Registration number:
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Scitech Engineering Ltd
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Brebners
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Scitech Engineering Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Scitech Engineering Ltd
Company Information
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Directors |
E C Dawas S A Howard D I Grant C K Parks |
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Registered office |
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Auditors |
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Scitech Engineering Ltd
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is is that of the specialist design, engineering, construction management and regulatory compliance consulting services in the life sciences and high technology sectors.
Fair review of the business
2025 was a year of strategic transformation for Scitech Engineering Limited. The acquisition of the wider Scitech group by Ekium, and the company's integration into the Ekium platform under the trading name Scitech-EKIUM, fundamentally changed the ownership, scale and strategic horizon of the business. Through Ekium, the company is now part of Groupe SNEF, one of Europe's largest engineering and technical services groups. The company emerged from the year with a materially improved trading position, an improved gross margin, a strengthened operating platform through the investment in AI and enterprise management systems a clear and Board-approved structural reorganisation, and the support of a major European engineering group. The Board considers the company to be in a substantially stronger strategic position at the end of 2025 than at any point in recent years.
The company continued to provide specialist design, engineering, construction management and regulatory compliance consulting services to clients in the life sciences and high technology sectors. Market conditions in 2025 remained challenging, ranging from the impact of macro economic factors through to project timing uncertainty and sustained pressure on construction-related volume, and continued underperformance in the German operation. Against that backdrop, the corrective actions initiated in late 2024 and the early benefits of Ekium group membership combined to produce a clear improvement in underlying profitability.
Turnover for the year was £20.93m, 12% lower than 2024 (£23.80m), reflecting a smaller construction management content in the mix and the Board's decision in mid 2025 to wind down the Scitech GmbH operation. Gross profit was £4.74m (2024: £5.19m), with the gross margin improving 0.8 percentage points to 22.6% (2024: 21.8%) as commercial discipline, fee protection and an improved fee mix flowed through. The loss before tax reduced by 59% to £455k (2024: loss of £1.10m), a £645k improvement year on year.
Performance against budget was below plan. Sales of £20.93m were £4.83m below the budget of £25.76m, primarily reflecting the wind down of Scitech GmbH and a softer second half in construction-related activity. The gross margin of 22.6% was nonetheless 4.6 percentage points ahead of the budgeted margin of 18.0%, demonstrating that commercial discipline and pricing held firm even as volume disappointed.
Despite the loss incurred during the year, the Group maintained a strong balance sheet position as at 31 December 2025, with net assets of £3,969,411, including cash balances of £853k (2024: £283k).
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
2025 |
2024 |
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Turnover |
20,933 |
23,803 |
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Gross Profit |
4,737 |
5,193 |
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Gross Margin (%) |
23 |
22 |
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Loss before Tax |
(455) |
(1,100) |
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Net Assets |
3,969 |
4,439 |
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Cash at Bank |
853 |
283 |
Scitech Engineering Ltd
Strategic Report for the Year Ended 31 December 2025
Acquisition by Ekium
The most significant event of the year was the acquisition of the Scitech Engineering Ltd by Ekium on 30 September 2025, and the integration of the UK business into the Ekium engineering platform. The business now trades as Scitech-EKIUM, although the legal entity remains Scitech Engineering Ltd.
Ekium is a leading European engineering business, owned by Groupe SNEF, one of Europe's largest engineering and technical services groups. Ekium brings a complementary discipline mix to Scitech, with established positions in life sciences, nuclear, energy and industrial process engineering, and an international delivery footprint. Through Ekium, the company also benefits from the scale, sector breadth and financial strength of Groupe SNEF. The combination materially expands the addressable market for the UK business, provides access to capability and resources that would have taken many years to build organically, and gives the company a stable, well-capitalised ownership structure that supports long-term planning and investment.
