Company registration number 10210943 (England and Wales)
SEICHE WATER TECHNOLOGY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
SEICHE WATER TECHNOLOGY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R Wyatt
Mrs J K Wyatt
Mrs P Ellison
Mr D J Hook
(Appointed 1 February 2025)
Company number
10210943
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 WATER TECHNOLOGY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
SEICHE WATER TECHNOLOGY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Fair review of the business

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

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

| 2025 |  | 2024 |  |
| £ |  | £ |  |

Turnover |  | 12,768,220 | 9,629,656 |
Gross profit |  | 6,451,105 | 5,108,824 |
Gross profit % |  | 50.52% | 53.05% |
Profit before tax |  | 454,047 | 738,047 |
Net profit % |  | 4.86% | 5.43% |

At the balance sheet date, the group's cash at bank was £626,461 (2024 -​ £1,842,874), and the group's net assets were £4,890,452 (2024 -​ £4,218,538).

The significant areas on the review of business in respect of the individual companies within the group were as follows:

Seiche Water Technology Group (SWTG) -​ Parent company

During the year SWTG received income comprising dividends from its subsidiaries totalling £250,000 (2024 -​ £773,107). As at 31 May 2025 the company had a bank balance of £5,856 (2024 – £53,778). The net assets of the company as at 31 May 2025 were £4,134,124 (2024 -​ £4,026,269).

Seiche Limited

During the year the company's turnover has increased by £2,842,195 to £9,751,814 (2024 -​ £6,909,619), that is a 41% increase (small amount due to transfer of trade from AutoNaut Limited). However Seiche Limited had a profit before tax of £388,835 (2024 -​ £835,710), which is a decline from previous year due to increased professional personnel, drop in inter group interest receivable, reduction in fair value of investment property as well as reduction in trading margin due to mix of sales packages.

The company continues to acquire and build new 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 (2024 -​ £1,252,628) which reflects the company's increase in leased assets purchases and built, as well as investment in skilled personnel to support future growth. The net assets of the company as at 31 May 2025 were £4,269,997 (2024 -​ £4,368,689) which shows an overall decrease of £98,692 after paying dividends of £200,000.

Seiche Training Limited

The company's turnover has risen in 2025 to £84,561 (2024 -​ £55,162). It is expected that turnover will stay at similar levels over the coming years reflecting a market for the various visual and acoustic monitoring courses provided.

The cash reserves at the balance sheet date were £36,171 (2024 -​ £51,294). The net assets of the company have fallen by £7,500, with net assets at the balance sheet date of £15,475 (2024 – £22,975). The company continues to be supported by subsidiaries of SWTG.

SEICHE WATER TECHNOLOGY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

Ashridge Engineering Limited

The company's turnover has increased by £325,274 to £2,522,972 (2024 -​ £2.197.698). The company continues to increase the level of turnover due to increased demand in the industry. CharIoT is the newly, internally developed battery powered IoT data loggers, which has supported the growth from 2023/​24 and the years ahead.

The cash reserves at the balance sheet date have increased by £71,704 to £303,062 (2024 -​ £231,358), the company now supports other group companies within the SWTG group. The net assets of the company have increased by £316,459 to £511,060 (2024 -​ £194,601).

Autonaut Limited

During the year the company's turnover has fallen by £39,747 to £480,352 (2024 -​ £520,099). However, note that 2024/25 includes only eight months of trading.

The directors decided to transfer the trade and assets of the company to Seiche Ltd with effect from close of business on 31 January 2025. The company will remain in existence, albeit as a non-​trading entity.

Seiche Environmental Ltd

Seiche Environmental Limited was dormant during the year. At the balance sheet date the net liabilities of the company were £6 (2024 -​ £6).

Seiche Measurements Limited

Seiche Measurements Limited remained dormant throughout the year. At the balance sheet date the net liabilities of the company were £145 (2024 -​ £145).

Ashridge Monitoring Limited

Ashridge Monitoring Limited remained dormant throughout the year. At the balance sheet date the net liabilities of the company were £45 (2024 -​ £45).

