Company No: 14728130 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A J Baddeley
	T A Borg (Appointed 01 April 2025)
	Adrien D'Ormesson (Resigned 01 April 2025)
	M Ilg
	M J Kelly (Resigned 09 June 2026)
	D J Parkin
	A G Ytterdal (Resigned 09 June 2026)

REGISTERED OFFICE	38f Swan House
	Bonds Mill
	Stonehouse
	GL10 3RF
	United Kingdom

COMPANY NUMBER

14728130 (England and Wales)

ACCOUNTANT	Gravita Western Limited
	2nd Floor, South
	One Castle Park
	Tower Hill
	Bristol
	BS2 0JA
	United Kingdom

	Note	2026		2025
		£		£
Current assets
Debtors	3	1,677		49,039
Cash at bank and in hand		80,071		31,931
		81,748		80,970
Creditors: amounts falling due within one year	4	( 4,648,692)		( 4,297,210)
Net current liabilities		(4,566,944)		(4,216,240)
Total assets less current liabilities		(4,566,944)		(4,216,240)
Net liabilities		( 4,566,944)		( 4,216,240)
Capital and reserves
Called-up share capital		300		300
Profit and loss account		( 4,567,244 )		( 4,216,540 )
Total shareholders' deficit		( 4,566,944)		( 4,216,240)

For the financial year ending 31 March 2026 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 Profit and Loss Account has not been delivered.

The financial statements of Grenian Hydrogen Limited (registered number: 14728130) were approved and authorised for issue by the Board of Directors on 29 September 2026. They were signed on its behalf by:

A J Baddeley 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

Grenian Hydrogen 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 38f Swan House, Bonds Mill, Stonehouse, GL10 3RF, 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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company was incorporated as a joint venture to carry out research within the energy sector, it is expected that the company will incur substantial costs without generating the subsequent income until the research and development phase has completed. The company will continue to be financially supported by the two (2025 - three) members of the Joint Venture, Progressive Energy Net Zero A Limited and Blackmead Infrastructure Limited. At the year end the company had net liabilities of £4,566,944

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 Balance Sheet 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

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 Balance Sheet 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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Turnover

Revenue from energy sector project development is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue from energy sector project development is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:
Revenue from energy sector project development from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Any potential losses on contracts are recognised at the point recovery of the input costs of the company are deemed to be potentially irrecoverable.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Debtors

	2026		2025
	£		£
Prepayments	114		277
VAT recoverable	1,563		48,762
	1,677		49,039

4. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	0		43,191
Amounts owed to associates	4,454,737		4,212,689
Accruals	59,682		41,330
Other creditors	134,273		0
	4,648,692		4,297,210

5. Related party transactions

The company is subject to a joint venture agreement between Progressive Energy Net Zero A Limited and Blackmead Infrastructure Limited, who each hold 50% control.

Each member of the joint venture is funding the research and development projects being undertaken by the company by way of loan. The loans are interest bearing and repayable on demand. At the year end £4,454,737 was owed to the members.