Company registration number 07082726 (England and Wales)
LOOWATT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
LOOWATT LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
LOOWATT LTD
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
35,428
55,734
Tangible assets
6
808
1,458
Investments
7
114
114
36,350
57,306
Current assets
Stocks
62,944
80,293
Debtors
9
385,293
546,888
Cash at bank and in hand
179,705
114,667
627,942
741,848
Creditors: amounts falling due within one year
10
(205,966)
(273,713)
Net current assets
421,976
468,135
Total assets less current liabilities
458,326
525,441
Creditors: amounts falling due after more than one year
11
(1,002,105)
(574,612)
Net liabilities
(543,779)
(49,171)
Capital and reserves
Called up share capital
13
503
503
Share premium account
7,038,223
7,038,223
Other reserves
90,875
84,445
Profit and loss reserves
(7,673,380)
(7,172,342)
Total equity
(543,779)
(49,171)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LOOWATT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
31 December 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
Ms V S Gardiner
Director
Company registration number 07082726 (England and Wales)
LOOWATT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
503
7,028,223
59,870
(6,830,518)
258,078
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(341,824)
(341,824)
Issue of share capital
13
-
0
10,000
-
-
10,000
Share based payments
12
-
-
24,575
-
0
24,575
Balance at 31 December 2024
503
7,038,223
84,445
(7,172,342)
(49,171)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
-
(501,038)
(501,038)
Share based payments
12
-
-
6,430
-
0
6,430
Balance at 31 December 2025
503
7,038,223
90,875
(7,673,380)
(543,779)
LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
1
Accounting policies
Company information

Loowatt Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Impact Brixton, Electric Lane, London, SW9 8LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank only.

1.10
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 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.

Basic financial assets

Basic financial assets, which include trade debtors, corporation tax recoverable, amounts owed by group undertakings, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors, amounts owed to group undertakings, taxation and social security, other creditors and other loans 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
3
4
4
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
61,321
61,321
LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2025
136,796
Additions
1,500
At 31 December 2025
138,296
Amortisation and impairment
At 1 January 2025
81,062
Amortisation charged for the year
21,806
At 31 December 2025
102,868
Carrying amount
At 31 December 2025
35,428
At 31 December 2024
55,734
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
189,441
Additions
458
At 31 December 2025
189,899
Depreciation and impairment
At 1 January 2025
187,983
Depreciation charged in the year
1,108
At 31 December 2025
189,091
Carrying amount
At 31 December 2025
808
At 31 December 2024
1,458
7
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
114
114
LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Loowatt SARL
Enceinte OMAVET Nanisana, Porte 26, Analamanga, 101 Antananarivo Renivohitra, Madagascar
Ordinary
100.00
Loowatt Africa Proprietary Limited
11 Walnut Road, Durban, Kwa-Zulu Natal, 4001, South Africa
Ordinary
100.00
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,959
91,888
Corporation tax recoverable
-
0
57,068
Amounts owed by group undertakings
71,236
71,236
Other debtors
8,328
52,641
83,523
272,833
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
301,770
274,055
Total debtors
385,293
546,888
10
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
6,639
9,875
Amounts owed to group undertakings
5
5
Taxation and social security
129
395
Other creditors
199,193
263,438
205,966
273,713

Included within other creditors there is a balance of £149,019 (2024: £203,689) that is secured against a floating charge over the assets of the company.

LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other loans
262,105
574,612
Other creditors
740,000
-
0
1,002,105
574,612

Included within other loans there is a balance of £162,105 (2024: £254,612) that is secured against a floating charge over the assets of the company.
Included within other creditors is a balance of £740,000 (2024: £Nil) that relates to an Advance Subscription Agreement (ASA) with an agreed conversion date of 31st March 2027.

12
Share-based payment transactions
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 January 2025 and 31 December 2025
18,294
18,294
7.05
7.05
Exercisable at 31 December 2025
9,705
8,205
6.54
6.27

The options outstanding at 31 December 2025 had an exercise price ranging from £3.00 to £10.00, and a remaining contractual life of 4.86 years.

Inputs were as follows:
2025
2024
Weighted average share price
9.59
9.59
Weighted average exercise price
7.05
7.05
Expected volatility
50.00
50.00
Expected life
10.00
10.00
Risk free rate
1.01
1.01
Liabilities and expenses

During the year, the company recognised a charge of £6,430 (2024: £24,575), which related to equity settled share based payment transactions.

LOOWATT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
13
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.05p each
1,006,416
1,006,416
503
503
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