Company registration number 03475558 (England and Wales)
SEICHE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
SEICHE LIMITED
COMPANY INFORMATION
Directors
Mr R Wyatt
Mrs P Ellison
Mrs J K Wyatt
(Appointed 1 February 2025)
Mr D J Hook
(Appointed 1 February 2025)
Secretary
Mrs J K Wyatt
Company number
03475558
Registered office
Bradworthy Industrial Estate
Langdon Road
Bradworthy
Holsworthy
Devon
United Kingdom
EX22 7SF
Auditor
Azets Audit Services
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
SEICHE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
SEICHE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic and directors report for the year ended 31 May 2025.

Review of the business

The results for the year and financial position of the company are as shown in the following financial statements.

The key performance indicators of the company are summarised as follows:

| 2025 |  | 2024 |  |
| £ |  | £ |  |

Turnover |  | 9,751,814 | 6,909,619 |
Gross profit |  | 5,081,901 | 3,993,352 |
Gross profit % |  | 52.11% | 57.79% |
Proft before tax |  | 388,835 | 835,710 |
Net profit % |  | 1.04% | 9.55% |

At the balance sheet date, the cash at bank was £280,987 (2024 -​ £1,252,628), and the total net assets were £4,269,997 (2024 -​ £4,368,689).

During the year the company's turnover has increased by £2,842,195 to £9,751,814 (2024 -​ £6,909,619) and had a profit before tax of £388,835 (2024 -​ £835,710).

The company continues to acquire and build new leasing assets with total additions of £1,423,011 during the year (2024 -​ £790,842) for continued use in the business to assist in growing turnover and profitability.

The cash reserves at the balance sheet date have decreased during the year by £971,641 to £280,987 (2023 -​ £1,252,628) which reflects the company's increase in leased assets as well investment in skilled personnel to support future growth.

SEICHE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Principal risks and uncertainties

The directors have assessed the risks and uncertainties which could have an impact on the company's long term performance. The group has a risk management structure in place which is designed to highlight business risks at an early stage so that they may be managed within the business cycle. The principal risks facing the business are reviewed quarterly by the board who have identified the key controls needed to be in place to mitigate the risks faced. The broad categories of risk identified are as follows:

Regulatory Risks

The company is subject to laws and regulations, including those that relate to corporate governance, the Companies Act 2006 and FRS102. Failure to comply with these laws and regulations could affect the company's ability to operate. The group engages professional advisers to undertake audits and inspections to test compliance with regulations within their field of expertise to ensure the company is not in any breach of these laws and regulations.

Commercial Risks

Commercial contracts with customers can pose risks to the group. An internal solicitor and a experienced QHSE Manager has been employed to ensure that the board of directors are aware of the risks and contract reviews are thorough to mitigate risks.

General Risks

General risks include loss of assets from fire, flood, sinking, and theft. The level of insurance cover is reviewed annually and, in the event of a significant change during the year to the asset values insured, the level of cover is updated accordingly. A variety of measures are in place to safeguard against theft including security systems and reviews of gross margins achieved.

Fraud risks could result in company assets being misappropriated resulting in a loss to the company. To mitigate the risk of fraud, an appropriate segregation of duties has been established, accounting records are reviewed regularly including reconciliations of control accounts and the financial performance is regularly reviewed.

IT Risks

Computer systems may fail and cause business disruption to trading and the completeness of record keeping. This risk is mitigated by taking daily backups of company data. The business is implementing a Cyber security programme, which includes obtaining Cyber Essentials Plus and Cyber insurance to protect against external crime and fraud.

Financial Risks

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with financial liabilities. The company mitigates this risk by reviewing cash flow weekly and the banking facilities in addition to regular reviews of the financial performance against budgets. Seiche re-forecast every month and analysis results against this re-forecast.

An increase in interest rates could have an adverse impact on profitability. To mitigate this risk a monthly review of the financial position of the company is undertaken by the board.

