REGISTERED NUMBER: 09925135 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

HSEnergy Group Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

N B Mitchell

Mrs V Mitchell

REGISTERED OFFICE:

Lynnem House

1 Victoria Way

Burgess Hill

RH15 9NF

REGISTERED NUMBER:

09925135 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

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

REVIEW OF BUSINESS

During the year, the company has seen a decrease in gross profit margin from 35% in the 2023 year to 15%. Turnover was £6,552,186, a decrease of 77% on the previous year. The operating profit also decreased by 114% in the year.

The decrease in profit in the year was expected due to the decision made at the end of the previous year to move towards obtaining commercial contracts and the restructuring of the company in separating its business streams. The company prides itself on delivering energy reducing solutions, allowing its customer base to save money on their energy bills during this time and is constantly working towards achieving this goal.

As part of the restructuring of the company, we have taken on the new name HSEnergy Group Ltd (previously known as Smartfoam Ltd) to reflect the group structure we are building.

The company has continued working towards obtaining accreditations from various certifying bodies during the year and has made great progress towards this goal, using the quieter period to its advantage. By obtaining these, the company ensures that we are the most attractive option for potential new clients, giving them confidence in the high standard of work.

The company has moved towards supplying and developing solutions for the commercial market, whilst continuing to support our domestic clients and scheme work within the local communities. In order to support this, the company has been developing our distribution processes, as well as continuing working on the introduction of virtual power platforms to the UK. By investing time in developing this, the company has secured future residual incomes. This, along with the introduction of new legislation to allow easier trade of energy, will support both the company and our clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The company expects to face possible pricing issues in the upcoming year due to the competitive pricing nature of its stock. The company currently has a strong stock control procedure and is aiming to maintain this to ensure we keep an appropriate stock level, to keep in line with growing demand whilst aiming to take advantage of fluctuations in costs.

The industry remains uncertain of the impacts following the recent US election and how this will affect the surge in clean power and the worldwide goal to reduce global warming. The company is remaining positive that there will be opportunities for action in the current environment.

KEY PERFORMANCE INDICATORS

2024 2023

Turnover £6,552,186 £28,216,927

Gross Profit Margin 15% 35%

Operating (loss)/profit (£1,126,129) £7,848,633

EBITDA (£798,901) £8,120,114

ON BEHALF OF THE BOARD:

N B Mitchell - Director

10 June 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of installation of renewable energy solutions.

DIVIDENDS

Interim dividends totalling £5500 per share were paid during the year. The directors recommend a final dividend of £850 per share, making a total of £6350 per share for the year ended 31 December 2024.

The total distribution of dividends for the year ended 31 December 2024 will be £ 635,000 .

DIRECTORS

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

N B Mitchell

Mrs V Mitchell

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N B Mitchell - Director

10 June 2025

Opinion

We have audited the financial statements of HSEnergy Group Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its loss 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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.

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

- Identify and assess the risk 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 purposes 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 the 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 event 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 auditors report to the related disclosure 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.

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.

Hazel Day Bsc FCA DChA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

10 June 2025

TURNOVER

3

6,552,186

28,216,927

Cost of sales

5,562,521

18,334,087

GROSS PROFIT

989,665

9,882,840

Administrative expenses

2,117,904

2,046,520

(1,128,239

)

7,836,320

Other operating income

2,110

12,313

OPERATING (LOSS)/PROFIT

6

(1,126,129

)

7,848,633

Interest receivable and similar income

89,411

65,143

(1,036,718

)

7,913,776

Interest payable and similar expenses

8

228

13,120

(LOSS)/PROFIT BEFORE TAXATION

(1,036,946

)

7,900,656

Tax on (loss)/profit

9

(243,605

)

1,872,423

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(793,341

)

6,028,233

(LOSS)/PROFIT FOR THE YEAR

(793,341

)

6,028,233

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(793,341

)

6,028,233

FIXED ASSETS

Tangible assets

11

377,697

449,424

Investments

12

100

-

377,797

449,424

CURRENT ASSETS

Stocks

13

4,393,514

2,390,000

Debtors

14

919,803

593,902

Cash at bank and in hand

1,184,118

5,875,677

6,497,435

8,859,579

CREDITORS

Amounts falling due within one year

15

1,314,406

2,301,919

NET CURRENT ASSETS

5,183,029

6,557,660

TOTAL ASSETS LESS CURRENT LIABILITIES

5,560,826

7,007,084

PROVISIONS FOR LIABILITIES

18

94,200

112,117

NET ASSETS

5,466,626

6,894,967

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

5,466,526

6,894,867

SHAREHOLDERS' FUNDS

5,466,626

6,894,967

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:

N B Mitchell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

3,183,634

3,183,734

Changes in equity

Dividends

-

(2,317,000

)

(2,317,000

)

Total comprehensive income

-

6,028,233

6,028,233

Balance at 31 December 2023

100

6,894,867

6,894,967

Changes in equity

Dividends

-

(635,000

)

(635,000

)

Total comprehensive income

-

(793,341

)

(793,341

)

Balance at 31 December 2024

100

5,466,526

5,466,626

Cash flows from operating activities

Cash generated from operations

1

(2,226,091

)

8,293,386

Interest paid

(228

)

(13,120

)

Tax paid

(1,947,515

)

(729,127

)

Net cash from operating activities

(4,173,834

)

7,551,139

Cash flows from investing activities

Purchase of tangible fixed assets

(85,457

)

