REG - Hydrogen Utopia Intl - Final Results
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RNS Number : 7181G Hydrogen Utopia International PLC 30 April 2025
The information contained within this announcement is deemed by the
Company to constitute inside information stipulated under the Market
Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via the Regulatory Information Service,
this inside information is now considered to be in the public domain.
30 April 2025
Hydrogen Utopia International PLC
(the "Company" or "HUI")
Final Results for the period ended 31 December 2024
Hydrogen Utopia International PLC, a company specialising in turning
non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels,
new materials or distributed renewable heat, is pleased to announce its
results for the period ended 31 December 2024.
Financial KPIs
• Other income generated £100,000
• R & D related activity, excluding CAPEX, of £48,788
• Reduction in administrative expenses by 42% to £861,712
• Reduction in group net assets to £1,410,597 due to operating expenses
Simon Mann, Non-Executive Chairman of HUI commented:
"Fundraising conditions have been tight for a while and, the recent cooling of
sentiment toward renewables, following the political change in the US, has
further slowed the flow of capital into pioneering projects like ours. Yet,
Hydrogen Utopia International continues to press ahead with the same clear
objective: to convert unrecyclable plastics into clean hydrogen and power,
creating both environmental and economic value. We remain focused, and
determined to deliver for our shareholders, and the communities we serve."
Aleksandra Binkowska, Chief Executive Officer of HUI commented:
"As long as governments continue to prioritise form over function, and as long
as those in power persist in destroying the world through endless bureaucracy,
companies like ours will struggle on all fronts. I write this as France,
Spain, and Portugal experience a total blackout. Ask yourselves-why is that?
Justice is not served on a silver platter, but one day, those who have
deliberately obstructed our technology will be held accountable as we will
soldier on."
For more information about the Company, please refer to our website:
www.hydrogenutopia.eu (http://www.hydrogenutopia.eu)
For further information, please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska
+44 20 3811 8770
Alfred Henry Corporate Finance Limited (LSE Corporate Adviser)
Nick Michaels/Maya Klein
Wassink
+44 20 8064 4056
Novum Securities Limited (Broker)
Jon Belliss/Colin
Rowbury
+44 20 7399 9400
Non-Executive Chairman's statement
Dear Shareholders,
I am pleased to present the annual chairman’s statement for Hydrogen Utopia
International plc for this year. Despite facing challenges in the UK small-cap
market, we have remained steadfast in our commitment to innovation and
sustainability.
In a market where showcasing products can be challenging, we continue to focus
on reducing plastic waste through our pioneering hydrogen technology, which
remains a key solution in addressing environmental concerns.
The geopolitical landscape, including the shift in the US under different
administrations, emphasizes the importance of our technology and our
unwavering determination to make a global impact. While certain projects are
confidential at this stage, we are actively working towards building our first
facilities.
The rapidly growing European medical cannabis market presents exciting
opportunities for us through our exercised option in Ohrid. We are
strategically positioned to capitalize on this market boom and are prepared to
navigate the complexities of this sector to drive future growth and
profitability.
As we venture into new territories and industries, we acknowledge the inherent
challenges and uncertainties. Despite facing obstacles along the way, we are
confident in our ability to overcome hurdles, improve our cash flow position,
and achieve sustainable growth.
Looking ahead, we see a myriad of technological and corporate opportunities on
the horizon that hold the potential to transform our business. While details
on these ventures are limited at this stage, we encourage shareholders to
remain vigilant and await further developments.
In conclusion, Hydrogen Utopia International plc remains resilient and focused
on leveraging our expertise to drive innovation, sustainability, and growth. I
would like to express my gratitude to our shareholders, employees, and
stakeholders for their continued support and dedication.
Thank you for your trust in Hydrogen Utopia International plc.
Simon Mann
Non-Executive Chairman
29 April 2025
Chief Executive Officer's statement
Dear Shareholders,
This has undeniably been the most challenging year for both the Company and
myself. Despite our most realistic projections, the plastic waste-to-energy
market, along with the broader market environment, has proven far less
favourable than anticipated. While I would prefer to provide a more
comprehensive update on the unsuccessful RTO, which has taken over half a
year, I am unfortunately bound by confidentiality agreements and unable to
discuss the specifics.
I founded HUI with optimism, hoping that common sense would prevail among
governments, funding bodies, and institutions-both past and present- across
various countries, where I have been pursuing projects. Unfortunately, the
reality has been disappointing, with little action taken to address the
pressing issue of plastic waste. In many instances, it seems as though the
problem is being ignored altogether by the Central and local government's
making it impossible to proceed. This will end one day, but the day is still
to come.
The challenge before us remains clear: the production of plastic is set to
continue growing at an alarming rate. According to a 2021 report by the Ellen
MacArthur Foundation, global plastic production could reach 1,200 million
metric tons per year by 2050 if current trends continue. Similarly, the World
Economic Forum projects that plastic production will double over the next 20
years due to growing populations, urbanisation, and increasing consumption in
emerging markets. Alongside this, plastic waste is expected to grow
significantly. The OECD estimates that plastic waste could increase by nearly
40% by 2040, rising from approximately 300 million metric tons in 2019 to 460
million metric tons. Alarmingly, global recycling rates remain low, with only
9% of plastic waste being recycled, and 22% of plastic waste mismanaged, often
ending up in landfills or the environment. Just in Poland criminals are making
millions on illegal landfills with the government's ignorance to pursue a real
change and turn the blind eye on the reality.
Given these figures, it is difficult to understand how a clear and viable
business model based on addressing plastic waste and its environmental impacts
is not readily apparent. If this doesn't demonstrate the urgency and a
magnificent business potential of a solution, I'm at a loss for words.
I would also like to address the lack of recent announcements. We have made a
conscious decision to pause updates on potential opportunities we are
pursuing. There is nothing more detrimental than offering hope to
stakeholders, only to fall short of delivering after yet another setback. As
such, we have refrained from making public statements until we are confident
in the viability of our projects.
