REGISTERED NUMBER: 13909630 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Capbal (Forfar) Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

A B Fleetwood

D A Fyffe

E Karti

REGISTERED OFFICE:

Ground Floor, 123

Pall Mall

London

SW1Y 5EA

REGISTERED NUMBER:

13909630 (England and Wales)

AUDITORS:

Harris and Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH

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 construction of utility projects for electricity and telecommunications

DIRECTORS

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

A B Fleetwood

D A Fyffe

E Karti

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Harris and Trotter LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E Karti - Director

29 September 2025

Opinion

We have audited the financial statements of Capbal (Forfar) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 material misstatements in 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. 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 the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates.

- We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

- We obtained an understanding of how the Company is complying with those legal and regulatory framework by making enquiries of management.

- We challenged assumptions and judgments made by management in its significant accounting estimates

We did not identify any key audit matters relating to irregularities, including fraud.

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.

Neville J Newman (Senior Statutory Auditor)

for and on behalf of Harris and Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH

29 September 2025

TURNOVER

857,672

-

Cost of sales

(622,092

)

-

GROSS PROFIT

235,580

-

Administrative expenses

(247,693

)

(126,360

)

(12,113

)

(126,360

)

Other operating income

145,886

-

OPERATING PROFIT/(LOSS)

4

133,773

(126,360

)

Interest receivable and similar income

1,651

-

135,424

(126,360

)

Interest payable and similar expenses

(554,597

)

(220,406

)

LOSS BEFORE TAXATION

(419,173

)

(346,766

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(419,173

)

(346,766

)

FIXED ASSETS

Tangible assets

6

7,660,077

5,492,113

CURRENT ASSETS

Debtors

7

725,841

128,485

Cash at bank

8

1,324,596

876,064

2,050,437

1,004,549

CREDITORS

Amounts falling due within one year

9

(1,502,020

)

(27,551

)

NET CURRENT ASSETS

548,417

976,998

TOTAL ASSETS LESS CURRENT LIABILITIES

8,208,494

6,469,111

CREDITORS

Amounts falling due after more than one year

10

(9,082,607

)

(6,924,051

)

NET LIABILITIES

(874,113

)

(454,940

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(874,114

)

(454,941

)

(874,113

)

(454,940

)

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 29 September 2025 and were signed on its behalf by:

E Karti - Director

A B Fleetwood - Director

1.	STATUTORY INFORMATION

Capbal (Forfar) Limited 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements were prepared in Pound Sterling which is the company's functional currency.

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.

5% straight line basis

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	OPERATING PROFIT/(LOSS)

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

160,177

-

5.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

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

4,760

3,500

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

Land

etc

Totals

£

£

£

COST

At 1 January 2024

131,740

5,360,373

5,492,113

Additions

-

2,328,141

2,328,141

At 31 December 2024

131,740

7,688,514

7,820,254

DEPRECIATION

Charge for year

-

160,177

160,177

At 31 December 2024

-

160,177

160,177

NET BOOK VALUE

At 31 December 2024

131,740

7,528,337

7,660,077

At 31 December 2023

131,740

5,360,373

5,492,113

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

129,328

-

Other debtors

596,513

128,485

725,841

128,485

8.	CASH AT BANK

31.12.24

31.12.23

£

£

Fixed deposit account

520,552

-

Business current accounts

804,044

876,064

1,324,596

876,064

Cash in bank is represented by two sterling accounts and one fixed deposit account all held with HSBC UK Bank plc.

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

1,502,020

27,551

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Loan payable

9,082,607

6,924,051

11.	RELATED PARTY DISCLOSURES

During the period the company received a 7% interest bearing loan of £9,082,607 in total from its immediate parent Unibal Energy Limited a company registered in England and Wales.

12.	ULTIMATE CONTROLLING PARTY

The company's ultimate controlling parties are:

Capbal Limited, a company incorporated in Scotland. The registered address is Unit 6 Harbour Visitor Centre, Fishmarket Quay, Arbroath, Scotland, DD11 1PS.

Mrs Roxanne Rose Revka Horesh

Mr Andrew Haron Horesh