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Registered number: 02962739
















ANTECH LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025


































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ANTECH LIMITED

 
COMPANY INFORMATION


DIRECTORS
A K L Miszewski 
J R Martin 
C Sugden 
L Miszewska (appointed 5 June 2025)
C Miszewska-Hall (appointed 5 June 2025)
A Miszewski (appointed 5 June 2025)




COMPANY SECRETARY
L Miszewska



REGISTERED NUMBER
02962739



REGISTERED OFFICE
Unit 7 Newbery Commercial Centre
Exeter Airport Business Park

Exeter

Devon

EX5 2UL




INDEPENDENT AUDITORS
Bishop Fleming Audit Limited
Chartered Accountants & Statutory Auditors

Brook House

Winslade Park

Manor Drive

Clyst St Mary

Exeter

EX5 1GD






ANTECH LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28



ANTECH LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025

INTRODUCTION
 
AnTech Limited (the “Company”) is a private company limited by shares incorporated in England and Wales. During the year ended 31 August 2025, the Company operated as a trading subsidiary within the AnTech group, with its immediate parent undertaking being AnTech Holdings Ltd. AnTech Holdings Ltd acquired AnTech Limited during the year. 

BUSINESS REVIEW
 
The principal activity of the Company during the year was the manufacture and sale of specialist downhole tools and the provision of related services to the energy sector. The Company continued to trade throughout the year in line with its principal activity.

The results for the year are set out in the statement of comprehensive income on page 9 of these financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors consider that the principal risks and uncertainties facing the Company relate to market conditions within the energy sector, operational delivery, and the management of working capital. The directors monitor these risks on an ongoing basis.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The directors monitor the performance of the Company using financial information including turnover and profitability, as set out in the financial statements.

OTHER KEY PERFORMANCE INDICATORS
 
The directors do not consider that non financial key performance indicators are necessary for an understanding of the development, performance or position of the Company.


This report was approved by the board and signed on its behalf.



A K L Miszewski
Director

Date: 12 May 2026

Page 1

1
ANTECH LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025

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

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £454,597 (2024: profit £229,489).

During the year, an interim dividend of £1,576,499 was paid to the parent undertaking. No dividends have been declared subsequent to the year end. 

DIRECTORS

The directors who served during the year were:

A K L Miszewski 
J R Martin 
C Sugden 
L Miszewska (appointed 5 June 2025)
C Miszewska-Hall (appointed 5 June 2025)
A Miszewski (appointed 5 June 2025)

FUTURE DEVELOPMENTS

Looking ahead to 2026, a reduction in products revenue is anticipated, primarily driven by customer purchasing patterns and the timing of tenders.

In the services division, the wider Group continues to deliver contracts in various global locations and is undertaking development work for applications beyond the oil and gas industry. There are currently four active contracts, which are expected to contribute to increased revenue in the next financial year.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2


ANTECH LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
This report was approved by the board and signed on its behalf.
 






A K L Miszewski
Director

Date: 12 May 2026

Unit 7 Newbery Commercial Centre
Exeter Airport Business Park
Exeter
Devon
EX5 2UL

Page 3


ANTECH LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


ANTECH LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTECH LIMITED
OPINION


We have audited the financial statements of AnTech Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 August 2025 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5


ANTECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTECH LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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' responsibilities statement set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6


ANTECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTECH LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the nature of the industry and sector, control environment and business performance;
the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;
any  matters  we  identified  having  obtained  and  reviewed  the  Company’s  documentation  of  its  policies  and procedures relating to:
°identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance;
°detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and  regulations.
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
 
As  a  result  of  these  procedures,  we  considered  the  opportunities  and  incentives  that  may  exist  within  the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits  under  ISAs  (UK),  we  are  also  required  to  perform  specific  procedures  to  respond  to  the  risk  of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, UK tax legislation and overseas tax legislation.

In  addition,  we  considered  provisions  of  other  laws  and  regulations  that  do  not  have  a  direct  effect  on  the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a  material  penalty.  These  included  data  protection  regulations,  health  and  safety  regulations,  employment legislation, oil and gas legislation and environmental legislations.

