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Registered number: 09178932
ENERTECHNOS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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ENERTECHNOS LIMITED
REGISTERED NUMBER: 09178932
BALANCE SHEET
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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 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 profit and loss account 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 by:
The notes on pages 3 to 10 form part of these financial statements.
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ENERTECHNOS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Share based payments reserve
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Shared based payment credit to equity
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Share based payment credit to equity
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The notes on pages 3 to 10 form part of these financial statements.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Enertechnos Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 19 Kingsmill Business Park, Chapel Mill Road, Kingston Upon Thames, Surrey, KT1 3GZ.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Notwithstanding the loss reported by the Company, the financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. The Company is involved in continuing research and development activities and is expected to continue to be loss making, and in a net cash outflow position, in the near future as it progresses its activities.
The directors have prepared cash flow forecasts which demonstrate the need to secure additional funding. Consistent with funding to date equity investment will be in the Company’s parent, Enertechnos Holdings Limited, which has pledged its continuing financial support. Enertechnos Holdings Limited is in the process of attracting further investment, however if such investment is not secured on a timely basis the group’s activities will be scaled back until additional financing is available.
Having considered the past history of obtaining investor funding the directors are confident of being able to attract the required investment and are therefore satisfied that it is appropriate to adopt the going concern basis. However, the directors acknowledge that, in the absence of the additional funding having been contractually committed, a material uncertainty exists which may cast doubt about the Company’s ability to continue as a going concern. The financial statements do not include adjustments that would result if the Company were unable to continue as a going concern.
Research and development expenditure is written off in the year in which it is incurred.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
Amortisation is charged from the date the intangible asset is available for use.
The parent company operates an equity-settled share based compensation plan. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The share based payment charge in the Company accounts is based only on those option holders employed directly by the Company.
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.
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:
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.
Short-term debtors are measured at transaction price, less any impairment.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 Profit and Loss Account in the same period as the related expenditure.
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FOREIGN CURRENCY TRANSLATION
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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.
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.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.ACCOUNTING POLICIES (CONTINUED)
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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.
Tax credits receivable under the R&D Expenditure Credit scheme are recognised within other operating income.
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The average monthly number of employees, including directors, during the year was 10 (2024 - 12).
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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All amounts due from group undertakings are unsecured and repayable on demand.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings includes £13,709,008 (2024 - £11,380,233) due to Enertechnos Holdings Limited. The balance accrues interest at a fixed rate of 8% (2024 - 2% above the Bank of England base rate per annum).
In February 2025 an addendum to the original agreement was signed, stating that interest will be accrued at a fixed rate of 8%. It was further agreed in the addendum that the increased interest rate will be effective for the period from 1 May 2023. As this addendum is dated February 2025 the Company was not legally required to accrue any additional interest in respect of prior periods until the date of the addendum. Accordingly, a one-off charge has been recognised in the current year in respect of the additional interest that the Company is now entitled to covering the 14 month period from 1 May 2023 to 30 June 2024.
Amounts due to group undertakings are unsecured and repayable on demand.
Other creditors include contributions of £5,562 (2024 - £5,750) payable to the Company's defined contribution pension scheme at the balance sheet date.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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ALLOTTED, CALLED UP AND FULLY PAID
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2 (2024 - 2) Ordinary shares of £1.00 each
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The Company participates in its parent company's, Enertechnos Holdings Limited, share option plan. Under the plan options in the A Ordinary shares of Enertechnos Holdings Limited may be granted to directors, officers, consultants and employees. Equity-settled share based payments are measured at fair value at the date of grant.
The Black-Scholes pricing model was used to calculate the fair value of options at grant date. The inputs into the pricing model were:
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Weighted average exercise price (pence)
2025
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Weighted average exercise price
(pence)
2024
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Outstanding at the beginning of the year
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Forfeited during the year
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OUTSTANDING AT THE END OF THE YEAR
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Weighted average share price (pence)
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As the Company's shares are not traded, the expected volatility has been estimated with reference to comparable companies.
At 30 June 2025 68,550 (2024 - 40,150) options were exercisable.
The Company recognised total expenses in the year of £365,995 (2024 - £96,905) in respect of equity-settled share based payment transactions.
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ENERTECHNOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The auditor's report on the financial statements for the year ended 30 June 2025 was unqualified.
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There was however a paragraph highlighted a material uncertainty relating to going concern which read as follows:
We draw attention to note 2.2 in the financial statements, which indicates that the Company will require additional funding from its parent company, Enertechnos Holdings Limited, in order to progress its research and development activities. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 22 December 2025 by Roberta Newman (Senior Statutory Auditor) on behalf of PEM Audit Limited.
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