AESC UK PLANT 1 LIMITED

• ⚠

  Material uncertainty over going concern

  These circumstances including the uncertainty over the continuance of the project and the continued availability of the funding provided by the OEM along with the ability of the Group headed by AESC Ltd to provide continued financial support indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

1. AESC UK PLANT 1 LIMITED 2023-12-11 → present
2. ENVISION AESC UK LTD. 2019-03-29 → 2023-12-11
3. AESC BATTERY MANUFACTURING (UK) LIMITED 2017-08-08 → 2019-03-29

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Forvis Mazars

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“These circumstances including the uncertainty over the continuance of the project and the continued availability of the funding provided by the OEM along with the ability of the Group headed by AESC Ltd to provide continued financial support indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “The Company ceased the production of the current generation battery in the existing production facility, with final supply to customers being made in July 2024. This has led to in a decrease in turnover-of-77% from the prior year, resulting in turnover of £47.8m (2024: £207.1m). The Company has received a nomination letter selecting it as the battery supplier for a new EV project and is now in preparation for the upgrade of the facilities and equipment in the existing plant. This full site upgrade is anticipated to take over 2 years to complete. During this upgrade the existing workforce has transitioned to operate the new AESC UK Plant 2 Limited gigafactory at the neighbouring site.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -76.9%

  £207,090,000 → £47,763,000

• Cash

  -68.7%

  £5,141,000 → £1,608,000

• Net assets

  -8.3%

  £92,742,000 → £85,068,000

• Employees

  +4.5%

  552 → 577

• Operating profit

  +31.6%

  -£17,310,000 → -£11,832,000

• Profit before tax

  +38.2%

  -£17,487,000 → -£10,805,000

• Wages

  +6.6%

  £26,644,000 → £28,404,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers