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Registered number: 14228275
INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
COMPANY INFORMATION
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G Frazer (appointed 2 June 2025)
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Phoenix Enterprise Centre
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Armstrong Watson Audit Limited
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Chartered Accountants & Statutory Auditors
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
CONTENTS
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Independent auditors' report
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Statement of profit or loss and other comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
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 Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The Company's principal activity is the industrial cluster initiative of regional, national and international significance.
The profit for the year, after taxation, amounted to £22,698 (2025 - £10,624).
No dividends were proposed in the current period or up to the date of this report.
The directors who served during the year were:
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G Frazer (appointed 2 June 2025)
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G R Dixon (resigned 28 April 2025)
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P Fletcher (resigned 28 April 2025)
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Page 1
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The directors believe that the going concern basis is appropriate. Funding has been secured to March 2028. iSH continues to work closely with stakeholders and primary funders, Sellafield Limited, to secure funding beyond the 2027/28 period. The directors are confident that they will continue to receive further funding for the business plan. Please see note 3.1 where we have outlined our accounting policy in respect of going concern. The company currently has sufficient cash reserves to meet liabilities as they fall due for approximately 12 months from the date of signing these accounts, for regular expenditure.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Armstrong Watson Audit Limited, Chartered Accountants & Statutory Auditors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 2
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
We have audited the financial statements of Industrial Solutions Hub (ISH) Limited for the year ended 31 March 2026 which comprise the Statement of profit or loss and other comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 10 - 12. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the year then ended;
∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the directors' 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 Company'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.
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Page 3
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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 directors' responsibilities statement on page 1, 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.
Auditors' 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 auditors' 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.
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:
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED (CONTINUED)
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
•we assessed the extent of compliance with the laws and regulations identified as key to the entity through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
•reviewing the key areas of the financial statements most susceptible to fraud whilst tailoring our audit plans.
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•investigated the rationale behind significant or unusual transactions; and reviewed compliance around grant funded expenditure
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•enquiring of management as to actual and potential litigation and claims;
•reviewing correspondence with the funding bodies and the company’s legal advisors;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
David Harper FCA (Senior Statutory Auditor)
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Carlisle
22 October 2026
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 10 to 16 form part of these financial statements.
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Page 6
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
REGISTERED NUMBER: 14228275
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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The financial statements on pages 6 to 16 were approved and authorised for issue by the board of directors and were signed on its behalf by:
The notes on pages 10 to 16 form part of these financial statements.
Page 7
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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Total comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 10 to 16 form part of these financial statements.
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Page 8
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Movements in working capital:
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Increase in trade and other receivables
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Increase in trade and other payables
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Net cash from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash (used in)/from investing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 10 to 16 form part of these financial statements.
Page 9
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Industrial Solutions Hub (iSH) Limited (the "Company") is a private company limited by guarantee, incorporated in the United Kingdom. The registered office and principal address of the company is Phoenix Enterprise Centre, Phase 3, Earl Street, Cleator Moor, Cumbria, CA25 5AU.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
3.Accounting policies
The company's primary objective is a socio-economic venture to promote a resilient economy in West Cumbria. The company is funded primarily by Sellafield Ltd. The ability for the company to continue as a going concern is dependent on support continuing from its primary funder.
The directors believe that the going concern basis is appropriate and continue to work closely with stakeholders and primary funders, Sellafield Limited. The directors are confident that they will receive the 5 year funding for the business plan, and have streamlined the annual funding arrangements/agreement with the funder. The directors have also made an assessment on the primary funders and confirmed that they are too a going concern.
The funder has provided a guarantee for funding for the period to March 2028 and the company currently has sufficient cash reserves to meet liabilities as they fall due for approximately 12 months from the date of signing these accounts, for regular expenditure. The funding guarantee covers the directors' period of assessment.
Based on the above, the directors believe that at the date of signing these financial statements that it remains appropriate to prepare the accounts on a going concern basis.
The financial statements have been prepared in accordance with International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs).
In preparing these financial statement, management have made judgments, estimates and assumptions that effect the application of the Company accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and ongoing assumptions are reviewed on an ongoing basis.
Grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Grant income is recognised in line with the expenditure incurred in the year.
Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognised in profit or loss in the period in which they become receivable.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Page 10
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Accounting policies (continued)
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate in the UK adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current income tax
The current income tax expense or credit is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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5 years straight line basis
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3 years straight line basis
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Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Finance income is recognised in the profit and loss account on an accruals basis using the effective interest method.
Page 11
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Accounting policies (continued)
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Defined contribution schemes
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Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate.
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The following is an analysis of the Company's revenue for the year from continuing operations:
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During the year, the Company obtained the following services from the Company's auditors and their associates:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Employee benefit expenses
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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The monthly average number of persons, including the directors, employed by the Company during the year was as follows:
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Page 12
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Of the above directors' emoluments, £200,228 was borne by another related entity, Sellafield Limited.
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Interest on bank deposits
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9.1 Income tax recognised in profit or loss
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Adjustments in respect of prior years
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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Profit before income taxes
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Tax using the Company's domestic tax rate of 25% (2025:25%)
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Adjustments to tax charge in respect of prior periods
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Deferred tax not recognised
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Page 13
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Property, plant and equipment
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Accumulated depreciation and impairment
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Page 14
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Trade and other receivables
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Prepayments and accrued income
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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Related party transactions
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During 2025/26 a director of the company was seconded to Industrial Solutions Hub (ISH) Limited from Sellafield Limited at a cost of £200,228 (During 2024/25: £199,991).
At the year end, there is a balance due to Sellafield Limited of £Nil (2025: Sellafield Limited £49,997).
During 2025/26 Industrial Solutions Hub (ISH) Limited paid £24,027 (2024/25: £13,871) to Cumberland Council for building operating costs, with an outstanding creditor of £Nil (2025: £4,147).
In view of the powers of the directors conferred by the Memorandum and Articles of Association, the ultimate controlling party is the Cumberland Council. The UK Government has effective control over the general operations of the Council.
Page 15
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INDUSTRIAL SOLUTIONS HUB (ISH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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Capital Structure
The company will maintain a capital structure that is appropriate for its operations and the capital structure will be reviewed annually by the Board of Directors.
Capital Expenditure
All capital expenditure must be approved by the Board of Directors. Capital expenditure must be consistent with the company’s objectives and mission. The Board of Directors will review all capital expenditure on an annual basis.
Capital Reserves
The company will maintain a reserve of capital to ensure that it can meet its obligations. The level of the reserve will be reviewed annually by the board of Directors.
Investment Policy
The company does not currently have any investments. The investment policy will be reviewed annually by the Board of Directors.
Grant Funding
The company has one key grant funder. The Board of Directors will ensure that the grant funding is used in accordance with the terms and conditions of the grant. The Board of Directors will review the use of grant funding on an annual basis.
The Company is not subject to any externally imposed capital requirements.
The company is a private company limited by guarantee and consequently does not have capital. Each of the members are liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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