REGISTERED NUMBER: 04147622 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

European Support Services (UK) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

R Kjellerup

R J Dye

SECRETARY:

Camamile Limited

REGISTERED OFFICE:

15 Newland

Lincoln

Lincolnshire

LN1 1XG

REGISTERED NUMBER:

04147622 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

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

PRIMARY ACTIVITIES

The group's principal activity is primarily the service, overhaul and repairs of gas turbines.

The parent company's objective is to serve as a management company for the group companies.

DEVELOPMENT IN ACTIVITIES AND FINANCES

Profit after tax for the year is £4,218,316 (2023: £2,292,397).

Net profit is considered to be satisfactory given the current market conditions.

OUTLOOK

For 2025, the management expect the level of profit to continue.

KEY PERFORMANCE INDICATORS

2024

2023

£

£

Turnover

20,222,906

18,329,361

Gross profit

11,734,832

9,295,978

Gross margin

58.0%

50.7%

Profit before taxation

5,451,038

2,956,838

Net assets

16,409,020

14,107,371

RISKS

The group operates in a range of currencies and as a result fluctuations in these currencies can have a significant

impact on the performance of the group. The directors assess and monitor the risks of the group on a continual basis.

INTELLECTUAL CAPITAL RESOURCES

The group's core business involves providing high-quality services. This element places additional demands on the intellectual capital resources concerning development and provision of services.

STAFF

In order to continuously provide high-quality services it is crucial that the group is able to recruit and retain staff with profound technical knowledge. The group's objective is for the entities to always have the highest level of knowledge and relevant technologies with a view to ensuring a high capacity for change.

ENVIRONMENTAL PERFORMANCE

The group aims to provide services consistently with the strictest of security and environmental regulations, and the group's enterprises make a targeted effort in this context, including securing external approval under applicable standards.

ON BEHALF OF THE BOARD:

R J Dye - Director

26 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the service, overhaul and repairs of gas turbines.

DIVIDENDS

Interim dividends per share were paid as follows:

120.1406

- 6 January 2024

20.00

- 1 July 2024

140.1406

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 934,177 .

DIRECTORS

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

R Kjellerup

R J Dye

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006, certain disclosures required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, which are considered by the directors to be of strategic importance, have been included in the Strategic Report. The directors’ report should be read in conjunction with the Strategic Report for a full understanding of these matters.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R J Dye - Director

26 September 2025

Opinion

We have audited the financial statements of European Support Services (UK) 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 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 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.

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of 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 the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant laws and regulations.

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.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

26 September 2025

TURNOVER

20,222,906

18,329,361

Cost of sales

8,488,074

9,033,383

GROSS PROFIT

11,734,832

9,295,978

Administrative expenses

5,511,440

5,376,082

OPERATING PROFIT

4

6,223,392

3,919,896

Interest receivable and similar income

49,366

4,860

6,272,758

3,924,756

Interest payable and similar expenses

5

821,720

967,918

PROFIT BEFORE TAXATION

5,451,038

2,956,838

Tax on profit

6

1,232,722

664,441

PROFIT FOR THE FINANCIAL YEAR

4,218,316

2,292,397

Profit attributable to:

Owners of the parent

3,017,093

1,604,965

Non-controlling interests

1,201,223

687,432

4,218,316

2,292,397

PROFIT FOR THE YEAR

4,218,316

2,292,397

OTHER COMPREHENSIVE INCOME

Exchange differences on translation

(656,786

)

(264,913

)

Fair value adj of hedging instruments

Other changes in equity

(2,345

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(659,131

)

(264,913

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,559,185

2,027,484

Total comprehensive income attributable to:

Owners of the parent

2,555,701

1,419,526

Non-controlling interests

1,003,484

607,958

3,559,185

2,027,484

FIXED ASSETS

Tangible assets

9

11,941,271

12,383,287

Investments

10

22,222

23,254

11,963,493

12,406,541

CURRENT ASSETS

Stocks

11

16,420,662

17,026,616

Debtors

12

5,383,126

3,756,070

Cash at bank

647,401

691,350

22,451,189

21,474,036

CREDITORS

Amounts falling due within one year

13

12,507,327

15,303,690

NET CURRENT ASSETS

9,943,862

6,170,346

TOTAL ASSETS LESS CURRENT LIABILITIES

21,907,355

18,576,887

CREDITORS

Amounts falling due after more than one year

14

(5,051,528

)

(4,469,516

)

PROVISIONS FOR LIABILITIES

18

(446,807

)