Seiche Operations Limited

Seiche Operations Limited remained dormant throughout the year. At the balance sheet date the net liabilities of the company were £45 (2024 -​ £45)

On review of the above, the directors consider the overall results of the SWTG group companies to be

within expectations and remain optimistic regarding the group's growth and profitability going forward.

Principal risks and uncertainties

The directors have assessed the risks and uncertainties which could have an impact on the group'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:

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

Regulatory Risks The group 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 group'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, as well as a 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 group assets being misappropriated resulting in a loss to the group. 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 group mitigates this risk by regularly reviewing cash flow and the banking facilities in addition to regular reviews of the financial performance against budgets.

An increase in interest rates could have an adverse impact on profitability. To mitigate this risk a quarterly 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 group maintains multiple currency bank accounts and carries out regular reviews of currency rates.

FUTURE OUTLOOK

The SWTG group will continue to diversify its trade to improve its financial performance and minimise risk. The group continues to expand into other markets and the directors remain optimistic as to the long-​term outlook of the group.

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.

SEICHE WATER TECHNOLOGY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

On behalf of the board

Mrs P Ellison
Director
9 March 2026
SEICHE WATER TECHNOLOGY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 5 -

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

Principal activities

The principal activities of the group in the year under review were those of the design, development and manufacture of underwater acoustic and visual systems for mitigation and measurement, the design and manufacture of electronic equipment for use by the water industry and the design and manufacture of wave powered self-propelled unmanned vessels. Services include the development of technical products together with the hiring and monitoring of equipment for commercial application, together with the provision of training services for marine mammal observation, passive acoustic monitoring and advanced underwater acoustics. The group's systems are designed to enable clients to comply with environmental regulations to protect marine life from the effects of sound in water.

Results and dividends

The results for the year are set out on page 11.

Interim o rdinary dividends were paid amounting to £1 29,200 (2024: £1 22,000). The directors do not recommend payment of a further 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
Mrs J K Wyatt
Mr M J Burnett
(Resigned 7 January 2026)
Mrs P Ellison
Mr T J Hibben
(Appointed 20 May 2025 and resigned 31 December 2025)
Mr D J Hook
(Appointed 1 February 2025)
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 auditor of the company 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 auditor of the company is aware of that information.

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.

SEICHE WATER TECHNOLOGY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
On behalf of the board
Mrs P Ellison
Director
9 March 2026
SEICHE WATER TECHNOLOGY GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 7 -

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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SEICHE WATER TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEICHE WATER TECHNOLOGY GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Seiche Water Technology Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes 1 to 29 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 group's and the parent company's affairs as at 31 May 2025 and of the group's 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 group and parent 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 group's and parent 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 WATER TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEICHE WATER TECHNOLOGY GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 parent 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 parent 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 WATER TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEICHE WATER TECHNOLOGY GROUP LIMITED
- 10 -