Changes in foreign exchange rates could have an adverse impact on profitability. In order to mitigate the currency risk the company maintains multiple currency bank accounts, aims to transfer funds at a time that doesn’t have an adverse currency translation, as well as carries out regular reviews of currency rates.

FUTURE OUTLOOK

The company will continue to diversify its trade to improve its financial performance and minimise risk. The company continues to expand into other markets and the directors remain optimistic as to the long-​term outlook of the company. This diversification and growth has resulted in a reduction in Gross Margin % during 2024/25 and into 2025/26, to counteract this the group are upgrading their systems, processes and procedures to improve efficiencies as well as company wide review of roles and responsibilities. These improvements will be evident in the increased profit returns expected from 2026/27 onwards.

The directors of Autonaut Ltd, a fellow group company, agreed to transfer the trade and assets of Autonaut Limited at fair value to Seiche Limited. This transfer completed at close of business on 31 January 2025. AutoNaut staff have been TUPE into Seiche Ltd and the AutoNaut product has become a division within Seiche Ltd.

SEICHE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

On behalf of the board

Mrs P Ellison
Director
9 March 2026
SEICHE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of the design, development and manufacture of underwater acoustic and visual systems for mitigation and measurement. Services include the development of technical products together with the hiring of equipment for commercial application, passive acoustic monitoring and advanced underwater acoustics.

The company's systems are designed to enable clients to comply with environmental regulations to protect marine life from the effects of sound in water.

Acquisition of trade and assets of fellow subsidiary

On 31 January 2025 the company acquired the business and assets of AutoNaut Limited, a fellow subsidiary (refer to note 22).

Results and dividends

The results for the year are set out on page 10.

Interim dividends were paid amounting to £200,000 (2024: £622,348). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Wyatt
Mr M Burnett
(Resigned 7 January 2026)
Mrs P Ellison
Mr T J Hibben
(Appointed 20 May 2025 and resigned 31 December 2025)
Mrs J K Wyatt
(Appointed 1 February 2025)
Mr D J Hook
(Appointed 1 February 2025)
Financial instruments

The key financial instrument is a bank loan as shown in the notes to the financial statements. The main risks arising from the financial instrument is interest rate risk and liquidity risk, which are managed by the directors, who agree with the board policies for managing these risks, which have remained substantially unchanged during the year under review.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

SEICHE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
On behalf of the board
Mrs P Ellison
Director
9 March 2026
SEICHE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SEICHE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEICHE LIMITED
- 7 -
Opinion

We have audited the financial statements of Seiche Limited (the 'company') for the year ended 31 May 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes 1 to 25 to the financial statements, including 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 the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditor's responsibilities 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 UK, including the FRC’s Ethical Standard, and 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 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 information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SEICHE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEICHE LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport. 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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives 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 our 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 our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SEICHE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEICHE LIMITED
- 9 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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.

Matthew Webb FCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
10 March 2026
2026-03-10
Chartered Accountants
Statutory Auditor
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
SEICHE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
9,751,814
6,909,619
Cost of sales
(4,669,913)
(2,916,267)
Gross profit
5,081,901
3,993,352
Administrative expenses
(5,097,359)
(3,635,354)
Other operating income
423,371
330,814
Operating profit
4
407,913
688,812
Interest receivable from group undertakings
7
33,393
106,429
Interest payable and similar expenses
8
(2,471)
(19,531)
Change in fair value of investment property
13
(50,000)
60,000
Profit before taxation
388,835
835,710
Tax on profit
9
(287,527)
(175,645)
Profit for the financial year
101,308
660,065

