ENDIPREV UK LIMITED

Registered number

14142810

ENDIPREV UK LIMITED

Report and Accounts

31 December 2024

ENDIPREV UK LIMITED

Company Information

Directors

Andre Ferraz Lopes Ribeiro

Mark Ian Forrest

Soren Hoffer (appointed 13 July 2024)

Roy Troen Nedal (appointed 12 July 2024)

Registered number

14142810

Registered office

Unit 5 West Quay Court Crown Road

Sunderland Enterprise Park

Sunderland

SR5 2BX

Auditor

Grant Thornton

Chartered Accountants and Statutory Audit Firm

City Quay

Dublin 2

Ireland

Auditors

1st Cloud Accountants

Chartered Certified Accountants.

Analysis House

117 - 119 Sea Road

Fulwell

Sunderland

SR6 9EQ

Bankers

Revolut

7 Westferry Circus,

Canary Wharf, London

England

E14 4HD

Santander UK

2 Triton Square,

Rengent's Place, London

NW1 3AN

Solicitors

Richard Reed Solicitors

3-6 Frederick Street,

Sunderland, SR1 1NA.

ENDIPREV UK LIMITED
Registered number:		14142810
Directors' Report

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

Principal activities
Endiprev UK Limited ("the Company") principal activity during the year continued to provide wind energy services worldwide.

Directors
The following persons served as directors during the year:

	Andre Ferraz Lopes Ribeiro
	Mark Ian Forrest
	Soren Hoffer (appointed 13 July 2024)
	Roy Troen Nedal (appointed 12 July 2024)

Events since the end of the reporting period
There were no events since the end of the reporting period that would require adjustments in the financial statements, or a disclosure thereof.


Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
•	so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
•	the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 24 September 2025 and signed on its behalf.





Mark Ian Forrest
Director

ENDIPREV UK LIMITED

Directors' Responsibilities Statement

for the year ended 31 December 2024

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 its profit or loss for that period.

In preparing these financial statements, the directors are required to:

•

select suitable accounting policies for the Company’s financial statements and apply them consistently;

•

make judgements and accounting estimates that are reasonable and prudent;

•

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

•

prepare the financial statements on a 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 to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and for taking reasonable steps to prevent and detect fraud and other irregularities.

This report was approved by the board on 24 September 2025 and signed on its behalf.

Mark Ian Forrest

Director

ENDIPREV UK LIMITED


Independent auditor's report to the members of Endiprev UK Limited

Opinion
We have audited the financial statements of Endiprev UK Limited (the “Company”) for the year ended 31 December 2024, which comprise the profit and loss account, balance sheet, statement of changes in equity and notes to financial statements including significant accounting policies. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the Company’s financial statements:
• give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; and
• have been properly 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 ‘Responsibilities of the auditor for the audit of the financial statements’ section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC’s Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 directors’ use of 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 the date 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.

Other matter
For the financial year ended 31 December 2023, the Company was not required to obtain audited financial statements as the Company qualified as small under company law and availed of the small company audit exemption. Therefore, the corresponding figures have not been audited.

Other information
Other information comprises information included in the annual report, other than the financial statements and our auditor’s report thereon, including the Directors’ Report. The directors are responsible for the other information. 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 in the financial statements, 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.

Independent auditor's report to the members of Endiprev UK Limited(Continued) 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 Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Directors’ Report has 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 any material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
• the 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; or
• the directors were not entitled to take advantage of the small companies’ exemptions from the requirement to prepare a Strategic Report or in preparing the Directors’ Report.

Responsibilities of management and those charged with governance for the financial statements
As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with FRS 102, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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 an auditor’s 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 auditor’s report.


Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.


Independent auditor's report to the members of Endiprev UK Limited(Continued)
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the local law and tax / Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
• enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
• inspection of the Company’s regulatory and legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;
• gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
• discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
• identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
• designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
• challenging assumptions and judgements made by management in their significant accounting estimates including impairment and useful lives of tangible and intangible assets, recoverability of debtors, and realisation of deferred tax assets; and
• review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
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.
We were appointed by the Board of Directors to audit the financial statements for the year ended 31 December 2024. This is the first year we have been engaged to audit the financial statements of the company.