The RTO with Ohrid Organics is moving forward, but progress has been slower
due to the new regulations introduced by the FCA and the merger of both the
Premium and Standard markets, which are beyond our control.
In the context of today's global situation, where world leaders like President
Trump advocate for increased fossil fuel production with his "Drill, baby,
drill" rhetoric, and the Azerbaijani President praises his country's oil and
gas resources at COP29, it is clear that fossil fuels remain deeply embedded
in the global energy discourse. While we recognise that plastic has made our
lives safer, easier, and more affordable, we have yet to find a sustainable,
economically viable solution to address its environmental impact. Nobody seems
to comprehend it.
As much as I wish to provide words of hope, I cannot ignore the reality that
many world leaders appear either unaware of-or unwilling to confront-the scale
of the plastic waste crisis. In the current market, the hydrogen sector-along
with numerous other energy-related stocks-is facing substantial challenges.
Many companies are experiencing significant financial difficulties, and we are
no exception. I have personally provided a loan facility to ensure the
continued operation of the Company, while taking necessary steps to reduce
expenditures to the absolute minimum, having nobody to count on in this
market.
The road ahead remains uncertain, but we are committed to continuing our
efforts and seeking a solution to the global plastic waste issue. Thank you
for your continued support and understanding during this difficult time.
A Binkowska
Chief Executive Officer
29 April 2025
GROUP STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2024
2024 2023
Notes £ (restated)
£
Administrative expenses (861,712) (1,475,244)
Exceptional items 5 275,846 (241,417)
Operating loss 6 (585,866) (1,716,661)
Other income 100,000 100,000
Investment income 9 2,433 372
Finance costs 10 (29,937) (28,506)
Loss before taxation (513,370) (1,644,795)
Income tax (expense)/income 11 (826) 123,099
Loss for the year (514,196) (1,521,696)
Profit for the financial year is all attributable to the owners of the parent
company.
Total comprehensive income for the year is all attributable to the owners of
the parent company.
2024 2023
Notes £ (restated)
£
Earnings per share 12
Basic and diluted (0.13) (0.39)
The income statement has been prepared on the basis that all operations are
continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 31 December
2024 2023
(restated)
Notes £ £
Non-current assets
Intangible assets 14 606,125 606,125
Property, plant and equipment 15 1,032 1,418
Investments 16 459,744 183,898
1,066,901 791,441
Current assets
Trade and other receivables 18 1,102,945 605,317
Cash and cash equivalents 266,994 1,287,189
1,369,939 1,892,506
Current liabilities
Trade and other payables 19 156,061 227,652
Borrowings 20 870,182 598,681
1,026,243 826,333
Net current assets 343,696 1,066,173
Net assets 1,410,597 1,857,614
Equity
Share capital 25 385,520 385,520
Share premium account 26 5,248,679 5,248,679
Other reserves 27 341,044 273,865
Retained earnings (4,564,646) (4,050,450)
Total equity 1,410,597 1,857,614
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital Share premium account Other reserves Retained earnings
£ £ £ £ Total
Notes £
Balance at 1 January 2022 344,320 2,214,684 3,052,395 (1,036,461) 4,574,938
Year ended 31 December 2022:
Loss and total comprehensive
income for the year - - - (1,492,293) (1,492,293)
Share based payment expense - - 272,078 - 272,078
Issue of share capital 25 40,000 2,960,000 (3,000,000) - -
Balance at 31 December 2022 384,320 5,174,684 324,473 (2,528,754) 3,354,723
Year ended 31 December 2023
(restated):
Loss and total comprehensive income for the year - - - (1,521,696) (1,521,696)
Share based payment reversal - - (50,608) - (50,608)
Issue of share capital 25 1,200 73,995 - - 75,195
Balance at 31 December 2023
(restated): 385,520 5,248,679 273,865 (4,050,450) 1,857,614
Year ended 31 December 2024:
Loss and total comprehensive
income for the year - - - (514,196) (514,196)
Share based payment reversal - - 67,179 - 67,179
Balance at 31 December 2024 385,520 5,248,679 341,044 (4,564,646) 1,410,597
GROUP STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash (absorbed by)/generated from operations 33 (780,131) (1,384,798)
R&D tax credit received (826) 123,099
Net cash (outflow)/inflow from operating activities (780,957) (1,261,699)
Investing activities
Purchase of unincorporated business - -
Purchase of intangible assets - (92,288)
Purchase of property, plant and equipment - 156
Receipts from agreements 100,000 100,000
Investment deposits (551,319) (500,000)
Purchase of investments - -
Interest received/(paid) 454 372
Net cash used in investing activities (450,865) (491,760)
Financing activities
Proceeds from issue of shares - 75,195
Proceeds from borrowings 241,564 -
Interest paid (29,937) (28,507)
Net cash generated from financing activities 211,627 46,688
Net (decrease)/increase in cash and cash equivalents (10,20,195) (1,706,771)
Cash and cash equivalents at beginning of year 1,287,189 2,993,960
Cash and cash equivalents at end of year 266,994 1,287,189
Relating to:
Bank balances and short term deposits 266,994 1,287,189
NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Company information
Hydrogen Utopia International PLC ("the company") is a public company limited
by shares incorporated in England and Wales. The registered office is C/O
Laytons Llp,Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT. The company's
principal activities and nature of its operations are disclosed in the
directors' report.
The group consists of Hydrogen Utopia International PLC and all of its
subsidiaries.
1.1 Accounting convention
The financial statements have been prepared in accordance with UK adopted
international accounting standards and with those parts of the Companies Act
2006 applicable to companies reporting under this standard, except as
otherwise stated.
The financial statements are prepared in sterling, which is the functional
currency of the group. Monetary amounts in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost
convention.