Integration activity through 2025 has focused on the foundations required to capture the strategic benefits in 2026 and beyond, including alignment of governance and reporting, introduction to Ekium and Groupe SNEF operating standards, and the development of joint commercial propositions. Initial cross-group engagement has been constructive, and the Board records its appreciation for the support received from colleagues across Ekium and the wider Groupe SNEF during the integration year.
The opportunities afforded by being part of the Ekium group are now being incorporated into Scitech’s strategic planning for 2026.
Strategic and operational actions during 2025
Alongside the 2025 structural changes, the executive team continued to advance the operational improvement programme initiated in late 2024:
• A new ERP system was successfully implemented in June 2025 and is now embedded across the business. It is providing project managers and leadership with clearer and timelier visibility of project and business performance, supporting faster decisions on pricing, resourcing and cash collection. The full benefits are expected to be realised during 2026;
• Commercial discipline was strengthened through tighter gate reviews, improved project controls, and a sustained focus on fee protection. The 0.8 percentage point improvement in gross margin, and the 6 percentage point outperformance of margin against budget, reflect this discipline.
• An experienced CFO was appointed in January 2025 and has driven measurable improvement in financial processes, working capital management and management information, working alongside group finance colleagues.
• Investment in AI and digital tooling, which weighed on billability in 2024, has begun to yield productivity benefits, with internal adoption accelerating across the business.
• Investment in people and talent has continued, including the launch of the Talent Elevation Programme for high performers and structured succession planning in key technical disciplines.
Scitech Engineering Ltd
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
The Board continues to monitor the principal risks that could affect delivery of the 2026 plan and the longer-term strategy. The risk profile is meaningfully improved through the financial strength and support of the wider group, but the following remain under active management:
• Macroeconomic and geopolitical uncertainty that may delay client investment decisions in key sectors;
• Residual wind-down activity in respect of Scitech GmbH, which is now dormant. Costs are expected to be limited and are being managed in conjunction with group colleagues;
• Margin pressure from resource cost inflation and competitive intensity in core markets, mitigated by strengthened commercial controls and the new ERP system;
• Delivery risk on complex multi-disciplinary projects and reliance on subcontract partners and supply chains;
• Working capital risk from client payment terms, mitigated by strengthened commercial controls, the new ERP system and active cash management;
• Recruitment and retention of specialist engineering and compliance skills, partially mitigated by access to group talent pools and structured development programmes;
• Sector entry risk in nuclear, where qualification, security clearance and capability build-out require disciplined investment. The Board is taking a measured, phased approach supported by group expertise;
• Foreign exchange movements affecting results in the Antwerp and Netherlands operations, partially mitigated by their planned realignment under Ekium Belgium from 1 January 2027.
The company continues to mitigate these risks through robust project controls, commercial governance, active supply chain management, disciplined cash collection, and the use of the new finance system and group reporting frameworks to detect adverse trends earlier. The balance sheet remains sound and adequate to support expected trading in 2026, supported by the ownership and resources of Ekium and its parent Groupe SNEF. The Board considers the company to be in a markedly stronger strategic position than at the same point last year and is well placed to deliver on its 2026 plan and its longer-term strategy.
Future developments
The Board enters 2026 with confidence in the underlying direction of the business, while remaining realistic about the trading environment. The priorities for 2026 are to:
• Restore the business to profitable trading, building on the margin improvement delivered in 2025;
• Complete the operational integration with Ekium and Groupe SNEF;
• Convert cross-group commercial opportunities, in particular early positioning in the UK nuclear and alternative energy pipeline;
• Continue the disciplined management of cost, working capital and project performance enabled by the new ERP system.
Market conditions are expected to remain mixed in the first half of 2026, with improvement anticipated through the year as client investment decisions in advanced medicines, laboratories, compliance services and energy-adjacent sectors return. The combination of improving market conditions, the strategic and operational benefits of group membership gives the Board confidence in a return to profitable trading and renewed margin progression over the medium term.
Approved and authorised by the
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Scitech Engineering Ltd
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
The Group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Group's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of financial risk management and future developments.