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 entity 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
Chartered Accountants
Statutory Auditor
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
SEICHE WATER TECHNOLOGY GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
12,768,220
9,629,656
Cost of sales
(6,317,115)
(4,520,832)
Gross profit
6,451,105
5,108,824
Administrative expenses
(6,024,043)
(4,580,552)
Other operating income
3
84,485
5,356
Exceptional item
4
-
0
170,745
Operating profit
5
511,547
704,373
Interest payable and similar expenses
9
(7,500)
(26,326)
Fair value gains and losses on investment properties
14
(50,000)
60,000
Profit before taxation
454,047
738,047
Tax on profit
10
167,067
(214,700)
Profit for the financial year
621,114
523,347
Profit for the financial year is attributable to:
- Owners of the parent company
286,326
575,763
- Non-controlling interests
334,788
(52,416)
621,114
523,347
SEICHE WATER TECHNOLOGY GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
2025
2024
£
£
Profit for the year
621,114
523,347
Other comprehensive income
Revaluation of tangible fixed assets
180,000
(140,000)
Total comprehensive income for the year
801,114
383,347
Total comprehensive income for the year is attributable to:
- Owners of the parent company
466,326
435,763
- Non-controlling interests
334,788
(52,416)
801,114
383,347
SEICHE WATER TECHNOLOGY GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
132,355
204,902
Tangible assets
13
2,513,547
1,827,331
Investment property
14
350,000
400,000
2,995,902
2,432,233
Current assets
Stocks
17
679,229
598,677
Debtors
18
4,631,692
2,281,436
Cash at bank and in hand
626,461
1,842,874
5,937,382
4,722,987
Creditors: amounts falling due within one year
19
(3,231,135)
(2,035,080)
Net current assets
2,706,247
2,687,907
Total assets less current liabilities
5,702,149
5,120,140
Creditors: amounts falling due after more than one year
20
(726,059)
(648,897)
Provisions for liabilities
Deferred tax liability
22
(85,638)
(252,705)
Net assets
4,890,452
4,218,538
Capital and reserves
Called up share capital
23
4,000,010
4,000,010
Revaluation reserve
223,462
43,462
Profit and loss reserves
667,114
509,988
Equity attributable to owners of the parent company
4,890,586
4,553,460
Non-controlling interests
(134)
(334,922)
4,890,452
4,218,538
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:
09 March 2026
Mr R Wyatt
Mrs P Ellison
Director
Director
Company registration number 10210943 (England and Wales)
SEICHE WATER TECHNOLOGY GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
15
4,000,201
4,000,201
Current assets
Debtors
18
165,382
126,083
Cash at bank and in hand
5,856
53,778
171,238
179,861
Creditors: amounts falling due within one year
19
(37,315)
(153,793)
Net current assets
133,923
26,068
Net assets
4,134,124
4,026,269
Capital and reserves
Called up share capital
23
4,000,010
4,000,010
Profit and loss reserves
134,114
26,259
Total equity
4,134,124
4,026,269

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £237,055 (2024 - £84,513 profit).

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:
09 March 2026
Mr R Wyatt
Mrs P Ellison
Director
Director
Company registration number 10210943 (England and Wales)
SEICHE WATER TECHNOLOGY GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2023
4,000,010
183,462
56,225
4,239,697
(282,506)
3,957,191
Year ended 31 May 2024:
Profit for the year
-
-
575,763
575,763
(52,416)
523,347
Other comprehensive income:
Impairment of tangible fixed assets
-
(140,000)
-
(140,000)
-
(140,000)
Total comprehensive income
-
(140,000)
575,763
435,763
(52,416)
383,347
Dividends
11
-
-
(122,000)
(122,000)
-
(122,000)
Balance at 31 May 2024
4,000,010
43,462
509,988
4,553,460
(334,922)
4,218,538
Year ended 31 May 2025:
Profit for the year
-
-
286,326
286,326
334,788
621,114
Other comprehensive income:
Revaluation of tangible fixed assets
-
180,000
-
180,000
-
180,000
Total comprehensive income
-
180,000
286,326
466,326
334,788
801,114
Dividends
11
-
-
(129,200)
(129,200)
-
(129,200)
Balance at 31 May 2025
4,000,010
223,462
667,114
4,890,586
(134)
4,890,452
SEICHE WATER TECHNOLOGY GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
4,000,010
63,746
4,063,756
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
84,513
84,513
Dividends
11
-
(122,000)
(122,000)
Balance at 31 May 2024
4,000,010
26,259
4,026,269
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
237,055
237,055
Dividends
11
-
(129,200)
(129,200)
Balance at 31 May 2025
4,000,010
134,114
4,134,124
SEICHE WATER TECHNOLOGY GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
156,226
2,002,314
Interest paid
(7,500)
(26,321)
Income taxes paid
-
0
(29,207)
Net cash inflow from operating activities
148,726
1,946,786
Investing activities
Purchase of tangible fixed assets
(1,215,336)
(826,666)
Proceeds from disposal of tangible fixed assets
-
1
Repayment of loans
98
(348)
Net cash used in investing activities
(1,215,238)
(827,013)
Financing activities
Repayment of borrowings
-
(4,278)
Proceeds from new bank loans
50,000
-
Repayment of bank loans
(70,701)
(27,364)
Payment of finance leases obligations
-
(1,097)
Dividends paid to equity shareholders
(129,200)
(122,000)
Net cash used in financing activities
(149,901)
(154,739)
Net (decrease)/increase in cash and cash equivalents
(1,216,413)
965,034
Cash and cash equivalents at beginning of year
1,842,874
877,840
Cash and cash equivalents at end of year
626,461
1,842,874
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 18 -
1
Accounting policies
Company information

Seiche Water Technology Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bradworthy Industrial Estate, Langdon Road, Bradworthy, Holsworthy, EX22 7SF .

