)	(61,809)
At 1 May 2024 (as unaudited and restated)	8,109,852	5,429,000	(10,608,687)	2,930,165

Loss for the period	-	-	(1,250,566)	(1,250,566)
Dividends in kind	-	-	(1,281,681)	(1,281,681)
Capital reduction	(6,221,891)	(5,429,000)	11,650,891	-
At 31 December 2024	1,887,961	-	(1,490,043)	397,918

Statement of changes in equity

For the period ended 30 April 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2023 (as unaudited and restated)	3,000,002	5,429,000	(7,991,656)	437,346
Prior year adjustment - correction of error	-	-	872,635	872,635
At 1 May 2023 (as unaudited and restated)	3,000,002	5,429,000	(7,119,021)	1,309,981

Loss for the year	-	-	(3,489,666)	(3,489,666)
Shares issued during the year	5,109,850	-	-	5,109,850
At 30 April 2024 (as unaudited and restated)	8,109,852	5,429,000	(10,608,687)	2,930,165

The notes on pages 8 to 20 form part of these financial statements.

Page 7


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

1.	General information

Motive Fuels Limited is a private company, limited by shares, incorporated in England and Wales with registration number 13290733. The registered office is North Bailey House, 12 New Inn Hall Street, Oxford, England, OX1 2RP.
The principal activity of the Company is the sale of hydrogen gas.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

We consider that, after making inquiries and specifically considering the budget and forecasts, of the company, together with post balance sheet events disclosured within the notes of the financial statements, the company has adequate resources to continue operations due to the continued financial support of the ultimate parent company Hydra B Power Limited and the related subsidiaries within the Hydra B Power Group. For this reason, the company continues to adopt the going concern basis in preparing these financial statements.

Page 8


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 9


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.8

Pensions

Defined contribution pension plan

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 10


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Restoration assets	-	10% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	25% straight line
Computer equipment	-	33.33% straight line
Assets under construction	-	Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

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.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 13


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

2.Accounting policies (continued)

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Allowances for the impairment of debtors
The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers and/or group companies are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of the relationship.
Useful life of tangible assets
The useful life of tangible assets is sensitive to changes in estimates made to the useful lives and the residual value of assets. The useful lives and residual values are reassessed annually for changes. They are amended when it is deemed necessary to reflect current estimates based on future investments, economic utilisation and physical condition.
Estimations and Assumptions used in the valuation of the dilapidation provision
The Company is required to reinstate a number of sites to original state at the end of their lease contract. The value of the provision has been estimated based on assumptions made for labour and material costs at current prices. These inputs have been indexed using an estimation of RPI of 3.4%. The provision has also been discounted using an estimated weighted average cost of capital. The dilapidation provision is disclosed in note 11.

Employees

The average monthly number of employees, including directors, during the period was 4 (2024 - 27).

Page 14


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

5.	Tangible fixed assets

	Restoration assets	Plant and machinery	Fixtures and fittings	Computer equipment	Assets under construction	Total
	£	£	£	£	£	£
Cost or valuation
At 1 May 2024 (as previously stated - unaudited)	-	2,405,952	61,314	103,205	1,281,681	3,852,152
Prior Year Adjustment	254,121	(292,413)	-	-	-	(38,292)
At 1 May 2024 (as restated)	254,121	2,113,539	61,314	103,205	1,281,681	3,813,860
Additions	-	62,866	-	-	200,383	263,249
Disposals	-	-	-	-	(1,281,681)	(1,281,681)
At 31 December 2024	254,121	2,176,405	61,314	103,205	200,383	2,795,428
Depreciation
At 1 May 2024 (as previously stated - unaudited)	-	731,389	44,117	71,641	116,168	963,315
Prior Year Adjustment	90,777	(85,483)	-	-	(116,168)	(110,874)
At 1 May 2024 (as restated)	90,777	645,906	44,117	71,641	-	852,441
Charge for the period	20,752	145,094	6,121	21,698	-	193,665
At 31 December 2024	111,529	791,000	50,238	93,339	-	1,046,106
Net book value
At 31 December 2024	142,592	1,385,405	11,076	9,866	200,383	1,749,322
At 30 April 2024 (as restated - unaudited)	163,344	1,467,633	17,197	31,564	1,281,681	2,961,419

Page 15


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

Debtors

					31 December	As unaudited and restated 30 April
					2024	2024
					£	£


Trade debtors	208	2,403
Amounts owed by group undertakings	2,295,881	137,286
Other debtors	283,971	173,576
Prepayments and accrued income	71,782	52,815
	2,651,842	366,080

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Included within prepayments and grant income is £33,474 (2023: £Nil) relating to amounts receivable under grants.

