REGISTERED NUMBER: 05967652 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Go Geothermal Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Sowden

T Williams

H Erlandsson

C J Bergstrom

T Haglund

REGISTERED OFFICE:

Unit 9 Maple Way

Newton Aycliffe

Co. Durham

DL5 6BF

REGISTERED NUMBER:

05967652 (England and Wales)

AUDITORS:

S&W Audit

3rd Floor

56 Wellington Street

Leeds

LS1 2EE

FIXED ASSETS

Tangible assets

5

273,738

202,711

CURRENT ASSETS

Stocks

1,430,461

1,361,915

Debtors

6

1,053,666

1,420,329

Cash at bank

192,921

225,022

2,677,048

3,007,266

CREDITORS

Amounts falling due within one year

7

1,253,583

945,556

NET CURRENT ASSETS

1,423,465

2,061,710

TOTAL ASSETS LESS CURRENT LIABILITIES

1,697,203

2,264,421

CREDITORS

Amounts falling due after more than one year

8

23,707

31,940

NET ASSETS

1,673,496

2,232,481

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

1,673,492

2,232,477

SHAREHOLDERS' FUNDS

1,673,496

2,232,481

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S Sowden - Director

1.	STATUTORY INFORMATION

Go Geothermal Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, including group loans and access to a group cash pool facility which has now been put in place, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,

over the useful economic life of that asset as follows:

Plant and machinery

25%

Fixtures and fittings

10%, 15%, 20%, 25%

Motor vehicles

25%

Computer equipment

25%

Impairment of fixed asset

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed the possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

Depreciation

Certain fixed assets have not been depreciated as they are held for resale and will be reclassified as stock in the next financial year. As these assets are not intended for long-term use within the business, no depreciation has been applied in accordance with the company's accounting policy.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. At the end of each reporting year the financial assets are assessed for evidence of impairment. If an asset is impaired, the impairment loss is recognised in the profit and loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 21 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

148,053

139,347

56,969

47,164

391,533

Additions

381

90,967

-

48,220

139,568

Disposals

-

4,727

-

-

4,727

Reclassification/transfer

-

(4,727

)

-

-

(4,727

)

At 31 December 2024

148,434

230,314

56,969

95,384

531,101

DEPRECIATION

At 1 January 2024

103,739

24,950

30,163

29,970

188,822

Charge for year

16,466

29,015

11,092

11,968

68,541

Eliminated on disposal

-

307

-

-

307

Reclassification/transfer

-

(307

)

-

-

(307

)

At 31 December 2024

120,205

53,965

41,255

41,938

257,363

NET BOOK VALUE

At 31 December 2024

28,229

176,349

15,714

53,446

273,738

At 31 December 2023

44,314

114,397

26,806

17,194

202,711

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

921,857

1,284,815

Other debtors

131,809

135,514

1,053,666

1,420,329

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

7,923

7,923

Trade creditors

461,548

617,430

Amounts owed to group undertakings

357,112

52,326

Taxation and social security

111,512

166,278

Other creditors

315,488

101,599

1,253,583

945,556

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 9)

23,707

31,940

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

7,923

7,923

Between one and five years

23,707

31,940

31,630

39,863

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

114,433

94,570

Between one and five years

446,720

329,473

In more than five years

335,691

372,371

896,844

796,414

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

31,630

39,863

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

400

Ordinary

0.01

4

4

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

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

S & W Audit Chartered Accountants & Statutory Auditor

13.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £113,643 (2023: £108,103).

14.	RELATED PARTY DISCLOSURES

During the year, the Company received a £200,000 loan from its parent company, NIBE Treasury AB, on commercial terms, with interest charged quarterly at a variable rate. The loan is classified as a current liability and is expected to be repaid within the a few months after the end of the accounting period, replacing it with an overdraft facility.

At the reporting date, the outstanding loan balance was £200,000, with accrued interest of £2,949.25.