The group consists of Seiche Water Technology Group Ltd and all of its subsidiaries.

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 investment properties and AutoNaut vessels held at fair value. The principal accounting policies adopted are set out below.

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- 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.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Seiche Water Technology Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 May 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
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.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and reward of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income

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

1.6
Research and development expenditure

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

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 20 -
1.7
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 10 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.

1.8
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 of assets less their residual values over their useful lives on the following bases:

Patents & licences
10 years

Patents and licences

Royalties acquired have finite useful lives and are carried at cost less any accumulated amortisation and any accumulated impairment losses

1.9
Tangible fixed assets

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

Depreciation 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:

Freehold land and buildings
2% on cost of buildings only
Plant and equipment
20-33% on cost and 20-33% on reducing balance
Fixtures and fittings
20% on cost, 15-20% on reducing balance
Computers
33% on cost
Motor vehicles
20-25% on cost and 25% on reducing balance
AutoNaut Vessels
20% on revalued amount
Leasehold land and buildings are not depreciated
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 21 -

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.

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

AutoNaut vessels whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being the fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment reviews.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

1.10
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.

1.11
Fixed asset investments

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balance, income and expenses are eliminated in full on consideration.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.12
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 22 -

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.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes all costs incurred in bringing each product to its present location and condition as follows:

- Raw materials, consumables and goods held for resale - Purchase cost on a first-in, first

out basis

- Work in progress and finished goods - Cost of direct materials and labour plans

attributable to overheads based on a normal level of activity

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.

1.14
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.

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 23 -
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 group 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 group after deducting all of its liabilities.

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. Amounts 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 group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
Taxation

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

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 24 -
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 group’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 if, and only if, there is 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.

1.18
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.

1.19
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.

1.20
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 d 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.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 25 -
1.21
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.

1.22
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.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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.

Fair value of investment property

The group carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The directors engaged a local estate agent to determine the fair market value of the investment property.

Intangible asset

The group establishes a reliable estimate of the useful life of intangible assets arising on business combinations. The useful life of these assets is based on contractual provisions on acquisitions, plus a regular review of market conditions (where available) in respect of similar businesses.

Revaluation of AutoNauts

The group carries AutoNaut vessels at fair value with movements from revaluation recognised in the revaluation reserve. Management estimates are required to determine the value of AutoNauts, based upon past sales and other information available, such as resale value

Taxation

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and the level of future taxable profits together with an assessment of the effect of future tax planning strategies.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
9,805,898
4,292,644
Rendering of services
2,962,322
5,337,012
12,768,220
9,629,656
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
3
Turnover and other revenue
(Continued)
- 27 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
5,754,336
5,034,457
Europe
3,024,365
1,815,064
USA
845,995
667,523
Rest of World
3,143,524
2,112,612
12,768,220
9,629,656
2025
2024
£
£
Other revenue
Grants received
79,445
83
Rental income
5,040
5,273
4
Exceptional item

During the year ended 31 May 2024, the group received insurance proceeds of £170,745 in relation to an Autonaut vessel which was destroyed.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
23
1,356
Research and development costs
21,187
37,975
Government grants
(79,445)
(83)
Depreciation of owned tangible fixed assets
624,180
482,637
Loss on disposal of tangible fixed assets
84,940
78,306
Amortisation of intangible assets
72,547
72,547
Operating lease charges
113,528
96,118
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
14,750
Audit of the financial statements of the company's subsidiaries
32,500
30,950
45,000
45,700
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 28 -
7
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 includes 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
8
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
4
4
4
4
Administration staff
103
69
-
-
Total
107
73
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,292,783
3,016,369
-
0
-
0
Social security costs
339,149
331,200
-
-
Pension costs
200,202
162,426
-
0
-
0
4,832,134
3,509,995
-
0
-
0
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 29 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
7,500
26,321
Other interest on financial liabilities
-
5
Total interest payable and similar expenses
7,500
26,326
10
Taxation
2025
2024
£
£
Current tax
Foreign tax on profits for the current period
-
0
29,207
Deferred tax
Origination and reversal of timing differences
159,983
150,122
Previously unrecognised tax loss
(282,415)
-
0
Write down of deferred tax asset
-
0
25,614
Adjustment in respect of prior periods
(44,635)
9,757
Total deferred tax
(167,067)
185,493
Total tax (credit)/charge
(167,067)
214,700