(455,290

)

Purchase of fixed asset investments

(100

)

-

Sale of tangible fixed assets

48,000

-

Interest received

89,411

65,143

Net cash from investing activities

51,854

(390,147

)

Cash flows from financing activities

Loan repayments in year

(9,316

)

(83,953

)

Amount withdrawn by directors

74,737

(12,410

)

Equity dividends paid

(635,000

)

(2,317,000

)

Net cash from financing activities

(569,579

)

(2,413,363

)

(Decrease)/increase in cash and cash equivalents

(4,691,559

)

4,747,629

Cash and cash equivalents at beginning of year

2

5,875,677

1,128,048

Cash and cash equivalents at end of year

2

1,184,118

5,875,677

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(1,036,946

)

7,900,656

Depreciation charges

121,864

151,051

Profit on disposal of fixed assets

(12,681

)

-

Finance costs

228

13,120

Finance income

(89,411

)

(65,143

)

(1,016,946

)

7,999,684

(Increase)/decrease in stocks

(2,003,514

)

583,614

Decrease in trade and other debtors

51,550

178,519

Increase/(decrease) in trade and other creditors

742,819

(468,431

)

Cash generated from operations

(2,226,091

)

8,293,386

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

1,184,118

5,875,677

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,875,677

1,128,048

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

5,875,677

(4,691,559

)

1,184,118

5,875,677

(4,691,559

)

1,184,118

Debt

Debts falling due within 1 year

(9,317

)

9,317

-

(9,317

)

9,317

-

Total

5,866,360

(4,682,242

)

1,184,118

1.	STATUTORY INFORMATION

HSEnergy Group 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements present information for HSEnergy Group Ltd as an individual entity and do not include consolidated financial information. The company is exempt from the requirement to prepare consolidated financial statements under Section 405(2) of the Companies Act 2006, as its subsidiary, HSEV Ltd, had no transactions during the reporting period and its inclusion is not considered material for the purpose of providing a true and fair view.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates are based on historical experience, and actual results may differ from these estimates.

The main critical accounting judgement, and key source of uncertainty in applying these estimations, that may have significant impact on the amounts recognised in these financial statements are as follows:

REVENUE RECOGNITION FOR CONTRACTS

Revenue from installation contracts is recognised upon commencement of work, the deposits paid by customers are held until work starts, resulting in the credit of £23,904 (2023: £194,097) held at the year-end. Revenue from sale of stock is recognised at date of sale.

Management periodically evaluates the trade receivables. When there is evidence or indication that the full or part of a receivable collection is not probable, using parameters such as its credit policy and its judgment on the impact of other factors affecting the recoverability of the receivable, the director will make the decision to account for the bad debt.

STOCK VALUATION

Stock has been valued at the lower of cost and net realisable value by the Director and adjustments have been made for any obsolete or slow-moving stock. Due to the nature of the items held, re-sale prices have fluctuated significantly in the year. The remainder of the stock held at the balance sheet date is constantly used items.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measures at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

6,552,186

28,216,927

6,552,186

28,216,927

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

804,367

974,820

Social security costs

68,096

45,731

Other pension costs

9,519

6,752

881,982

1,027,303

The average number of employees during the year was as follows:

31.12.24

31.12.23

Cost of sales

5

6

Administration

23

19

28

25

5.	DIRECTORS' EMOLUMENTS

31.12.24

31.12.23

£

£

Directors' remuneration

60,000

384,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

6.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

158,217

174,331

Depreciation - owned assets

121,865

151,051

Profit on disposal of fixed assets

(12,681

)

-

Foreign exchange differences

5,020

-

7.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

15,000

20,000

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

228

13,120

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

(225,688

)

1,787,698

Deferred tax

(17,917

)

84,725

Tax on (loss)/profit

(243,605

)

1,872,423

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

(Loss)/profit before tax

(1,036,946

)

7,900,656

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(259,237

)

1,975,164

Effects of:

Expenses not deductible for tax purposes

1,435

1,267

Capital allowances in excess of depreciation

(17,917

)

(76,287

)

Utilisation of tax losses

22,352

-

Adjustment for tax rate change

27,679

(112,446

)

Deferred tax

(17,917

)

84,725

Total tax (credit)/charge

(243,605

)

1,872,423

10.

DIVIDENDS

31.12.24

31.12.23

£

£

Interim

635,000

2,317,000

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

113,261

33,873

484,287

12,786

644,207

Additions

3,852

1,622

70,458

9,525

85,457

Disposals

(9,300

)

(255

)

(44,240

)

(4,420

)

(58,215

)

At 31 December 2024

107,813

35,240

510,505

17,891

671,449

DEPRECIATION

At 1 January 2024

32,165

8,571

149,064

4,983

194,783

Charge for year

20,761

6,546

90,497

4,061

121,865

Eliminated on disposal

(3,923

)

(187

)

(15,899

)

(2,887

)

(22,896

)

At 31 December 2024

49,003

14,930

223,662

6,157

293,752

NET BOOK VALUE

At 31 December 2024

58,810

20,310

286,843

11,734

377,697

At 31 December 2023

81,096

25,302

335,223

7,803

449,424

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

100

At 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

During the year the company acquired 100% shares in the following subsidiary:

HSEV Ltd

Registered at:

Lynnem House

1 Victoria Way

Burgess Hill

RH15 9NF

13.

STOCKS

31.12.24

31.12.23

£

£

Stocks

4,393,514

2,390,000