REGISTERED NUMBER: 07908164 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLOBAL ENERGY VENTURES

(HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mrs EL Stanley

Mr BD Stanley

REGISTERED OFFICE:

7 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

REGISTERED NUMBER:

07908164 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr P Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

The purpose of this report is to provide stakeholders with an overview of the performance of the Global Energy Ventures (Holdings) and its subsidiaries. The Group operates within the energy services industry offering large multinational clients, locally delivered fabrication services and critical asset integrity inspections.

The Group's operations are focused in the rapidly developing West African region with business and executive support from the UK and world class technical support provided by a growing team in North Macedonia.

REVIEW OF BUSINESS

The Global Energy Ventures Group continues to build on its position as a leading provider of asset integrity inspections, fabrication, repair and maintenance services in addition to offering specialist manpower supply in West Africa. 2024 represents the Group's strongest performance to date which was boosted by securing several large, multi year contracts that will continue to yield strong performance in the coming years.

Customer satisfaction, the Group's key barometer of performance, registered an impressive 4.33 / 5 score across over 50 client responses during the year. This, along with the laser focus on compliance and quality, will remain the key focus areas for the business as Global Energy Ventures continue to expand in the short to mid term.

Revenue for the year amounted to £12.9m (2023: £11.5m), representing 12% growth. This was primarily driven by higher activity with major clients. Gross profit margins remained stable despite cost pressures in labour and material supplies thus reflecting the group's focus on operational efficiency and tight project management.

The Group ended the financial year with net assets of £3.7m (2023 £2.8m) and cash balances of £700k, underpinned by strong client relationships and long-term contracts. The directors consider the overall performance to be very satisfactory given the prevailing market conditions.

With the Group entering it's 20th year of operation, the hard work dedicated to local content compliance over these years is very evident. Our unwavering commitment to ensuring local content is driven from all angles of the business has gained recognition from senior local government officials and is demonstrated within the great spirit amongst Team GEV.

Another commitment to maximising local content is the Training Academy created by GEV in 2023. Now into its 4th generation of graduates, the GEV Academy has recruited over 25 new Team GEV employees, taking raw talent and developing them into highly competent inspectors and fabricators. This initiative will continue to be a core initiative of the Group's development.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors monitor the performance of the group using a range of financial and operational KPIs. The most relevant are:

- Revenue growth: This measures the Group's ability to expand its services and market presence. For the year, revenue growth was 12%.

- EBITDA: Indicates underlying profitability and cash generation. EBITDA was £2.3m, 17.8% margin.

- Net assets: Reflects the strength of the balance sheet and the group's capacity to support future growth. Net assets stood at £3.7m.

- Cash Generation: GEV works closely with their Clients and suppliers in order to generate enough free cashflow to operate the business, whilst investing in new technologies and equipment.

Non Financial KPI's

- Customer satisfaction: Indicates the level of service we provide our clients and enables valued feedback to be given. GEV have an average score for 2024 of 4.33

- Local Content adherence: GEV prides itself on full compliance with local content regulations in every location where we operate. Beyond meeting these requirements, we actively enhance our commitment by recruiting new candidates and providing them with full industry training and recognised accreditations.

Each of these KPIs is closely linked to the Group's strategy of maintaining financial resilience, funding growth for our shareholders and providing the best services and products to our customers.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in a sector exposed to a number of risks and uncertainties:

- Market and economic risk: Volatility in oil and gas. Capital expenditure directly impacts demand for the group's services.

- Foreign exchange risk: A significant proportion of revenue and costs are incurred in USD, XOF and GHS, creating currency exposure against GBP.

- Operational risk: Project delays with personnel on board issues, equipment failure or failure to mobilise specialist manpower can materially affect financial performance.

- Regulatory and compliance risk: Increasingly strict local content and tax compliance requirements in our region requires continued monitoring.

The management continuously monitor these risks and have implemented mitigation strategies, including forward planning, local advisory partnerships and tight treasury management.

FUTURE ACTIVITIES

Looking ahead, the Group intends to strengthen its core service lines across our region, while diversifying into adjacent markets. Planned initiatives include:

- Investment in digital solutions to improve efficiency and give clients seamless online access to their data

- Expansion of services we provide to our existing and potential clients. Providing a wealth of services in order to provide total client satisfaction.

- A strong emphasis on compliance and governance frameworks across all subsidiaries to support consolidated Group reporting.

The directors remain confident in the Group's ability to deliver long-term sustainable growth into 2025/2026.

ON BEHALF OF THE BOARD:

Mr BD Stanley - Director

25 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

An interim dividend of 36.9459p per share was paid on 6 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 369,459 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs EL Stanley

Mr BD Stanley

POLITICAL DONATIONS AND EXPENDITURE

During the year the group made no political donations or expenditure.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr BD Stanley - Director

25 September 2025

Opinion

We have audited the financial statements of Global Energy Ventures (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company 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 Auditors' 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 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 group's and the parent 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 Statement of Directors' Responsibilities set out on page five, 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 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.

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.

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 misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired with management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired with management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance and to ensure that their certification is valid.

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

- Identifying and testing sales order entries, on a sample basis, to review for potential manipulation of revenue recognition and sales completeness.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.

