AB ENERGY (UK) LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

AB ENERGY (UK) LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08864437 . The registered office is 19 The Circle, Queen Elizabeth Street, London, England, SE1 2JE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Functional and presentation currency

The Company’s functional and presentational currency is Sterling. The company`s financial statement is rounded to the nearest unit.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

CHP Plants	20% SLM
Plant & Machinery	20% SLM
Motor Vehicles	20% SLM
Fixtures & Fittings	20% SLM
Computer equipment	20% SLM

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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AB ENERGY (UK) LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest.

Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised.

2.9. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.11. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.12. Provision for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable, and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Payments made in full or part settlement are set off against the related provision and reported as amounts utilised in the notes to the accounts.

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AB ENERGY (UK) LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.13. Trade and other debtors

Cash and cash equivalents are basic financial assets and 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.

2.14. Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 15 (2023: 11)

4. Tangible Assets

	Land & Property
	CHP Plants	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	2,461,272	259,185	256,256	1,787
Additions	-	-	44,970	1,553

As at 31 December 2024	2,461,272	259,185	301,226	3,340

Depreciation
As at 1 January 2024	482,046	141,325	194,859	1,072
Provided during the period	246,127	41,007	36,536	668

As at 31 December 2024	728,173	182,332	231,395	1,740

Net Book Value
As at 31 December 2024	1,733,099	76,853	69,831	1,600

As at 1 January 2024	1,979,226	117,860	61,397	715


	Computer equipment	Total
	£	£
Cost
As at 1 January 2024	12,552	2,991,052
Additions	1,238	47,761

As at 31 December 2024	13,790	3,038,813

Depreciation
As at 1 January 2024	4,688	823,990
Provided during the period	2,567	326,905

As at 31 December 2024	7,255	1,150,895

Net Book Value
As at 31 December 2024	6,535	1,887,918

As at 1 January 2024	7,864	2,167,062

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AB ENERGY (UK) LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Stocks

	2024	2023
	£	£
Finished goods	1,405,234	1,292,991
Work in progress	1,485	8,431

	1,406,719	1,301,422

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	3,674,868	775,120
Prepayments and accrued income	98,270	229,084
Other debtors	58,303	38,343
PAYE	5,153	-
Amounts owed by group undertakings	3,070	326,928

	3,839,664	1,369,475

The carrying value of trade and other receivables classified at amortised cost approximates fair value.

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	6,524	102,716
Bank loans and overdrafts	225,000	225,000
Corporation tax	209,819	158,312
PAYE	-	15,530
VAT	501,049	87,785
Pension payable	3,999	2,002
Small creditors	13,926	5,879
Accruals and deferred income	827,260	608,587
Amounts owed to group undertakings	1,978,909	523,927

	3,766,486	1,729,738

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value. Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	450,000	675,000

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AB ENERGY (UK) LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 January 2024	22,747	878,453	901,200
Utilised	(10,498 )	(24,791 )	(35,289)

Balance at 31 December 2024	12,249	853,662	865,911

Detail of the provisions charged during the period is the following:

Maintenance fund:£(185,016) - 2023: £440,332

General risks fund: £86,978 - 2023: £8,159

Future costs fund: £74,974 - 2023: £ (3,500)

Warranty provision: £(1726) - 2023: £1,726

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	50,000	50,000

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	13,500	13,500
Later than one year and not later than five years	32,625	46,125

	46,125	59,625

12. Related Party Disclosures

The following amounts between related parties are due at the year-end:

Company due to	Company due from	2024	2023
AB Energy UK Ltd	AB ENERGY FRANCE SARL	£-	£7,617
AB ENERGY CANADA	AB Energy UK Ltd	£269	£-
AB ENERGY ROMANIA	AB Energy UK Ltd	£-	£-
AB ENERGY SPA	AB Energy UK Ltd	£-	£25
AB FIN SOLUTION	AB Energy UK Ltd	£303,630	£345,510
AB Energy UK Ltd	AB IMPIANTI	£1,591,044	£281,277
AB SERVICE SRL	AB Energy UK Ltd	£58,688	£138,283
AB ENERGY POLSKA	AB Energy UK Ltd	£3,379	£17,450
B HOLDING SPA	AB Energy UK Ltd	£10,385	£10,852
COGENERATION AB ENERGY	AB Energy UK Ltd	£8,444	£-

13. Controlling Parties

As at the balance sheet date the ultimate controlling undertaking is AB Holding SPA, a company incorporated in Italy.

Copies of the consolidated financial statements are available from the company secretary. The registered company address is: Via Caduti del Lavoro, 13 25034 Orzinuovi (BS) Italy.

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AB ENERGY (UK) LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key estimates, assumptions and judgements that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities are the measurement of provision for maintenance fund risk fund and future cost. The amount of provision is:

Maintenance fund: £536,461 - 2023: £721,477

General risks fund:£242,228 - 2023: £155,250

Future costs fund: £74,974 - 2023: £-

Warranty provision: £- - 2023: £1726

15. Audit Information

The auditor's report on the accounts of AB ENERGY (UK) LTD for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Colin Ellis FCCA CF (Senior Statutory Auditor) for and on behalf of Anstey Bond LLP Chartered Accountants , Statutory Auditor.

Anstey Bond LLP Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,887,918		2,167,062

			1,887,918		2,167,062
CURRENT ASSETS
Stocks	5	1,406,719		1,301,422
Debtors	6	3,839,664		1,369,475
Cash at bank and in hand		756,139		740,801

		6,002,522		3,411,698
Creditors: Amounts Falling Due Within One Year	7	(3,766,486 )		(1,729,738 )

NET CURRENT ASSETS (LIABILITIES)			2,236,036		1,681,960

TOTAL ASSETS LESS CURRENT LIABILITIES			4,123,954		3,849,022

Creditors: Amounts Falling Due After More Than One Year	8		(450,000 )		(675,000 )

PROVISIONS FOR LIABILITIES
Provisions For Liabilities and Charges	9		(853,662 )		(878,453 )
Deferred tax			(12,249 )		(22,747 )

NET ASSETS			2,808,043		2,272,822

CAPITAL AND RESERVES
Called up share capital	10		50,000		50,000
Profit and Loss Account			2,758,043		2,222,822

SHAREHOLDERS' FUNDS			2,808,043		2,272,822