Progressive Energy Net Zero A Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 14180077 (England and Wales)

Financial Statements

for the Year Ended 30 September 2025

for

PROGRESSIVE ENERGY NET ZERO A LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J Parkin

A J Baddeley

REGISTERED OFFICE:

38F Swan House

Bonds Mill, Bristol Road

Stonehouse

Gloucestershire

GL10 3RF

REGISTERED NUMBER:

14180077 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

2nd Floor, South

One Castle Park

Tower Hill

Bristol

BS2 0JA

FIXED ASSETS

Investments

4

100

CURRENT ASSETS

Debtors

5

155,951

776,134

CREDITORS

Amounts falling due within one year

6

(1,305,789

)

(1,410,965

)

NET CURRENT LIABILITIES

(1,149,838

)

(634,831

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,149,738

)

(634,731

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(1,149,838

)

(634,831

)

(1,149,738

)

(634,731

)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

D J Parkin - Director

1.	COMPANY INFORMATION

Progressive Energy Net Zero A 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.

The company's principal activity in the period under review was that of energy sector project developments.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on the going concern basis. At the year end the company had net current liabilities of £1,149,838, of which £1,302,114 was owed to Progressive Energy Limited, the company's parent. Progressive Energy Limited will continue to support the company and will not recall the loan whilst it would adversely impact the company's ability to continue as a going concern.

However, included in debtors is a balance of £154,241 being £1,254,729 due from a joint venture in which the company owns 33.3% (see note 5) less a 87.7% provision against this balance amounting to £1,100,488. The loan is intended to enable the joint venture to carry out development work on a portfolio of projects in the hydrogen sector, the success of which is dependent upon approval by the Department of Energy Security and Net Zero. This joint venture entity is in a net liability position, and investment into the joint venture by the investors is currently paused. Due to the success of the joint venture project being outside of the directors' control and dependent upon Government policy, the recovery of this debt is conditional on the project being successful or the joint venture being sold. As a result of this uncertainty, the directors have provided for the majority of this debt, but uncertainty still remains in respect of the unprovided amount of £154,241. As a result, there is a material uncertainty as to the ability of the company to continue as a going concern.

Progressive Energy Limited, the parent company, continue to provide financial support to the company, although it has no obligation to do so, and the directors believe this will continue as a result of the belief they have in the realisation of the joint venture project's value. On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The entities' estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. These include, but are not limited to, the recognition of income in relation to the recovery of costs.

Turnover

Revenue from energy sector project development 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 from energy sector project development 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:

Rendering of services:

Revenue from energy sector project development from a contract to provide services is recognised in the period in which the services are provided 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.

Any potential losses on contracts are recognised at the point recovery of the input costs of the company are deemed to be potentially irrecoverable.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Onerous contracts

Where the unavoidable costs of a contract exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the contract.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 October 2024

and 30 September 2025

100

NET BOOK VALUE

At 30 September 2025

100

At 30 September 2024

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Grenian Hydrogen Limited

Registered office: United Kingdom

Nature of business: Energy sector project developments

%

Class of shares:

holding

Ordinary A

33.33

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Amounts owed by joint ventures

154,241

732,563

Other debtors

-

34,884

VAT

-

6,977

Prepayments and accrued income

1,710

155,951

776,134

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Amounts owed to group undertakings

1,302,114

1,407,290

Accruals and deferred income

3,675

1,305,789

1,410,965

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

8.	RELATED PARTY DISCLOSURES

An exemption has been taken by the company not to disclose transactions and balances with 100% group companies.

In the period ending 30 September 2023, the company entered into a joint venture agreement concerning Grenian Hydrogen Limited of which the company holds 33.33% control. Net cumulative funding of £1,302,114 has been made by the parent company, Progressive Energy Limited, through the company, to the joint venture. This was reflected both in amounts due from joint ventures in debtors and amounts owed to group undertakings in creditors. At the year end Grenian Hydrogen Limited owed the company £1,254,729 (2024 - £1,282,807) in respect of this funding against which a provision of £1,100,488 (2024 - £550,244) has been made. Interest of £35,237 accrued at 4% per annum up to July 2025 (2024 - £36,847 for the year to 30 September 2024).

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Progressive Energy Limited.

The ultimate parent company is Progressive Energy Holdings Limited.

There is no ultimate controlling party.