Company No: 12736057 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	62,500		75,000
Tangible assets	5	293,669		197,635
Investments	6	500		500
		356,669		273,135
Current assets
Stocks		469,589		103,495
Debtors	7	236,159		2,298,882
Cash at bank and in hand		933,327		48,759
		1,639,075		2,451,136
Creditors: amounts falling due within one year	8	( 1,471,447)		( 1,886,099)
Net current assets		167,628		565,037
Total assets less current liabilities		524,297		838,172
Provision for liabilities	9	0		( 45,915)
Net assets		524,297		792,257
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		524,197		792,157
Total shareholders' funds		524,297		792,257

For the financial year ending 30 June 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Gentech Developments Limited (registered number: 12736057) were approved and authorised for issue by the Board of Directors on 17 September 2026. They were signed on its behalf by:

Steven Gent Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gentech Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 37 Urban Road, Kirkby-In-Ashfield, Nottingham, NG17 8AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

Further information regarding the nature and impact of the prior year adjustments is provided in Note 2 to the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each reporting date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

During the year, it was identified that refurbishment costs of £40,000 relating to a Warrior 1400 machine had been incorrectly expensed in the year ended 30 June 2024. As the machine remained in progress and unsold at the reporting date, these costs should have been capitalised as work in progress. An adjustment has therefore been made to reclassify the costs from the profit and loss account to stock, resulting in an increase of £40,000 in both stock and profit before taxation at 30 June 2024.

During the year, it was identified that management charge income of £230,000 relating to the year ended 30 June 2023 had been recognised twice, once through an accrual and again when the related invoice was raised in the year ended 30 June 2024. The comparative figures have been restated to remove the duplicated income and recognise the income in the correct accounting period. As a result, turnover, profit before taxation, debtors, and retained earnings at 30 June 2024 have each been reduced by £230,000.

It was also identified that certain lease payments had been incorrectly recorded within trade creditors rather than recognised as rental expenses in the profit and loss account. This error originated in the year ended 30 June 2023. The comparative figures have therefore been restated to recognise the rental costs in the appropriate accounting periods. The correction resulted in an increase in trade creditors and decrease in retained earnings at 30 June 2023 of £56,250, and at 30 June 2024 of £45,000 and a corresponding increase in rental expenses in the relevant comparative periods.

Further enquiry uncovered that a loan account balance had been incorrectly stated in prior periods due to a number of transactions not being recorded in the accounting records. These included a payment made on behalf of the business of £316,162 during the year ended 30 June 2022, together with foreign exchange differences of £6,863 arising on intercompany transactions over 2023 and 2024. In addition, repayments of £1,031,296 made during the year ended 30 June 2024 by the directors and shareholders were not recorded in the accounting records. The comparative figures have therefore been restated to recognise these transactions in the appropriate accounting periods. As a result of the adjustment, the inter-company loan account balance at 30 June 2024 has been reduced to £nil, with corresponding adjustments made to directors loan accounts, other creditors and retained earnings.

A summary of amounts re-stated are shown below:

		As previously reported		Adjustment		As restated
Year ended 30 June 2024		£		£		£
Turnover (SoIRE)		(1,879,508)		230,000		(1,649,508)
Cost of sales (SoIRE)		1,345,987		(40,000)		1,305,987
Stock (SoFP)		63,495		40,000		103,495
Prepayments- SoFP		2,070,037		(230,000)		1,840,037
Administrative expenses- SoIRE		222,158		41,737		263,895
Trade creditors- SoFP		(216,819)		(101,250)		(318,069)
Profit and loss account brought forward- SoFP		(1,182,058)		368,812		(813,246)
Amounts owed by directors- SoFP		81,997		(81,329)		668
Other debtors- SoFP		61,472		(5,797)		55,675
Amounts owed to related parties- SoFP		(721,997)		27,858		(694,139)
Other creditors- SoFP		(390,662)		(212,363)		(603,025)
Amounts owed to directors- SoFP		0		(37,668)		(37,668)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 July 2024	125,000		125,000
At 30 June 2025	125,000		125,000
Accumulated amortisation
At 01 July 2024	50,000		50,000
Charge for the financial year	12,500		12,500
At 30 June 2025	62,500		62,500
Net book value
At 30 June 2025	62,500		62,500
At 30 June 2024	75,000		75,000

5. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 July 2024	186,960		87,179		36,142		3,861		314,142
Additions	123,333		46,904		0		3,023		173,260
Disposals	0		0		0		( 2,676)		( 2,676)
At 30 June 2025	310,293		134,083		36,142		4,208		484,726
Accumulated depreciation
At 01 July 2024	71,131		39,255		2,813		3,308		116,507
Charge for the financial year	46,271		21,314		8,332		1,309		77,226
Disposals	0		0		0		( 2,676)		( 2,676)
At 30 June 2025	117,402		60,569		11,145		1,941		191,057
Net book value
At 30 June 2025	192,891		73,514		24,997		2,267		293,669
At 30 June 2024	115,829		47,924		33,329		553		197,635

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 July 2024	500
At 30 June 2025	500
Carrying value at 30 June 2025	500
Carrying value at 30 June 2024	500

7. Debtors

	2025		2024
	£		£
Trade debtors	4,618		1,502
Amounts owed by connected companies	143,480		401,000
Amounts owed by directors	2,672		668
Prepayments	13,479		1,840,037
VAT recoverable	15,560		0
Other debtors	56,350		55,675
	236,159		2,298,882

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	257,746		318,069
Amounts owed to related parties	0		694,139
Amounts owed to directors	229,958		37,668
Accruals	5,597		3,465
Corporation tax	4,464		201,846
Other taxation and social security	0		27,887
Other creditors	973,682		603,025
	1,471,447		1,886,099

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 45,915)		( 36,407)
Credited/(charged) to the Statement of Income and Retained Earnings	45,915		( 9,508)
At the end of financial year	0		( 45,915)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
24 A ordinary shares of £ 1.00 each	24		24
19 B ordinary shares of £ 1.00 each	19		19
19 C ordinary shares of £ 1.00 each	19		19
19 D ordinary shares of £ 1.00 each	19		19
19 E ordinary shares of £ 1.00 each	19		19
	100		100

11. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts due to shareholders	279,543		603,025

Interest has been charged at HMRC approved rates when overdrawn. There is no fixed date of repayment.

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
Amounts owed by connected companies	143,480		401,000

No interest has been charged on these loans and there is no fixed date of repayment.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed by directors	2,672		668
Amounts owed to directors	229,958		37,668

Interest has been charged at 2.25%-3.75% pa based on HM Revenue and Customs official rate and there are no fixed repayment terms.

Other related party transactions

	2025		2024
	£		£
Amounts owed to directors/shareholders in Zorbatek Limited (other creditors)	694,139		694,139