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REGISTERED NUMBER: 12294861 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2025 |

| FOR |

| WATT ELECTRIC VEHICLE |

| COMPANY LIMITED |

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

WATT ELECTRIC VEHICLE

COMPANY LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2025

| DIRECTORS: | Mr R R Mustard

| Mr N Yates

| Mr A J Hoare

| REGISTERED OFFICE: | 1c St. Columb Industrial Estate

| St. Columb

| Cornwall

| TR9 6SF

| REGISTERED NUMBER: | 12294861 (England and Wales)

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

BALANCE SHEET

30 SEPTEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 5,369 |  | - |  |

Tangible assets | 5 | 69,201 |  | 31,451 |  |

74,570 |  | 31,451 |  |

CURRENT ASSETS

Stocks | 80,268 |  | - |  |

Debtors | 6 | 291,634 |  | 40,321 |  |

Cash at bank | 12,993 |  | 3,771 |  |

384,895 |  | 44,092 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,702,988 |  | 2,208,926 |  |

NET CURRENT LIABILITIES | (2,318,093 | ) | (2,164,834 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (2,243,523 | ) | (2,133,383 | ) |

CREDITORS

Amounts falling due after more than one year | 8 | 432,464 |  | 319,634 |  |

NET LIABILITIES | (2,675,987 | ) | (2,453,017 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Share premium | 74,980 |  | 74,980 |  |

Retained earnings | (2,751,067 | ) | (2,528,097 | ) |

(2,675,987 | ) | (2,453,017 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

BALANCE SHEET - continued

30 SEPTEMBER 2025

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 7 May 2026 and were signed on its behalf by:

Mr N Yates - Director

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. | STATUTORY INFORMATION

| Watt Electric Vehicle Company 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| It is recognised at the point the goods are supplied to the end customer.

| 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 nil 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 | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 10% on reducing balance

| Computer equipment | - | 33% on reducing balance

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| 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.

| 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.

| Creditors

| Short term trade 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.

| Going concern

| During the year ended 30 September 2025, the company incurred a loss for the year of £222,970 and had net liabilities at that date of £2,675,987..

| The director considers the going concern basis to be appropriate due to the availability of support from the company's parent undertaking (including that undertaking not requesting repayment of any amounts owed to them by the company whilst any other creditors of the company remain unpaid, except to the extent that the company is able to discharge all its debts and liabilities as they fall due) and other mitigating actions that can be taken during that period.

| The financial statements do not reflect any adjustments that would be necessary should the going concern basis not be appropriate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2024 - 24 ) .

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| Additions | 5,408 |  |

| At 30 September 2025 | 5,408 |  |

| AMORTISATION

| Charge for year | 39 |  |

| At 30 September 2025 | 39 |  |

| NET BOOK VALUE

| At 30 September 2025 | 5,369 |  |

5. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2024 | 3,500 |  | 4,418 |  | 3,025 |  |

| Additions | 20,673 |  | 21,180 |  | 194 |  |

| At 30 September 2025 | 24,173 |  | 25,598 |  | 3,219 |  |

| DEPRECIATION

| At 1 October 2024 | - |  | 683 |  | 603 |  |

| Charge for year | - |  | 783 |  | 414 |  |

| At 30 September 2025 | - |  | 1,466 |  | 1,017 |  |

| NET BOOK VALUE

| At 30 September 2025 | 24,173 |  | 24,132 |  | 2,202 |  |

| At 30 September 2024 | 3,500 |  | 3,735 |  | 2,422 |  |

WATT ELECTRIC VEHICLE

COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2024 | 13,008 |  | 19,174 |  | 43,125 |  |

| Additions | - |  | 2,483 |  | 44,530 |  |

| At 30 September 2025 | 13,008 |  | 21,657 |  | 87,655 |  |

| DEPRECIATION

| At 1 October 2024 | 3,620 |  | 6,768 |  | 11,674 |  |

| Charge for year | 1,301 |  | 4,282 |  | 6,780 |  |

| At 30 September 2025 | 4,921 |  | 11,050 |  | 18,454 |  |

| NET BOOK VALUE

| At 30 September 2025 | 8,087 |  | 10,607 |  | 69,201 |  |

| At 30 September 2024 | 9,388 |  | 12,406 |  | 31,451 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 42,045 |  | 1,976 |  |

| Amounts owed by group undertakings | 9,285 |  | - |  |

| Other debtors | 240,304 |  | 38,345 |  |

291,634 |  | 40,321 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 67,805 |  | 10,751 |  |

| Trade creditors | 57,838 |  | 25,569 |  |

| Amounts owed to group undertakings | 2,256,501 |  | 1,927,992 |  |

| Taxation and social security | 65,380 |  | 54,459 |  |

| Other creditors | 255,464 |  | 190,155 |  |

2,702,988 |  | 2,208,926 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 432,464 |  | 319,634 |  |