The actual (credit)/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
454,047
738,047
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
113,512
184,512
Tax effect of expenses that are not deductible in determining taxable profit
23,571
(1,359)
Adjustments in respect of prior years
(44,635)
9,757
Other permanent differences
15,554
18,171
Transfers - losses
-
0
29,207
Deferred tax recognised
(275,069)
(25,588)
Taxation (credit)/charge
(167,067)
214,700
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 30 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
129,200
122,000
12
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 June 2024 and 31 May 2025
725,471
175,000
900,471
Amortisation and impairment
At 1 June 2024
520,569
175,000
695,569
Amortisation charged for the year
72,547
-
0
72,547
At 31 May 2025
593,116
175,000
768,116
Carrying amount
At 31 May 2025
132,355
-
0
132,355
At 31 May 2024
204,902
-
0
204,902
The company had no intangible fixed assets at 31 May 2025 or 31 May 2024.
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 31 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
AutoNaut Vessels
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 June 2024
614,292
5,614,688
174,261
149,886
50,701
372,872
6,976,700
Additions
-
0
1,153,396
2,406
59,534
-
0
-
0
1,215,336
Disposals
-
0
(233,779)
-
0
-
0
-
0
-
0
(233,779)
Revaluation
-
0
-
0
-
0
-
0
-
0
180,000
180,000
At 31 May 2025
614,292
6,534,305
176,667
209,420
50,701
552,872
8,138,257
Depreciation and impairment
At 1 June 2024
116,465
4,527,651
124,658
59,741
37,982
282,872
5,149,369
Depreciation charged in the year
9,286
533,689
2,670
42,149
4,386
32,000
624,180
Eliminated in respect of disposals
-
0
(148,839)
-
0
-
0
-
0
-
0
(148,839)
At 31 May 2025
125,751
4,912,501
127,328
101,890
42,368
314,872
5,624,710
Carrying amount
At 31 May 2025
488,541
1,621,804
49,339
107,530
8,333
238,000
2,513,547
At 31 May 2024
497,827
1,087,037
49,603
90,145
12,719
90,000
1,827,331
The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 32 -

AutoNaut vessels are carried at revalued amount based on Directors' valuations. The valuation was based on the previous sales values and reduced based on anticipated fair value.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
188,933
188,933
Accumulated depreciation
(188,933)
(188,097)
Carrying value
-
836
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 June 2024 and 31 May 2025
400,000
-
Change in fair value
(50,000)
-
At 31 May 2025
350,000
-

The investment property was valued on an open market basis by Bond Oxborough Phillips (Local estate agents).

15
Fixed asset investments
Company
2025
2024
Notes
£
£
Investments in subsidiaries
16
4,000,201
4,000,201
4,000,201
4,000,201
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
15
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2024 and 31 May 2025
4,000,201
Carrying amount
At 31 May 2025
4,000,201
At 31 May 2024
4,000,201
16
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Seiche Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Autonaut Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
75.02
Seiche Environmantal Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Seiche Training Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Ashridge Engineering Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Seiche Operations Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Seiche Measurements Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00
Ashridge Monitoriing Limited
Bradworthy Industrial Estate Langdon Road, Bradworthy, Holsworthy, Devon, United Kingdom, EX22 7SF
Ordinary
100.00

The group has agreed to exempt Seiche Training Limited (company number 09312435) from the provisions of the Companies Act relating to the audit of individual accounts by virtue of section 479A. On the date of approval and signing of the consolidated financial statements, as set out on page 11, the outstanding liabilities at the balance sheet date, 31 May 2025, of the named subsidiary, was guaranteed by the parent undertaking Seiche Water Technology Group Limited (company number 10210943) pursuant to s479A to s479C of the Companies Act.

