Registration number: 04688350

Alfa Energy Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4 to 6
Independent Auditor's Report	7 to 10
Consolidated Profit and Loss Account	11
Consolidated Statement of Comprehensive Income	12
Consolidated Balance Sheet	13
Balance Sheet	14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Financial Statements	17 to 30

Alfa Energy Limited

Company Information

Directors

Mr Elvin Ahmovic Ms Evangeline Kroener Andersen Mr John Andrew Murphy

Registered office

Savoy House Savoy Circus London W3 7DA

Auditors

Wem & Co Chartered Accountants & Statutory Auditors Savoy House Savoy Circus London W3 7DA

Alfa Energy Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is providing clients with energy and sustainability consultancy services, supported by proprietary software solutions.

Fair review of the business

Following the acquisition of Alfa Energy Ltd by Edison Energy LLC in late 2022, 2024 has been a year of consolidation and forward momentum for the UK and Europe business. Revenue grew by 13% compared to the previous year, reflecting strong client retention, new business wins, and growing demand for integrated energy and sustainability services.

The business has made significant progress in consolidating platforms, harmonising operations, and driving efficiencies across service lines. Key integration initiatives focused on unifying systems, aligning delivery models, and embedding best practices across procurement, risk management, and sustainability advisory services. These efforts have enabled the creation of a more agile, data-driven, and customer-focused business model, better positioned to respond to a rapidly changing energy landscape.

During the year, the company paid dividends of £565,000 (2023: £nil).

Alfa Energy Limited

Strategic Report for the Year Ended 31 December 2024 (continued)

Principal risks and uncertainties

Retention of key personnel
The company regularly benchmarks salaries and uses a mix of commission and bonus payments to attract and retain key management and staff based on performance.

Risk relating to the cost of energy
The group advises clients procuring energy based upon the prices offered by energy suppliers. When there is higher volatility in the supply price of energy, the group's clients may delay renewal decision until they see stability in prices that enables them to commit to medium and longer term contracts. This would cause a reduction to the group's revenue from commission-based sales.

Liquidity risks
The group maintains sufficient liquidity in order to ensure continuity of business.

Currency risk
The group makes purchases in foreign currency and closely monitors exchange rate movements so that appropriate action can be taken in the event of a major fluctuation in the currency market.

Security risk
The group places significant reliance on the networks and IT systems within the business. The day-to-day running of the business is reliant on the CRM system and other customer facing technology and any extended downtime would impact the group's ability to operate. The group builds security and resilience into the networks and systems to mitigate the risk from attack or system failures and has developed a robust business continuity plan.

Legislation and regulatory
Previously, energy procurement was an unregulated market. In October 2022, regulations to govern relationships between energy suppliers, brokers and micro clients came into force.

Approved by the Board on 23 September 2025 and signed on its behalf by:

Ms Evangeline Kroener Andersen Director

Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr Elvin Ahmovic

Ms Evangeline Kroener Andersen

Mr John Andrew Murphy

Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2024 (continued)

Methodology

A location-based calculation of CO2 equivalent emissions was made using energy data collected from utility energy suppliers. A market-based calculation was based on a renewable electricity contract for the London office and location-based factors for Sarajevo & Frankfurt.

The total disclosed energy is calculated on a gross calorific value basis with exception of business mileage energy which is calculated on a net calorific value basis. Defra natural gas emission factors were used for Sarajevo & Frankfurt.

Energy and emissions from staff vehicles (private vehicles used for business purposes) were modelled using an average UK vehicle and unknown fuel.

The methodology is consistent with the GHG Protocol, the UK Environmental Reporting Guidelines and the 2024 edition of the UK Government GHG Conversion Factors for Company Reporting.


Narrative of energy efficiency action over the financial year 2024

The Environmental Management System (EMS) at our London office is certified to ISO 14001. The EMS includes a range of programmes that relate to waste, purchasing renewable energy. Alfa Energy purchased electricity with zero CO2e emissions throughout 2024 in London, which reduced our market-based emissions by 6.4 tCO2e.

Ongoing provision of services contributes to Edison International’s vision of leading the clean energy transition by partnering with large, global organisations including 50 of the Global Fortune 500 and Fortune 500 companies to accelerate the transition to net zero. Alfa Energy Ltd. (t/as Trio) helps these companies to meet their climate change goals through renewable energy contracts, decarbonisation strategies, energy optimisation programmes and comprehensive sustainability strategy work.

