Ionate Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC640134

Ionate Limited

Filleted Financial Statements

31 December 2025

Ionate Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	42,899	12,839
Investments	6	29,989	29,989
		--------	--------
		72,888	42,828

Current assets

Debtors	7	1,283,300	5,734,192
Cash at bank and in hand		8,130,357	7,116,639
		------------	-------------
		9,413,657	12,850,831

Creditors: amounts falling due within one year	8	( 221,903)	( 357,713)
		------------	-------------
Net current assets		9,191,754	12,493,118
		------------	-------------
Total assets less current liabilities		9,264,642	12,535,946
		------------	-------------
Net assets		9,264,642	12,535,946
		------------	-------------

Capital and reserves

Called up share capital		285	285
Share premium account	10	17,205,594	17,204,205
Other reserves	10	36,602	–
Profit and loss account	10	( 7,977,839)	( 4,668,544)
		-------------	-------------
Shareholders funds		9,264,642	12,535,946
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 21 July 2026 , and are signed on behalf of the board by:

M J Williams

Director

Company registration number: SC640134

Ionate Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 Queen Street, Edinburgh, EH2 1JE, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for transformer goods supplier and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of transformers is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% - 66% Straight line

Research and development expenditure

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Share options

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.

Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.

Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification.

Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately.

Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2024: 16 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2025	33,297
Additions	46,611
	--------
At 31 December 2025	79,908
	--------
Depreciation
At 1 January 2025	20,458
Charge for the year	16,551
	--------
At 31 December 2025	37,009
	--------
Carrying amount
At 31 December 2025	42,899
	--------
At 31 December 2024	12,839
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2025 and 31 December 2025	29,989
	--------
Impairment
At 1 January 2025 and 31 December 2025	–
	--------

Carrying amount
At 31 December 2025	29,989
	--------
At 31 December 2024	29,989
	--------

7. Debtors

	2025	2024
	£	£
Trade debtors	–	10,272
Amounts owed by group undertakings and undertakings in which the company has a participating interest	994,124	340,498
Other debtors	289,176	5,383,422
	------------	------------
	1,283,300	5,734,192
	------------	------------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	146,736	121,100
Social security and other taxes	54,381	31,863
Other creditors	20,786	204,750
	---------	---------
	221,903	357,713
	---------	---------

9. Financial instruments

The company's principal financial instruments are all basic and comprise cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations.

10. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves - This reserve records the value of share options granted by the company that have been charged to the profit and loss account but have not yet been exercised.

11. Summary audit opinion

The auditor's report dated 21 July 2026 was unqualified .

The senior statutory auditor was Paul Mattei , for and on behalf of Leaman Mattei .