REGISTERED NUMBER: 12294861 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

WATT ELECTRIC VEHICLE

COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

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.

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

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.

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 ) .

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

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