 

Alfa Energy Limited

Directors' Report for the Year Ended 31 December 2024 (continued)

Future developments

The group's pipeline of opportunities has grown and having continued to invest in the development of its people, sustainability services and software solutions, the group is in a very strong position to respond to opportunities as they arise.

Research and development

The company has developed bespoke software over several years. Research and development is primarily focused on expanding core functionality across products with a focus on clients for revenue protection and the management of data.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 23 September 2025 and signed on its behalf by:

......................................... Ms Evangeline Kroener Andersen Director

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited

Opinion

We have audited the financial statements of Alfa Energy Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the , set out on page , 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 is 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

Identify and assessing potential risks related to irregularities

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

To identify risks of material misstatement due to fraud, we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide opportunity to commit fraud. In this risk assessment, we considered and carried out the following:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e., gives a true and fair view).

• We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
 

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 an auditor’s report 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.

Alfa Energy Limited

Independent Auditor's Report to the Members of Alfa Energy Limited (continued)

......................................
Alistair I Wem BFP BSc FCA (Senior Statutory Auditor)
For and on behalf of Wem & Co, Statutory Auditor

Savoy House
Savoy Circus
London
W3 7DA

23 September 2025

Alfa Energy Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

	Note	31.12.24 £	31.12.23 £
Turnover	3	16,067,162	14,203,902
Cost of sales		(2,909,288)	(3,233,733)
Gross profit		13,157,874	10,970,169
Administrative expenses		(12,773,256)	(11,360,519)
Operating profit/(loss)	4	384,618	(390,350)
Other interest receivable and similar income		2	1
Interest payable and similar expenses		-	(82)
		2	(81)
Profit/(loss) before tax		384,620	(390,431)
Tax on profit/(loss)	8	(41,966)	(42,285)
Profit/(loss) for the financial year		342,654	(432,716)
Profit/(loss) attributable to:
Owners of the company		342,654	(432,716)

The group has no recognised gains or losses for the year other than the results above.

Alfa Energy Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

	31.12.24 £	31.12.23 £
Profit/(loss) for the year	342,654	(432,716)
Total comprehensive income for the year	342,654	(432,716)
Total comprehensive income attributable to:
Owners of the company	342,654	(432,716)

Alfa Energy Limited

(Registration number: 04688350)
Consolidated Balance Sheet as at 31 December 2024

	Note	31.12.24 £	31.12.23 £
Fixed assets
Intangible assets	9	2,828,554	3,303,658
Tangible assets	10	144,317	123,889
		2,972,871	3,427,547
Current assets
Debtors	12	4,776,583	5,377,906
Cash at bank and in hand		2,155,557	2,644,531
		6,932,140	8,022,437
Creditors: Amounts falling due within one year	14	(5,420,524)	(6,675,152)
Net current assets		1,511,616	1,347,285
Total assets less current liabilities		4,484,487	4,774,832
Provisions for liabilities	16	(11,431)	(11,601)
Net assets		4,473,056	4,763,231
Capital and reserves
Called up share capital	18	261	261
Other reserves		2,996,138	3,063,967
Retained earning		1,476,657	1,699,003
Equity attributable to owners of the company		4,473,056	4,763,231
Shareholders' funds		4,473,056	4,763,231

Approved and authorised by the Board on 23 September 2025 and signed on its behalf by:
 

......................................... Ms Evangeline Kroener Andersen Director

Alfa Energy Limited

(Registration number: 04688350)
Balance Sheet as at 31 December 2024

	Note	31.12.24 £	31.12.23 £
Fixed assets
Tangible assets	10	45,721	47,255
Investments	11	5,176,836	5,176,836
		5,222,557	5,224,091
Current assets
Debtors	12	4,788,928	5,309,961
Cash at bank and in hand		1,906,028	2,496,263
		6,694,956	7,806,224
Creditors: Amounts falling due within one year	14	(6,360,161)	(7,398,190)
Net current assets		334,795	408,034
Total assets less current liabilities		5,557,352	5,632,125
Provisions for liabilities	16	(11,431)	(11,601)
Net assets		5,545,921	5,620,524
Capital and reserves
Called up share capital	18	261	261
Other reserves		3,077,487	3,077,487
Retained earning		2,468,173	2,542,776
Shareholders' funds		5,545,921	5,620,524