Company No: 14834450 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	709,285		1,011,942
		709,285		1,011,942
Current assets
Stocks	5	794,064		662,689
Debtors	6	11,297,584		5,545,926
Cash at bank and in hand		215,263		58,801
		12,306,911		6,267,416
Creditors: amounts falling due within one year	7	( 1,722,056)		( 10,439,497)
Net current assets/(liabilities)		10,584,855		(4,172,081)
Total assets less current liabilities		11,294,140		(3,160,139)
Creditors: amounts falling due after more than one year	8	( 28,787,873)		( 8,122,208)
Provision for liabilities	9, 10	0		( 1,232,473)
Net liabilities		( 17,493,733)		( 12,514,820)
Capital and reserves
Called-up share capital	11	1		1
Profit and loss account		( 17,493,734 )		( 12,514,821 )
Total shareholder's deficit		( 17,493,733)		( 12,514,820)

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of EWST Ltd (registered number: 14834450) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

E Mosafi Director

24 April 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

EWST Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 41-44 Great Queen Street, London, WC2B 5AD, United Kingdom.

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, issued by the Financial Reporting Council, and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The statements continue to apply the historical cost convention.

The company presents a single Statement of Income and Retained Earnings in accordance with FRS 102, as the company's only changes in equity during the period arose from profit or loss or distributions to owners.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

These financial statements have been prepared on a going concern basis under the historical cost convention. The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. Based on this assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least twelve months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. In forming this view, the directors considered:

**Business activities and outlook**
The Company operates in a sector with stable demand and maintains a pipeline of projects that supports ongoing operations.

**Cash flow and liquidity**
Detailed cash flow forecasts have been prepared for a period of at least twelve months from the date of approval. These forecasts indicate that the Company will maintain positive cash balances and sufficient liquidity throughout the assessment period.

**Stress testing**
Management has modelled downside scenarios, including reductions in anticipated revenue, to assess resilience. Even under severe but plausible scenarios, the Company is expected to have adequate resources to meet its obligations as they fall due.

**Judgements and assumptions**
Key assumptions include delivery of contracted projects, and no significant adverse changes in market conditions. Management believes these assumptions are reasonable based on current information.

After considering these factors, the directors have a reasonable expectation that the Company will be able to trade and has adequate resources to continue in operational existence for the foreseeable future.

Change in accounting policies

**Early Adoption of Amendments to FRS 102**

The Financial Reporting Council (FRC) issued amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as part of its 2024 periodic review. These amendments are effective for accounting periods beginning on or after 1 January 2026, with early adoption permitted. The Company has elected to early adopt these amendments for the year ended 31 July 2025. The key changes introduced by the amendments include:

**Revenue recognition**: Adoption of a five-step model requiring identification of performance obligations, determination of transaction price, allocation to obligations, and recognition as obligations are satisfied.

**Lease accounting**: Introduction of an on-balance sheet model for lessees requiring recognition of a right-of-use asset and corresponding lease liability for most leases.

**Other changes**: Updates to fair value measurement principles, uncertain tax positions, and alignment with the IASB’s Conceptual Framework.

The Company has applied all amendments simultaneously, as required by the standard. Where methodologies applied in previous periods differ from those adopted in the current year, an additional accounting policy titled *Transition from FRS 101 to FRS 102 Section 1A* has been included to explain the reasons for these differences and provide clarity on the approach taken.


**Transition from FRS 101 to FRS 102 Section 1A**

These financial statements represent the Company's first financial statements prepared in accordance with FRS 102, following a transition from FRS 101 (Reduced Disclosure Framework) in the prior year. The Company has also early adopted the amendments to FRS 102 issued in 2024, including the revised revenue and lease accounting requirements for the year ending.

Under Section 1A of FRS 102, the Company applies the small entity disclosure regime, which permits reduced disclosures compared with full FRS 102. This affects disclosures only; recognition and measurement policies are consistent with FRS 102.

**Impact of transition**

The transition from FRS 101 to FRS 102 did not result in material changes to the recognition or measurement of assets, liabilities or equity. As the Company early adopted the amended revenue and lease requirements, the transition provisions for revenue and leases have been applied. Based on the permitted transitional reliefs, no restatement of comparative figures was required. Any adjustments arising on transition were recorded in opening equity at the start of the comparative period. No material adjustments were identified.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Income and Retained Earnings

Turnover

Revenue is recognised in accordance with amended Section 23 of FRS 102, based on the transfer of control of goods or services to customers. Revenue is recognised either over time or at a point in time, depending on when control passes.