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SEICHE LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
172,487
-
0
Tangible assets
12
1,943,585
1,159,294
Investment property
13
350,000
400,000
2,466,072
1,559,294
Current assets
Stocks
14
270,685
150,613
Debtors
15
4,244,347
2,632,369
Cash at bank and in hand
280,987
1,252,628
4,796,019
4,035,610
Creditors: amounts falling due within one year
16
(2,756,726)
(827,531)
Net current assets
2,039,293
3,208,079
Total assets less current liabilities
4,505,365
4,767,373
Creditors: amounts falling due after more than one year
17
(163,556)
(154,943)
Provisions for liabilities
Deferred tax liability
19
71,812
243,741
(71,812)
(243,741)
Net assets
4,269,997
4,368,689
Capital and reserves
Called up share capital
21
2
2
Profit and loss reserves
4,269,995
4,368,687
Total equity
4,269,997
4,368,689
The financial statements were approved by the board of directors and authorised for issue on 9 March 2026 and are signed on its behalf by:
Mr R Wyatt
Mrs P Ellison
Director
Director
Company Registration No. 03475558
SEICHE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
2
4,330,970
4,330,972
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
660,065
660,065
Dividends
10
-
(622,348)
(622,348)
Balance at 31 May 2024
2
4,368,687
4,368,689
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
101,308
101,308
Dividends
10
-
(200,000)
(200,000)
Balance at 31 May 2025
2
4,269,995
4,269,997
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
1
Accounting policies
Company information

Seiche Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradworthy Industrial Estate, Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include an investment property at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Seiche Water Technology Group Ltd. These consolidated financial statements are available from its registered office, Bradworthy Industrial Estate, Langdon Road, Bradworthy, Holsworthy, Devon, EX22 7SF.

Related Party Exemption

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As part of the regular budgeting and forecast review process, the directors have prepared cash flow forecasts covering a period in excess of 12 months from the approval of the financial statements and are satisfied the company will sufficient cash to meet its obligations as they fall due during this period. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

Rental income

Rental income is recognised on a straight line basis over the lease term.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Straight-line over their estimated useful lives of 10 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% to 50% on cost
Fixtures and fittings
25% on cost
Office equipment
20% on cost
Motor vehicles
25% on cost
AutoNaut vessels
20% on cost
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Capitalised self-built assets which are available to lease to customers are depreciated over their estimated useful lives at a rate of 20-50% per annum.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
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 current liabilities.

SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The company operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Once contributions to the pension fund have been paid, there is no further obligation to the company.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of intercompany balances

Judgement is required in relation to the carrying value of intercompany balances and any provisions required against the recoverability of such balances. Intercompany balances are reviewed annually in relation to their recoverability. Consideration in relation to the trade of the underlying companies as well as operations post year end, future budgets and orders in the underlying business as well as the cash position. Other evidence is also considered where appropriate in this assessment, including consumer demand and the economic environment.

Valuation of investment property

The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The directors have used a professional valuation completed on 13th February 2026 to determine the fair market value of the investment property

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
7,168,146
4,298,619
Provision of services
2,583,668
2,611,000
9,751,814
6,909,619
2025
2024
£
£
Turnover analysed by geographical market
UK
4,051,739
3,253,160
Europe
2,558,211
1,577,860
USA
842,870
667,523
Rest of world
2,298,994
1,411,076
9,751,814
6,909,619
2025
2024
£
£
Other revenue
Rental income
5,040
5,273
Interest income
33,393
106,429
Management charges
338,886
325,458
Grants received
79,445
83
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(79,445)
(83)
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
10,200
Depreciation of owned tangible fixed assets
553,781
385,425
Loss on disposal of tangible fixed assets
84,939
72,302
Amortisation of intangible assets
12,321
-
Operating lease charges
113,048
69,151
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
301,126
268,256
Company pension contributions to defined contribution schemes
20,004
16,899
321,130
285,155

