Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 false false 2025-01-01 engien design and manufacture 29 27 true true The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03668354 2025-01-01 2025-12-31 03668354 2024-01-01 2024-12-31 03668354 2025-12-31 03668354 2024-12-31 03668354 c:Director1 2025-01-01 2025-12-31 03668354 d:Buildings d:ShortLeaseholdAssets 2025-01-01 2025-12-31 03668354 d:Buildings d:ShortLeaseholdAssets 2025-12-31 03668354 d:Buildings d:ShortLeaseholdAssets 2024-12-31 03668354 d:PlantMachinery 2025-01-01 2025-12-31 03668354 d:PlantMachinery 2025-12-31 03668354 d:PlantMachinery 2024-12-31 03668354 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 03668354 d:MotorVehicles 2025-01-01 2025-12-31 03668354 d:MotorVehicles 2025-12-31 03668354 d:MotorVehicles 2024-12-31 03668354 d:MotorVehicles d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 03668354 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 03668354 d:CurrentFinancialInstruments 2025-12-31 03668354 d:CurrentFinancialInstruments 2024-12-31 03668354 d:Non-currentFinancialInstruments 2025-12-31 03668354 d:Non-currentFinancialInstruments 2024-12-31 03668354 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 03668354 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 03668354 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 03668354 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 03668354 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-12-31 03668354 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 03668354 d:ShareCapital 2025-12-31 03668354 d:ShareCapital 2024-12-31 03668354 d:SharePremium 2025-12-31 03668354 d:SharePremium 2024-12-31 03668354 d:OtherMiscellaneousReserve 2025-01-01 2025-12-31 03668354 d:OtherMiscellaneousReserve 2025-12-31 03668354 d:OtherMiscellaneousReserve 2024-12-31 03668354 d:RetainedEarningsAccumulatedLosses 2025-12-31 03668354 d:RetainedEarningsAccumulatedLosses 2024-12-31 03668354 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-12-31 03668354 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 03668354 c:FRS102 2025-01-01 2025-12-31 03668354 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 03668354 c:FullAccounts 2025-01-01 2025-12-31 03668354 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 03668354 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:pure

Registered number: 03668354 ADVANCED ENGINE RESEARCH LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ADVANCED ENGINE RESEARCH LIMITED REGISTERED NUMBER:03668354
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 395,859 |  | 522,792
|  |  | 395,859 |  | 522,792
Current assets |  |  |  |  |
Stocks | 5 | 4,433,500 |  | 3,937,523 |
Debtors | 6 | 789,377 |  | 427,827 |
Cash at bank and in hand | 7 | 280,985 |  | 455 |
|  | 5,503,862 |  | 4,365,805 |
Creditors: amounts falling due within one year | 8 | (2,123,867) |  | (1,846,696) |
Net current assets |  |  | 3,379,995 |  | 2,519,109
Total assets less current liabilities |  |  | 3,775,854 |  | 3,041,901
Creditors: amounts falling due after more than one year | 9 |  | (1,452,791) |  | (1,396,946)
Net assets |  |  | 2,323,063 |  | 1,644,955
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 284 |  | 284
Share premium account | 12 |  | 394,802 |  | 394,802
Other reserves | 12 |  | 16,790,082 |  | 15,673,376
Profit and loss account | 12 |  | (14,862,105) |  | (14,423,507)
|  |  | 2,323,063 |  | 1,644,955
Page 1
ADVANCED ENGINE RESEARCH LIMITED REGISTERED NUMBER:03668354
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Lancaster
Director
Date: 29 April 2026
Page 2
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Advanced Engine Research Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB. The principal activity of the company continued to be that of engine design and manufacture. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | S/Term Leasehold Property | - | over term of the lease
|  |  |  | Plant & machinery | - | 10%, 25%, 33%
|  |  |  | Motor vehicles | - | 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 5
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets 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 Page 6
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 29 (2024 -27).
Page 7
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Tangible fixed assets
|  | S/Term Leasehold Property | Plant & machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 648,607 | 1,373,220 | 25,910 | 2,047,737
| Additions | - | 8,402 | - | 8,402
| At 31 December 2025 | 648,607 | 1,381,622 | 25,910 | 2,056,139
| Depreciation |  |  |  |
| At 1 January 2025 | 447,410 | 1,051,624 | 25,910 | 1,524,944
| Charge for the year on owned assets | 51,291 | 84,045 | - | 135,336
| At 31 December 2025 | 498,701 | 1,135,669 | 25,910 | 1,660,280
| Net book value |  |  |  |
| At 31 December 2025 | 149,906 | 245,953 | - | 395,859
| At 31 December 2024 | 201,197 | 321,596 | - | 522,793
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 3,248,500 | 3,101,523
| Work in progress (goods to be sold) | 1,185,000 | 836,000
|  | 4,433,500 | 3,937,523
Page 8
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 49,451 | 49,451
|  | 49,451 | 49,451
| Due within one year |  |
| Trade debtors | 594,184 | 263,537
| Other debtors | 47,226 | 40,575
| Prepayments and accrued income | 98,516 | 74,264
|  | 789,377 | 427,827
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 280,985 | 455
|  | 280,985 | 455
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 661,848 | 496,835
| Other taxation and social security | 117,090 | 109,892
| Other creditors | 447,027 | 239,014
| Accruals and deferred income | 897,902 | 1,000,955
|  | 2,123,867 | 1,846,696
Page 9
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 1,452,791 | 1,396,946
|  | 1,452,791 | 1,396,946
| Included in other loans is £657,000 loan stock convertible into share capital at the rate of 95% of the value of the loan stock. Interest is payable at the rate of 8.5% per annum on the initial loan stock value. The loan stock will be repayable on 31 December 2026 if the conversion option is not exercised. RR Dyson holds a debenture containing fixed and floating charges over the assets of the company.
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 1-2 years |  |
| Other loans | 1,452,791 | 1,396,946
11. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 280,985 | 280,985
|  | 280,985 | 280,985
| Financial assets measured at fair value through profit or loss comprise...
12. | Reserves
Other reserves Other reserves consist of a capital contribution reserve in relation to a long term loan that has been discounted in accordance with FRS 102. Page 10
ADVANCED ENGINE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £66,863 (2024: £51,967). Contributions totalling £10,170 (2024: £8,473) were payable to the fund at the balance sheet date and are included in creditors.
Page 11