Neuer Energy Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Neuer Energy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13611419 . The registered office is 91 Wimpole Street, London, W1G 0EF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors believe that notwithstanding net current liabilities of £3,920,710 and net liabilities of £3,907,116, the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from connected companies will be adequate to meet the company’s needs for a period of at least 12 months from the date of approval of these financial statements.

2.3. Turnover

Revenue is recognised to the extent there is probable 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.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

2.4. Research and Development

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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.

Depreciation is charged to profit or loss over the estimated useful economic lives as follows -

Computer Equipment

3 years on a straight line basis

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.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

2.6. Leasing and Hire Purchase Contracts

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.

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Neuer Energy Limited

Notes to the Financial Statements (continued)

For the Period 1 October 2023 to 31 December 2024

2.7. Financial Instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

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 within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

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 in 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 in the periods during which services are rendered by employees.

2.11. Related Party Exemption

The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

Preparation of consolidated financial statements

The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.

3. Average Number of Employees

Average number of employees during the year was as follows: 15 (2023: 7)

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Neuer Energy Limited

Notes to the Financial Statements (continued)

For the Period 1 October 2023 to 31 December 2024

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 October 2023	10,266
Additions	9,742

As at 31 December 2024	20,008

Depreciation
As at 1 October 2023	1,855
Provided during the period	4,559

As at 31 December 2024	6,414

Net Book Value
As at 31 December 2024	13,594

As at 1 October 2023	8,411

5. Debtors

	31 December 2024	30 September 2023
	£	£
Due within one year
Trade debtors	14,100	18,240
Prepayments and accrued income	27,067	18,758
Other debtors	1,700	790
VAT	18,986	8,759

	61,853	46,547

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	30 September 2023
	£	£
Trade creditors	72,935	79,139
Other taxes and social security	22,201	13,966
Other creditors	2,540	1,699
Accruals and deferred income	12,197	19,175
Amounts owed to group undertakings	3,889,786	2,249,000

	3,999,659	2,362,979

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. At the balance sheet date unpaid contributions amount to £2,437, (2023 : £1,636) were due to the fund and included in Other Creditors.

7. Share Capital

	31 December 2024	30 September 2023
	£	£
Allotted, Called up and fully paid	1	1

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Neuer Energy Limited

Notes to the Financial Statements (continued)

For the Period 1 October 2023 to 31 December 2024

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2024	30 September 2023
	£	£
Not later than one year	6,000	829

	6,000	829

9. Related Party Transactions

The company is a subsidiary of Aqovia UK Limited and the parent company of the group is Aqovia Group Limited whose registered office is 36 Hope Street, Douglas, Isle Of Man, IM1 1AR.

No consolidated financial statements are drawn up for any group of which the company is a member.

10. Controlling Party

The company's controlling party is Muhammad Malik by virtue of his ownership of 100% of the issued share capital in Aqovia Group Limited.

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		31 December 2024		30 September 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		13,594		8,411

			13,594		8,411
CURRENT ASSETS
Debtors	5	61,853		46,547
Cash at bank and in hand		17,096		106,235

		78,949		152,782
Creditors: Amounts Falling Due Within One Year	6	(3,999,659 )		(2,362,979 )

NET CURRENT ASSETS (LIABILITIES)			(3,920,710 )		(2,210,197 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(3,907,116 )		(2,201,786 )

NET LIABILITIES			(3,907,116 )		(2,201,786 )

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			(3,907,117 )		(2,201,787 )

SHAREHOLDERS' FUNDS			(3,907,116)		(2,201,786)