1.2 Business combinations
The cost of a business combination is the fair value at the acquisition date
of the assets given, equity instruments issued and liabilities incurred or
assumed, plus costs directly attributable to the business combination. The
excess of the cost of a business combination over the fair value of the
identifiable assets, liabilities and contingent liabilities acquired is
recognised as goodwill.
The cost of the combination includes the estimated amount of contingent
consideration that is probable and can be measured reliably, and is adjusted
for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous
periods are adjusted retrospectively for final fair values determined in the
12 months following the acquisition date.
1.3 Basis of consolidation
The consolidated group financial statements consist of the financial
statements of the parent company Hydrogen Utopia International PLC together
with all entities controlled by the parent company (its subsidiaries) and the
group's share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with those used by other members of the
group.
All intra-group transactions, balances and unrealised gains on transactions
between group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of
the asset transferred.
Subsidiaries are consolidated in the group's financial statements from the
date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled
by the group and one or more other venturers under a contractual arrangement
are treated as joint ventures. Entities other than subsidiary undertakings or
joint ventures, in which the group has a participating interest and over whose
operating and financial policies the group exercises a significant influence,
are treated as associates.
1.4 Going concern
The directors have at the time of approving the financial statements, a
reasonable expectation that the group has adequate resources to continue in
operational existence for a period of at least 12 months. In coming to this
conclusion, the directors have reviewed the group's working capital
requirements over the next 18 months.
Reasonable downside sensitivities have been considered under differing
scenarios in the working capital model all of which show the group has
available financial resources to meet all commitments as they fall due.
The cash position at the year-end was £266,994 however, with increased trade
and other receivables and a positive cashflow for 2025 and beyond. This
position is reliant on funding from Ohrid Organics through the repayment of
loans and future dividends. Should the receipt of loan repayments and future
dividends from Ohrid Organics not happen, then the group faces significant
uncertainty over its ability to continue as a going concern. There can be no
certainty that these funds will be received which indicates the existence of a
material uncertainty which may cast doubt about the group's ability to
continue as a going concern and therefore it may be unable to continue to meet
its liabilities as they fall due. The financial statements do not include the
adjustments that would result if the group was unable to continue as a going
concern. The directors continue to monitor cash forecasts closely and are
involved in the day to day running of the business.
Thus the directors continue to adopt the going concern basis of accounting in
preparing the financial statements.
1.5 Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently
measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets
less their residual values over their useful lives on the following bases:
Computers 20% Straight line
Intangible IP - Indefinite*
* Refer to note 1.7
The gain or loss arising on the disposal of an asset is determined as the
difference between the sale proceeds and the carrying value of the asset, and
is recognised in the income statement.
1.6 Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are
initially measured at cost and subsequently measured at cost less any
accumulated impairment losses. The investments are assessed for impairment at
each reporting date and any impairment losses or reversals of impairment
losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the
power to govern the financial and operating policies of the entity so as to
obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in
which the group holds a long-term interest and has significant influence. The
group considers that it has significant influence where it has the power to
participate in the financial and operating decisions of the associate.
1.7 Impairment of tangible and intangible assets
At each reporting end date, the group reviews the carrying amounts of its
tangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the group estimates the recoverable
amount of the cash-generating unit to which the asset belongs.
The intangible assets noted in the financial statements are recognised at cost
and predominantly the knowledge gained from the continued technological
development of the HUI chemical conversion chamber and the full-scale system
to be implemented into a HUI plant. These intangibles have been assessed to
have indefinite useful life as there is no limit to the period over which the
asset is expected to generate net cash inflows once implemented into HUI power
plants. Many intangible assets are susceptible to technological obsolescence.
Therefore, intangible assets with indefinite useful lives and intangible
assets not yet available for use are tested for impairment annually, and
whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised immediately in profit or loss, unless the relevant asset is
carried at a revalued amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately in profit or loss,
unless the relevant asset is carried at a revalued amount, in which case the
reversal of the impairment loss is treated as a revaluation increase.
1.8 Cash and cash equivalents
Cash and cash equivalents 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 current liabilities.
1.9 Financial assets
Financial assets are recognised in the group's statement of financial position
when the group becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories, depending on the
nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through
profit and loss are measured at fair value and any transaction costs are
recognised in profit or loss. Financial assets not classified as fair value
through profit and loss are initially measured at fair value plus transaction
costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial
assets is not met, a financial asset is classified as measured at fair value
through profit or loss. Financial assets measured at fair value through profit
or loss are recognized initially at fair value and any transaction costs are
recognised in profit or loss when incurred. A gain or loss on a financial
asset measured at fair value through profit or loss is recognised in profit or
loss, and is included within finance income or finance costs in the statement
of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised
cost where the objective is to hold these assets in order to collect
contractual cash flows, and the contractual cash flows are solely payments of
principal and interest. They arise principally from the provision of goods and
services to customers (eg trade receivables). They are initially recognised at
fair value plus transaction costs directly attributable to their acquisition
or issue, and are subsequently carried at amortised cost using the effective
interest rate method, less provision for impairment where necessary. For more
information see the Directors' report on page 14.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value
through other comprehensive income where the financial assets are held within
the group's business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets, and the contractual terms
of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is
recognised initially at fair value plus transaction costs directly
attributable to the asset. After initial recognition, each asset is measured
at fair value, with changes in fair value included in other comprehensive
income. Accumulated gains or losses recognised through other comprehensive
income are directly transferred to profit or loss when the debt instrument is
derecognised.
The parent company has made an irrevocable election to recognize changes in
fair value of investments in equity instruments through other comprehensive
income, not through profit or loss. A gain or loss from fair value changes
will be shown in other comprehensive income and will not be reclassified
subsequently to profit or loss. Equity instruments measured at fair value
through other comprehensive income are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial
recognition, each asset is measured at fair value, with changes in fair value
included in other comprehensive income. Accumulated gains or losses recognized
through other comprehensive income are directly transferred to retained
earnings when the equity instrument is derecognized or its fair value
substantially decreased. Dividends are recognized as finance income in profit
or loss.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or
loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a
result of one or more events that occurred after the initial recognition of
the financial asset, the estimated future cash flows of the investment have
been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership to another entity.
