RCV Engines Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03338081 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

RCV ENGINES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr J B Adkins

Mr E Hill

Mr K T Lawes

Mr L J Gould

Mr S J Wootten

Registered office:

4 Telford Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7QL

Registered number:

03338081 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Intangible assets

4

138,271

154,153

Tangible assets

5

31,482

43,583

169,753

197,736

Current assets

Stocks

724,209

405,655

Debtors

6

259,480

108,297

Cash at bank

289,329

158,896

1,273,018

672,848

Creditors

Amounts falling due within one year

7

1,275,309

330,614

Net current (liabilities)/assets

(2,291

)

342,234

Total assets less current liabilities

167,462

539,970

Creditors

Amounts falling due after more than one
year

8

104,628

106,711

Net assets

62,834

433,259

Capital and reserves

Called up share capital

10

1,036,951

Share premium

11

1,641,346

Retained earnings

11

(2,615,463

)

(2,245,038

)

Shareholders' funds

62,834

433,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

Mr E Hill - Director

1.	Statutory information

RCV Engines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company meets its day to day working capital requirements through the continued support from customers, including the receipt of deposits on orders and the strength of the forward order book, both of which provide visibility over future revenues and have contributed positively to the company's short-term liquidity and working capital position. In addition, the directors have considered the continued support from the shareholders. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable where certain performance obligations are met, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten and twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost, 20% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

50% on cost

Computer equipment

-

50% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, convertible loan notes and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Financial assets and liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 18 (2024 - 17 ) .

4.	Intangible fixed assets

Patents and

licences

£

Cost

At 1 January 2025

258,697

Additions

2,681

At 31 December 2025

261,378

Amortisation

At 1 January 2025

104,544

Amortisation for year

18,563

At 31 December 2025

123,107

Net book value

At 31 December 2025

138,271

At 31 December 2024

154,153

5.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

Cost

At 1 January 2025

173,248

65,232

10,228

248,708

Additions

-

2,377

5,470

7,847

At 31 December 2025

173,248

67,609

15,698

256,555

Depreciation

At 1 January 2025

129,666

65,231

10,228

205,125

Charge for year

17,929

594

1,425

19,948

At 31 December 2025

147,595

65,825

11,653

225,073

Net book value

At 31 December 2025

25,653

1,784

4,045

31,482

At 31 December 2024

43,582

1

-

43,583

6.

Debtors: amounts falling due within one year

2025

2024

£

Trade debtors

4,389

6,835

Other debtors

255,091

101,462

259,480

108,297

7.

Creditors: amounts falling due within one year

2025

2024

£

Bank loans and overdrafts

6,166

10,354

Payments on account

112,287

146,136

Trade creditors

283,096

115,703

Taxation and social security

24,076

15,836

Other creditors

849,684

42,585

1,275,309

330,614

8.

Creditors: amounts falling due after more than one year

2025

2024

£

Bank loans

-

6,160

Other creditors

104,628

100,551

104,628

106,711

Other Creditors are not due for repayment until the company is cash generative.

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

42,000

Between one and five years

10,500

52,500

94,500

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

4,005,116

Ordinary

£0.25

1,001,279

654,531

Ordinary

£0.0545

35,672

1,036,951

11.

Reserves

Retained

Share

earnings

premium

Totals

£

At 1 January 2025

(2,245,038

)

1,641,346

(603,692

)

Deficit for the year

(370,425

)

(370,425

)

At 31 December 2025

(2,615,463

)

1,641,346

(974,117

)

12.	Contingent liabilities

The individuals that were involved with the Waiver will be paid bonuses totalling £235,868, contingent on a successful sale of the company at a future date.

13.	Share-based payment transactions

The company has in place a Share Option Scheme whereby options are granted to directors and

employees to acquire ordinary shares of 25p each.

Number of share options

Weighted average exercise
price

2025

2024

2025

2024

Number

£

Outstanding at 1 January

565,790

426,000

0.38

Expired during the year

Granted during the year

139,790

Outstanding at 31 December

565,790

0.38

Exercisable at 31 December

565,790

0.38

The options outstanding at 31 December 2025 had an exercise price of £0.38 and a remaining contractual life of up to 5 years.