	Cash at bank and in hand	78,503	1,281,403

Page 16


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

Trade creditors	46,898	1,213,758
Amounts owed to group undertakings	425,743	-
Amounts owed to other participating interests	7,392	-
Corporation tax	23,545	-
Accruals and deferred income	225,564	85,480
Bank loans	584,626	-
	1,313,768	1,299,238

Amounts owed to group undertakings and other participating interests are unsecured, interest free and repayable on demand.
Included within accruals and deferred income is £68,816 (2023: £Nil) relating to deferred income.

Bank loans	2,358,487	-
	2,358,487	-

A loan of £3,000,000 is subject to interest at a fixed rate of 7.5% and a term of 3 years. The loan is secured by way of a chattel mortgage.

Page 17


Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

Amounts falling due within one year
Bank loans	584,626	-
Amounts falling due 1-2 years
Bank loans	2,358,487	-
	2,943,113	-

11.	Provisions

		Restoration provision
		£

	At 1 May 2024 (As unaudited and restated)	379,499
	Net increase as a result of adjustment for inflation	29,995
	At 31 December 2024	409,494

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Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

Allotted, called up and fully paid

1,887,961 (2024 - 8,109,852) Ordinary shares of £1.00 each	1,887,961	8,109,852

In the prior year ended 30 April 2024 the total amount of Ordinary share capital was £8,109,852 and the total amount of Share premiuim was £5,429,000. During the period ended 31 December 2024, the company carried out a capital reduction totalling £11,650,891 reducing Ordinary share capital to £1,887,961 and Share premiuim to £Nil. Immediately after this capital reduction, the company distributed to its immediate parent undertakings an amount of £1,281,681.

13.

Reserves

Called up share capital

Represents the nominal value of shares that have been issued.

Profit and loss account

This includes all current and prior period retained profits and losses.

14.	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 £Nil (30 April 2024: £63,937) Contributions totalling £Nil (30 April 2024: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	47,200	40,853
Later than 1 year and not later than 5 years	68,420	101,754
	115,620	142,607

Assets held under property operating leases relate to leases held with related parties.

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Motive Fuels Limited

Notes to the financial statements

For the period ended 31 December 2024

16.	Post balance sheet events

On 7th January, an unanticipated incident occurred at the Company's primary production facility. This event resulted in significant business disruption of the Company's principal activities and resulted in damage to an element of the plant at the facility. The estimated net book value of the plant impacted at the time of the incident was £120,000 which is expected to incur an impairment charge. The estimated impact on business activities was a reduction in gross margin of £668,000.

17.	Ultimate parent and controlling party

The immediate parent of the Company is Hygen Production Limited, a company registered in England and Wales, wih a registered office as North Bailey House, 12 New Inn Hall Street, Oxford, England, OX1 2RP.
The ultimate parent of the Company is HydraB Power Limited, a company registered in England and Wales, with a registered office as North Bailey House, 12 New Inn Hall Street, Oxford, England, OX1 2RP. The smallest and largest group that the results are consolidated in to is HydraB Power Limited. Their consolidated statements can be obtained from Companies House.
The ultimate controlling party is J Bamford.

18.	Correction of prior year errors

The prior year has financial information has been restated the correct the following items:
1. The net book value of tangible fixed assets has been reduced by £206,931, net liabilities has been reduced by £275,421, retained earnings as at 30 April 2024 has been increased by £68,491 to correct the treatment of a balance previously recorded under land and buildings which was a leased asset. In addition, net book value of fixed assets increased by £116,168 to reverse a depreciation charge made on assets under construction which should not have been made in the year in line with the accounting policy. There was a corresponding reduction in profit and loss charge for this depreciation reversal The impact of these adjustments was to increase retained earnings brought forward as at 30 April 2024 by £184,659, and to increase net assets by £184,659 as at 30 April 2024.
2. The net book value of intangible assets has been reduced by £89,000 for items that did not meet the criteria for capitalisation, with a corresponding debit to retained earnings of £89,000 at 30 April 2024. The adjustment has reduced net assets by £89,000 and reduced retained earnings brought forward as at 1 April 2024 of £89,000.
3. Provisions for liabilities have been restated to account for a dilapidation provision which was not previously included in the financial information of the company. Provisions for liability increased by £379,499, Fixed Assets increased by £163,344 and retained earnings brought forward decreased by £216,155 as at 30 April 2024 as a result of this restatement.
4. Current assets which includes trade debtors and prepayments and bank have been restated by reducing the amounts previously presented by £54,078 to correct errors in respect of the financial year ended 30 April 2024. Current liabilities including trade creditors, other creditors and Other tax have been restated by reducing the amounts previously presented by £112,766. The net impact on profit as previously stated for the year ended 30 April 2024 was to increase profit and retained earnings at 1 May 2024 by £58,688. There was no impact on retained earnings as at 1 January 2023.

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