Company No: 06741354 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	7,923		6,031
Tangible assets	4	4,746		5,568
Investments	5	0		10,000
		12,669		21,599
Current assets
Stocks		16,400		0
Debtors	6	72,566		64,388
Cash at bank and in hand		162,316		481,571
		251,282		545,959
Creditors: amounts falling due within one year	7	( 70,433)		( 42,680)
Net current assets		180,849		503,279
Total assets less current liabilities		193,518		524,878
Creditors: amounts falling due after more than one year	8	( 21,215)		( 27,142)
Net assets		172,303		497,736
Capital and reserves
Called-up share capital	9	23,354		20,479
Share premium account		1,917,089		1,484,970
Profit and loss account		( 1,768,140 )		( 1,007,713 )
Total shareholders' funds		172,303		497,736

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Clean Energy Prospector Ltd (registered number: 06741354) were approved and authorised for issue by the Board of Directors on 04 December 2025. They were signed on its behalf by:

D Rand Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clean Energy Prospector Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 21a Easton Business Centre, Felix Road, Bristol, BS5 0HE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors do have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the accounts have been prepared on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

4 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		7

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 April 2024	361,323		361,323
Additions	8,100		8,100
At 31 March 2025	369,423		369,423
Accumulated amortisation
At 01 April 2024	355,292		355,292
Charge for the financial year	6,208		6,208
At 31 March 2025	361,500		361,500
Net book value
At 31 March 2025	7,923		7,923
At 31 March 2024	6,031		6,031

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 April 2024	8,379		8,379
Additions	2,131		2,131
Disposals	( 232)		( 232)
At 31 March 2025	10,278		10,278
Accumulated depreciation
At 01 April 2024	2,811		2,811
Charge for the financial year	2,953		2,953
Disposals	( 232)		( 232)
At 31 March 2025	5,532		5,532
Net book value
At 31 March 2025	4,746		4,746
At 31 March 2024	5,568		5,568

5. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	10,000		10,000
Disposals	( 10,000)		( 10,000)
At 31 March 2025	0		0
Carrying value at 31 March 2025	0		0
Carrying value at 31 March 2024	10,000		10,000

6. Debtors

	2025		2024
	£		£
Trade debtors	9,566		13,214
Amounts owed by directors	2,768		2,462
Prepayments	14,960		6,690
VAT recoverable	15,154		15,399
Witholding tax	( 1,536)		( 1,209)
Other taxation and social security	0		4,838
Other debtors	31,654		22,994
	72,566		64,388

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	5,987		4,917
Trade creditors	35,873		11,190
Amounts owed to directors	23,098		21,762
Accruals	3,400		3,600
Other creditors	2,075		1,211
	70,433		42,680

Included within other creditors falling due within one year is an amount of £5,987 (2024: £4,917) due to Starling Bank in respect of a Bounce Back Loan.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	21,215		27,142

Included within other creditors falling due after more than one year is an amount of £21,215 (2024: £27,142) due to Starling Bank in respect of the Bounce Back Loan.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Other creditors	7,416		12,346

The £7,416 (2023: £12,346) payable in more than five years is due to Starling Bank in respect of the Bounce Back Loan.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2,335,427 Ordinary shares of £ 0.01 each (2024: 2,047,949 shares of £ 0.01 each)	23,354		20,479

During the year, 287,479 shares were allotted at £0.01 each.

10. Related party transactions

At the year end, R Mouat, a director of the company, was owed £23,098 (2024: £21,762) by the company. This is shown in creditors due within one year and interest is being charged on the loan.

At the year end, D Rand, a director owed the company £2,768 (2024: £2,462 owed to the company) to the company. Interest is not being charged on the loan.