Our procedures to respond to risks identified included the following:
reviewing  our  audit  procedures,  the  financial  statement  disclosures  and  testing  to  supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
reviewing  the  financial  statement  disclosures  and  testing  to  supporting  documentation  to  assess  the recognition of revenue;
enquiring of management and the directors concerning actual and potential litigation claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
in  addressing  the  risk  of  fraud  through  management  override  of  controls,  testing  the  appropriateness  of journal  entries  and  other  adjustments;  assessing  whether  the  judgements  made  in  making  accounting estimates  are  indicative  of  a  potential  bias  and  evaluating  the  business  rationale  of  any
Page 7


ANTECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANTECH LIMITED (CONTINUED)

significant transactions that are unusual or outside the normal course of business;
communicating  relevant  identified  laws  and  regulations  and  potential  fraud risks to  all  engagement  team members and remained alert to any indications of fraud or non-compliance with laws and regulations. 


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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 2006Our 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 Auditors' 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.






Fleur Lewis FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
Brook House
Winslade Park
Manor Drive
Clyst St Mary
Exeter
EX5 1GD

13 May 2026
Page 8


ANTECH LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025

2025
2024
£
£

  

Turnover
 4 
6,656,720
6,408,337

Cost of sales
  
(3,620,780)
(2,877,961)

Gross profit
  
3,035,940
3,530,376

Administrative expenses
  
(3,732,562)
(3,360,618)

Other operating income
 5 
46,374
-

Operating (loss)/profit
  
(650,248)
169,758

Interest receivable and similar income
 10 
75,882
62,025

(Loss)/profit before tax
  
(574,366)
231,783

Tax on (loss)/profit
 11 
119,769
(2,294)

(Loss)/profit for the financial year
  
(454,597)
229,489

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 12 to 28 form part of these financial statements.

Page 9


ANTECH LIMITED
REGISTERED NUMBER:02962739

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,133,479
1,305,912

Tangible assets
 14 
3,783,417
2,514,952

Investments
 15 
38,505
38,505

  
4,955,401
3,859,369

Current assets
  

Stocks
 16 
3,536,780
3,796,583

Debtors: amounts falling due within one year
 17 
1,700,867
1,876,141

Cash at bank and in hand
  
1,327,652
4,285,394

  
6,565,299
9,958,118

Creditors: amounts falling due within one year
  
(1,921,858)
(3,921,631)

Net current assets
  
 
 
4,643,441
 
 
6,036,487

Total assets less current liabilities
  
9,598,842
9,895,856

Provisions for liabilities
  

Deferred tax
 19 
(367,589)
(487,358)

  
 
 
(367,589)
 
 
(487,358)

Net assets
  
9,231,253
9,408,498


Capital and reserves
  

Called up share capital 
 20 
720,314
647,498

Share premium account
 21 
1,427,184
-

Revaluation reserve
 21 
544,821
194,991

Profit and loss account
 21 
6,538,934
8,566,009

  
9,231,253
9,408,498


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A K L Miszewski
Director

Date: 12 May 2026

Page 10


ANTECH LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 September 2023
647,498
6,112,054
199,012
2,220,445
9,179,009



Profit for the year
-
-
-
229,489
229,489

Surplus on revaluation of other fixed assets
-
-
-
4,021
4,021

Transfer to/from profit and loss account
-
(6,112,054)
(4,021)
6,112,054
(4,021)



At 1 September 2024
647,498
-
194,991
8,566,009
9,408,498



Loss for the year
-
-
-
(454,597)
(454,597)

Surplus on revaluation of freehold property
-
-
209,540
-
209,540

Surplus on revaluation of leasehold property
-
-
144,311
-
144,311

Surplus on revaluation of other fixed assets
-
-
-
4,021
4,021

Dividends
-
-
-
(1,576,499)
(1,576,499)

Shares issued during the year
72,816
1,427,184
-
-
1,500,000

Transfer to/from profit and loss account
-
-
(4,021)
-
(4,021)


At 31 August 2025
720,314
1,427,184
544,821
6,538,934
9,231,253


The notes on pages 12 to 28 form part of these financial statements.

