SPRUCE ENERGY LIMITED


Directors	D'HONDT, Thibault
	SAXBY, Joseph
	WILLIS, Stephanie Isabelle


Registered Address	126 Mildmay Road
	London
	N1 4NE


Registered Number	14742634 (England and Wales)

Balance Sheet as at
31 March 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	4		37,765		10,035
			37,765		10,035
Current assets
Debtors	5	317,968		116,440
Current asset investments	6	2,247,431		463,553
Cash at bank and on hand		31,366		9,085
		2,596,765		589,078
Creditors amounts falling due within one year	7	(240,549)		(117,438)
Net current assets (liabilities)			2,356,216		471,640
Total assets less current liabilities			2,393,981		481,675
Net assets			2,393,981		481,675
Capital and reserves
Called up share capital			197		137
Share premium			4,039,609		900,727
Other reserves			228,724		522,704
Profit and loss account			(1,874,549)		(941,893)
Shareholders' funds			2,393,981		481,675

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 7 October 2026, and are signed on its behalf by:

SAXBY, Joseph
Director
Registered Company No. 14742634

SPRUCE ENERGY LIMITED

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is the consideration the company expects to be entitled to in exchange for services provided to customers in the ordinary course of business. It excludes VAT and other amounts collected on behalf of third parties, and is stated net of trade discounts.

	Revenue from rendering of services
	Revenue from the rendering of services relates to subscription revenue. Subscription revenue is recognised on a straight-line basis over the period in which the services are provided, as the customer receives the benefit of the service evenly over the subscription term.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

	Share-based payments
	The share-based payment has been accounted for as an equity-settled transaction in accordance with FRS 102 Section 26. The fair value of the options at the grant date is recognised as an expense over the vesting period, with a corresponding credit to equity.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	3

	Investments
	Current asset investments comprise short-term deposits, investments in funds and other liquid investments which are readily convertible to known amounts of cash. These investments are measured at fair value, with changes in fair value and interest being recognised in the profit and loss account as they arise. Where fair value cannot be measured reliably, such investments are carried at cost less any accumulated impairment losses.

Investments

Current asset investments comprise short-term deposits, investments in funds and other liquid investments which are readily convertible to known amounts of cash. These investments are measured at fair value, with changes in fair value and interest being recognised in the profit and loss account as they arise. Where fair value cannot be measured reliably, such investments are carried at cost less any accumulated impairment losses.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	15		7

3.	Prior period adjustment
	In the prior year financial statements, investments of £463,553 were classified within cash at bank and on hand. These balances did not meet the definition of cash and cash equivalents under FRS 102, and the comparative figures have been restated accordingly. In accordance with Section 10 of FRS 102 Accounting Policies, Estimates and Errors, this has been treated as a correction of a prior period error. The effect of the adjustment on the prior year is summarised below: Previously reported Adjustment Restated £ £ £ Cash at bank and on hand 472,638 (463,553) 9,085 Current asset investments - 463,553 463,553 Net assets 481,675 - 481,675 The prior period adjustment had no impact on the Company's net assets or profit or loss for the comparative year.

Prior period adjustment

In the prior year financial statements, investments of £463,553 were classified within cash at bank and on hand. These balances did not meet the definition of cash and cash equivalents under FRS 102, and the comparative figures have been restated accordingly.

In accordance with Section 10 of FRS 102 Accounting Policies, Estimates and Errors, this has been treated as a correction of a prior period error.

The effect of the adjustment on the prior year is summarised below:

                                                 Previously reported       Adjustment       Restated
                                                               £                              £                     £
Cash at bank and on hand               472,638                  (463,553)            9,085
Current asset investments                         -                      463,553         463,553
Net assets                                        481,675                         -                481,675

The prior period adjustment had no impact on the Company's net assets or profit or loss for the comparative year.

