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Registered number: SC600922 CONTINUUM INDUSTRIES LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONTINUUM INDUSTRIES LTD CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 8
CONTINUUM INDUSTRIES LTD REGISTERED NUMBER: SC600922 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 2,529 |  | -
Tangible assets | 5 |  | 24,580 |  | 58,415
Investments | 6 |  | 81 |  | 81
|  |  | 27,190 |  | 58,496
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 1,960,017 |  | 1,353,044 |
Current asset investments | 8 | 1,205,218 |  | 2,038,878 |
Cash at bank and in hand |  | 372,346 |  | 2,507,554 |
|  | 3,537,581 |  | 5,899,476 |
Creditors: amounts falling due within one year | 9 | (202,842) |  | (422,644) |
Net current assets |  |  | 3,334,739 |  | 5,476,832
Total assets less current liabilities |  |  | 3,361,929 |  | 5,535,328
Net assets |  |  | 3,361,929 |  | 5,535,328
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 69 |  | 69
Share premium account | 11 |  | 12,150,904 |  | 12,150,904
Other reserves | 11 |  | 522,253 |  | 359,662
Profit and loss account | 11 |  | (9,311,297) |  | (6,975,307)
Shareholders' funds |  |  | 3,361,929 |  | 5,535,328
Page 1
CONTINUUM INDUSTRIES LTD REGISTERED NUMBER: SC600922 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G P Marecki
Director
Date: 1 July 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | Statutory information
Continuum Industries Ltd is a private company, limited by shares, registered in Scotland. The address of its registered office is Continuum Industries, Codebase Edinburgh Argyle House, 3 Lady Lawson Street, Edinburgh, EH3 9DR. The presentation currency of the financial statements is the Pound Sterling (£). The financial statements are for the year ended 31 December 2025 (2024: 18 month period ended 31 December 2024). 2.Accounting policies
| 2.1 | Basis of preparation of 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.
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis. The company incurred a loss during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a year of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
| 2.3 | Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | Revenue recognition
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
| 2.5 | Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the year of the lease.
| 2.6 | Research and development
Expenditure on research and development is written off in the year in which it is incurred.
| 2.7 | Government grants
Government grants are recognised in the income statement on an accrual basis. Government grants are comprised of amounts received under the Offshore Wind Growth Partnership Scheme.
| 2.8 | 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 the profit and loss account in the year to which they relate. Page 3
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting year is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
| 2.10 | Taxation
Taxation for the year comprises of current 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 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. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website | - |  | 10 years straight line
| 2.12 | Tangible fixed assets
The estimated useful lives range as follows:
|  |  |  | Office equipment | - | 5 year straight line
|  |  |  | Computer equipment | - | 3 years straight line
| 2.13 | Investments in subsidiaries
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Page 4
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. Trade and other debtors, current asset investments and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
3. | Employees
| The average number of employees during the year was 37 (2024: 44).
4. | Intangible assets
|  | Website
|  | £
| Cost |
| Additions | 2,550
| At 31 December 2025 | 2,550
| Amortisation |
| Charge for the year | 21
| At 31 December 2025 | 21
| Net book value |
| At 31 December 2025 | 2,529
| At 31 December 2024 | -
Page 5
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 21,946 | 128,479 | 150,425
| Disposals | (8,901) | (76,920) | (85,821)
| At 31 December 2025 | 13,045 | 51,559 | 64,604
| Depreciation |  |  |
| At 1 January 2025 | 13,542 | 78,468 | 92,010
| Charge for the year | 2,922 | 30,913 | 33,835
| Disposals | (8,901) | (76,920) | (85,821)
| At 31 December 2025 | 7,563 | 32,461 | 40,024
| Net book value |  |  |
| At 31 December 2025 | 5,482 | 19,098 | 24,580
| At 31 December 2024 | 8,404 | 50,011 | 58,415
6. | Fixed asset investments
|  | Shares in group undertakings
|  | £
| Cost |
| At 1 January 2025 and 31 December 2025 | 81
| Net book value |
| At 31 December 2025 | 81
| At 31 December 2024 | 81
Page 6
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Debtors: amount falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 242,461 | 259,845
| Amounts owed by group undertakings | 1,557,216 | 854,511
| Other debtors | 79,438 | 156,206
| Prepayments and accrued income | 80,902 | 82,482
|  | 1,960,017 | 1,353,044
| Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
8. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short term investments | 1,205,218 | 2,038,878
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 47,817 | 37,256
| Other taxation and social security | - | 13,213
| Other creditors | 6,084 | 11,069
| Accruals and deferred income | 148,941 | 361,106
|  | 202,842 | 422,644
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 474,616 (2024: 474,616) Ordinary shares of £0.0001 each | 48 | 48
|  | 212,785 (2024: 212,785) Series A shares of £0.0001 each | 21 | 21
|  |  | 69 | 69
| All shares rank pari passu.
Page 7
CONTINUUM INDUSTRIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Reserves
Share premium account The share premium account includes the premium on issue of equity shares, net of any issue costs. Other reserves The share-based payment reserve represents the cumulative charge recognised in relation to equity-settled share options granted to employees and contractors. The reserve is transferred to share capital and share premium when shares options are exercised, or to retained earnings when awards lapse or expire unexercised. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
12. | Share-based payment transactions
The company operates an EMI qualifying share option scheme and during the year the company granted 17,960 (2024: 14,300) EMI qualifying share options to employees at an average weighted exercise price of £0.904 per share (2024: £0.900). During the year 4,880 share options vested (2024: 16,205), 150 lapsed (2024: 703) and 0 options were exercised (2024: 0). At the statement of financial position date, 41,873 vested share options remained exercisable (2024: 37,143) and 22,761 options had yet to vest (2024: 9,681). An amount of £150,476 has been charged to the income statement in respect of the EMI qualifying share options (2024: £193,901). The company also operates an unapproved share option scheme and during the year the company granted 10,107 (2024: 0) unapproved share options to contractors at an average weighted exercise price of £9.140 (2024: £nil). During the year 248 share options vested (2024: 0) 0 lapsed (2024: 0) and 0 options were exercised (2024: 0) At the statement of financial position date, 248 vested share options remained exercisable (2024: 0) and 9,859 options had yet to vest (2024: 0). An amount of £13,131 has been charged to the income statement in respect of the unapproved share options (2024: 0). The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the company's Ordinary shares.
13. | Related party transactions
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14. | Controlling party
The directors' consider there to be no ultimate controlling party.
Page 8