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REGISTERED NUMBER: 02904541 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31st December 2023

for

Energy Solutions (UK) Ltd

Energy Solutions (UK) Ltd (Registered number: 02904541)

Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Energy Solutions (UK) Ltd

Company Information
for the Year Ended 31st December 2023







DIRECTOR: J P Holland





SECRETARY: S E Holland





REGISTERED OFFICE: 52 - 54 Riverside
Sir Thomas Longley Road
Medway City Estate
Rochester
Kent
ME2 4DP





REGISTERED NUMBER: 02904541 (England and Wales)





AUDITORS: Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

Energy Solutions (UK) Ltd (Registered number: 02904541)

Group Strategic Report
for the Year Ended 31st December 2023


The director presents his strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The business continues to expand its activities with year on year growth in turnover of 87%. The industry wide supply chain challenges of late 2022 and early 2023 have, in the main, been alleviated and with the investment we have made in the team and their skills, the business has successfully managed these challenges and continues to accelerate its growth into the current year.

Strong growth, combined with managed overheads, has meant that the company has become very profitable and highly cash generative. There continues to be positive prospects into 2024 and beyond, driven by substantial new customers, product programmes and continued acceleration in the worldwide growth in electrification.

KEY PERFORMANCE INDICATORS
The Board use profitability and growth in turnover as our primary indicators. The company achieved impressive results in both of these indicators. Profitability was the major successfully achieved indicator in the year with growth of 549%. As such the Director believes business prospects and profit growth measures to be strong.

PRINCIPAL RISKS AND UNCERTAINTIES
We monitor risk areas such as supply chain challenges, interest rates and the general economy. We are in a period of growth that insulates against aspects of these risks.

FUTURE DEVELOPMENTS
We are working to achieve ISO9001 which will boost our impact in the market. We also intend to relocate to larger premises in 2024 to facilitate further growth and this is supported by launching multiple newly developed products in 2024.

ON BEHALF OF THE BOARD:





J P Holland - Director


25th July 2024

Energy Solutions (UK) Ltd (Registered number: 02904541)

Report of the Director
for the Year Ended 31st December 2023


The director presents his report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £66,057.

DIRECTOR
J P Holland held office during the whole of the period from 1st January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Beak Kemmenoe, will be deemed to be re-appointed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J P Holland - Director


25th July 2024

Report of the Independent Auditors to the Members of
Energy Solutions (UK) Ltd


Opinion
We have audited the financial statements of Energy Solutions (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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
In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, our 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Energy Solutions (UK) Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Energy Solutions (UK) Ltd


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 business sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

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; and

- Enquiring of management as to actual and potential litigation and claims;

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Energy Solutions (UK) Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ronald D Price FCA (Senior Statutory Auditor)
for and on behalf of Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

25th July 2024

Energy Solutions (UK) Ltd (Registered number: 02904541)

Consolidated
Income Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 24,107,136 12,863,876

Cost of sales 19,454,351 11,024,034
GROSS PROFIT 4,652,785 1,839,842

Administrative expenses 2,376,482 1,450,855
2,276,303 388,987

Other operating income - 2,690
OPERATING PROFIT 4 2,276,303 391,677


Interest payable and similar expenses 5 164,010 66,254
PROFIT BEFORE TAXATION 2,112,293 325,423

Tax on profit 6 507,760 56,921
PROFIT FOR THE FINANCIAL YEAR 1,604,533 268,502
Profit attributable to:
Owners of the parent 1,604,533 268,502

Energy Solutions (UK) Ltd (Registered number: 02904541)

Consolidated
Other Comprehensive Income
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,604,533 268,502


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,604,533

268,502

Total comprehensive income attributable to:
Owners of the parent 1,604,533 268,502

Energy Solutions (UK) Ltd (Registered number: 02904541)

Consolidated Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 183,934 126,785
Tangible assets 10 540,530 437,678
Investments 11
Interest in associate 272,102 -
996,566 564,463