Revenue is recognised over time when the customer receives and consumes benefits as work progresses, controls an asset as it is created, or where the Company’s work has no alternative use and the Company has an enforceable right to payment for work completed to date.

Progress is measured using methods that faithfully reflect the transfer of control, typically a cost-to-complete basis.

Where these criteria are not met, revenue is recognised at a point in time, generally when goods are delivered or accepted by the customer.

Variable consideration is included only to the extent that it is highly probable that a significant reversal will not occur. Contract modifications are reflected when approved.

Loss-making contracts are provided for immediately. Incremental costs of obtaining a contract are capitalised when recoverable; all other costs are expensed as incurred.

Judgement is applied in determining whether revenue is recognised over time, including assessment of customer control, enforceable rights to payment and whether deliverables have an alternative use. Estimation is also required in determining the measure of progress on long-term work, forecasting contract costs and assessing variable consideration. These judgements affect the timing and amount of revenue recognised.

Employee benefits

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

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

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery	3 - 20 years straight line
Fixtures and fittings	3 - 5 years straight line
Computer equipment	3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
At the inception of a contract, the company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

**Short-term leases and leases of low-value assets**
The company has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (less than one year). The company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from group undertakings and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from group undertakings, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Re-presented comparative figures

**Basis of re-presentation**

Comparative figures in these financial statements have been re-presented where necessary. This is due to limited information on prior year amounts being available when the current year’s accounts were prepared. As a result, certain classifications and disclosures have been updated to ensure a more accurate and consistent presentation.

**Reason for re-presentation**

The re-presentation was undertaken to align the prior year figures with the current year’s approach and accounting policies. This ensures comparability between financial periods and avoids unnecessary fluctuations that could arise from inconsistent treatment. The adjustments do not represent a change in underlying transactions but rather a refinement in presentation and classification.

The re-presentation has no impact on the overall financial position or performance of the entity for the prior year, other than improving comparability and clarity.

Included within Administrative Expenses for the comparative period is an impairment charge of £4,314,964. This amount has been re‑presented within Administrative Expenses in the current year to align with the Company’s presentation of operating costs and to reflect the material nature of the impairment. The re‑presentation affects classification only and does not impact previously reported profit or net assets.

Contract Assets and Liabilities

The timing of payments received from customers, relative to the recording of revenue, can have a significant impact on the contract-related assets and liabilities recorded on the Company's balance sheet. The majority of development programmes have payment terms based on contractual milestones, which are not necessarily aligned to when revenue is recognised, particularly for those contracts with revenue recognised over-time by reference to the stage of completion. This can lead to recognition of revenue in advance of customer billings.

Amounts receivable from over time contract customers' relates to work performed and revenue recognised on agreed contracts prior to the customer being invoiced. On other development programmes, a proportion of the transaction price is received in advance and consequently a contract liability arises; 'amounts payable to over-time contract customers' relates to payments received from customers in relation to the contract prior to the work being completed and the revenue recognised.

For contracts where revenue is recognised at a point in time, 'deferred income' recorded on the balance sheet represents payments received from customers prior to the work being completed and the revenue recognised, and 'accrued income' recorded on the balance sheet represents any revenue recognised on agreed contracts prior to the customer being invoiced.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

**Going concern**

Key assumptions include continued access to committed funding, delivery of contracted projects, and no significant adverse changes in market conditions. Management believes these assumptions are reasonable based on current information.

**Turnover**

Judgement is applied in determining whether revenue is recognised over time, including assessment of customer control, enforceable rights to payment and whether deliverables have an alternative use.
Estimation is also required in determining the measure of progress on long-term work, forecasting contract costs and assessing variable consideration. These judgements affect the timing and amount of revenue recognised.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	42		55

4. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 August 2024	588,412		1,254,308		5,364		76,960		1,925,044
Additions	0		0		0		7,740		7,740
At 31 July 2025	588,412		1,254,308		5,364		84,700		1,932,784
Accumulated depreciation
At 01 August 2024	212,482		653,029		4,604		42,987		913,102
Charge for the financial year	196,137		94,507		675		19,078		310,397
At 31 July 2025	408,619		747,536		5,279		62,065		1,223,499
Net book value
At 31 July 2025	179,793		506,772		85		22,635		709,285
At 31 July 2024	375,930		601,279		760		33,973		1,011,942
Leased assets included above:
Net book value
At 31 July 2025	179,793		0		0		0		179,793
At 31 July 2024	375,930		0		0		0		375,930

The land and buildings included within tangible fixed assets represent right of use assets recognised in accordance with the Company’s lease accounting policy. These assets relate to properties held under lease arrangements, for which the Company has recognised a corresponding lease liability. The right of use asset is depreciated over the lease term, in line with the accounting policies set out in the notes to the financial statements.

5. Stocks

	2025		2024
	£		£
Raw materials	794,064		654,023
Work in progress	0		8,666
	794,064		662,689

6. Debtors

	2025		2024
	£		£
Trade debtors	169,100		920,528
Amounts owed by group undertakings	6,000,000		0
Prepayments and accrued income	3,077,133		3,700,798
VAT recoverable	296,992		207,733
Other taxation and social security	254,359		554,657
Other debtors	1,500,000		162,210
	11,297,584		5,545,926

Amounts owed by group undertakings is unsecured, interest free with no fixed repayment terms.

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	0		3,768,127
Trade creditors	491,857		450,525
Amounts owed to group undertakings	0		5,000,000
Accruals and deferred income	1,022,897		807,382
Other taxation and social security	59,958		137,687
Lease liabilities	147,344		205,755
Other creditors	0		70,021
	1,722,056		10,439,497

Amounts owed to group undertakings amounting to £Nil (2024: £5,000,000). These balances are unsecured and interest free.

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

	2025		2024
	£		£
Lease liabilities	0		139,135
Other creditors	28,787,873		7,983,073
	28,787,873		8,122,208

Included within other creditors are amounts owed of £7,983,073 (2024: £Nil). This balance is unsecured and bears interest at a rate of 7.751% per annum. The amount is repayable during February 2029.

Also, included within other creditors are amounts owed of £20,804,800 (2024: £Nil). This balance is unsecured and bears interest at a rate of 7.789% per annum. The amount is repayable during May 2035.

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	0		39,298
Warranty provision	0		5,423
Other provisions	0		1,187,752
	0		1,232,473

	Deferred taxation		Warranties		Other		Total
	£		£		£		£
At 01 August 2024	39,298		5,423		1,187,752		1,232,473
Charged/(credited) to the Statement of Income and Retained Earnings	( 39,298)		0		( 175,000)		( 214,298)
Utilisation of provision	0		( 5,423)		( 1,012,752)		( 1,018,175)
	0		0		0		0
	0		0		0		0
At 31 July 2025	0		0		0		0

Deferred tax

	2025		2024
	£		£
Accelerated capital allowances	0		39,298
Provision for deferred tax	0		39,298

The deferred tax provision represents future tax payable due to timing differences between accounting and tax treatments. It is calculated using enacted tax rates at 31 July 2024 and measured on an undiscounted basis. Key sources include differences on asset depreciation and other temporary items. The provision will unwind over the medium term as related assets and liabilities reverse.

Warranties

This provision reflects management’s best estimate of costs for warranty claims on products sold before the reporting date. It is recognised when a present obligation exists and an outflow of economic benefits is probable. The estimate is based on historical claim patterns, expected claim rates, and repair or replacement costs. Actual costs may vary, and the provision is expected to be used within twelve months.

Other

This provision covers contracts where the costs of fulfilling obligations exceed expected benefits. It is measured at the lower of the cost to fulfil the contract or the penalties for not fulfilling it. Estimates rely on current contract terms, cost forecasts, and expected recoveries, with uncertainties around cost changes or renegotiations. The provision will be used over the remaining contract life.

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 39,298)		0
Credited/(charged) to the Statement of Income and Retained Earnings	39,298		( 39,298)
At the end of financial year	0		( 39,298)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Other timing differences	0		( 39,298)
	0		0
	0		( 39,298)

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

12. Related party transactions

Where possible, the company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly-owned group undertakings.

13. Ultimate controlling party

During the year ended 31 July 2025, a change of ownership took place. As of the reporting date the Company’s ultimate controlling party is Cable Capital Group Holdings Limited.