Nascent Semiconductor Limited Company accounts

COMPANY REGISTRATION NUMBER: 13378191

Nascent Semiconductor Limited

Unaudited Financial Statements

31 May 2025

Nascent Semiconductor Limited

Financial Statements

Year ended 31 May 2025

Contents	Pages

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 8

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	10

Nascent Semiconductor Limited

Directors' Report

Year ended 31 May 2025

The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2025 .

Directors

The directors who served the company during the year were as follows:

Mr P Farrar
Mr A Grey
Professor AB Horsfall

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 May 2026 and signed on behalf of the board by:

Mr P Farrar	Mr A Grey
Director	Director

Professor AB Horsfall
Director

Registered office:

Carter House

Pelaw leazes lane

Durham

DH1 1TB

Nascent Semiconductor Limited

Statement of Income and Retained Earnings

Year ended 31 May 2025

	2025	2024
Note	£	£
Turnover	1,919,237	1,215,724

Cost of sales	1,578,430	885,437
	------------	------------
Gross profit	340,807	330,287

Administrative expenses	132,144	67,226
	---------	---------
Operating profit	208,663	263,061

		---------	---------
Profit before taxation	5	208,663	263,061

Tax on profit	4,985	18,782
	---------	---------
Profit for the financial year and total comprehensive income	203,678	244,279
	---------	---------

Retained earnings at the start of the year	247,782	3,503
	---------	---------
Retained earnings at the end of the year	451,460	247,782
	---------	---------

All the activities of the company are from continuing operations.

Nascent Semiconductor Limited

Statement of Financial Position

31 May 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	60,852	40,171

Current assets

Debtors	7	66,446	106,804
Cash at bank and in hand		670,933	271,325
		---------	---------
		737,379	378,129

Creditors: amounts falling due within one year	8	331,458	160,190
		---------	---------
Net current assets		405,921	217,939
		---------	---------
Total assets less current liabilities		466,773	258,110

Provisions	15,213	10,228
	---------	---------
Net assets	451,560	247,882
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	451,460	247,782
	---------	---------
Shareholders funds	451,560	247,882
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Nascent Semiconductor Limited

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 29 May 2026 , and are signed on behalf of the board by:

Mr P Farrar	Mr A Grey
Director	Director

Professor AB Horsfall
Director

Company registration number: 13378191

Nascent Semiconductor Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carter House, Pelaw leazes lane, Durham, DH1 1TB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax that the company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Fixtures and fittings	-	25% straight line
Computer Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2024: 6 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	£	£
Depreciation of tangible assets	33,850	8,301
	--------	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2024	23,313	4,975	24,669	52,957
Additions	46,909	557	7,655	55,121
Disposals	–	–	( 816)	( 816)
	--------	-------	--------	---------
At 31 May 2025	70,222	5,532	31,508	107,262
	--------	-------	--------	---------
Depreciation
At 1 June 2024	5,907	742	6,137	12,786
Charge for the year	21,917	1,430	10,503	33,850
Disposals	–	–	( 226)	( 226)
	--------	-------	--------	---------
At 31 May 2025	27,824	2,172	16,414	46,410
	--------	-------	--------	---------
Carrying amount
At 31 May 2025	42,398	3,360	15,094	60,852
	--------	-------	--------	---------
At 31 May 2024	17,406	4,233	18,532	40,171
	--------	-------	--------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	51,281	61,806
Other debtors	15,165	44,998
	--------	---------
	66,446	106,804
	--------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	168,923	131,148
Corporation tax	–	8,554
Social security and other taxes	42,928	6,085
Pensions Due	2,089	1,610
Other creditors	117,518	12,793
	---------	---------
	331,458	160,190
	---------	---------

9. Related party transactions

During the current and previous year the company paid for services from entities under common ownership. These costs were categorised under subcontractor expenses, The details are as follows: Grey Consultants Ltd invoiced the company £38,833 (£69,795 2024) Altrange Ltd invoiced the company £191,642 (£82,242 2024) No amounts were outstanding at the end of the year. These transactions were conducted at an arms length basis, with terms and conditions equivalent to those in transactions with third parties.

Nascent Semiconductor Limited

Management Information

Year ended 31 May 2025

The following pages do not form part of the financial statements.

Nascent Semiconductor Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Nascent Semiconductor Limited

Year ended 31 May 2025

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Nascent Semiconductor Limited for the year ended 31 May 2025, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Nascent Semiconductor Limited, as a body, in accordance with the terms of my engagement letter dated 24 February 2026. My work has been undertaken solely to prepare for your approval the financial statements of Nascent Semiconductor Limited and state those matters that I have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Nascent Semiconductor Limited and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Nascent Semiconductor Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nascent Semiconductor Limited. You consider that Nascent Semiconductor Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Nascent Semiconductor Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

B.J.STRAUGHAN AND CO Chartered accountants

Epworth House 7 Lucy Street Chester le Street Co. Durham DH3 3UP

29 May 2026