CURRENT ASSETS
Stocks 12 2,874,309 3,864,975
Debtors 13 3,351,763 2,488,981
Cash at bank and in hand 130,536 278,000
6,356,608 6,631,956
CREDITORS
Amounts falling due within one year 14 3,905,966 5,222,472
NET CURRENT ASSETS 2,450,642 1,409,484
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,447,208

1,973,947

CREDITORS
Amounts falling due after more than one
year

15

(430,179

)

(538,350

)

PROVISIONS FOR LIABILITIES 19 (42,956 ) -
NET ASSETS 2,974,073 1,435,597

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Share premium 21 27,672 27,672
Retained earnings 21 2,945,401 1,406,925
SHAREHOLDERS' FUNDS 2,974,073 1,435,597

The financial statements were approved by the director and authorised for issue on 25th July 2024 and were signed by:





J P Holland - Director


Energy Solutions (UK) Ltd (Registered number: 02904541)

Company Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 183,934 126,785
Tangible assets 10 539,238 436,148
Investments 11 302,102 30,000
1,025,274 592,933

CURRENT ASSETS
Stocks 12 2,874,309 3,809,708
Debtors 13 3,351,763 2,199,290
Cash at bank and in hand 130,535 276,926
6,356,607 6,285,924
CREDITORS
Amounts falling due within one year 14 4,582,511 5,512,670
NET CURRENT ASSETS 1,774,096 773,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,799,370

1,366,187

CREDITORS
Amounts falling due after more than one
year

15

(430,179

)

(453,766

)

PROVISIONS FOR LIABILITIES 19 (88,393 ) -
NET ASSETS 2,280,798 912,421

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Share premium 21 27,672 27,672
Retained earnings 21 2,252,126 883,749
SHAREHOLDERS' FUNDS 2,280,798 912,421

Company's profit for the financial year 1,434,434 230,708

The financial statements were approved by the director and authorised for issue on 25th July 2024 and were signed by:





J P Holland - Director


Energy Solutions (UK) Ltd (Registered number: 02904541)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 1,000 1,193,130 27,672 1,221,802

Changes in equity
Dividends - (54,707 ) - (54,707 )
Total comprehensive income - 268,502 - 268,502
Balance at 31st December 2022 1,000 1,406,925 27,672 1,435,597

Changes in equity
Dividends - (66,057 ) - (66,057 )
Total comprehensive income - 1,604,533 - 1,604,533
Balance at 31st December 2023 1,000 2,945,401 27,672 2,974,073

Energy Solutions (UK) Ltd (Registered number: 02904541)

Company Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2022 1,000 707,748 27,672 736,420

Changes in equity
Dividends - (54,707 ) - (54,707 )
Total comprehensive income - 230,708 - 230,708
Balance at 31st December 2022 1,000 883,749 27,672 912,421

Changes in equity
Dividends - (66,057 ) - (66,057 )
Total comprehensive income - 1,434,434 - 1,434,434
Balance at 31st December 2023 1,000 2,252,126 27,672 2,280,798

Energy Solutions (UK) Ltd (Registered number: 02904541)

Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,144,505 (1,015,491 )
Interest paid (143,785 ) (58,436 )
Interest element of hire purchase payments
paid

(20,225

)

(7,818

)
Net cash from operating activities 980,495 (1,081,745 )

Cash flows from investing activities
Purchase of intangible fixed assets (86,947 ) (105,232 )
Purchase of tangible fixed assets (121,757 ) (73,730 )
Purchase of fixed asset investments (272,102 ) -
Sale of tangible fixed assets 55,525 5,250
Net cash from investing activities (425,281 ) (173,712 )

Cash flows from financing activities
New loans in year - 250,000
Loan repayments in year (207,250 ) (91,417 )
Capital repayments in year (117,321 ) (43,898 )
Equity dividends paid (66,057 ) (54,707 )
Net cash from financing activities (390,628 ) 59,978

Increase/(decrease) in cash and cash equivalents 164,586 (1,195,479 )
Cash and cash equivalents at beginning of
year

