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REGISTERED NUMBER: 10026276 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TRIATHLON BATTERY SOLUTIONS LTD

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


TRIATHLON BATTERY SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T G Burgess
M J Stevenson





REGISTERED OFFICE: Unit 21 Westbrook Trading Estate
Westbrook Road
Trafford Park
Manchester
M17 1AY





REGISTERED NUMBER: 10026276 (England and Wales)





AUDITORS: Walker Begley UK Limited
207 Knutsford Road
Grappenhall
Warrington
Cheshire
WA4 2QL

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company specialises in the supply and service of industrial batteries and related products throughout the UK as part of the Sunlight Group of Companies.

2023 was a profitable year with sales exceeding £17 million as the Group continues to invest in growth opportunities.

In February 2023, the company's German owners completed an agreement with Sunlight Group Energy Storage Systems to acquire a majority shareholding of the ultimate parent. This cemented a long standing relationship between the two companies and creates a true global leader in the batteries sector. Sunlight acquired the remaining 49% in July 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The company uses conventional forms of working capital to finance its day to day activities and as such the figures
appearing in the accounts reflect the absolute value of amounts recoverable and payable. The directors receive regular reports on these figures in order to manage the company's requirements.

The key risks for the company are:

- foreign exchange risk - the company has little flexibility in managing this as trade with group companies is in local currencies, so the risk at group level is lower;

- risk in commodity price variances - the company is impacted by lead prices and this is managed by spreading risk with suppliers and monitoring the market.

Given the straightforward nature of the business, the company's directors are of the opinion that the analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the company.

FUTURE DEVELOPMENTS
The change in ownership of the ultimate parent brings together two leading players in the global battery industry and provides an opportunity for the company to expand its customer base and continue to improve profitability.This is something that will be built on over the coming years.

ON BEHALF OF THE BOARD:





M J Stevenson - Director


19 December 2024

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an industrial batteries and related products supplier.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

T G Burgess
M J Stevenson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

AUDITORS
The auditors, Walker Begley UK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Stevenson - Director


19 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIATHLON BATTERY SOLUTIONS LTD

Qualified opinion
We have audited the financial statements of Triathlon Battery Solutions Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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, except for the effects of the matter described in the Basis for qualified opinion section, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 qualified opinion
The company has received an invoice for management charges from a group member for £150,570. This has not been included within the financial statements, as local management have disputed the charges with group management. We believe this to be material to the financial statements.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
There are no key audit matters, other than that described in the Basis for qualified opinion section.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TRIATHLON BATTERY SOLUTIONS LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- the results of our enquiries of management, covering their identification and assessment of the risk of irregularities;
- any matters we identified, having reviewed documentation available;
- relevant laws and regulations, including enquiring of any non-compliance or matters alerting us to non-compliance;
- matters discussed among the audit team regarding how and where fraud might occur in the financial statements and any indicators of fraud.

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.

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.




Mr K G Begley (Senior Statutory Auditor)
for and on behalf of Walker Begley UK Limited
207 Knutsford Road
Grappenhall
Warrington
Cheshire
WA4 2QL

11 February 2025

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 17,129,649 13,747,460

Cost of sales 11,987,267 9,208,967
GROSS PROFIT 5,142,382 4,538,493

Administrative expenses 4,961,665 4,394,917
180,717 143,576

Other operating income 123,038 -
OPERATING PROFIT 5 303,755 143,576


Interest payable and similar expenses 6 260,208 121,117
PROFIT BEFORE TAXATION 43,547 22,459

Tax on profit 7 - -
PROFIT FOR THE FINANCIAL YEAR 43,547 22,459

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 43,547 22,459


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

43,547

22,459

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 57,196 68,459
Tangible assets 9 203,262 249,320
260,458 317,779

CURRENT ASSETS
Stocks 10 5,471,028 3,273,477
Debtors 11 4,219,964 4,343,468
Cash at bank and in hand 656,445 1,366,116
10,347,437 8,983,061
CREDITORS
Amounts falling due within one year 12 11,933,641 10,511,324
NET CURRENT LIABILITIES (1,586,204 ) (1,528,263 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,325,746

)

(1,210,484

)

CREDITORS
Amounts falling due after more than one
year

13

291,088

449,897
NET LIABILITIES (1,616,834 ) (1,660,381 )

CAPITAL AND RESERVES
Called up share capital 17 300 300
Share premium 18 99,847 99,847
Revaluation reserve 18 8,700 8,700
Retained earnings 18 (1,725,681 ) (1,769,228 )
SHAREHOLDERS' FUNDS (1,616,834 ) (1,660,381 )

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





T G Burgess - Director


TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 300 (1,791,687 ) 99,847 8,700 (1,682,840 )

Changes in equity
Total comprehensive income - 22,459 - - 22,459
Balance at 31 December 2022 300 (1,769,228 ) 99,847 8,700 (1,660,381 )

Changes in equity
Total comprehensive income - 43,547 - - 43,547
Balance at 31 December 2023 300 (1,725,681 ) 99,847 8,700 (1,616,834 )

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Triathlon Battery Solutions 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 Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has made a profit for the year ended 31 December 2023 but at that date had net current liabilities. The company is dependent, in the absence of other funding, on the continued financial support of Triathlon Holding GmbH via trade with Triathlon Batterien GmBH. The company has confirmed it's commitment to provide the necessary support by providing adequate facilities.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