Directors' indemnities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Scitech Engineering Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Scitech Engineering Ltd
Independent Auditor's Report to the Members of Scitech Engineering Ltd
Opinion
We have audited the financial statements of Scitech Engineering Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Scitech Engineering Ltd
Independent Auditor's Report to the Members of Scitech Engineering Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Scitech Engineering Ltd
Independent Auditor's Report to the Members of Scitech Engineering Ltd
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Group is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, discussion of any regulatory and legal matters with management, and inspection of any regulatory or legal costs; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
London
W1D 5AR
Scitech Engineering Ltd
Consolidated Income Statement for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating loss |
( |
( |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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(20,125) |
(30,853) |
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Loss before tax |
( |
( |
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Tax on loss |
|
|
|
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Loss for the financial year |
( |
( |
|
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Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
( |
Scitech Engineering Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
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Loss for the year |
( |
( |
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Foreign currency translation losses |
( |
( |
|
Total comprehensive income for the year |
( |
( |
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Total comprehensive income attributable to: |
||
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Owners of the company |
( |
( |
Scitech Engineering Ltd
Consolidated Statement of Financial Position as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Intangible assets |
|
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Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
241,758 |
241,758 |
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Capital redemption reserve |
73,242 |
73,242 |
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Retained earnings |
3,654,411 |
4,123,787 |
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Equity attributable to owners of the company |
3,969,411 |
4,438,787 |
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Shareholders' funds |
3,969,411 |
4,438,787 |
Approved and authorised by the
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Company registration number: 04341006
Scitech Engineering Ltd
Statement of Financial Position as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Intangible assets |
|
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Tangible assets |
|
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Investments |
|
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|
|
|
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Current assets |
|||
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Debtors |
|
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|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
|
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Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
241,758 |
241,758 |
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Capital redemption reserve |
73,242 |
73,242 |
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Retained earnings |
3,263,550 |
4,250,531 |
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Shareholders' funds |
3,578,550 |
4,565,531 |
The company made a loss after tax for the financial year of £940,791 (2024: £586,827).
Approved and authorised by the
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Company registration number: 04341006
Scitech Engineering Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2025 |
|
|
|
|
|
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Loss for the year |
- |
- |
( |
( |
( |
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Other comprehensive income |
- |
- |
( |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
( |
|
Other comprehensive income |
- |
- |
( |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
( |
|
At 31 December 2024 |
241,758 |
73,242 |
4,123,787 |
4,438,787 |
4,438,787 |
Scitech Engineering Ltd
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
At 31 December 2024 |
241,758 |
73,242 |
4,250,531 |
4,565,531 |
Scitech Engineering Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax credit |
( |
( |
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in trade and other debtors |
( |
|
|
|
Increase/(decrease) in trade and other creditors |
|
( |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes received |
|
|
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
( |
|
|
Acquisition of subsidiaries |
( |
- |
|
|
Disposal of subsidiaries |
- |
( |
|
|
Other income received from investments |
- |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
( |
|
|
|
Cash and cash equivalents at 31 December |
852,762 |
282,582 |
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company and group is is that of the specialist design, engineering, construction management and regulatory compliance consulting services in the life sciences and high technology sectors.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
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' Section 1A and the Companies Act 2006.
No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £940,791 (2024: £586,827).
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosure exemptions available under FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments of the company have not been prepared.
(c) Disclosures in respect of key management personnel compensation in total for the company have not been presented.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Going concern
The group made a loss for the year ended 31 December 2025 but had net assets at that date amounting to £3,969,411, including cash at bank of £852,762.
The latest unaudited management accounts show that the group has continued to generate turnover with a stable gross profit margin. The cashflow position for the year ahead demonstrates that the group has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.The combination of improving market conditions and the strategic and operational benefits of group membership gives the Board confidence in a return to profitable trading and renewed margin progression over the medium term.