2

(1,059,678

)

135,801

Cash and cash equivalents at end of year 2 (895,092 ) (1,059,678 )

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,112,293 325,423
Depreciation charges 180,670 114,656
Profit on disposal of fixed assets (2,939 ) (3,305 )
Finance costs 164,010 66,254
2,454,034 503,028
Decrease/(increase) in stocks 990,666 (2,061,884 )
Increase in trade and other debtors (974,177 ) (1,490,244 )
(Decrease)/increase in trade and other creditors (1,326,018 ) 2,033,609
Cash generated from operations 1,144,505 (1,015,491 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 130,536 278,000
Bank overdrafts (1,025,628 ) (1,337,678 )
(895,092 ) (1,059,678 )
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 278,000 560,069
Bank overdrafts (1,337,678 ) (424,268 )
(1,059,678 ) 135,801


Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 278,000 (147,464 ) 130,536
Bank overdrafts (1,337,678 ) 312,050 (1,025,628 )
(1,059,678 ) 164,586 (895,092 )
Debt
Finance leases (239,167 ) 117,321 (184,552 ) (306,398 )
Debts falling due
within 1 year (122,667 ) 35,000 - (87,667 )
Debts falling due
after 1 year (397,501 ) 172,250 - (225,251 )
(759,335 ) 324,571 (184,552 ) (619,316 )
Total (1,819,013 ) 489,157 (184,552 ) (1,514,408 )

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

Energy Solutions (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements drawn up to 31 December 2023 consolidate the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of seven years.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property -5 years straight line
Plant and machinery -25% reducing balance
Fixtures and fittings -25% reducing balance
Motor vehicles -25% reducing balance
Computer Equipment -33% reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,478,982 1,555,116
Social security costs 230,679 161,932
Other pension costs 115,431 55,658
2,825,092 1,772,706

The average number of employees during the year was as follows:
2023 2022

Production and support 35 27
Engineering 11 9
Sales and purchasing 8 6
Finance and office 7 3
Other 11 4
72 49

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Director's remuneration 11,400 9,556
Director's pension contributions to money purchase schemes 28,400 3,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 62,621 56,479
Depreciation - assets on hire purchase contracts 93,093 39,986
Profit on disposal of fixed assets (2,939 ) (3,305 )
Patents and licences amortisation 343 -
Computer software amortisation 24,612 18,191
Auditors' remuneration 4,800 3,600
Foreign exchange differences - 10,129

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 32,906 20,180
Invoice discounting charges 110,879 38,256
Hire purchase interest 20,225 7,818
164,010 66,254

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 353,409 -

Deferred tax 154,351 56,921
Tax on profit 507,760 56,921

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,112,293 325,423
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

528,073

61,830

Effects of:
Expenses not deductible for tax purposes 1,684 174
Capital allowances in excess of depreciation (26,807 ) (52,402 )
Utilisation of tax losses (127,311 ) (16,580 )
Losses carried forward - 6,978
Profits taxed at 19% (22,230 ) -
Deferred tax 154,351 56,921
Total tax charge 507,760 56,921

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 66,057 54,707

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


9. INTANGIBLE FIXED ASSETS

Group
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1st January 2023 2,000 - 151,762 153,762
Additions - 14,554 72,393 86,947
Disposals - - (5,708 ) (5,708 )
At 31st December 2023 2,000 14,554 218,447 235,001
AMORTISATION
At 1st January 2023 2,000 - 24,977 26,977
Amortisation for year - 343 24,612 24,955
Eliminated on disposal - - (865 ) (865 )
At 31st December 2023 2,000 343 48,724 51,067
NET BOOK VALUE
At 31st December 2023 - 14,211 169,723 183,934
At 31st December 2022 - - 126,785 126,785