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 April 25	13,570	13,570
Additions	37,550	37,550
At 31 March 26	51,120	51,120
Depreciation and impairment
At 01 April 25	3,535	3,535
Charge for year	9,820	9,820
At 31 March 26	13,355	13,355
Net book value
At 31 March 26	37,765	37,765
At 31 March 25	10,035	10,035

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	277,112	112,636
Prepayments and accrued income	40,856	3,804
Total	317,968	116,440

6.	Current asset investments
	Current asset investments comprise short-term deposits, funds and other liquid investments which are readily convertible to known amounts of cash. Included within other investments are liquid investments, these investments are held at fair value. The Directors have reviewed the carrying value of the investments and confirm that there are no indicators of impairment as at the balance sheet date. Accordingly, no impairment charge has been recognised in the year. The historical cost of the investments is £2,133,736. Other investments1 Total £ £ Cost or valuation At 01 April 25 463,553 463,553 Additions 3,550,807 3,550,807 Revaluations 113,695 113,695 Disposals (1,880,624) (1,880,624) At 31 March 26 2,247,431 2,247,431 Net book value At 31 March 26 2,247,431 2,247,431 At 31 March 25 463,553 463,553 Notes 1 Other investments other than loans

Current asset investments

Current asset investments comprise short-term deposits, funds and other liquid investments which are readily convertible to known amounts of cash. Included within other investments are liquid investments, these investments are held at fair value. The Directors have reviewed the carrying value of the investments and confirm that there are no indicators of impairment as at the balance sheet date. Accordingly, no impairment charge has been recognised in the year. The historical cost of the investments is £2,133,736.

                                                                                                                Other investments1        Total
                                                                                                                              £                          £
Cost or valuation
At 01 April 25                                                                                                    463,553             463,553
Additions                                                                                                        3,550,807          3,550,807
Revaluations                                                                                                     113,695              113,695
Disposals                                                                                                      (1,880,624)        (1,880,624)
At 31 March 26                                                                                               2,247,431          2,247,431

Net book value 
At 31 March 26                                                                                               2,247,431          2,247,431
At 31 March 25                                                                                                  463,553             463,553

Notes
1 Other investments other than loans

7.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	26,681	5,035
Taxation and social security	100,483	27,346
Other creditors	9,691	37,850
Accrued liabilities and deferred income	103,694	47,207
Total	240,549	117,438


	At the balance sheet date, the Company owed £2,085 (2025: £35,118) to two Directors (2025: to one Director) and this amount is included within Other creditors. These loans are unsecured, interest free and repayable on demand.

8.	Operating lease commitments
	At 31 March 2026, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £258,561 of which £138,441 is due within one year and £120,120 is due greater than one year and within two years.

9.	Further information regarding the company's financial position
	The company operates an equity-settled share option scheme to incentivise key employees. During the year ended 31 March 2026 no options were granted (2025: 214,435 options with an exercise price of £0.6030 were granted over 4 years). The fair value of the options have been valued at £2.741148 based on the 2024 funding round. During the year ended 31 March 2026 no options were forfeited (2025: 44,738), no options were exercised (2025: 18,421) and no options were cancelled (2025: no options). The value of the options that vested in the year ended 31 March 2026 was £80,862 (2025: £147,862) and this was charged to the profit and loss account as an expense. The total carrying amount is £228,724 (2025: £147,862) that has been recognised in Other reserves. The total number of shares options outstanding at the year end is 151,276 (2025: 151,276)

Further information regarding the company's financial position

The company operates an equity-settled share option scheme to incentivise key employees. During the year ended 31 March 2026 no options were granted (2025: 214,435 options with an exercise price of £0.6030 were granted over 4 years). The fair value of the options have been valued at £2.741148 based on the 2024 funding round. 

During the year ended 31 March 2026 no options were forfeited (2025: 44,738), no options were exercised (2025: 18,421) and no options were cancelled (2025: no options).

The value of the options that vested in the year ended 31 March 2026 was £80,862 (2025: £147,862) and this was charged to the profit and loss account as an expense. 

The total carrying amount is £228,724 (2025: £147,862) that has been recognised in Other reserves. The total number of shares options outstanding at the year end is 151,276 (2025: 151,276)