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 P Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

26 September 2025

TURNOVER

3

12,930,615

11,490,132

Cost of sales

5,493,240

5,187,979

GROSS PROFIT

7,437,375

6,302,153

Administrative expenses

5,420,974

4,663,368

2,016,401

1,638,785

Other operating income

15,500

-

OPERATING PROFIT

5

2,031,901

1,638,785

Interest receivable and similar income

6,085

16,471

2,037,986

1,655,256

Interest payable and similar expenses

6

33,078

26,812

PROFIT BEFORE TAXATION

2,004,908

1,628,444

Tax on profit

7

501,393

296,284

PROFIT FOR THE FINANCIAL YEAR

1,503,515

1,332,160

Profit attributable to:

Owners of the parent

1,490,267

1,299,897

Non-controlling interests

13,248

32,263

1,503,515

1,332,160

PROFIT FOR THE YEAR

1,503,515

1,332,160

OTHER COMPREHENSIVE INCOME

Foreign exchange

(262,746

)

(159,479

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(262,746

)

(159,479

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,240,769

1,172,681

Total comprehensive income attributable to:

Owners of the parent

1,227,521

1,140,418

Non-controlling interests

13,248

32,263

1,240,769

1,172,681

FIXED ASSETS

Intangible assets

10

103,854

149,977

Tangible assets

11

768,559

550,816

Investments

12

-

-

872,413

700,793

CURRENT ASSETS

Stocks

13

563,080

653,010

Debtors

14

4,695,145

3,384,586

Cash at bank and in hand

697,682

452,520

5,955,907

4,490,116

CREDITORS

Amounts falling due within one year

15

2,674,663

2,354,788

NET CURRENT ASSETS

3,281,244

2,135,328

TOTAL ASSETS LESS CURRENT LIABILITIES

4,153,657

2,836,121

CREDITORS

Amounts falling due after more than one year

16

499,187

44,898

NET ASSETS

3,654,470

2,791,223

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Foreign exchange reserve

21

(487,977

)

(225,231

)

Retained earnings

21

4,013,698

2,892,890

SHAREHOLDERS' FUNDS

3,535,721

2,677,659

NON-CONTROLLING INTERESTS

22

118,749

113,564

TOTAL EQUITY

3,654,470

2,791,223

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr BD Stanley - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

478,447

478,447

478,447

478,447

CURRENT ASSETS

Debtors

14

61,701

61,701

Cash at bank

874

401

62,575

62,102

CREDITORS

Amounts falling due within one year

15

93,523

92,459

NET CURRENT LIABILITIES

(30,948

)

(30,357

)

TOTAL ASSETS LESS CURRENT LIABILITIES

447,499

448,090

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Retained earnings

21

437,499

438,090

SHAREHOLDERS' FUNDS

447,499

448,090

Company's profit for the financial year

368,868

260,007

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr BD Stanley - Director

Called up

Foreign

share

Retained

exchange

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

10,000

1,860,418

(65,752

)

Changes in equity

Dividends

-

(267,425

)

-

Total comprehensive income

-

1,299,897

(159,479

)

Balance at 31 December 2023

10,000

2,892,890

(225,231

)

Changes in equity

Dividends

-

(369,459

)

-

Total comprehensive income

-

1,490,267

(262,746

)

Balance at 31 December 2024

10,000

4,013,698

(487,977

)

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

1,804,666

81,301

1,885,967

Changes in equity

Dividends

(267,425

)

-

(267,425

)

Total comprehensive income

1,140,418

32,263

1,172,681

Balance at 31 December 2023

2,677,659

113,564

2,791,223

Changes in equity

Dividends

(369,459

)

(8,063

)

(377,522

)

Total comprehensive income

1,227,521

13,248

1,240,769

Balance at 31 December 2024

3,535,721

118,749

3,654,470

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

445,508

455,508

Changes in equity

Dividends

-

(267,425

)

(267,425

)

Total comprehensive income

-

260,007

260,007

Balance at 31 December 2023

10,000

438,090

448,090

Changes in equity

Dividends

-

(369,459

)

(369,459

)

Total comprehensive income

-

368,868

368,868

Balance at 31 December 2024

10,000

437,499

447,499

Cash flows from operating activities

Cash generated from operations

1

1,128,636

891,667

Interest paid

(33,078

)

(26,812

)

Tax paid

(370,032

)

(330,716

)

Net cash from operating activities

725,526

534,139

Cash flows from investing activities

Purchase of intangible fixed assets

(20,977

)

(49,837

)

Purchase of tangible fixed assets

(372,138

)

(252,892

)

Sale of tangible fixed assets

-

39,774

Interest received

6,085

16,471

Net cash from investing activities

(387,030

)

(246,484

)

Cash flows from financing activities

New loans in year

500,000

-

Loan repayments in year

(93,372

)

(87,000

)

Capital repayments in year

(113,878

)

(59,862

)

Amount withdrawn by directors

(386,084

)

(362,069

)

Net cash from financing activities

(93,334

)

(508,931

)

Increase/(decrease) in cash and cash equivalents

245,162

(221,276

)

Cash and cash equivalents at beginning of year

2

452,520

673,796

Cash and cash equivalents at end of year

2

697,682

452,520

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

2,004,908

1,628,444

Depreciation charges

303,964

251,174

Profit on disposal of fixed assets

(40,128

)

(23,962

)

Government grants

(15,500

)

-

Finance costs

33,078

26,812

Finance income

(6,085

)

(16,471

)

2,280,237

1,865,997

Decrease/(increase) in stocks

89,930

(256,942

)

Increase in trade and other debtors

(1,318,679

)

(825,330

)

Increase in trade and other creditors

77,148

107,942

Cash generated from operations

1,128,636

891,667

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

697,682

452,520

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

452,520

673,796