REGISTERED NUMBER: 09566115 (England and Wales)

PEM HOLDINGS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investments

4

3,820,610

3,820,610

CURRENT ASSETS

Cash at bank

59,521

59,561

CREDITORS

Amounts falling due within one year

5

739

76,791

NET CURRENT ASSETS/(LIABILITIES)

58,782

(17,230

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,879,392

3,803,380

CAPITAL AND RESERVES

Called up share capital

27

27

Other reserve

480,774

480,774

Retained earnings

3,398,591

3,322,579

3,879,392

3,803,380

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Dr C R Hewson - Director

1.	STATUTORY INFORMATION

PEM Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09566115

Registered office:

Gloucester House

162 Wellington Street

Long Eaton

Nottingham

Nottinghamshire

NG10 4HS

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Section 1A of 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at

an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

3,820,610

NET BOOK VALUE

At 31 December 2024

3,820,610

At 31 December 2023

3,820,610

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

-

76,278

Other creditors

739

513

739

76,791

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Julian Townsend FCA FCCA (Senior Statutory Auditor)

for and on behalf of Dains Audit Limited

7.	CONTROLLING PARTIES

The immediate parent undertaking is Vind Holding AS, a company incorporated in Norway.

The ultimate parent undertaking is Vind AS, a company incorporated in Norway.

Copies of these financial statements can be obtained from the Company Secretary at Parkveien 53A 0256, Oslo, Norway.

The ultimate controlling party is Mr H HØegh.