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
93,998
91,723
Company pension contributions to defined contribution schemes
11,906
8,050
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
79
63
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,656,653
2,522,740
Social security costs
288,152
207,551
Pension costs
163,702
115,710
4,108,507
2,846,001
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest receivable from group companies
33,393
106,429
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
2,471
5,527
Other interest
-
0
14,004
2,471
19,531
9
Taxation
2025
2024
£
£
Current tax
Foreign tax on profits for the current period
-
0
29,207
Deferred tax
Origination and reversal of timing differences
310,395
108,602
Adjustment in respect of prior periods
(22,868)
37,836
Total deferred tax
287,527
146,438
Total tax charge
287,527
175,645
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
388,835
835,710
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
97,209
208,928
Tax effect of expenses that are not deductible in determining taxable profit
19,865
(6,768)
Adjustments in respect of prior years
(22,868)
37,836
Group relief
16,280
(93,558)
Deferred tax not recognised
177,041
-
0
Foreign tax
-
0
29,207
Taxation charge for the year
287,527
175,645
10
Dividends
2025
2024
£
£
Interim paid
200,000
622,348
11
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 June 2024
-
0
175,000
175,000
Additions
184,808
-
0
184,808
At 31 May 2025
184,808
175,000
359,808
Amortisation and impairment
At 1 June 2024
-
0
175,000
175,000
Amortisation charged for the year
12,321
-
0
12,321
At 31 May 2025
12,321
175,000
187,321
Carrying amount
At 31 May 2025
172,487
-
0
172,487
At 31 May 2024
-
0
-
0
-
0
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
12
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
5,084,989
7,829
304,797
41,212
5,438,827
Additions
1,095,022
3,058
66,768
258,163
1,423,011
Disposals
(233,778)
-
0
-
0
-
0
(233,778)
At 31 May 2025
5,946,233
10,887
371,565
299,375
6,628,060
Depreciation and impairment
At 1 June 2024
4,073,666
1,511
171,435
32,921
4,279,533
Depreciation charged in the year
488,909
2,602
42,149
20,121
553,781
Eliminated in respect of disposals
(148,839)
-
0
-
0
-
0
(148,839)
At 31 May 2025
4,413,736
4,113
213,584
53,042
4,684,475
Carrying amount
At 31 May 2025
1,532,497
6,774
157,981
246,333
1,943,585
At 31 May 2024
1,011,323
6,318
133,362
8,291
1,159,294

Included in plant and machinery are capitalised self built assets which are available for hire to customers included at cost £3,960,483 (20 24 - £3,725,380) less accumulated depreciation of £3,569,547 (20 24 - £3,292,213), net book value £390,935 (20 24 - £433,167).

M otor vehicles includes Autonaut vessels with a net book value of £238,000.

13
Investment property
2025
£
Fair value
At 1 June 2024
400,000
Change in fair value
(50,000)
At 31 May 2025
350,000

Investment property was valued on an open market basis 13 February 2026 by Bond Oxborough Phillips (Local estate agents).

14
Stocks
2025
2024
£
£
Work in progress
50,279
18,638
Finished goods and goods for resale
220,406
131,975
270,685
150,613
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,831,713
1,647,456
Amounts owed by group undertakings
58,649
838,014
Other debtors
11,957
20
Prepayments and accrued income
342,028
146,879
4,244,347
2,632,369

Amounts owed by group undertakings are repayable on demand and interest is charged at 2.5% over bank base rate per annum in accordance with inter-group loan agreements. Interest receivable derived from group undertakings for the year was £33,393 (2024 - £106,429).

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
50,000
51,243
Trade creditors
838,645
285,784
Amounts owed to group undertakings
309,309
8
Taxation and social security
314,104
165,602
Deferred income
748,608
151,932
Accruals
496,060
172,962
2,756,726
827,531
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Deferred income
163,556
154,943

18
Loans
2025
2024
£
£
Bank loans
50,000
51,243
Payable within one year
50,000
51,243
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
18
Loans
(Continued)
- 25 -

The loan outstanding at 31 May 2024 was repaid in the year.

The new loan is secured by fixed charges over the company's freehold investment property together with a guarantee provided by Ashridge Engineering Ltd.

