| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| ENOFLEX LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| ENOFLEX LIMITED |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ENOFLEX LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Appledram Barns |
| Birdham Road |
| Chichester |
| West Sussex |
| PO20 7EQ |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| BALANCE SHEET |
| 31 DECEMBER 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 1. | STATUTORY INFORMATION |
| Enoflex Limited is a |
| The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on a going concern basis. |
| The company incurred a loss during the year ended 31 December 2025, increasing accumulated losses to £3.3 million. As at that date, the company had net assets of £1.2 million (2024: £2.4 million). The company remains in its development phase and, consistent with its business strategy, continues to be supported by investor funding. |
| The directors have prepared budgets and cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts include assumptions regarding future commercial revenues, grant income, capital expenditure requirements and ongoing operating costs. The forecasts also take into account the company's ability to secure additional funding where required to support its planned activities. |
| The directors have considered the current cash resources available to the company together with secured funding arrangements, expected grant funding and the pipeline of commercial opportunities. Based on this assessment, the directors have a reasonable expectation that the company will have sufficient resources to continue in operational existence for the foreseeable future and to meet its liabilities as they fall due. |
| Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis. Therefore, these financial statements do not include any adjustments that would arise if the company were unable to continue as a going concern. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised over its estimated useful life of 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software is being amortised evenly over its estimated useful life of five years. |
| Licenses are being amortised over their respective estimated expected useful life as follows: |
| Agreement and license rights | - | 10 and 20 years straight line |
| In-Well license | - | 20 year straight line |
| SPC manufacture license | - | 10 year straight line |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: |
| Short leasehold | - | 10% on cost |
| Plant and machinery | - | 20% on cost |
| Fixtures and fittings | - | 33% on cost |
| Computer equipment | - | 33% on cost |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Financial instruments |
| Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 1A. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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 profit or loss in the period to which they relate. |
| Grants |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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. |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Share-based payments |
| Certain employees of the company were awarded share options within a share option scheme. Each tranche is an award and is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. The compensation expense would be recognised over the tranche's vesting period based on the number of awards expected to vest, the directors however, believe the calculated charge is not material so the financial statements have not adjusted to reflect this. The number of awards expected to vest is reviewed over the vesting period, with any forfeitures recognised immediately. The number of options outstanding at the year end was 4,410 (2024: 4,630). |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2025 |
| and 31 December 2025 |
| AMORTISATION |
| At 1 January 2025 |
| Charge for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2025 |
| Additions |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. At the balance sheet date the company had an outstanding pension contributions liability of £5,863 (2024 - £5,322). |
| 9. | OTHER FINANCIAL COMMITMENTS |
| At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life totalling £1,038,494 (2024 - £945,512). |
| ENOFLEX LIMITED (REGISTERED NUMBER: 13048748) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 10. | OFF-BALANCE SHEET ARRANGEMENTS |
| The company had an arrangement in place at the start of the year with a third party for a product credit of £312,319 (2024 - £315,544). During the period £nil (2024 - £3,225) of this credit was utilised, therefore £312,319 (2024 - £312,319) was remaining at the balance sheet date within these financial statements. The credit agreement expires in October 2026. No accounting entries have been made in respect of the above. |