Company No: SC598561 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	58,928		47,366
		58,928		47,366
Current assets
Debtors	4	405,154		162,472
Cash at bank and in hand		6,087		39,731
		411,241		202,203
Creditors: amounts falling due within one year	5	( 1,678,899)		( 1,297,849)
Net current liabilities		(1,267,658)		(1,095,646)
Total assets less current liabilities		(1,208,730)		(1,048,280)
Creditors: amounts falling due after more than one year	6	( 5,612)		( 17,056)
Net liabilities		( 1,214,342)		( 1,065,336)
Capital and reserves
Called-up share capital	7	400		400
Share premium account		199,701		199,701
Profit and loss account		( 1,414,443 )		( 1,265,437 )
Total shareholder's deficit		( 1,214,342)		( 1,065,336)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Enerion Limited (registered number: SC598561) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Ingvar Grannes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Enerion Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis Business Centre, Thainstone, Inverurie, AB51 5TB, United Kingdom, trading at North Building, Bourtie Industrial Estate, Inverurie, AB51 OHL.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,214,342 (2023: £1,065,336) and net current liabilities of £1,267,658 (2023: £1,095,646). Included in current liabilities is an amount owed to one of the directors of £342,382. The company is also supported through loans from the parent company. The directors have provided assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the parent company will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the service and repair of diesel power units.

Turnover is recognised on an accruals basis net of VAT based on when services are provided.

Turnover includes amounts receivable from rental income, which is recognised on an accruals basis.

Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	25 % reducing balance
Plant and machinery	5 years straight line
Vehicles	10 years straight line
Fixtures and fittings	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		11

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	0		101,553		15,950		12,637		10,527		140,667
Additions	22,000		7,654		0		4,767		2,283		36,704
At 31 December 2024	22,000		109,207		15,950		17,404		12,810		177,371
Accumulated depreciation
At 01 January 2024	0		83,889		3,842		1,016		4,554		93,301
Charge for the financial year	4,583		12,682		1,595		3,794		2,488		25,142
At 31 December 2024	4,583		96,571		5,437		4,810		7,042		118,443
Net book value
At 31 December 2024	17,417		12,636		10,513		12,594		5,768		58,928
At 31 December 2023	0		17,664		12,108		11,621		5,973		47,366

4. Debtors

	2024		2023
	£		£
Trade debtors	220,109		138,492
Corporation tax	0		18,048
Other debtors	185,045		5,932
	405,154		162,472

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	11,170		11,104
Trade creditors	106,093		80,784
Amounts owed to related parties (note 9)	856,855		1,025,210
Other taxation and social security	35,668		24,488
Other creditors	669,113		156,263
	1,678,899		1,297,849

There are no amounts included above in respect of which any security has been given by the small entity. The bank loan is backed by a government guarantee.

The amount owed to related parties has no fixed repayment terms. There are varying interest rates on these loans, that ranges from interest free to 20%.

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	5,612		17,056

There are no amounts included above in respect of which any security has been given by the small entity. The bank loan is backed by a government guarantee.

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
400 Ordinary shares of £ 1.00 each	400		400

8. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	212,500		39,000

9. Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

	2024		2023
	£		£
Key management personnel	342,382		342,382
	0		0
	342,382		342,382

10. Ultimate controlling party

Parent Company:

Enerion AS

Plogfabrikkvegen 20 N-4353 Klepp Stasjon, Norway