The new loan has an agreed fixed rate interest of 2.13% per annum over base rate, and is due for repayment by 29 May 2030. A further £250,000 was drawn down subsequent to year end.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
376,515
233,458
Tax losses
(314,329)
-
Revaluations
12,858
12,858
Other short term timing differences
(3,232)
(2,575)
71,812
243,741
2025
Movements in the year:
£
Liability at 1 June 2024
243,741
Charge to profit or loss
287,527
Other
(459,456)
Liability at 31 May 2025
71,812
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
163,702
115,710

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
22
Acquisitions

On 31 January 2025 the business and net assets of AutoNaut Ltd, a fellow subsidiary, were transferred to the company at fair value. Consideration was by way of a cash payment of £6,684.

Fair Value
£
Property, plant and equipment
270,050
Inventories
87,211
Trade and other receivables
35,633
Cash and cash equivalents
1,041
Trade and other payables
(1,047,314)
VAT debtor
15,799
Deferred tax assets
459,456
Total identifiable net assets
(178,124)
Goodwill
184,808
Total consideration
6,684
Satisfied by:
£
Cash
6,684

The principal adjustments to book values arising on acquisition were in respect of the following:

- (a) Deferred tax assets - Tax losses not previously recognised in AutoNaut's balance sheet - £459,456

- (b) Property, plant and equipment - Increase in Autonaut vessel balances to reflect their fair value - £180,000

The goodwill arising on the acquisition of the business is attributable to the AutoNaut brand and technology/intellectual property.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
61,219
61,425
Between two and five years
18,373
27,720
79,592
89,145
SEICHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 27 -
24
Related party transactions

Other Related Parties During the year a family member of one of the company's directors occupied the Company's investment property, at a below market value rent of £5,040 (2024 - £5,040) per annum. Autonaut Limited Autonaut Limited is a 75% owned subsidiary of Seiche Water Technology Group Ltd, (the holding company of Seiche Limited). At the balance sheet date Autonaut Limited owed Seiche Limited £1,141 (2024 - £267,429). Interest of £17,475 (2024 - £33,614) was charged on this loan by the company to Autonaut Limited at a rate of 2.5% over bank base rate in accordance with the company's unsecured loan agreement. Sales of £94,009 (2024: £103,692) were made to Autonaut in the year. Total management charges received from AutoNaut during the year totalled £67,748 (2024 - £58,097). On 31 January 2025 the company purchased the business and assets of AutoNaut Ltd for cash consideration of £6,684 (refer note 22)

25
Ultimate Controlling Party

The ultimate controlling part y is Mr & Mrs R Wyatt who hold in equal number the whole of the issued share capital of Seiche Water Technology Group Ltd.

The parent company is Seiche Water Technology Group Ltd (SWTG) owning 100% of the share capital of this company. SWTG's registered office is Bradworthy Industrial Estate, Langdon Road, Bradworthy, Holsworthy, Devon, EX22 7SF, from which copies of the accounts can be obtained.