Page 11


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

1.


GENERAL INFORMATION

AnTech Limited is a private company limited by shares incorporated in England and Wales, registered under company number 02962739. The registered office is Unit 7 Newbery Commercial Centre, Exeter Airport Business Park, Exeter, Devon, EX5 2UL. 

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 Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

In the prior year, AnTech Limited was the ultimate parent company of the Group and prepared consolidated financial statements including its subsidiaries, AnTech Oilfield Services, Inc and AnTech Oilfield Services Pty Limited.

On 13 December 2024, AnTech Limited became a subsidiary of AnTech Holdings Ltd following a share acquisition. As a result, the Company is no longer the ultimate parent undertaking and does not prepare consolidated financial statements in the current year.

The comparative figures presented in these financial statements represent the Company-only results for the prior year. These are therefore comparable on a like-for-like basis; however, users should note that the Company’s position within the Group has changed and consolidated Group information is not presented in the current year.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

These exemptions have been taken on the basis that the Company is a subsidiary undertaking and that its Parent Company, AnTech Holdings Ltd, has prepared consolidated financial statements as at 31 August 2025 which are publicly available and may be obtained from Companies House.

The Parent Company qualifies as a small group and is therefore exempt from presenting a statement of cash flows in its consolidated financial statements.

Page 12


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

GOING CONCERN

Management have carried out an assessment of the Company as a going concern for at least 12 months from the date of approval of these financial statements, to May 2027. In doing so, a cashflow forecast has been prepared, alongside an overall risk assessment with reference to the Group’s Risk Register and SWOT analysis. Based on this assessment, management are confident that the Company is a going concern for the next 12 months. The Company has also obtained a letter of support from its parent company AnTech Holdings Limited. 

The Company has experienced a successful year in 2025, achieving positive EBITDA and delivering an increase in revenue.

Within the products division, revenue has been maintained compared to 2024, with a slight improvement. Looking ahead to 2026, a reduction in products revenue is anticipated, primarily driven by customer purchasing patterns and the timing of tenders.

In the services division, the wider Group continues to deliver contracts in various global locations and is undertaking development work for applications beyond the oil and gas industry. There are currently four active contracts, which are expected to contribute to increased revenue in the next financial year.

The Directors have considered the potential impact of global conflicts and economic conditions on the Company’s operations. Risks to the business, including those affecting production, supply of materials, and demand for products and services, have been identified and assessed through the Group’s established risk management processes.

The Directors have reviewed the Company’s current stock holdings, operating environment, and future trading prospects and anticipate that the business will continue to perform successfully. Accordingly, they consider it appropriate for the financial statements to be prepared on a going concern basis.

 
2.4

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.
 
Page 13


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)


2.4
REVENUE (CONTINUED)


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.

 
2.5

INTANGIBLE ASSETS

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged over five years from the date on which commercial production commences.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Computer software
-
4
years

 
2.6

TANGIBLE FIXED ASSETS

Freehold property is measured under the revaluation model, with all other tangible fixed assets being measured under the cost model. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.

Depreciation is provided on the following basis:

Freehold property
-
5 - 50 years
Long-term leasehold property
-
5 - 50 years
Plant and machinery
-
4 - 5 years
Rental tools and equipment
-
2 - 10 years
Assets under construction
-
Not depreciated

All assets are initially recorded at cost. The capitalisation threshold is £250, apart from handtools where there is no capitalisation threshold - all handtools will be capitalised regardless of value.

Depreciation has been charged on rental tools on a straight line basis, and these tools have an expected useful life of between 2 and 10 years.

Page 14


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
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

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.


 
2.13

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.

Page 15


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.17

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.18

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.19

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.20

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.21

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.22

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.23

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.24

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 18


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, the directors are required to make judgments, 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Carrying value of intangible and tangible assets

Management assesses the probability of expected future economic benefits using reasonable and supportable assumptions that represent their best estimate of the economic conditions that will exist over the useful life of the asset.  Due to the specialised nature of the assets judgement is used to assess the degree of certainty attached to the flow of future economic benefits and the technical feasibility and success of the various projects.