Based on the above and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Other than those involving estimations, there are no judgements that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
• Project stage of completion - Income and associated costs are recognised for projects based on their stage of completion at the year end. The company exercises judgement to determine an appropriate stage of completion for each project, which is reviewed regularly throughout the year by management.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises project revenues by contractual stage of completion and consulting revenues over the period in which the service is provided.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Intangible assets
Intangible assets acquired separately are initially measured at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired separately, are recognised if, and only if, 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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Software development |
5 years straight line |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
3 to 5 years straight line |
|
Fixtures, fittings & equipment |
3 to 10 years straight line |
Land is not depreciated. Properties under construction are transferred and depreciated from the date on which they become available for use.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provisions
Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Project and consulting revenues |
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Other operating income |
|
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
- |
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Operations |
|
|
|
Management |
|
|
|
|
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
591,339 |
663,683 |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
|
|
|
Audit of subsidiary undertakings financial statements |
|
|
|
Other services |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
( |
|
UK corporation tax adjustment to prior periods |
- |
( |
|
- |
(409,197) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of foreign tax rates |
|
- |
|
Increase in UK and foreign current tax from unrecognised tax loss |
|
- |
|
Total tax credit |
( |
( |
Deferred tax
Group and company
|
2025 |
Liability |
|
Accelerated tax depreciation |
|
|
Tax losses carried forward |
( |
|
Provisions |
( |
|
|
|
2024 |
Liability |
|
Accelerated tax depreciation |
|
|
Provisions |
( |
|
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
Group and company
|
Software development |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
Additions acquired separately |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
Foreign exchange movements |
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
- |
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
Foreign exchange movements |
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
- |
|
|
At 31 December 2024 |
|
|
- |
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
Foreign exchange movements |
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
- |
|
- |
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
Foreign exchange movements |
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
- |
|
|
At 31 December 2024 |
|
|
- |
|
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Additions |
|
|
At 31 December 2025 |
|
|
Provision |
|
|
At 1 January 2025 and 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
Details of subsidiary undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
|
Verlengde Poolseweg 16, 4818 CL BREDA, Netherlands |
|
|
|
|
|
Steinriedendamm 15/2H, 38108 Braunschweig, Germany |
|
|
|
|
|
Floor 24, Three International Towers, 300 Barangaroo Avenue, Sydney, NSW 2000, Australia |
|
|
|
The principal activities of each subsidiary undertaking are as follows:
Scitech B.V. - engineering, construction and professional services for the life science sectors.
Scitech GmbH - engineering, construction and professional services for the life science sectors.
Scitech Capital Pty Ltd - engineering, construction and professional services for the life science sectors.
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
16,109 |
- |
- |
- |
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group and company
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
241,758 |
|
241,758 |
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Reserves |
Profit and loss account - this reserve records retained earnings and accumulated losses.
Capital redemption reserve - this account records the nominal value of shares repurchased by the company.
|
Commitments, guarantees and contingencies |
Group
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Scitech Engineering Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Analysis of changes in net debt |
Group
|
At 1 January 2025 |
Cash flows
|
Non cash changes
|
At 31 December 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
(282,582) |
(566,110) |
(4,070) |
(852,762) |
|
|
||||
|
( |
( |
( |
( |
|
|
Related party transactions |
Summary of transactions with subsidiaries
In accordance with FRS102 paragraph 33.1A, exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of the voting rights are controlled within the Group.
Key management compensation
Key management personnel comprises the directors whose remuneration is disclosed in note 9.
|
Parent and ultimate parent undertaking |
The company's immediate parent is Ekium Group SAS, incorporated in France.
The parent of the smallest and largest group preparing consolidated financial statements incorporating the results of the company is Societe Financiere Du Steir SAS, whose registered office is located at 87 Av des Aygalades, 13015 Marseille, France, from where copies can be obtained.
The ultimate controlling party is Mr Jean-Pierre Dreau.