-

NET ASSETS

16,409,020

14,107,371

CAPITAL AND RESERVES

Called up share capital

19

67

67

Capital redemption reserve

20

33

33

Retained earnings

20

11,692,155

10,070,660

SHAREHOLDERS' FUNDS

11,692,255

10,070,760

NON-CONTROLLING INTERESTS

21

4,716,765

4,036,611

TOTAL EQUITY

16,409,020

14,107,371

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

R J Dye - Director

FIXED ASSETS

Tangible assets

9

1,189

1,629

Investments

10

11,005,756

9,418,742

11,006,945

9,420,371

CURRENT ASSETS

Debtors

12

691,353

848,377

Cash at bank

250,896

28,386

942,249

876,763

CREDITORS

Amounts falling due within one year

13

256,642

226,406

NET CURRENT ASSETS

685,607

650,357

TOTAL ASSETS LESS CURRENT LIABILITIES

11,692,552

10,070,728

PROVISIONS FOR LIABILITIES

18

297

407

NET ASSETS

11,692,255

10,070,321

CAPITAL AND RESERVES

Called up share capital

19

67

67

Capital redemption reserve

20

33

33

Retained earnings

20

11,692,155

10,070,221

SHAREHOLDERS' FUNDS

11,692,255

10,070,321

Company's profit for the financial year

2,556,111

1,419,089

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 26 September 2025 and were signed on its behalf by:

R J Dye - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

67

9,191,134

33

Changes in equity

Dividends

-

(540,000

)

-

Total comprehensive income

-

1,419,526

-

Balance at 31 December 2023

67

10,070,660

33

Changes in equity

Dividends

-

(934,177

)

-

Total comprehensive income

-

2,555,672

-

Balance at 31 December 2024

67

11,692,155

33

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

9,191,234

3,428,653

12,619,887

Changes in equity

Dividends

(540,000

)

-

(540,000

)

Total comprehensive income

1,419,526

607,958

2,027,484

Balance at 31 December 2023

10,070,760

4,036,611

14,107,371

Changes in equity

Dividends

(934,177

)

(323,330

)

(1,257,507

)

Total comprehensive income

2,555,672

1,003,484

3,559,156

Balance at 31 December 2024

11,692,255

4,716,765

16,409,020

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

67

9,191,132

33

9,191,232

Changes in equity

Dividends

-

(540,000

)

-

(540,000

)

Total comprehensive income

-

1,419,089

-

1,419,089

Balance at 31 December 2023

67

10,070,221

33

10,070,321

Changes in equity

Dividends

-

(934,177

)

-

(934,177

)

Total comprehensive income

-

2,556,111

-

2,556,111

Balance at 31 December 2024

67

11,692,155

33

11,692,255

Cash flows from operating activities

Cash generated from operations

1

5,634,325

2,933,685

Interest paid

(821,720

)

(967,918

)

Tax paid

(805,194

)

(769,946

)

Net cash from operating activities

4,007,411

1,195,821

Cash flows from investing activities

Purchase of tangible fixed assets

(673,477

)

(2,584,327

)

Sale of tangible fixed assets

420

-

Sale of fixed asset investments

(2,210

)

-

Interest received

49,366

4,860

Net cash from investing activities

(625,901

)

(2,579,467

)

Cash flows from financing activities

Loan movement in the year

(2,491,281

)

2,399,837

Amount introduced by directors

-

1,527

Amount withdrawn by directors

(1

)

(902

)

Equity dividends paid

(934,177

)

(540,000

)

Net cash from financing activities

(3,425,459

)

1,860,462

(Decrease)/increase in cash and cash equivalents

(43,949

)

476,816

Cash and cash equivalents at beginning of year

2

691,350

214,534

Cash and cash equivalents at end of year

2

647,401

691,350

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

2024

2023

£

£

Profit before taxation

5,451,038

2,956,838

Depreciation charges

565,774

467,018

Loss on disposal of fixed assets

3,777

-

Finance costs

821,720

967,918

Finance income

(49,366

)

(4,860

)

6,792,943

4,386,914

Decrease in stocks

605,954

76,192

Increase in trade and other debtors

(1,638,641

)

(365,554

)

Decrease in trade and other creditors

(125,931

)

(1,163,867

)

Cash generated from operations

5,634,325

2,933,685

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

647,401

691,350

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

691,350

214,534

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

691,350

(43,949

)

647,401

691,350

(43,949

)

647,401

Debt

Debts falling due within 1 year

(10,380,698

)

3,435,010

(6,945,688

)

Debts falling due after 1 year

(3,989,109

)

(943,729

)

(4,932,838

)

(14,369,807

)

2,491,281

(11,878,526

)

Total

(13,678,457

)

2,447,332

(11,231,125

)

1.	STATUTORY INFORMATION

European Support Services (UK) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The consolidated financial statements are prepared on the basis of the financial statements of European Support Services (UK) Limited and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the group's accounting policies.

The minority interests are the post acquisition reserves attributable to the minority interest and are shown in line with FRS102.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover from the sale of manufactured goods and goods for resale is recognised in the profit and loss account when delivery is made and the risk has passed to the buyer.

Contract work in progress is included in turnover based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year.

Tangible fixed assets

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

Land and Buildings

-

Straight line over 50 years

Plant and machinery

-

Straight line over 15 years and Straight line over 3 years

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Investments in associates

Investments in associate undertakings are recognised at cost less any provision for impairment.

Investments in subsidiary undertakings are recognised at fair value through the profit and loss account.

Investments in subsidiary undertakings are eliminated on consolidation.