In reviewing for impairment, the carrying value of such assets is compared to the estimated discounted cashflows expected from the use of the assets which involves significant estimates on the part of management.  

If there is a material change in economic conditions, climate or other circumstances influencing the estimate of future cash flows or fair value the Company could be required to recognise impairment charges in the future.  With the fluctuating oil prices management have this under constant review.

Useful economic life of intangibles assets

The annual amortisation charge is sensitive to any changes in the estimated useful economic life and residual values of intangible assets.  

Useful economic lives of tangible assets

The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.

Impairment of stocks 

The Company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.

Impairment of debtors

On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.

Page 19


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Product revenue
6,118,568
6,044,269

Services revenue
538,152
364,068

6,656,720
6,408,337


An analysis of turnover by country of destination has been omitted.


5.


OTHER OPERATING INCOME

2025
2024
£
£

Other operating income
46,374
-

46,374
-



6.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2025
2024
£
£

Exchange differences
35,420
(25,176)

Other operating lease rentals
86,450
72,604


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,075
18,450

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.

Page 20


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

8.


EMPLOYEES

2025
2024
£
£

Wages and salaries
2,002,391
2,075,723

Social security costs
213,528
208,382

Cost of defined contribution scheme
58,710
55,982

2,274,629
2,340,087


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Management
5
6



Administration
7
9



Sales
5
4



Workshop and parts
40
32

57
51


9.


DIRECTORS' REMUNERATION

2025
2024
£
£

Directors' emoluments
181,883
188,913

Company contributions to defined contribution pension schemes
10,246
8,038

192,129
196,951


During the year retirement benefits were accruing to 5 directors (2024: 2) in respect of defined contribution pension schemes.

Total director remuneration paid across the Group was £290,364 (2024: £196,951).


10.


INTEREST RECEIVABLE

2025
2024
£
£


Other interest receivable
75,882
62,025

75,882
62,025

Page 21


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

11.


TAXATION


2025
2024
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
(119,769)
2,294

TOTAL DEFERRED TAX
(119,769)
2,294


(119,769)
2,294

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024:  25  %). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(574,366)
231,783


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:  25  %)
(143,592)
57,946

EFFECTS OF:


Non-tax deductible depreciation of tangible fixed assets
629
4,926

Expenses not deductible for tax purposes
11,213
1,408

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
11,594
(60,981)

Capital gains
-
(1,005)

Group relief
387
-

TOTAL TAX CHARGE FOR THE YEAR
(119,769)
2,294


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 22


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

12.


DIVIDENDS

2025
2024
£
£


Dividend to Parent Company
1,576,499
-

1,576,499
-


13.


INTANGIBLE ASSETS




Product development
Computer software
Total

£
£
£



COST


At 1 September 2024
2,511,234
44,301
2,555,535


Additions
125,489
-
125,489



At 31 August 2025

2,636,723
44,301
2,681,024



AMORTISATION


At 1 September 2024
1,205,822
43,801
1,249,623


Charge for the year
297,422
500
297,922



At 31 August 2025

1,503,244
44,301
1,547,545



NET BOOK VALUE



At 31 August 2025
1,133,479
-
1,133,479



At 31 August 2024
1,305,412
500
1,305,912



Page 23


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

14.


