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COMPANY REGISTRATION NUMBER: 01834088

Metier Technologies Limited

Filleted Unaudited Financial Statements

31 December 2025

Metier Technologies Limited

Financial Statements

Year ended 31 December 2025

Contents | Page

Director's report | 1

Statement of financial position | 2

Notes to the financial statements | 4

Metier Technologies Limited

Director's Report

Year ended 31 December 2025
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2025 .
Principal activities
The principal activity of the company during the year under review was that of R&D, related to commercial hydrogen engines.
Director
The director who served the company during the year was as follows:

Mr J Budgett |

Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 April 2026 and signed on behalf of the board by:

Mr J Budgett |
Director |

Registered office:
Park Farm Technology Centre
Kirtlington
Kidlington
Oxfordshire
OX5 3JQ

Metier Technologies Limited

Statement of Financial Position

31 December 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 4 | 89,137 | 71,205

Current assets

Stocks | 36,343 | –
Debtors | 5 | 560,745 | 446,106
Cash at bank and in hand | 258,457 | 78,310
| --------- | ---------
| 855,545 | 524,416
| --------- | ---------
| 944,682 | 595,621
| --------- | ---------

Capital and reserves

Called up share capital | 6 | 1,295 | 1,295
Profit and loss account | ( 4,047,229) | ( 2,195,263)
| ------------ | ------------
Shareholder deficit | ( 4,045,934) | ( 2,193,968)

Creditors: amounts falling due within one year | 7 | 175,234 | 571,413

Creditors: amounts falling due after more than one year | 8 | 4,815,382 | 2,218,176
| ------------ | ------------
| 944,682 | 595,621
| ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Metier Technologies Limited

Statement of Financial Position (continued)

31 December 2025
These financial statements were approved by the board of directors and authorised for issue on 20 April 2026 , and are signed on behalf of the board by:

Mr J Budgett |
Director |

Company registration number: 01834088

Metier Technologies Limited

Notes to the Financial Statements

Year ended 31 December 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Park Farm Technology Centre, Kirtlington, Kidlington, Oxfordshire, OX5 3JQ.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Metier Technologies focuses on developing hydrogen fuelling components and powertrains, supporting its parent company, Metier Ventures Ltd, in providing zero-emission options to bus and truck companies through hydrogen engine repowering. In assessing the company's ability to continue as a going concern, management has considered the following: 1. Funding: During 2025, Metier Ventures Limited completed a fundraising of £2.3 million from existing and new investors. It also raised £2 million in 2025 and £0.3 million during 2026 by way of convertible loan notes. This fundraising, together with the revenue generated from our research projects, supports the company's operational and development expenses. The company received a grant of £0.5 million in 2025 from Innovate UK to develop hydrogen engine components. Metier Ventures Limited is currently undertaking a further fundraising from existing and new investors and with this funding together with revenue from customers, the company is well-positioned to meet its technology milestones and drive sales expansion in 2026 and beyond. 2. Strategic Partnerships and Market Opportunities: The company has established key partnerships with OEMs and hydrogen fuelling component manufacturers to accelerate product development and market entry. A major milestone has been achieved by successfully repowering the first hydrogen ICE-powered demonstration truck in the UK. This has generated significant interest from fleet customers, and the company is making excellent progress in securing customer trials. The company's technologies directly support the rollout of repower services to commercial fleet operators, presenting substantial growth opportunities. 3. Management Team: The company has a management team with extensive experience in developing new powertrain technologies within the automotive industry, providing a solid foundation for executing the business plan. Based on these factors, the director believes the company has adequate resources to continue operations for the foreseeable future and is well-positioned to achieve its strategic objectives. The financial support from investors, combined with the company's strategic initiatives, supports the assessment that the company will remain a going concern. The director will continue to closely monitor the company's financial position and operations, ensuring proactive measures are taken to maintain financial stability and achieve key milestones.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover on contracts is recognised using the percentage-of-completion method. Under this method revenues recorded represent the aggregate of costs incurred during the year and a portion of estimated profit on individual contracts based on the relationship of costs incurred to total estimate costs for each contract. Revisions in estimates are reflected in the accounting period when the revision becomes known. Anticipated losses on contracts are charged to income in their entirety when the losses become evident. Turnover from consulting services is recognised over the period services are provided. Turnover from royalties is recognised on a receivable basis. All amounts exclude Value Added Tax.
Income tax
Deferred taxation is recognised on a full provision basis in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax assets are recognised only to the extent that their recoverability is regarded as probable. Deferred tax balances are not discounted.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date as set out by the European Central Bank, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant & Equipment | - | 12% straight line
| Leasehold Improvements | - | 20% straight line
| Office Equipment | - | 12.5% / 33.3% Straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Particulars of employees
The average number of persons employed by the company during the year amounted to 18 (2024: 15 ).
4. Tangible assets

| Plant and machinery | Leasehold improvements | Equipment | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2025 | 363,127 | 14,973 | 148,164 | 526,264
Additions | – | – | 40,887 | 40,887
Disposals | ( 974) | – | ( 33,900) | ( 34,874)
| --------- | -------- | --------- | ---------
At 31 December 2025 | 362,153 | 14,973 | 155,151 | 532,277
| --------- | -------- | --------- | ---------
Depreciation |  |  |  |
At 1 January 2025 | 332,970 | 14,973 | 107,116 | 455,059
Charge for the year | 10,798 | – | 12,158 | 22,956
Disposals | ( 975) | – | ( 33,900) | ( 34,875)
| --------- | -------- | --------- | ---------
At 31 December 2025 | 342,793 | 14,973 | 85,374 | 443,140
| --------- | -------- | --------- | ---------
Carrying amount |  |  |  |
At 31 December 2025 | 19,360 | – | 69,777 | 89,137
| --------- | -------- | --------- | ---------
At 31 December 2024 | 30,157 | – | 41,048 | 71,205
| --------- | -------- | --------- | ---------

5. Debtors

| 2025 | 2024
| £ | £
Other debtors | 560,745 | 446,106
| --------- | ---------

6. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 0.01 each | 129,455 | 1,295 | 129,455 | 1,295
| --------- | ------- | --------- | -------

The Ordinary shares have full voting rights and participate in dividends and capital distributions.
7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 68,125 | 497,164
Social security and other taxes | 50,480 | 34,210
Other creditors | 56,629 | 40,039
| --------- | ---------
| 175,234 | 571,413
| --------- | ---------

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

| 2025 | 2024
| £ | £
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 4,775,382 | 2,178,176
Other creditors | 40,000 | 40,000
| ------------ | ------------
| 4,815,382 | 2,218,176
| ------------ | ------------

Amounts owed to group undertakings have been provided interest free. Repayment is due with written notice of 1 year and 1 day.
9. Related party transactions
The company has entered a non-cancellable operating lease with a member of key management personnel. The lease is entered into on terms equivalent to those that prevail in arm's length transactions.
10. Controlling party
The immediate parent company is Metier Ventures Limited.