REGISTERED NUMBER: 12265853 (England and Wales)

Empel Systems Limited

Report of the Directors and

Financial Statements for the Year Ended 31st October 2025

Page

Company information

1

Report of the directors

2

Profit and loss account

3

Balance sheet

4

Notes to the financial statements

6

Directors:

J N King

J G Martin

C R F Shield

Registered office:

Unit 30

High Park Drive

Wolverton Mill

Milton Keynes

MK12 5TT

Registered number:

12265853 (England and Wales)

Accountants:

A.J. Lewis

Chartered Accountant

Lewis & Son Accountants Limited

37 Stoke Road

Blisworth

Northampton

NN7 3BZ

The directors present their report with the financial statements of the company for the year ended 31st October 2025.

Principal activity

The principal activity of the company in the year under review was that of consultants in automotive design and development.

Directors

The directors shown below have held office during the whole of the period from 1st November 2024 to the date of this report.

J N King

J G Martin

Other changes in directors holding office are as follows:

C R F Shield - appointed 23rd December 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

J N King - Director

24th July 2026

Turnover

6,822,028

6,458,369

Cost of sales

4,241,006

4,651,778

Gross profit

2,581,022

1,806,591

Administrative expenses

1,813,588

1,217,632

Operating profit

767,434

588,959

Interest payable and similar expenses

6,392

752

Profit before taxation

761,042

588,207

Tax on profit

(125,594

)

(76,843

)

Profit for the financial year

886,636

665,050

Retained earnings at beginning of year

1,107,241

442,191

Retained earnings at end of year

1,993,877

1,107,241

Fixed assets

Intangible assets

3

1,734,154

-

Tangible assets

4

8,361,490

698,261

10,095,644

698,261

Current assets

Stocks

1,805,469

883,171

Debtors

5

5,239,442

1,309,008

Cash at bank

304,545

137,881

7,349,456

2,330,060

Creditors

Amounts falling due within one year

6

1,933,408

1,403,673

Net current assets

5,416,048

926,387

Total assets less current liabilities

15,511,692

1,624,648

Creditors

Amounts falling due after more than one year

7

(4,397

)

(14,727

)

Provisions for liabilities

(300,661

)

(18,870

)

Net assets

15,206,634

1,591,051

Capital and reserves

Called up share capital

846

574

Share premium

13,140,766

483,236

Share Option Reserve

71,145

-

Retained earnings

1,993,877

1,107,241

15,206,634

1,591,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2026 and were signed on its behalf by:

J N King - Director

1.	Accounting policies

Basis of preparing the 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.

Revenue recognition

The company recognises revenue to the extent that it obtains the right to consideration in exchange for its performance under contract. The right to consideration arises when some, but not necessarily all, of the contractual obligations have been fulfilled.

Intangible assets

Intangible assets are initially measured at cost, and subsequently at cost less accumulated amortisation and impairment. Development costs are amortised over their estimated useful life of 5 years, commencing when the asset is available for use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

20% on cost

Office and computer equipment

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Development expenditure is capitalised where recognition criteria under FRS 102 are met; all other research and development expenditure is written off in the year incurred.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between the contributions payable and the contributions actually paid in the year are shown as either accruals or prepayments at the year end.

2.	Employees and directors

The average number of employees during the year was 47 (2024 - 38 ) .

3.	Intangible fixed assets

Other

intangible

assets

£

Cost

Additions

1,734,154

At 31st October 2025

1,734,154

Net book value

At 31st October 2025

1,734,154

4.	Tangible fixed assets

Office

Improvements

and

to

Plant and

computer

property

machinery

equipment

Totals

£

£

£

£

Cost

At 1st November 2024

627,492

101,152

240,073

968,717

Additions

1,680,851

6,037,168

215,428

7,933,447

At 31st October 2025

2,308,343

6,138,320

455,501

8,902,164

Depreciation

At 1st November 2024

26,553

86,006

157,897

270,456

Charge for year

186,325

43,674

40,219

270,218

At 31st October 2025

212,878

129,680

198,116

540,674

Net book value

At 31st October 2025

2,095,465

6,008,640

257,385

8,361,490

At 31st October 2024

600,939

15,146

82,176

698,261

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

681,989

1,134,548

Other debtors

4,557,453

174,460

5,239,442

1,309,008

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

10,330

10,111

Trade creditors

1,220,816

240,150

Taxation and social security

5,592

171,632

Other creditors

696,670

981,780

1,933,408

1,403,673

7.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

4,397

14,727

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

251,019

148,296

Between one and five years

948,709

921,560

In more than five years

763,539

1,047,422

1,963,267

2,117,278