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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
COMPANY INFORMATION
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
CONTENTS
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report of the company and the group for the year ended 31 December 2025.
Puretech Systems Limited accounts show a post-tax loss for 2025 of £693,680 (2024: loss of £1,868,610).
However, our overall our consolidated result for UK Gas Technologies Limited (parent company of Puretech Systems Limited) was much improved with a Profit after tax of £103,302 compared to a loss of £1,063,218 in the previous period. This is a significant turnaround from prior year. There are a few contributing reasons for this improved consolidated result:
∙Focus on margin improvements and cost control;
∙Finishing older loss making projects;
∙Improved order book;
∙New markets.
We returned to profitability for the last 6 months of 2025. In addition our order book as of 31st December 2025 was strong at £16.9 million, the highest it has been for many years and continues to grow. We did not lose many orders we bid for. The company was acquired by Indutrade AB, Sweden on the 17th September 2020. Indutrade is an international industrial group that develop and acquire companies that are characterised by high-tech-know-how and an ability to build enduring, close relationships with customers and suppliers. The integration into the Indutrade group has gone very well and they provide excellent support including an investment of £7 million in the new facility along with training, sustainability and reporting systems. This has enabled us to focus more clearly on our strategy of growth and strengthening our workforce. Our Puretech business has continued its success in global exports.
GR2L
We are still working with GR2L and continue to be heavily involved with its activities. We are still targeting the solar industry, and the global push for renewable energy sources will hope to see this market grow over the next few years with improved order potential. Staff recruitment, retention and succession plans do not deliver the required skills and experience The ability to recruit, retain and motivate suitably qualified staff is an important aspect of the business and our overall performance. The strength of our business is directly linked to our staff, many of them have worked for us for a considerable time some more than 30 years, during which they have gained valuable knowledge and expertise. We have also employed a number of Graduate Trainees to continue knowledge transfer to the next generation. The Group faces competition for the best people from other organisations. Ensuring the retention, proper development of employees and the succession for key positions is important if the business is not to suffer any adverse effects. Our policy of actively engaging with staff and reacting to their needs is fundamental in staff retention along with excellent remuneration, pension and a suite of other benefits. One of our key strategic plan targets is staff wellbeing and we are continually reviewing how we can help them, this includes flexibility in working hours with a number of employees having a hybrid working pattern and the introduction of an employee assistance programme. A continued and successful recruitment campaign combined with opening an office in Durham has strengthened our position as the market leader and as the new staff become more integrated into the business, we should see significant improvement in our capabilities and increased potential business opportunities.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties (continued)
Market Conditions Overall the market has strengthened and we are seeing that reflected in our increased order book. We are also looking at new markets in particular car battery and data centres which fit our inhouse capabilities. Materials/lnflation/Energy costs The year continued to see high inflation and substantial increases in materials and lead times for components used in our products/services. A few projects were delayed causing a reduction in overall turnover and completion of orders. We have taken steps to mitigate these effects on our margins and due to the nature and specialism of our services/products we believe we will not be adversely affected. We are working on consolidating our supply chain in order to maximise our buying efficiencies. Tariffs Most of our market is UK, Europe and Asia based so we believe there will be minimal impact by the current trade tariff increases. We are monitoring the situation and will take the appropriate action when quoting new projects to minimise risks.
The group's key performance indicators are:
Turnover Our objective is to grow annual consolidated turnover above £16 million which based on our fixed overheads and estimating margins will deliver acceptable annual profits. Unfortunately, due to the reasons stated above we were below our target with a consolidated turnover of £11.3 million for the year for UK Gas Technologies Limited. Health & Safety Our objective is to have zero loss time injuries on site. Our strategy is to have a robust H&S policy backed up by regular site auditing to ensure the highest safety standards are maintained. In 2025 we had no Riddor incidents reported. Profit margin Our objective is to deliver a return of greater than 10% EBITA margin with a strategy of increasing our profit margin on all contracts. Reduced turnover coupled with exceptionally difficult market conditions for the first 6 months of 2025 and reduced margins resulted in a loss of £693k compared to a loss of £1,869k in 2024 for Puretech Systems Limited. Our consolidated result UK Gas Technologies Limited though improved significantly posting a profit after tax of £103,302 versus a loss of £1,063,218 in prior year as we focus on margin improvements.
This report was approved by the board and signed on its behalf.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £693,680 (2024: £1,868,610).
No dividends will be distributed for the year ended 31 December 2025 (2024: £Nil).
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 judgements and accounting estimates that are reasonable and prudent; and
∙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 2006. They 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.
We are looking at expanding our current markets with a focus on Data Centres and Giga Factories, along with the government announcement on the next phase of hospital investments. The board are currently upgrading the IT systems and also looking to implement a new ERP system during 2027, to help streamline and add margin improvements.
Indutrade our parent company are acquisition led and should any business compliment our offering this would be investigated.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
The auditor, Cooper Parry Group Limited, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
We have audited the financial statements of Puretech Systems Limited (formerly U.K. Gas Technologies Limited) (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet and the related notes, including a summary of significant accounting policies. The 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).
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 auditor's 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.
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.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED) (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our 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.
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.
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.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED) (CONTINUED)
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 Auditor's 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.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.
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 Auditor's report.
The financial statements of the Company for the year ended 31 December 2024 were audited by another auditor who expressed an unmodified opinion of those statements on 4 August 2025.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED) (CONTINUED)
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 2006. Our 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 Auditor's 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.
for and on behalf of
Statutory Auditor
Davidson House
1st floor
The Forbury
RG1 3EU
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
REGISTERED NUMBER: 02565991
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 25 form part of these financial statements.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Puretech Systems 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 general information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
Monetary amounts in these financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of U.K. Gas Technologies Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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 the profit and loss account.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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 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 account). 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.
Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract.
The whole of the turnover is attributable to the principal acitivty of the Company. All turnover arose within the United Kingdom.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Hire purchase liabilities are secured over the assets they relate to.
The company has a £30,000 Barclaycard revolving credit facility with Barclays Bank PLC. The facility is secured by a charge over the credit balance held in the company’s account. Barclays Bank PLC hold a fixed charge dated 25 July 2017. Barclays Bank PLC hold a fixed charge and floating charge over the property dated 24 September 2018. Barclays Bank PLC hold a fixed and floating charge over the accounts dated 16 February 2026.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Revaluation reserve
Profit and loss account
The pension cost represents contributions paid by the group to a defined contribution scheme and amounted to £175,477 (2024: £147,319). There were £Nil (2024: £16,219) outstanding contributions at the end of the financial year.
The directors plan to transfer the trade and assets of the subsidiary undertakings to the Company on 31/12/2026 as a result the subsidiary undertakings will cease to trade on 31/12/2026.
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PURETECH SYSTEMS LIMITED (FORMERLY U.K. GAS TECHNOLOGIES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
U.K. Gas Technologies Limited is the parent undertaking.
The smallest group for which group financial statements are prepared is U.K. Gas Technologies Limited. Copies of the financial statements can be obtained from the Companies House website, or alternatively, by contacting the company secretary at U.K. Gas Technologies Limited, 5 Polar Drive, North Gatwick Gateway, Salfords, Surrey, England, RH1 5HW. Ultimate parent company Indutrade AB, a company incorporated and registered in Sweden, is the ultimate parent undertaking. The largest group for which group financial statements are prepared is Indutrade AB. Copies of the financial statements can be obtained from Indutrade AB's website, or alternatively, by contacting the company secretary at Indutrade AB, Raseborgsgaten 9, Box 6044, SE-164 06, Kista, Sweden.
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