TANGIBLE FIXED ASSETS





Freehold property
Long-term leasehold property
Plant and machinery
Rental tools and equipment
Assets under construction
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 September 2024
633,454
-
849,324
4,682,715
345,806
6,511,299


Additions
-
197,683
142,376
1,105,397
356,314
1,801,770


Disposals
-
-
(6,525)
(49,210)
-
(55,735)


Transfers between classes
(20,500)
20,500
(788)
317,099
(316,311)
-


Revaluations
42,046
141,817
-
-
-
183,863



At 31 August 2025

655,000
360,000
984,387
6,056,001
385,809
8,441,197



DEPRECIATION


At 1 September 2024
167,494
-
485,255
3,343,598
-
3,996,347


Charge for the year
4,865
2,494
119,256
744,239
-
870,854


Disposals
-
-
(5,968)
(33,465)
-
(39,433)


Transfers between classes
-
-
(197)
197
-
-


On revalued assets
(167,494)
(2,494)
-
-
-
(169,988)



At 31 August 2025

4,865
-
598,346
4,054,569
-
4,657,780



NET BOOK VALUE



At 31 August 2025
650,135
360,000
386,041
2,001,432
385,809
3,783,417



At 31 August 2024
465,960
-
364,069
1,339,117
345,806
2,514,952

The freehold property was valued on 13 December 2024 by an independent, RICS qualified valuer. On an open market basis, this indicated a value of £655,000.

The long-term leasehold property was valued on 31 August 2025 by an independent, RICS qualified valuer. On an open market basis, this indicated a value of £360,000.

Page 24


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

15.


FIXED ASSET INVESTMENTS


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

AnTech Oilfield Services, Inc
United States
Ordinary
100%
AnTech Oilfield Services Pty Limited
Australia
Ordinary
100%


16.


STOCKS

2025
2024
£
£

Raw materials and consumables
1,866,728
1,633,807

Work in progress (goods to be sold)
411,710
855,293

Finished goods and goods for resale
278,789
330,785

Subassembly stock
979,553
976,698

3,536,780
3,796,583



17.


DEBTORS

2025
2024
£
£


Trade debtors
923,082
1,432,413

Amounts owed by group undertakings
528,365
-

Other debtors
66,426
19,401

Prepayments and accrued income
182,994
424,327

1,700,867
1,876,141


Page 25


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
2024
£
£

Other loans
-
1,500,000

Trade creditors
554,882
746,661

Amounts owed to group undertakings
59,327
36,363

Other taxation and social security
38,279
204,401

Other creditors
500,276
415,655

Accruals and deferred income
769,094
1,018,551

1,921,858
3,921,631



19.


DEFERRED TAXATION




2025


£






At beginning of year
(487,358)


Charged to profit or loss
119,769



AT END OF YEAR
(367,589)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(770,598)
(619,617)

Short term timing differences
966
1,419

Capital (gains)/losses
19,848
19,848

Losses and other deductions
382,195
110,992

(367,589)
(487,358)

Page 26


ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

20.


SHARE CAPITAL

2025
2024
£
£
ALLOTTED, CALLED UP AND FULLY PAID



41,195,363 (2024: 33,913,810) Ordinary shares of £0.01 each
411,954
339,138
30,835,951 (2024: 30,835,951) Ordinary B shares of £0.01 each
308,360
308,360

720,314

647,498


During the year 7,281,553 Ordinary shares of £0.01 each were issued with an aggregate nominal value of £72,816. No consideration was received; the share issue arose on conversion of £1,500,000 convertible loans.


21.


RESERVES

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

The revaluation reserve includes cumulative gains arising on the revaluation of land and buildings. Amounts are transferred to retained earnings as the assets are used or when they are disposed of.

Profit and loss account

The profit and loss account includes all current and prior retained profits and losses. 


22.


CAPITAL COMMITMENTS


At 31 August 2025 the Company had capital commitments as follows:

2025
2024
£
£


Contracted for but not provided in these financial statements
5,125
205,000

5,125
205,000


23.


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 £58,710 (2024: £55,982). Contributions totalling £12,306 (2024: £16,780) were payable to the fund at the balance sheet date and are included in creditors.

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ANTECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

24.


COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
92,148
30,292

Later than 1 year and not later than 5 years
326,014
36,750

418,162
67,042


25.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption available under the requirements of Section 33 Related Party Disclosures paragraph 33.1A, in not providing details of any transaction entered into between two of more members of a wholly owned group.


26.


CONTROLLING PARTY

The Parent Company and ultimate controlling party is AnTech Holdings Ltd, which files consolidated accounts for the Group under company number 12362539.

 
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