1.10 Financial liabilities
The group recognises financial debt when the group becomes a party to the
contractual provisions of the instruments. Financial liabilities are
classified as either 'financial liabilities at fair value through profit or
loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as measured at fair value through profit
or loss when the financial liability is held for trading. A financial
liability is classified as held for trading if:
• it has been incurred principally for the purpose
of selling or repurchasing it in the near term, or
• on initial recognition it is part of a portfolio
of identified financial instruments that are managed together and has a recent
actual pattern of short-term profit taking, or
• it is a derivative that is not a financial
guarantee contract or a designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair
value with any gains or losses arising on remeasurement recognised in profit
or loss.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other
short-term monetary liabilities, are initially measured at fair value net of
transaction costs directly attributable to the issuance of the financial
liability. They are subsequently measured at amortised cost using the
effective interest method. For the purposes of each financial liability,
interest expense includes initial transaction costs and any premium payable on
redemption, as well as any interest or coupon payable while the liability is
outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group's
obligations are discharged, cancelled, or they expire.
1.11 Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds
received, net of direct issue costs. Dividends payable on equity instruments
are recognised as liabilities once they are no longer payable at the
discretion of the company.
1.12 Derivatives
Derivatives are initially recognised at fair value at the date a derivative
contract is entered into and are subsequently remeasured to fair value at each
reporting end date. The resulting gain or loss is recognised in profit or loss
immediately unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset,
whereas a derivative with a negative fair value is recognised as a financial
liability. A derivative is presented as a non-current asset or liability if
the remaining maturity of the instrument is more than 12 months and it is not
expected to be realised or settled within 12 months. Other derivatives are
classified as current.
1.13 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
group's liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not
recognised if the temporary difference arises from goodwill or from the
initial recognition of other assets and liabilities in a transaction that
affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end
date and reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities
are offset when the group has a legally enforceable right to offset current
tax assets and liabilities and the deferred tax assets and liabilities relate
to taxes levied by the same tax authority.
1.14 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an
expense, unless those costs are required to be recognised as part of the cost
of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in
which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group
is demonstrably committed to terminate the employment of an employee or to
provide termination benefits.
1.15 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due.
1.16 Share-based payments
Equity-settled share-based payments are measured at fair value at the date of
grant by reference to the fair value of the equity instruments granted using
the Black-Scholes model. The fair value determined at the grant date is
expensed on a straight-line basis over the vesting period, based on the
estimate of shares that will eventually vest. A corresponding adjustment is
made to equity.
When the terms and conditions of equity-settled share-based payments at the
time they were granted are subsequently modified, the fair value of the
share-based payment under the original terms and conditions and under the
modified terms and conditions are both determined at the date of the
modification. Any excess of the modified fair value over the original fair
value is recognised over the remaining vesting period in addition to the grant
date fair value of the original share-based payment. The share-based payment
expense is not adjusted if the modified fair value is less than the original
fair value.
Cancellations or settlements (including those resulting from employee
redundancies) are treated as an acceleration of vesting and the amount that
would have been recognised over the remaining vesting period is recognised
immediately.
In the case of options granted, fair value is measured by a Black-Scholes
pricing model.
1.17 Leases
At inception, the group assesses whether a contract is, or contains, a lease
within the scope of IFRS 16. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration. Where a tangible asset is
acquired through a lease, the group recognises a right-of-use asset and a
lease liability at the lease commencement date. Right-of-use assets are
included within property, plant and equipment, apart from those that meet the
definition of investment property.
The group has elected not to recognise right-of-use assets and lease
liabilities for short-term leases of machinery that have a lease term of 12
months or less, or for leases of low-value assets including IT equipment. The
payments associated with these leases are recognised in profit or loss on a
straight-line basis over the lease term.
1.18 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the
rates of exchange prevailing at the dates of the transactions. At each
reporting end date, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the reporting
end date. Gains and losses arising on translation in the period are included
in profit or loss.
2 New accounting standards and interpretations
Changes in accounting policies and disclosures
From 1 January 2024, the group has adopted the following standards and
interpretations, mandatory for annual periods beginning on or after 1 January
2024:
Standard Description Effective date
Amendment to IAS 1 Classification of Liabilities as Current or Non-current - Amendments to IAS 1 1 January 2024
Amendment to IAS 1 Non-current Liabilities with Covenants 1 January 2024
Amendment to IFRS 16 Lease Liability in a Sale and Leaseback 1 January 2024
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements 1 January 2024
The application of these standards has not had a material impact on the
financial statements.
Accounting standards and interpretations issued but not yet effective The
group has elected not to early adopt the following revised and amended
standards:
Standard Description Effective date
Amendment to IAS 21 The effects of changes in Foreign Exchange rates with a lack of 1 January 2025
exchangeability
Management has reviewed and considered these new standards and interpretations
and none of these are expected to have a material effect on the reported
results or financial position of the group.
3 Prior Period Error
During the prior period the fair value of share based options were understated
and therefore, the share based option expenses were understated by £116,587
due to an incorrect vesting period being used in the calculations. The
correction impact on prior year Admin expenses was £116,587, the adjustment
to loss for the prior year was £116,587, and the adjustment to prior year
other reserves was £116,587. This error has been adjusted for in the group
statement of comprehensive income, the group statement of financial position
and the group statement of changes in equity via a restatement of 2023
accounts and the notes laid out in the subsequent pages of these accounts.
4 Critical accounting judgements and key sources of estimation uncertainty
In applying the group's accounting policies, management continually evaluates
judgements, estimates and assumptions based on experience and other factors,
including expectations of future events that may have an impact on the group.