The dormant subsidiaries Seiche Operations Limited (company number 11393184), Seiche Measurements Limited (company number 03967198), Ashridge Monitoring Limited (company number 09658989), and Seiche Environmental Limited (company number 10612696) are exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts by virtue of s4 80.

SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 34 -
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
50,279
133,283
-
-
Finished goods and goods for resale
628,950
465,394
-
0
-
0
679,229
598,677
-
-
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,177,358
1,991,047
-
0
-
0
Amounts owed by group undertakings
-
-
159,773
123,432
Other debtors
18,153
38,563
1,410
421
Prepayments and accrued income
436,181
251,826
4,199
2,230
4,631,692
2,281,436
165,382
126,083
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
21
69,695
75,871
-
0
-
0
Trade creditors
1,104,313
439,849
8,290
3,003
Amounts owed to group undertakings
-
0
-
0
-
0
128,775
Other taxation and social security
360,288
222,505
-
15
Deferred income
1,101,199
247,799
-
0
-
0
Other creditors
150
25,588
-
0
-
0
Accruals
595,490
1,023,468
29,025
22,000
3,231,135
2,035,080
37,315
153,793
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
123,379
137,904
-
0
-
0
Deferred income
602,680
510,993
-
0
-
0
726,059
648,897
-
-
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
20
Creditors: amounts falling due after more than one year
(Continued)
- 35 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
33,698
59,233
-
-
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
193,074
213,775
-
0
-
0
Payable within one year
69,695
75,871
-
0
-
0
Payable after one year
123,379
137,904
-
0
-
0

The long-term loans are secured by fixed charges over the property assets in Ashridge limited and fixed charges over the investment properties in Seiche Limited

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
390,941
242,890
Tax losses
(314,329)
-
Revaluations
12,858
12,858
Other short term timing differences
(3,832)
(3,043)
85,638
252,705
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 June 2024
252,705
-
Credit to profit or loss
(167,067)
-
Liability at 31 May 2025
85,638
-
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
22
Deferred taxation
(Continued)
- 36 -
23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
400,001,000
400,001,000
4,000,010
4,000,010
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,202
162,426

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
71,174
78,561
-
-
Between two and five years
41,246
31,928
-
-
112,420
110,489
-
-
26
Related party transactions
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
26
Related party transactions
(Continued)
- 37 -

Other Related Parties

During the year a family member of one of the group's directors occupied the group'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,. At the balance sheet date Autonaut Limited owed the fellow group members £1,141 (2024 - £291,284). Interest of £18,674 (2024 - £33,770) was charged on the loan by the at a rate of 2.5% over bank base rate in accordance with the unsecured loan agreements. Total purchases from fellow group companies in the year were £94,009 (2024: £138,518) with total management charges paid of £67,748 (2024: £58,097).

On 31 January 2025, Seiche Ltd (a fellow group member) purchased the business and assets of AutoNaut Ltd for cash consideration of £6,684.

27
Directors' transactions

As at 31 May 2025, two directors holding a participating interest were owed by the company £73 (2024 - £73 owed to the company). No interest has been charged on any of these loans and they are considered to be repayable on demand

28
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
621,114
523,347
Adjustments for:
Taxation (credited)/charged
(167,067)
214,700
Finance costs
7,500
26,326
Loss on disposal of tangible fixed assets
84,940
78,306
Fair value loss/(gain) on investment properties
50,000
(60,000)
Amortisation and impairment of intangible assets
72,547
72,547
Depreciation and impairment of tangible fixed assets
624,180
482,636
Pension scheme non-cash movement
-
(5)
Movements in working capital:
(Increase)/decrease in stocks
(80,552)
4,498
(Increase)/decrease in debtors
(2,350,354)
200,776
Increase in creditors
348,831
470,877
Increase/(decrease) in deferred income
945,087
(11,694)
Cash generated from operations
156,226
2,002,314
SEICHE WATER TECHNOLOGY GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 38 -
29
Analysis of changes in net funds - group
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
1,842,874
(1,216,413)
626,461
Borrowings excluding overdrafts
(213,775)
20,701
(193,074)
1,629,099
(1,195,712)
433,387
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