Company
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1st January 2023 - 151,762 151,762
Additions 14,554 72,393 86,947
Disposals - (5,708 ) (5,708 )
At 31st December 2023 14,554 218,447 233,001
AMORTISATION
At 1st January 2023 - 24,977 24,977
Amortisation for year 343 24,612 24,955
Eliminated on disposal - (865 ) (865 )
At 31st December 2023 343 48,724 49,067
NET BOOK VALUE
At 31st December 2023 14,211 169,723 183,934
At 31st December 2022 - 126,785 126,785

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 41,126 414,642 13,288
Additions - 87,870 -
Disposals - (45,055 ) -
At 31st December 2023 41,126 457,457 13,288
DEPRECIATION
At 1st January 2023 13,586 173,087 12,908
Charge for year 8,943 82,170 47
Eliminated on disposal - (30,922 ) -
At 31st December 2023 22,529 224,335 12,955
NET BOOK VALUE
At 31st December 2023 18,597 233,122 333
At 31st December 2022 27,540 241,555 380

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 360,295 3,813 833,164
Additions 218,439 - 306,309
Disposals (112,550 ) - (157,605 )
At 31st December 2023 466,184 3,813 981,868
DEPRECIATION
At 1st January 2023 192,606 3,299 395,486
Charge for year 64,469 85 155,714
Eliminated on disposal (78,940 ) - (109,862 )
At 31st December 2023 178,135 3,384 441,338
NET BOOK VALUE
At 31st December 2023 288,049 429 540,530
At 31st December 2022 167,689 514 437,678

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 118,108 252,080 370,188
Additions 24,861 204,045 228,906
Disposals - (88,050 ) (88,050 )
At 31st December 2023 142,969 368,075 511,044
DEPRECIATION
At 1st January 2023 14,740 99,451 114,191
Charge for year 36,074 57,019 93,093
Eliminated on disposal - (57,977 ) (57,977 )
At 31st December 2023 50,814 98,493 149,307
NET BOOK VALUE
At 31st December 2023 92,155 269,582 361,737
At 31st December 2022 103,368 152,629 255,997

Company
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2023 41,126 398,319 360,295 799,740
Additions - 87,871 218,439 306,310
Disposals - (45,055 ) (112,550 ) (157,605 )
At 31st December 2023 41,126 441,135 466,184 948,445
DEPRECIATION
At 1st January 2023 13,586 157,400 192,606 363,592
Charge for year 8,943 82,065 64,469 155,477
Eliminated on disposal - (30,922 ) (78,940 ) (109,862 )
At 31st December 2023 22,529 208,543 178,135 409,207
NET BOOK VALUE
At 31st December 2023 18,597 232,592 288,049 539,238
At 31st December 2022 27,540 240,919 167,689 436,148

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 118,108 252,080 370,188
Additions 24,861 204,045 228,906
Disposals - (88,050 ) (88,050 )
At 31st December 2023 142,969 368,075 511,044
DEPRECIATION
At 1st January 2023 14,740 99,451 114,191
Charge for year 36,074 57,019 93,093
Eliminated on disposal - (57,977 ) (57,977 )
At 31st December 2023 50,814 98,493 149,307
NET BOOK VALUE
At 31st December 2023 92,155 269,582 361,737
At 31st December 2022 103,368 152,629 255,997

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
Additions 272,102
At 31st December 2023 272,102
NET BOOK VALUE
At 31st December 2023 272,102

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


Group

Interest in associate

Energy Solutions (USA) Limited
The group's share of Energy Solutions (USA) Limited is as follows:

2023 2022
£    £   
Turnover 49,450 37,647

Profit before tax 39,054 179,343
Taxation (16,501 ) (32,501 )
Profit after tax 22,553 146,842

Share of assets
Fixed assets 401,901 402,534
Current assets 26,812 4,020

Share of liabilities
Liabilities due within one year (102,190 ) (18,678 )
Liabilities due after one year or more (39,550 ) (246,911 )


Share of net assets 286,973 140,965
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1st January 2023 30,000 - 30,000
Additions - 272,102 272,102
At 31st December 2023 30,000 272,102 302,102
NET BOOK VALUE
At 31st December 2023 30,000 272,102 302,102
At 31st December 2022 30,000 - 30,000

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

E-Plex Limited
Registered office: 52 - 54 Riverside, Sir Thomas Langley Road, Medway City Estate, Rochester, Kent, ME2 4DP
Nature of business: Electrical control systems
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 620,548 463,472
Profit for the year 157,076 207,264


12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 2,874,309 3,864,975 2,874,309 3,809,708

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,131,669 2,238,980 3,131,669 2,042,204
Other debtors and prepayments 220,094 138,606 220,094 138,606
Deferred tax asset - 111,395 - 18,480
3,351,763 2,488,981 3,351,763 2,199,290

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 111,395 - 18,480

Trade debtors in the sum of £2,932,684 (2022: £1,846,724) were subject to an invoice discounting agreement.

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,113,295 1,460,345 1,113,295 1,425,345
Hire purchase contracts (see note 17) 101,470 98,318 101,470 98,318
Trade creditors 1,234,085 2,570,737 1,233,724 2,457,715
Corporation tax 353,409 - 353,409 -
Social security and other taxes 538,792 530,912 509,181 519,859
Other creditors and accruals 564,915 562,160 1,271,432 1,011,433
3,905,966 5,222,472 4,582,511 5,512,670

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 225,251 397,501 225,251 312,917
Hire purchase contracts (see note 17) 204,928 140,849 204,928 140,849
430,179 538,350 430,179 453,766

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,025,628 1,337,678 1,025,628 1,337,678
Bank loans 87,667 122,667 87,667 87,667
1,113,295 1,460,345 1,113,295 1,425,345
Amounts falling due between one and two years:
Bank loans - 1-2 years 87,667 87,657 87,667 87,657
Amounts falling due between two and five years:
Bank loans - 2-5 years 137,584 278,594 137,584 194,010
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 31,250 - 31,250

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 101,470 98,318
Between one and five years 204,928 140,849
306,398 239,167

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 101,470 98,318
Between one and five years 204,928 140,849
306,398 239,167

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 1,025,628 1,337,678 1,025,628 1,337,678
Hire purchase contracts 306,398 239,167 306,398 239,167
1,332,026 1,576,845 1,332,026 1,576,845

The overdraft consists of an invoicing discount facility which has a fixed and floating charge over the undertaking and all property and assets present and future including bookdebts uncalled capital buildings fixtures and plant and machinery. .

Hire purchase contracts are secured over the assets concerned.

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 42,956 - 88,393 -

Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st January 2023 (111,395 )
Provided during year 154,351
Balance at 31st December 2023 42,956

Company
Deferred
tax
£   
Balance at 1st January 2023 (18,480 )
Provided during year 106,873
Balance at 31st December 2023 88,393

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2023 1,406,925 27,672 1,434,597
Profit for the year 1,604,533 1,604,533
Dividends (66,057 ) (66,057 )
At 31st December 2023 2,945,401 27,672 2,973,073

Company
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2023 883,749 27,672 911,421
Profit for the year 1,434,434 1,434,434
Dividends (66,057 ) (66,057 )
At 31st December 2023 2,252,126 27,672 2,279,798


Energy Solutions (UK) Ltd (Registered number: 02904541)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


22. RELATED PARTY DISCLOSURES

During the year, the company made sales amounting to £9,426 (2022: £2,663) to Twinney Wharf Limited, a company which P Holland has a controlling interest. In addition, the company paid a management charge of £81,600 (2022: £nil) and electricity usage charge of £1,668 (2022:£1,877). All transactions were on an arm's length basis.

Included in trade debtors is a balance of £1,416 (2022:£2,304) due from Twinney Wharf Limited.

Included in other debtors are balances outstanding due from Twinney Wharf Limited of £78,580 (2022: £79,000) and The Oak Grove in Kent Limited, a company which P Holland has a controlling interest, of £22,000 (2022:£nil). Both loans are repayable on demand.

No amounts were written off in the year.