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

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Plant and machinery - 33% on cost and 10% on cost
Fixtures and fittings - 50% on cost and 33% on cost
Motor vehicles - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 3,063,271 2,467,028
Social security costs 328,863 275,102
Other pension costs 66,673 74,234
3,458,807 2,816,364

The average number of employees during the year was as follows:
31/12/23 31/12/22

89 73

31/12/23 31/12/22
£    £   
Directors' remuneration 120,000 80,000

5. OPERATING PROFIT

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

31/12/23 31/12/22
£    £   
Other operating leases 224,779 122,193
Depreciation - owned assets 133,460 143,576
(Profit)/loss on disposal of fixed assets (12,500 ) 6,059
Computer software amortisation 25,893 23,358
Auditors' remuneration 8,850 9,100
Foreign exchange differences (123,038 ) 378,768

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 640 (41 )
Other interest 221,995 79,799
Hire purchase 37,573 41,359
260,208 121,117

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 96,591
Additions 14,630
At 31 December 2023 111,221
AMORTISATION
At 1 January 2023 28,132
Amortisation for year 25,893
At 31 December 2023 54,025
NET BOOK VALUE
At 31 December 2023 57,196
At 31 December 2022 68,459

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 2,725 176,569 121,364 403,962 704,620
Additions - 55,786 31,615 - 87,401
Disposals - - - (31,344 ) (31,344 )
At 31 December 2023 2,725 232,355 152,979 372,618 760,677
DEPRECIATION
At 1 January 2023 2,725 89,736 88,128 274,711 455,300
Charge for year - 32,264 18,800 82,396 133,460
Eliminated on disposal - - - (31,345 ) (31,345 )
At 31 December 2023 2,725 122,000 106,928 325,762 557,415
NET BOOK VALUE
At 31 December 2023 - 110,355 46,051 46,856 203,262
At 31 December 2022 - 86,833 33,236 129,251 249,320

10. STOCKS
31/12/23 31/12/22
£    £   
Finished goods 5,471,028 3,273,477

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 2,869,347 3,120,850
Amounts owed by group undertakings 289,547 465,399
Other debtors 354,785 329,785
Prepayments and accrued income 706,285 427,434
4,219,964 4,343,468

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts (see note 14) 10,000 10,000
Hire purchase contracts (see note 15) 145,702 189,878
Trade creditors 1,586,718 1,675,520
Amounts owed to group undertakings 9,290,704 7,846,215
Social security and other taxes 102,227 72,074
Net Wages control (3,913 ) (2,897 )
Pension creditor 15,290 11,858
VAT 173,274 213,568
Directors' current accounts 200,000 200,000
Accruals and deferred income 413,639 295,108
11,933,641 10,511,324

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans (see note 14) 15,000 25,000
Hire purchase contracts (see note 15) 276,088 424,897
291,088 449,897

14. LOANS

An analysis of the maturity of loans is given below:

31/12/23 31/12/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,000 15,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 145,702 189,878
Between one and five years 276,088 424,897
421,790 614,775

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 184,539 177,486
Between one and five years 432,020 446,307
616,559 623,793

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts 421,790 614,775

Liabilities under hire purchase agreements are secured against the assets to which they relate.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
2,940 Ordinary A £0.05 147 147
3,060 Ordinary B £0.05 153 153
300 300

Both A Ordinary and B Ordinary shares have full voting rights, full rights to dividends and distribution and full rights to participation in a distribution of capital.

18. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 (1,769,228 ) 99,847 8,700 (1,660,681 )
Profit for the year 43,547 43,547
At 31 December 2023 (1,725,681 ) 99,847 8,700 (1,617,134 )

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors are loans from the two directors, T G Burgess and M J Stevenson of £100,000 each. The loans are interest free and the directors have agreed to provide this continued support.

20. RELATED PARTY DISCLOSURES

Included within debtors, as at 31 December 2023 is an amount of £289,547 (2022 - £465,399) in respect of Battery Components Limited, a company under common control. Sales to the company during the year amounted to £10,263, with purchases of £2,443,832.

Included within creditors is an amount of £5,435,888 (2022 - £3,885,863) in respect of another group member, Triathlon Batterien Gmbh. Sales to Triathlon Batterien GmbH totalled £182,427 during during the year, with purchases of £3,707,643.

Included within creditors is an amount of £3,854,816 (2022 - £3,929707) in respect of another group member, Triathlon Holdings GmbH. Interest of £221,995 was paid to Triathlon Holdings GmbH during the year..

TRIATHLON BATTERY SOLUTIONS LTD (REGISTERED NUMBER: 10026276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

21. ULTIMATE CONTROLLING PARTY

For the period of account, the company was a subsidiary undertaking of Triathlon International GmbH, a company incorporated in Germany, registered office address Am Brand 11 - 13, 90602 Seligenporten. Triathlon International GmbH control Triathlon Battery Solutions Limited as they own 51% of its share capital.

The ultimate parent was Geraer Batterie-Dienst GmbH until 7th February 2023 when Sunlight Group Energy Storage Systems SA acquired a 51% stake in Triathlon Holding GmbH from Geraer Batterie-Dienst GmbH. The remaining 49% was acquired in July 2023.

Sunlight Group Energy Storage Systems SA is part of the Olympia Group Ltd, a private company incorporated and existing under the laws of Cyprus, with registration number HE 161762. Registered office address is Olympia Business Centre (3rd Floor), Arch, Makariou III & Nikolaou Gyzi 2, 3060 Limassol, Cyprus.