Cathal Kelly
(Senior Statutory Auditor)
For and on behalf of Grant Thornton Ireland

Chartered Accountants & Statutory Auditors
Dublin 2
Date: 24 September 2025

ENDIPREV UK LIMITED
Profit and Loss Account
for the year ended 31 December 2024


	2024		2023
£		£

Turnover	6,923,122		2,668,678

Cost of sales	(5,897,991)		(2,358,207)

Gross profit	1,025,131		310,471

Administrative expenses	(902,122)		(554,910)
Other operating income/(loss)	105,100		(3,160)

Operating profit/(loss)	228,109		(247,599)

Interest receivable	2,959		20
Interest payable	(38,264)		(25,661)

Profit/(loss) before taxation	192,804		(273,240)

Tax on profit/(loss)	45,686		-

Profit/(loss) for the financial year	238,490		(273,240)

There was no other comprehensive income for 2024 (2023: £Nil).

ENDIPREV UK LIMITED
Registered number:		14142810
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		5,576			12,268
Tangible assets	4		53,844			20,599
			59,420			32,867

Current assets
Debtors	5	3,886,594			2,113,078
Cash at bank and in hand		372,393			324,272
		4,258,987			2,437,350

Creditors: amounts falling due within one year	6	(4,500,881)			(2,891,181)

Net current liabilities			(241,894)			(453,831)

Net liabilities			(182,474)			(420,964)

Capital and reserves
Called up share capital	10		5,000			5,000
Profit and loss account	11		(187,474)			(425,964)

Shareholders' funds			(182,474)			(420,964)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and the requirements of FRS 102 Section 1A – Small Entities.


The financial statements were approved and authorised for issue by the board and were signed on its behalf by:






Mark Ian Forrest
Director
Approved by the board on 24 September 2025

ENDIPREV UK LIMITED
Statement of Changes in Equity
for the year ended 31 December 2024

Share		Share		Re-		Profit		Total
capital		premium		valuation		and loss
reserve						account
£		£		£		£		£

At 1 January 2023	5,000		-		-		(152,724)		(147,724)

Loss for the financial year	-		-		-		(273,240)		(273,240)

At 31 December 2023	5,000		-		-		(425,964)		(420,964)



At 1 January 2024	5,000		-		-		(425,964)		(420,964)

Profit for the financial year	-		-		-		238,490		238,490

At 31 December 2024	5,000		-		-		(187,474)		(182,474)

ENDIPREV UK LIMITED

Notes to the Accounts

for the year ended 31 December 2024

Company Information

Endiprev UK Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The Company's principal activity during the year was providing wind energy services worldwide. It's registered address is Unit 5, West Quay Court, Crown Road, Sunderland Enterprise Park, Sunderland, SR5 2BX.

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and with the Companies Act 2006.

The financial statements are presented in Sterling (£).

The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.


	Financial reporting standard 102 - reduced disclosure exemptions

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

• the requirements of Section 7 Statement of Cash Flows;

• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

• the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and

• the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Endiprev Group S.A., its immediate parent company, and Muehlhan Holding GmbH, its ultimate parent company, as at 31 December 2024. These financial statements may be obtained from Endiprev Group S.A., Porto, Portugal and Muehlhan Holding GmbH, Hamburg, Germany, respectively.

Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Fixtures, fittings, tools and equipment

33.33% on Straight Line Method

Computer equipment

33.33% on Straight Line Method

The gain or loss, if any, arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade creditors, other creditors, amounts owed to group undertakings that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the Company. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amounts owed to the lessor. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. The accounts are presented in £ sterling.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgments, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


	Estimating impairment of tangible and intangible assets

The Company assesses impairment on fixed and intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important, which could trigger an impairment review, include:

• significant under performance relative to expected historical or projected future operating results;

• significant changes in the manner of use of the acquired assets or the strategy for overall business; and

• significant negative industry or economic trends.

In determining the present value of estimated future cash flows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements.

These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

An impairment loss is recognised and charged to statement of income if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cash flows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cash flows.

Recoverability of debtors

The Company has made judgments when assessing the impairment of its debtors. Outstanding balances have been grouped on the basis of similar risk characteristics such as past-due status, and impairment has been reviewed with reference to historical loss experience updated for current conditions.

Determination of realisable amount of deferred tax assets

Deferred tax assets are recognised for the unused tax credits to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and the level of future taxable profits together with future planning strategies.

Estimating useful lives of tangible and intangible assets

The Company estimates the useful lives of tangible and intangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives of tangible and intangible assets are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible and intangible assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors earlier mentioned.

