HyKit Limited iXBRL

Company Registration Number: 15700886

HyKit Limited

Unaudited Financial Statements

for the financial period from 2 May 2024 (date of incorporation) to 31 December 2024

HyKit Limited

Company Registration Number: 15700886

BALANCE SHEET

as at 31 December 2024

Dec 24

Notes

Fixed Assets

Intangible assets

2,908,753

Tangible assets

192,663

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Fixed Assets

3,101,416

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Current Assets

Debtors

27,084

Cash at bank and in hand

5,179,882

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5,206,966

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Creditors: amounts falling due within one year

(1,885,124)

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Net Current Assets

3,321,842

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Total Assets less Current Liabilities

6,423,258

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Equity

Called up share capital

1,833,600

Share premium account

6,462,339

Retained earnings

(1,872,681)

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Shareholders' Funds

6,423,258

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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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

For the financial period from 2 May 2024 (date of incorporation) to 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period 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.

Approved by the Board and authorised for issue on 30 October 2025 and signed on its behalf by



Mr Neil Tierney
Director

HyKit Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial period from 2 May 2024 (date of incorporation) to 31 December 2024

General Information

HyKit Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 15700886. The registered office of the company is Unit 5, Empire Road, Bicester, Oxfordshire, OX26 2FL, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial period ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention unless otherwise specified within the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Intangible assets

Development Intellectual Property

Development Intellectual Property are valued at cost less accumulated amortisation.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Capital WIP

10% to 20% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Capital work in progress is not depreciated until the asset is complete and brought into use.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash at bank and in hand

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.

Research and development

Development expenditure is written off to the Profit and Loss Account in the financial period in which it is incurred unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Period of financial statements

The financial statements are for the 7 month 30 days period from 2 May 2024 (date of incorporation) to 31 December 2024.

Going concern

The financial statements have been prepared on a going concern basis based on further capital injections from the Company's parent outlined in an accordance with an agreement between the Company's shareholders on 25 November 2024 which provides for the remaining investment required to complete the development and manufacture of Hydrogen refuelling equipment in accordance with the Company's business plan. The directors are satisfied that this investment will be sufficient for the Company to continue its operations for the foreseeable future and at least 12 months from the date of signing of the financial statements.

Statement on previous periods

The company did not present financial statements for previous periods.

Employees

The average monthly number of employees, including directors, during the financial period was 6.

Dec 24

Number

Staff

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Intangible assets

Development

Costs

Total

Cost

At 2 May 2024

Additions

2,908,753

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At 31 December 2024

2,908,753

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Net book value

At 31 December 2024

2,908,753

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On 25 November 2024, the Company acquired intellectual property, patents and know-how from J.C.B. Research (£1.70m) and HydraB Power Limited (£1.21m) as part of those entities investments in the Company's Ordinary share capital. These assets were recorded at their fair value, which was determined using other subscriptions for the Company's Ordinary share capital received in cash on the same date. These assets will be amortised over their estimated useful lives of 5–10 years.


8.	Tangible assets
		Prototypes	Capital WIP	Total


		£	£	£
	Cost
	At 2 May 2024	-	-	-
	Additions	550,000	192,663	742,663
	Disposals	(450,000)	-	(450,000)
		─────────	─────────	─────────
	At 31 December 2024	100,000	192,663	292,663
		─────────	─────────	─────────
	Impairments
	At 2 May 2024	-	-	-
	Charge for the financial period	100,000	-	100,000
		─────────	─────────	─────────
	At 31 December 2024	100,000	-	100,000
		─────────	─────────	─────────
	Net book value
	At 31 December 2024	-	192,663	192,663
		═════════	═════════	═════════

	Tangible assets include prototype hydrogen refuelling units (V1–V3) transferred from J.C.B. Research as consideration for its subscription in the Company's Ordinary share capital. The V3 units were sold during the period for £450,000. The V1 and V2 units, retained for R&D testing, have been fully impaired to nil due to obsolescence.


9.	Debtors	Dec 24
		£

	Taxation (Note 11)	6,135
	Prepayments and accrued income	20,949
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		27,084
		═════════

10.

Creditors

Dec 24

Amounts falling due within one year

Trade creditors

824,606

Accruals and deferred income

1,060,518

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1,885,124

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Accruals and deferred income includes £900,000 deferred income related to customer deposits.

11.

Taxation

Dec 24

Debtors:

VAT

6,135

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Taxation relates to recoverable VAT.

12.

Pension costs - defined contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £5,447 (May 24 - £0.00).

13.

Reserves

Share Premium Reserve

The amount carried forward is the premium that arose from the issue of shares on 25 November 2024 less acquisition costs associated with their issue.

14.

Capital commitments

The company had no material capital commitments at the financial period-ended 31 December 2024.

15.

Related party transactions

Prototype hydrogen refuelling units and associated trailers were sold to Ryze Power Limited for £468,000. In addition Ryze Power Limited paid £900,000 deposits for other orders placed. Ryze Power Limited is a subsidiary undertaking of HydraB Power Limited, a shareholder in the Company.

Services were provided by J.C. Bamford Excavators Limited under a Services and Consultancy Agreement dated 25 November 2024 amounting to £1,214,159.

J.C. Bamford Excavators Limited is under common control with J.C.B. Research, a shareholder in the Company. At 31 December 2024 the Company owed £102,748 to J.C. Bamford Excavators Limited.

The provision of a finance function was provided by HydraB Power Limited, a shareholder in the Company, from 1 June 2024 at £470 per month. At 31 December 2024 the Company owed £470 to HydraB Power Limited.

Design and branding services were provided by Atmos Comms Limited amounting to £4,380. Mr Joseph Bamford, a director in the Company is also a director and controlling shareholder in Atmos Comms Limited.

Hydrogen Equity Partners UK Limited incurred £31,543 of staff costs and initial set up costs on the Company's behalf prior to the Company having banking facilities which were subsequently recharged to the Company. No interest was levied on this credit facility provided to the Company. Mr Joseph Bamford, a director in the Company is also a director and controlling shareholder in Hydrogen Equity Partners UK Limited.

HyCap Midstream Company 2 Limited, the Company's parent company provided an unsecured interest free loan to the Company of £1,299,500 on 17 May 2024. This loan was repaid on 25 November 2024.

16.

Parent and ultimate parent company

The company regards HyCap Midstream Company 2 Limited as its parent company.

The companys ultimate parent undertaking is HyCap Fund I SCSp.

The address of HyCap Fund I SCSp is Luxembourg.

17.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial period-end.