2025-05-31 2024-06-01 false false false CCH Software CCH Accounts Production 2025.300 Mr R Wyatt Mr M Burnett Mrs P Ellison S M H Cole Mr. K W Hamer Mr T J Hibben Mr D J Hook Mr D J Hook Mrs J K Wyatt 03475558 2024-06-01 2025-05-31 03475558 bus:Director1 2024-06-01 2025-05-31 03475558 bus:Director3 2024-06-01 2025-05-31 03475558 bus:CompanySecretaryDirector1 2024-06-01 2025-05-31 03475558 bus:Director7 2024-06-01 2025-05-31 03475558 bus:CompanySecretary1 2024-06-01 2025-05-31 03475558 bus:Director2 2024-06-01 2025-05-31 03475558 bus:Director6 2024-06-01 2025-05-31 03475558 bus:Director4 2024-06-01 2025-05-31 03475558 bus:Director5 2024-06-01 2025-05-31 03475558 bus:Director8 2024-06-01 2025-05-31 03475558 bus:RegisteredOffice 2024-06-01 2025-05-31 03475558 2025-05-31 03475558 2023-06-01 2024-05-31 03475558 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 03475558 core:RetainedEarningsAccumulatedLosses 2024-06-01 2025-05-31 03475558 core:Goodwill 2025-05-31 03475558 core:Goodwill 2024-05-31 03475558 core:PatentsTrademarksLicencesConcessionsSimilar 2025-05-31 03475558 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 03475558 2024-05-31 03475558 core:PlantMachinery 2025-05-31 03475558 core:FurnitureFittings 2025-05-31 03475558 core:ComputerEquipment 2025-05-31 03475558 core:MotorVehicles 2025-05-31 03475558 core:PlantMachinery 2024-05-31 03475558 core:FurnitureFittings 2024-05-31 03475558 core:ComputerEquipment 2024-05-31 03475558 core:MotorVehicles 2024-05-31 03475558 core:CurrentFinancialInstruments core:WithinOneYear 2025-05-31 03475558 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 03475558 core:Non-currentFinancialInstruments core:AfterOneYear 2025-05-31 03475558 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 03475558 core:CurrentFinancialInstruments 2025-05-31 03475558 core:CurrentFinancialInstruments 2024-05-31 03475558 core:ShareCapital 2025-05-31 03475558 core:ShareCapital 2024-05-31 03475558 core:RetainedEarningsAccumulatedLosses 2025-05-31 03475558 core:RetainedEarningsAccumulatedLosses 2024-05-31 03475558 core:ShareCapital 2023-05-31 03475558 core:RetainedEarningsAccumulatedLosses 2023-05-31 03475558 core:ShareCapitalOrdinaryShareClass1 2025-05-31 03475558 core:ShareCapitalOrdinaryShareClass1 2024-05-31 03475558 core:Goodwill 2024-06-01 2025-05-31 03475558 core:IntangibleAssetsOtherThanGoodwill 2024-06-01 2025-05-31 03475558 core:PatentsTrademarksLicencesConcessionsSimilar 2024-06-01 2025-05-31 03475558 core:PlantMachinery 2024-06-01 2025-05-31 03475558 core:FurnitureFittings 2024-06-01 2025-05-31 03475558 core:ComputerEquipment 2024-06-01 2025-05-31 03475558 core:MotorVehicles 2024-06-01 2025-05-31 03475558 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-06-01 2025-05-31 03475558 1 2024-06-01 2025-05-31 03475558 1 2023-06-01 2024-05-31 03475558 core:ForeignTax 2024-06-01 2025-05-31 03475558 core:ForeignTax 2023-06-01 2024-05-31 03475558 core:UKTax 2024-06-01 2025-05-31 03475558 core:UKTax 2023-06-01 2024-05-31 03475558 2 2024-06-01 2025-05-31 03475558 2 2023-06-01 2024-05-31 03475558 core:Goodwill 2024-05-31 03475558 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 03475558 2024-05-31 03475558 core:Goodwill core:ExternallyAcquiredIntangibleAssets 2024-06-01 2025-05-31 03475558 core:PatentsTrademarksLicencesConcessionsSimilar core:ExternallyAcquiredIntangibleAssets 2024-06-01 2025-05-31 03475558 core:ExternallyAcquiredIntangibleAssets 2024-06-01 2025-05-31 03475558 core:PlantMachinery 2024-05-31 03475558 core:FurnitureFittings 2024-05-31 03475558 core:ComputerEquipment 2024-05-31 03475558 core:MotorVehicles 2024-05-31 03475558 core:Non-currentFinancialInstruments 2025-05-31 03475558 core:Non-currentFinancialInstruments 2024-05-31 03475558 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 03475558 bus:OrdinaryShareClass1 2025-05-31 03475558 bus:OrdinaryShareClass1 2024-05-31 03475558 core:WithinOneYear 2025-05-31 03475558 core:WithinOneYear 2024-05-31 03475558 core:BetweenTwoFiveYears 2025-05-31 03475558 core:BetweenTwoFiveYears 2024-05-31 03475558 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 03475558 bus:FRS102 2024-06-01 2025-05-31 03475558 bus:Audited 2024-06-01 2025-05-31 03475558 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP