MEYGEN PLC
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Next accounts due
2026-06-30 (in 1mo)
Last filed for 2024-12-31
Confirmation statement due
2026-11-29 (in 6mo)
Last made up 2025-11-15
Watchouts
Cash
£1M
+55.4% vs 2023
Net assets
-£30M
-220.7% lowest in 5 filed years
Employees
3
0% vs 2023
Profit before tax
-£20M
-179.2% lowest in 5 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
We draw attention to note 3.1 in the financial statements, which indicates that the Company is currently in default on loan agreements with Scottish Enterprise and Crown Estate Scotland, though discussions for new agreements are ongoing. Additionally, the success of the Company's tidal energy operations depends on their ongoing reliability, and any significant failures could necessitate a need for further financial support from key stakeholders. As stated in note 3.1, these events or conditions, along with the other matters as set forth in note 3.1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Net assets
9-year trend · vs Industrials median
Accounts
9-year trend · latest reflected 2024-12-31
| Metric | Trend | 2020-01-01 | 2020-12-31 | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | — | — | — | £4,513,197 | £4,252,646 | |
| Operating profit | — | — | — | — | — | — | — | -£4,010,091 | -£16,203,266 | |
| Profit before tax | — | -£2,215,671 | — | -£5,548,871 | — | -£5,952,728 | — | -£7,311,444 | -£20,413,192 | |
| Net profit | — | -£2,215,670 | — | -£5,548,870 | — | -£5,952,728 | — | -£7,311,444 | -£20,413,192 | |
| Cash | — | £2,134,924 | — | £1,007,780 | — | £1,534,015 | — | £890,914 | £1,384,519 | |
| Total assets less current liabilities | — | — | — | — | — | — | — | £26,066,903 | £6,507,673 | |
| Net assets | — | £9,561,646 | — | £4,012,776 | — | -£1,939,952 | — | -£9,251,120 | -£29,664,312 | |
| Equity | £11,777,317 | £28,684,940 | £9,561,647 | £12,038,329 | £4,012,776 | -£5,819,580 | -£1,939,676 | -£27,753,360 | £0 | |
| Average employees | — | 0 | — | 0 | — | 0 | — | 3 | 3 | |
| Wages | — | — | — | — | — | — | — | — | — | |
| Directors' remuneration | — | — | — | — | — | — | — | £0 | £0 |
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
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
-5.8%
£4,513,197 £4,252,646
-
Cash
+55.4%
£890,914 £1,384,519
-
Net assets
-220.7%
-£9,251,120 -£29,664,312
lowest in 5 filed years
-
Employees
0%
3 3
-
Operating profit
-304.1%
-£4,010,091 -£16,203,266
-
Profit before tax
-179.2%
-£7,311,444 -£20,413,192
lowest in 5 filed years
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2020-01-01 | 2020-12-31 | 2021-01-01 | 2021-12-31 | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | — | -88.9% | — | |
| Net margin | — | — | — | — | — | — | — | -162.0% | — | |
| Return on capital employed | — | — | — | — | — | — | — | -15.4% | -249.0% | |
| Gearing (liabilities / total assets) | — | 80.1% | — | 90.9% | — | 104.3% | — | 122.8% | 224.6% | |
| Current ratio | — | — | — | — | — | — | — | 0.23x | 0.20x | |
| Interest cover | — | — | — | — | — | — | — | -1.20x | -3.81x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Name history
Renamed 2 times since incorporation
- MEYGEN PLC 2019-06-14 → present
- MEYGEN LIMITED 2010-05-25 → 2019-06-14
- YORK PLACE (NO.503) LIMITED 2008-08-22 → 2010-05-25
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- Kreston Reeves LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“We draw attention to note 3.1 in the financial statements, which indicates that the Company is currently in default on loan agreements with Scottish Enterprise and Crown Estate Scotland, though discussions for new agreements are ongoing. Additionally, the success of the Company's tidal energy operations depends on their ongoing reliability, and any significant failures could necessitate a need for further financial support from key stakeholders. As stated in note 3.1, these events or conditions, along with the other matters as set forth in note 3.1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”
Group structure
- MEYGEN PLC · parent
- Meygrid Limited 50%
Significant events
- “In September 2024, the Company secured Contracts for Difference (CfD) in the sixth allocation round for the MeyGen site. The CfD contracts guarantee a price of £172/MWh, for 15 years for 9MW of tidal generation. Coupled with CfD's secured in 2022 and 2023, the Company has secured 59MW of tidal generation capacity and has the opportunity to deliver the world's first truly commercial scale tidal array.”
- “The debt standstill agreements entered into between the Company and the senior creditors expired on the 31st March 2025 and have not been replaced. The Company is therefore in default of its senior debt repayment obligations under the finance documents. The Company is working with the senior creditors in good faith to reach agreement on replacement debt standstill agreements as soon as possible.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 19 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| CSC CLS (UK) LIMITED | Corporate Secretary | 2020-04-30 | — | — |
| HIRST, Simon Matthew | Director | 2021-03-25 | Oct 1967 | British |
| MONAGHAN, Brian Francis | Director | 2024-07-03 | Apr 1968 | British |
| REID, Graham Matthew | Director | 2021-03-25 | Jan 1962 | British |
| TAAFFE, David Gerard | Director | 2021-03-25 | Nov 1980 | Irish |
Show 19 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| AMICORP (UK) SECRETARIES LIMITED | Corporate Secretary | 2009-02-02 | 2015-08-17 |
| LINK COMPANY MATTERS LIMITED | Corporate Secretary | 2015-08-17 | 2020-04-30 |
| MORTON FRASER SECRETARIES LIMITED | Corporate Secretary | 2008-08-22 | 2009-02-18 |
| BLACK, Duncan Stuart | Director | 2014-02-12 | 2015-09-08 |
| CORNELIUS, Timothy James | Director | 2014-02-12 | 2021-03-22 |
| EVANS, Paul William | Director | 2010-12-07 | 2013-10-31 |
| FORBES, James Alexander | Director | 2010-11-05 | 2013-10-31 |
| MANLEY, Kim | Director | 2010-01-13 | 2014-02-12 |
| METCALFE, Edward, Dr | Director | 2010-10-21 | 2010-12-07 |
| MORGAN, David Howard | Director | 2010-12-10 | 2013-10-31 |
| RANKIN, Charles | Director | 2010-10-21 | 2013-10-31 |
| SMITH, Michael Timothy | Director | 2008-10-23 | 2010-01-13 |
| USHER, Richard Ian | Director | 2010-10-21 | 2010-12-10 |
| WARDEN, Clive John | Director | 2010-10-21 | 2013-10-31 |
| WIGGINS, Francisca Jane | Director | 2014-07-09 | 2021-03-22 |
| WILSON, James Lamb | Director | 2015-03-11 | 2023-06-30 |
| WOODLEY, John Anthony Clifford | Director | 2013-10-31 | 2014-02-12 |
| WOODLEY, John Anthony Clifford | Director | 2010-01-13 | 2010-10-21 |
| MORTON FRASER DIRECTORS LIMITED | Corporate Director | 2008-08-22 | 2008-10-30 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Meygen Holdings Limited | Corporate entity | Voting 75–100%, Appoints directors | 2016-04-06 | Active |
| Hsbc Corporate Trustee Company (Uk) Limited | Corporate entity | Shares 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 150 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-11-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-11-17 | CH01 | officers | Change person director company with change date | |
| 2025-09-19 | CH04 | officers | Change corporate secretary company with change date | |
| 2025-06-30 | AA | accounts | Accounts with accounts type full | |
| 2024-12-13 | CH04 | officers | Change corporate secretary company with change date | |
| 2024-11-29 | CH01 | officers | Change person director company with change date | |
| 2024-11-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-25 | AP01 | officers | Appoint person director company with name date | |
| 2024-06-28 | AA | accounts | Accounts with accounts type full | |
| 2024-05-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-11-15 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-07-28 | AA | accounts | Accounts with accounts type full | |
| 2023-07-10 | TM01 | officers | Termination director company with name termination date | |
| 2022-12-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-07-06 | AA | accounts | Accounts with accounts type full | |
| 2022-05-05 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2022-04-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2022-04-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2022-04-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2022-04-13 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.