All judgements, estimates and assumptions made are believed to be reasonable
based on the most current set of circumstances available to management. Actual
results may differ from the judgements, estimates and assumptions. Significant
judgements, estimates and assumptions made by management in the preparation of
these financial statements are outlined below.
Critical judgements
Impairment assessment of intangibles (note 14)
The ultimate recovery of the value of the group's intangibles as at 31
December 2024 is dependent on the successful development and commercial
exploitation, or alternatively, the sale of the chemical conversion facility.
Judgement was exercised in assessing the extent to which impairment existed as
at 31 December 2024 in respect of the Hydrogen chemical conversion project and
associated balances. In forming this assessment, internal and external factors
were evaluated, including those that applied last year. Management determined
that no impairment existed having considered the company's market
capitalisation relative to the group's net asset value, the progression of the
Hydrogen conversion Project and the feasibility study equivalent assessment.
The underlying financial model involves estimates regarding commodity prices,
operating costs and capital development together with discount rates and
demonstrates significant headroom.
Impairment of assessment of the Group's investments (note 16)
The company did not exercise the sale of the TRIFOL investment during the
period as TRIFOL was able to raise significant equity to continue the
development of its technology. As such the directors exercised their judgement
and have revised upwards the value of the investment in TRIFOL. In assessing
the impairment of investment, the directors exercised judgement over the
reasonableness of projections and considered the status of the project,
together with the implied economic value of the assets, and concluded that the
impairment provision made was appropriate.
Recoverability of loan receivable (note 18)
Management have reviewed the recoverability and performed an ECL assessment of
the loan receivable balance owed from Ohrid Organics Limited (OOL) and
consider it fully recoverable. Management have obtained personal guarantees
from the controlling director of OOL and considered the likelihood of recovery
of this balance due to the future economic outlook of OOL and the guarantee on
the loan.
4 Critical accounting judgements and key sources of estimation uncertainty
(continued)
Recognition of R&D tax credits (note 11)
R&D tax credits are recognised when reliable estimates of the future
benefits have been made and when it is reasonably certain that the tax credit
will be received. Management have considered the nature of the tax claims, the
limited history of successful tax claims and receipt thereof. Management also
do not recognise any tax credits before submissions have been made to the
relevant tax authority.
Significant accounting estimates and assumptions
Share-based payment transactions (note 24)
The group measures the cost of equity-settled transactions with directors and
others by reference to the fair value of the equity instruments at the date at
which they are granted. The fair value is determined using a Black- Scholes
valuation model for awards that are not subject to market-based performance
conditions. These models require estimates for inputs such as share price
volatility and risk-free rate. The share-based payment arrangements are
expensed on a straight-line basis over the vesting period, based on the
group's estimate of shares that will eventually vest. At each reporting date,
vesting assumptions are reviewed to ensure they reflect current expectations
and immediately recognise any impact of the revision to original estimates. If
fully vested share options are not exercised and expire, then the accumulated
expense in respect of these is reclassified to accumulated losses.
5 Exceptional items
2024 2023
£ £
Expenditure
Investments (revaluated)/written off (275,846) 241,417
6 Operating (loss)/profit
2024 2023
£ £
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains) 6,353 12,994
Depreciation of property, plant and equipment 386 510
Share-based payments (restated for 2023) 67,179 (50,608)
7 Auditor's remuneration
Fees payable to the company's auditor and associates:
2024 2023
£ £
For audit services
Audit of the financial statements of the group and company 40,000 42,000
Audit of the financial statements of the company's subsidiaries 5,000 5,000
45,000 47,000
Fees payable to the company's auditor and associates for non-audit related
services for 2024: nil (2023: £nil)
8 Employees
The average monthly number of persons (including directors) employed by the
group during the year was:
2024 2023
Number Number
Directors 5 6
Employees 1 1
Total 6 7
Their aggregate remuneration comprised:
2024 2023
£ (restated)
£
Wages and salaries 226,630 412,627
Share based payments 67,179 (50,608)
Social security costs 18,196 40,274
Pension costs 2,091 3,963
314,096 406,256
The highest paid director received £37,854 (2023 - £80,705) during the
period with the company average remuneration of £35,101 (2023 - £50,386).
9 Investment income
2024 2023
£ £
Interest income
HMRC interest rebate 1,979
Bank deposits 454 372
10 Finance costs
2024 2023
£ £
Interest 29,937 28,506
11 Taxation
2024 2023
£ £
Current tax
Corporation tax on profits for the current period 826 (123,099)
The charge for the year can be reconciled to the (loss)/profit per the income
statement as follows:
2024 2023
(restated)
£ £
Loss before taxation (513,370) (1,644,795)
Expected tax credit based on a corporation tax rate of 19.00% (2023: 19.00%) (97,540) (312,511)
Unutilised tax losses carried forward 98,366 228,798
Research and development tax credit - (39,386)
Taxation credit for the year 826 (123,099)
Estimated tax losses carried forward are £867,283 (2023 (restated): 768,917).
12 Earnings per share
2024 2023
Number of shares
Weighted average number of ordinary shares for basic earnings per share 385,520,000 385,520,000
2024 2023
£ (restated)
£
Earnings
Continuing operations
Loss for the period from continued operations (514,196) (1,521,696)
2024 2023
Pence per share Pence per share
Basic and diluted earnings per share
From continuing operations (0.13) (0.39)
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of shares outstanding
during the year.
13 Impairments
Impairment tests have been carried out where appropriate and the following
impairment losses have been recognised in profit or loss:
2024 2023
£ £
In respect of: Investments
Recognised in: Exceptional items (275,846) 241,417
14 Intangible assets
Intangibles
£
Cost
At 1 January 2023 513,837
Additions 92,288
At 31 December 2023 606,125
Additions -
At 31 December 2024 606,125
Carrying amount
At 31 December 2024 606,125
At 31 December 2023 606,125
Note the intangible assets are not complete and further work is required
before they can be utilised for commercial application.
15 Property, plant and equipment
Cost Computers
£
At 1 January 2023 2,771
Disposals (843)
At 31 December 2023 1,928
Disposals -
At 31 December 2024 1,928
Accumulated depreciation and impairment
At 1 January 2023 300
Charge for the year 510
Eliminated on disposal (300)
At 31 December 2023 510
Charge for the year 386
At 31 December 2024 896
Carrying amount
At 31 December 2024 1,032
At 31 December 2023 1,418
16 Investments
Current Non-current
2024 2023 2024 2023
At 1 January - - 183,898 425,315
Additions - -
- -
Impairment - (241,417)
- -
Revision of impairment 275,846
- - 459,744 183,898
All impairments and revisions as noted in the table above relates to the
Trifol investment. For more detail please see the Chairman's Statement and
Audit Committee report.
Fair value of financial assets carried at amortised cost
Except as detailed below, the directors believe that the carrying amounts of
financial assets carried at amortised cost in the financial statements
approximate to their fair values.
17 Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking Registered office Class of Nominal value % Held Direct
shares held of shares held
HU2021 International Yarnwicke, 119-121 Cannon Ordinary £100 100.00
UK Ltd Street, London, EC4N 5AT, UK
Hydropolis United ŚWIĘTY MARCIN 29 / 8, 61-806 Ordinary PLN 5,000 100.00
POZNAŃ, Poland
Plastic Gold THESSALONIKI Centre, Ordinary €2,000 100.00
65 Epmoy, 54623, Greece
Alister Future Century House, Harold's Cross Ordinary €100 100.00
Technologies Road, Dublin, IRELAND,
(AFT) Limited D6W P993
Eranova Longford Ltd Century House, Harold's Ordinary €100 100.00
Cross Road, Dublin,
IRELAND, D6W P993
HU Future B.V. Transportlaan 1, 6163CX Ordinary €100 100.00
Geleen, The Netherlands
The investments in subsidiaries are all stated at cost. Plastic Gold is a
wholly controlled subsidiary by way of its shareholders giving full control to
the directors of HUI PLC.
18 Trade and other receivables
2024 2023
£ £
VAT recoverable 11,449 30,091
Other receivables 1,077,348 500,659
Prepayments 14,148 74,567
1,102,945 605,317
19 Trade and other payables
2024 2023
£ £
Trade payables 100,803 174,557
Accruals 55,000 53,000
Other payables 258 95
156,061 227,652
Trade payables and accruals principally comprise amounts outstanding for trade
purchases and ongoing costs. The average credit period taken for trade
purchases is 27 days. For most suppliers no interest is charged on amounts
payable for the first 30 days after the date of the invoice. Thereafter,
interest is charged at various rates. The company has financial risk
management policies in place to ensure that all payables are paid within the
pre-agreed credit terms.
The directors consider that the carrying amount of trade payables approximates
to their fair value.
20 Borrowings
2024 2023
£ £
Borrowings held at amortised cost:
Loans from shareholders 628,618 598,681
Loans from directors 241,234 -
Bank overdrafts 330 -
The shareholder loan is interest bearing at 5% and repayable by December 2027.
The directors loans are interest bearing at 4.5% with a repayment date on a
rolling 18 month period.
21 Liquidity risk
The following table details the remaining contractual maturity for the group's
financial liabilities with agreed repayment periods. The contractual maturity
is based on the earliest date on which the group may be required to pay.
Less than
1 month
£
At 31 Deember 2023
Trade and other payables 219,652
At 31 December 2024
Trade and other payables 147,060
Liquidity risk management
Responsibility for liquidity risk management rests with the board of
directors, which has established an appropriate liquidity risk management
framework for the management of the company's funding and liquidity management
requirements. The company manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities. In line with Note 19, the
Company always pay their suppliers within contractual terms and per the
cashflow and going concern note 1.4 the company has no liquidity issues as
current assets, out way current liabilities.
22 Market risk
Market risk management
Foreign exchange risk
The carrying amounts of the group's foreign currency denominated monetary
assets and liabilities at the reporting date are as follows:
Assets Liabilities
2024 2023 2024 2023
£ £ £ £
Assets and liabilities in foreign currencies 14,360 163,291 7,474 52,060
Whilst the company takes steps to minimise its exposure to foreign exchange
risk, changes in foreign exchange rates will have an impact on profit or loss.
The main currencies in which the Group operates are the Pound Sterling, Polish
Złoty and the Euro.
The group's principal foreign currency exposures arise from trading with
overseas companies. Group policy permits but does not demand that these
exposures may be hedged in order to fix the cost in sterling.
Interest rate risk
Whilst the company takes steps to minimise its exposure to cash flow interest
rate risk, changes in interest rates will have an impact on profit.
The group currently has minimal exposure to fair value interest rate risk due
to lack of borrowings through bank overdrafts and loans.
23 Retirement benefit schemes
2024 2023
£ £
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes 2,091 3,963
The group operates a defined contribution retirement benefit scheme for all
qualifying employees. The assets of the scheme are held separately from those
of the group. The company contributes a specified percentage of payroll costs
to the retirement benefit scheme to fund the benefits. The only obligation of
the group with respect to the scheme is to make the specified contributions.
24 Share-based payments
The company has a share option scheme for some employees. Options are
exercisable at price equal to the average quoted market price of the company's
shares on the date of grant. The vesting period is one year.
If options remain unexercised after a period of ten years from the date of
grant the options expire. Options are forfeited if the employee leaves the
company before the options vest.
Number of share options Average exercise price
2024 2023 2024 2023
£ £
Outstanding at 1 January 15,156,396 26,489,730 1,526,350 1,426,350
Granted in the period 645,161 7,666,666 25,000 1,050,000
Forfeited in the period - (19,000,000) - (950,000)
Outstanding at 31 December 15,801,557 15,156,396 1,551,350 1,526,350
Exercisable at 31 December 15,468,224 11,156,396 1,534,683 993,017
Options granted during the year
Options granted in the year are set out below. Fair value was measured using
Black Scholes.
2024 2023
Grant date - -
Weighted average fair value - -
Inputs for model:
- Weighted average share price 0.098 0.054
- Weighted average exercise price 0.099 0.054
- Expected volatility 75% 66%
- Expected life 1 1
- Risk free rate 2.661% 2.093%
- Expected dividends yields - -
Options outstanding
The options outstanding at 31 December 2024 had an exercise price ranging from
£0.0388 to £0.15, and a remaining contractual life of about 4.1 years.
During the period ended 31 December 2024, options were granted on 18 January
2024.
The weighted average fair value of the options on the measurement date was
£47,610. Fair value was measured using the Black-Scholes model.
Direct measurement
Expenses
Related to equity settled share based
payments
67,179 (50,608)
25 Share capital
2024 2023 2024 2023
Ordinary share capital Number Number £ £
Issued and fully paid
Ordinary shares of 0.1p each 385,520,000 385,520,000 385,520 385,520
26 Share premium account
2024 2023
£ £
At the beginning of the year 5,248,679 5,174,684
Issue of new shares - 73,995
At the end of the year 5,248,679 5,248,679
27 Other reserves
Shares Share based
to be issued payments
reserve reserve Total
£ £ £
Balance at 31 December 2021 3,000,000 52,395 3,052,395
Additions - 272,078 272,078
Other movements (3,000,000) - (3,000,000)
Balance at 31 December 2022 - 324,473 324,473
Other movements (restated) - (50,608) (50,608)
Balance at 31 December 2023 - 273,865 273,865
Other movements - 67,179 67,179
Balance at 31 December 2024 341,044 341,044
28 Provisions
The Directors are aware of the large intercompany balances from companies
within the group that have no revenue. Therefore, a provision has been made in
the accounts of the company, refer to note 39 for more information.
29 Capital risk management
Objective: The group manages its capital to ensure that it will be able to
continue as a going concern whilst trying to build shareholder value and
benefits for other stakeholders. through the optimisation of the debt and
equity balance.
Policies: The capital structure of the group consists of debt and equity
comprising share capital, reserves and retained earnings. The group reviews
the capital structure annually and as part of this review considers that cost
of capital and the risks associated with each class of capital.
The group is not subject to any externally imposed capital requirements.
Process: Currently the group will fund much of its first plant from dividends
and management fees paid from its proposed investment in Ohrid Organics Ltd
and shareholder equity raised funds. However, going forward the group has a
high target gearing ratio as the group plan to raise debt against each plant
to leverage relatively cheap debt costs in the current market.
30 Events after the reporting date
On 28 January 2025 there was an update on Ohrid Organics DOO (OO) on the
sales, crops and facilities as well as the announcement that it is profitable
allowing for the repayment of obligations to HUI.
31 Related party transactions
2024 2023
£ £
Shareholder Loan (628,618) (598,681)
Ohrid Loan 1,051,319 500,000
As previously disclosed HUI approved the purchase of 49% of share capital of
Ohrid Organics Ltd and it's associated subsidiaries and holdings for an
initial loan of £500,000. During the year HUI supported Ohrid Organics with
loans as detailed below. On the 9 January, 17 January and 24 January 2025
Ohrid Organics repaid a total of £100,000 of related party loans.
Other transactions with related parties
During the year the group paid expenses of £551,319 (2023 - £500,000) for
Ohrid Organics Ltd (H White). The following amounts were outstanding at the
reporting end date:
As at 31 December 2024 the group was owed £250 (2023 - £250) by Plastic
Power Limited (A Binkowska) and
£403 (2023 - £403) by The Plastic Neutrality Pledge (A Binkowska) and
£1,051,319 by Ohrid Organics Ltd (H White).
32 Controlling party
There is no controlling party of the group.
33 Cash (absorbed by)/generated from operations
2024 2023
£ (restated)
£
Loss for the year before income tax (513,370) (1,644,795)
Adjustments for:
Other income (100,000) (100,000)
Finance costs 29,937 28,506
Investment income (2,433) (372)
Loss on disposal of property, plant and equipment - 388
Depreciation and impairment of property, plant and equipment 386 510
Equity settled share based payment expense 67,179 (50,608)
(Revaluation)/Impairment of Intangibles (275,846) 241,417
Movements in working capital:
(Increase)/decrease in trade and other receivables 55,671 (7,463)
Increase/(decrease) in trade and other payables (41,655) 147,619
Cash (absorbed by)/generated from operations (780,131) (1,384,798)
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
2024 2023
Notes £ (restated)
£
Non-current assets
Intangible assets 35 606,125 606,125
Property, plant and equipment 36 1,032 1,418
Investments 37 460,759 184,914
1,067,916 792,457
Current assets
Trade and other receivables 38 1,313,140 994,820
Cash and cash equivalents 248,426 1,175,041
1,561,566 2,169,861
Current liabilities
Trade and other payables 39 169,173 170,592
Borrowings 869,853 598,681
1,039,026 769,273
Net current assets 522,540 1,400,588
Net assets 1,590,456 2,193,045
Equity
Called up share capital 44 385,520 385,520
Share premium account 5,248,679 5,248,679
Other reserves 341,044 273,865
Retained earnings (4,384,787) (3,715,019)
Total equity 1,590,456 2,193,045
As permitted by s408 Companies Act 2006, the company has not presented its own
income statement and related notes. The company's loss for the year was
£669,768 (2023 (restated) - £1,913,634 loss).
The financial statements were approved by the board of directors and
authorised for issue on 29 April 2025 and are signed on its behalf by:
Aleksandra Binkowska
Director
Company registration number 13421937 (England and Wales)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital Share premium account Other reserves Retained earnings
£ £ £ £ Total
Notes £
Balance at 1 January 2022 344,320 2,214,684 3,052,395 (386,778) 5,224,621
Year ended 31 December 2022:
Loss and total comprehensive income for the year - - - (1,414,607) (1,414,607)
Share based payment expense - - 272,078 - 272,078
Issue of share capital 44 40,000 2,960,000 (3,000,000) - -
Balance at 31 December 2022 384,320 5,174,684 324,473 (1,801,385) 4,082,092
Year ended 31 December 2023
(restated):
Loss and total comprehensive
income for the year - - - (1,913,634) (1,913,634)
Other movements - - (50,608) - (50,608)
Issue of share capital (restated) 44 1,200 73,995 - - 75,195
Balance at 31 December 2023 385,520 5,248,679 273,865 (3,715,019) 2,193,045
Year ended 31 December 2024:
Loss and total comprehensive
income for the year - - - (669,768) (669,768)
Other movements - - 67,179 - 67,179
Balance at 31 December 2024 385,520 5,248,679 341,044 (4,384,787) 1,590,456
FOR THE YEAR ENDED 31 DECEMBER 2024
34 Accounting policies
Company information
Hydrogen Utopia International PLC is a public company limited by shares
incorporated in England and Wales. The registered office is C/O Laytons
Llp,Yarnwicke, 119/121 Cannon Street, London, EC4N 5AT. The company's
principal activities and nature of its operations are disclosed in the
directors' report.
34.1 Accounting convention
The financial statements have been prepared in accordance with Financial
Reporting Standard 101,'Reduced Disclosure Framework' (FRS 101). The financial
statements have been prepared under the historical cost convention, as
modified and in accordance with the Companies Act 2006.
The Company has taken advantage of the following disclosure exemptions under
FRS 101:
• The requirements of IFRS 7 Financial Instruments:
Disclosures;
• The requirements of IAS 1 Presentation of Financial
Statements to disclose information regarding the management of capital;
• The requirements of IAS 7 Statement of Cash Flows and
related notes;
• The requirements of IAS 24 Related Party Disclosures to
disclose key management personnel compensation and to disclose related party
transactions entered into between members of a group, provided that any
subsidiary which is a party to the transaction is wholly owned;
• Certain disclosures of IAS 36 Impairment of Assets relating
assumptions and valuation techniques used in impairment calculations;
• The requirements of IFRS 2 Share Based Payments to
disclose narrative information concerning share- based payment arrangements;
• The requirements of IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors in respect of the impact standards in issue
but not yet effective.
The financial statements are prepared in sterling, which is the functional
currency of the company. Monetary amounts in these financial statements are
rounded to the nearest £.
The company applies accounting policies consistent with those applied by the
group. To the extent that an accounting policy is relevant to both group and
parent company financial statements, please refer to the group financial
statements for disclosure of the relevant accounting policy.
34.2 Going concern
Refer to note 1.4 of the group financial statements.
34.3 Investments in subsidiaries
The Company's investment in its subsidiaries is carried at cost less provision
for any impairment. Investments denominated in foreign currency are recorded
using the rate of exchange at the date of acquisition. The carrying value is
tested for impairment when there is an indication that the value of the
investment might be impaired. When carrying out impairment tests these would
be based upon future cash flow forecasts and these forecasts would be based
upon management judgement.
35 Intangible assets
Intangibles
£
At 1 January 2024 606,125
Additions -
At 31 December 2024 606,125
36 Property, plant and equipment
Computers
£
Cost
At 1 January 2023 1,733
Additions 1,928
Disposals (1,733)
At 31 December 2023 1,928
Additions -
At 31 December 2024 1,928
Accumulated depreciation and impairment
At 1 January 2023 300
Charge for the year 510
Eliminated on disposal (300)
At 31 December 2023 510
Charge for the year 386
At 31 December 2024 896
Carrying amount
At 31 December 2024 1,032
At 31 December 2023 1,418
37 Investments
Current
Current Non-current
2024 2023 2024 2023
£ £ £ £
At 1 January - - 184,914 426,331
Additions - - - -
Impairment - - - (241,417)
Revision of Impairment 275,846
- - 460,760 184,914
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried
at amortised cost in the financial statements approximate to their fair
values.
Shares in Other Total
subsidiaries investments £
£ £
Cost or valuation
At 1 January 2024 1,016 425,315 426,331
Impairment
At 1 January 2024 - (241,417) (241,417)
Impairment losses - 275,846 275,846
At 31 December 2024 - 34,429 34,429
Carrying amount
At 31 December 2024 1,016 459,744 459,744
At 31 December 2023 1,016 183,898 184,914
38 Trade and other receivables
2024 2023
£ £
Trade receivables - -
VAT recoverable 5,254 14,773
Amounts owed by subsidiary undertakings 497,469 438,246
Provision for bad debts from subsidiary undertakings (273,089) -
Other receivables 1,068,590 500,401
Prepayments 14,916 41,400
1,313,140 994,820
39 Trade and other payables
2024 2023
£ £
Trade payables 93,659 122,497
Accruals 50,000 48,000
Amounts owed to subsidiary undertakings 25,258 -
Other payables 257 95
169,174 170,592
40 Related party transactions
2024 2023
£ £
Shareholder Loan (628,618) (598,681)
Directors' loans (241,234) -
Ohrid Loan 1,051,319 500,000
41 Events after the reporting date
Refer to note 30 of the group financial statements.
42 Ultimate controlling party
Refer to note 32 of the group financial statements.
43 Share-based payments
The company information for share-based payments is the same as the group
information and is shown in note 24.
44 Share capital
Refer to note 25 of the group financial statements.
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. END FR SELESUEISELLRecent news on Hydrogen Utopia International
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