Employees

2024

2023

Number

Average number of persons employed by the Company

Director's remuneration

Remuneration paid to director amounted to £114,093 (2023: £63,134).


	Company pension contribution to defined contribution schemes.
	The number of director for whom retirement benefits are accruing under defined contribution schemes in 2024 is 1 (2023: 1).

	The amount paid into director's defined contribution pensions during the year included in the total remuneration figures above were £11,142 (2023: £5,932).

3	Intangible fixed assets			£
	Software:

	Cost
	At 1 January 2024			20,075
	At 31 December 2024			20,075

	Amortisation
	At 1 January 2024			7,807
	Amortisation during the year			6,692
	At 31 December 2024			14,499

	Net book value
	At 31 December 2024			5,576
	At 31 December 2023			12,268

	Software is being written off in equal annual installments over its estimated economic life of 3 years.


4	Tangible fixed assets
				Plant and machinery etc
£
	Cost
	At 1 January 2024			27,702
	Additions			51,088
	At 31 December 2024			78,790

	Depreciation
	At 1 January 2024			7,103
	Charge for the year			17,843
	At 31 December 2024			24,946

	Net book value
	At 31 December 2024			53,844
	At 31 December 2023			20,599


5	Debtors	2024		2023
£			£

	Trade debtors	2,898,042		1,165,003
	Amounts owed by group undertakings	62,214		71,443
	Deferred tax asset	45,686		-
	Accrued Income	840,557		834,907
	Prepayments	24,288		27,910
	Other debtors	15,807		13,815
		3,886,594		2,113,078

	Trade and other debtors are non-interest bearing and receivable at various dates in the next three months in accordance with the Company's credit terms.
	Accrued income, representing revenue earned but not yet invoiced, is expected to be received at various dates in the next 12 months in accordance contract terms.

	Amounts owed amounting £3,466 (2023: £Nil) in the above group undertakings are unsecured, interest free and are repayable on demand.


6	Creditors: amounts falling due within one year	2024		2023
£			£

	Trade creditors	323,308		51,153
	Amounts owed to group undertakings	3,582,960		2,599,183
	Taxation and social security costs	482,815		228,220
	Other creditors	111,798		12,625
		4,500,881		2,891,181

	Amounts owed amounting to £1,196,506 (2023: £1,196,506) in the above group undertakings has interest of 2.95% (0.5%+euribor a 12M), unsecured and on demand while the remaining amounts are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


9	Commitments under operating leases
	At 31 December 2024, the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2024		2023
£			£
	< 1 year	80,688		68,077
	1-5 years	91,545		130,072
		172,233		198,149

7	Share capital
	Allotted, called up and fully paid 5,000 (2023: 5,000) Ordinary shares of £1.00 each.

8	Reserves
	Called up share capital
	Represents the nominal value of shares that have been issued.

	Profit and loss account
	includes all current and prior period retained profits and losses.

12	Related party transactions
	The Company has availed of the exemption in FRS 102 Section 33, Paragraph 33.1A which allows non disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.



13	Ultimate parent undertaking and controlling party

The Company is 100% owned by Endiprev Group S.A, which is 85% owned by the Muehlhan Wind Service A/S. Muehlhan Wind Service A/S, Fredericia, Denmark bought 85% shareholding on 1 June 2024.

Muehlhan Wind Service A/S is 84.98% owned by Muelhan A/S, Denmark which is 100% owned by Muehlhan Holding GmbH, Hamburg, Germany. Muehlhan Holding GmbH is 100% owned by Shield MidCo GmbH, Hamburg, Germany which is 100% owned by Shield TopCo GmbH, Hamburg, Germany. Shield TopCo GmbH is 100% owned by OEP 84 B.V., Netherlands which is 100% owned by OEP 84 HoldCo B.V., Netherlands.

OEP 84 HoldCo B.V is 100% owned by OEP VIII Master Cooperatief U.A., Netherlands which is 44.5% owned by One Equity Partners VIII, L.P., Canada, 43.3% owned by OEP VIII Dutch Corporate Splitter, L.PI, Canada, 12.2 owned by One Equity Partners VIII-B, SCSp, Luxembourg, less than 0.1% owned by OEP Master B.V., Netherlands and less than 0.1% owned by OEP VIII Project X-wing Co-Investment Partners L.P., Canada.