| Neot UK Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the companies Act 2006. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Going concern |
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The company is reliant on its parent company for funds to support its working capital. The parent company have pledged continued support for the company for at least 12 months from the date of the approval of these financial statements. |
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This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payments. As with any company placing reliance on other related parties for financial support, that there are no certainty that this support will continue although at the date of approval of these financial statements, there is no reason to believe that they will not do so. On this basis, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. |
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The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company's accounting policies, the management is 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 relevant. Actual results may differ from these estimates. |
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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. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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. |
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Income is recognised in the profit and loss account over the period to which the course relates. Income related to future courses is deferred and recorded as a liability in the balance sheet. |
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Grant income |
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Grant income is recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be fulfilled and the grant will be received. |
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Grants that include specific performance conditions are recognised in income when those conditions are met. Grants without performance conditions are recognised in income when the funds are received or receivable. Any grant received prior to meeting the recognition criteria is recorded as a liability in the balance sheet. |
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Stock |
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Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the FIFO method and includes all direct costs incurred in bringing the stock to its present location and condition. |
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Where necessary, provision is made for obsolete, slow-moving, or defective stock. The estimated selling price is based on the most reliable evidence available at the time the estimates are made, of the amount the stock is expected to realise. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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Current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and in hand, short term deposits with financial institutions. Cash equivalents are defined as short term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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Provisions |
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Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
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At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Indra Raj Giri ACA, FCCA |
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Firm: |
Makesworth Audit Services Ltd |
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Date of audit report: |
23 June 2026 |
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| 3 |
Other operating income |
2025 |
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2024 |
| £ |
£ |
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Grant income |
5,400,000 |
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- |
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5,400,000 |
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- |
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During the year, the Company recognised grant income of £5,400,000 (2024: £nil) in respect of grants relating to revenue expenditure. At year end, deferred income of £4,200,000 (2024: £5,400,000) remained unrecognised, representing grant funding received for which the related performance obligations had not yet been satisfied. |
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| 4 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company (including director) |
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1 |
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1 |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
- |
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1,600,000 |
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Amount owed by group undertakings |
638,744 |
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621,664 |
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Corporation tax |
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- |
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146,131 |
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VAT |
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54 |
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1,093,380 |
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Other debtors |
4,211,143 |
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7,007 |
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4,849,941 |
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3,468,182 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
49,793 |
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3,111,262 |
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Accruals |
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3,674 |
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3,674 |
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Deferred Income |
4,200,000 |
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5,400,000 |
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4,253,467 |
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8,514,936 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Amounts owed to group undertakings |
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1,911,126 |
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- |
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| 8 |
Contingent liabilities |
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The Company has entered into indemnity arrangements with Zenobe Energy Limited in connection with the ScotZEB 2 financing arrangements. |
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Under the drawdown indemnity, the Company's maximum liability is limited to the relevant drawdown amount plus 10%, subject to a sub-cap of £540,000 for ancillary costs. |
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Under the grant indemnity, the Company's maximum liability is capped at £36 million, covering losses arising from the cancellation or repayment of grant funding resulting from a breach by the Company of its obligations. |
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Any liability incurred under these arrangements would be passed through to Ember under a back-to-back agreement. The Company has also received a letter of comfort from Energy Saving Trust, administrator of the ScotZEB 2 programme, confirming that it will act reasonably in the management of the programme. |
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At the reporting date, no circumstances had arisen that would give rise to a liability under these indemnities, and no provision has been recognised. |
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| 9 |
Related party transactions |
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Included within debtors is an amount of £638,744 (2024: £621,664) due from Neot Green Mobility UK Ltd, a related party. |
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Included within creditors due over one year is an amount of £1,911,126 which is payable to its parent company. The amount of interest charged on this loan was £182,079 for the period. |
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The transactions were conducted under normal commercial terms. |
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| 10 |
Controlling party |
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The company's parent company is N Green Mobility Project, a company registered in France. The consolidated financial statements of this group can be obtained from 49 rue de Ponthieu, 75008 Paris, France. |
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| 11 |
Other information |
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Neot UK Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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25 Station Road |
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Kings Heath |
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Birmingham |
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B14 7SR |