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REGISTERED NUMBER: 00299044 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Enertech Limited

Enertech Limited (Registered number: 00299044)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Enertech Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | S O H Erlandsson

| G Williamson

| N T Haglund

| O M Karlsson

| P E R Melkersson

| REGISTERED OFFICE: | Unit 40 Ten Acres

| Berry Hill Industrial Estate

| Droitwich Spa

| Worcestershire

| WR9 9AQ

| REGISTERED NUMBER: | 00299044 (England and Wales)

| AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| 3rd Floor

| 56 Wellington Street

| Leeds

| West Yorkshire

| LS1 2EE

| BANKERS: | Lloyds Bank

| 4th Floor

| 125 Colmore Row

| Birmingham

| B3 3SF

Enertech Limited (Registered number: 00299044)

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £'000 | £'000 | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 4 | 121 |  | 151 |  |

CURRENT ASSETS

Stocks | 5 | 1,141 |  | 1,118 |  |

Debtors | 6 | 1,377 |  | 1,355 |  |

Cash at bank | 1,182 |  | 1,388 |  |

3,700 |  | 3,861 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,404 |  | 1,317 |  |

NET CURRENT ASSETS | 2,296 |  | 2,544 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,417 |  | 2,695 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (100 | ) | (200 | ) |

PROVISIONS FOR LIABILITIES | 10 | - |  | (8 | ) |

NET ASSETS | 2,317 |  | 2,487 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 249 |  | 249 |  |

Retained earnings | 2,068 |  | 2,238 |  |

SHAREHOLDERS' FUNDS | 2,317 |  | 2,487 |  |

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2025 and were signed on its behalf by:

G Williamson - Director

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Enertech 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.

| 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 and future cash flows, in making their assessment. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| Turnover

| Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised

| when the goods are dispatched to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

| 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 cost and 10% on cost

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets under the cost model are stated at historical cost less accumulated

| depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

| directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

| prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

| Stock and work in progress

| Stocks and work in progress are valued at the lower of cost and net realisable value after making due

| allowance for obsolete and slow-moving stocks. Cost is determined on a first-in first-out basis. The

| cost of work in progress and finished goods comprises materials, direct labour and attributable

| overheads. Net realisable value is based on the estimated sales price after allowing for all further

| costs of completion and disposal.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each

| reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss account.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference

| between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the

| difference between an asset's carrying amount and best estimate, which is an approximation of the

| amount that the company would receive for the asset if it were to be sold at the balance sheet date.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet when

| there is an enforceable right to set off the recognised amounts and there

| 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.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Functional and presentation currency

| The company's functional and presentational currency is GBP.

| Transactions and balances

| At each period end foreign currency monetary items are translated using the closing rate.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the

| translation at period-end exchange rates of monetary assets and liabilities denominated in foreign

| currencies are recognised in the Statement of comprehensive income.

| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are

| presented in the Statement of comprehensive income within 'finance income or costs'. All other

| foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

| 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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the

| contributions have been paid the company has no further payment obligations.

| The assets of the scheme are held separately from those of the company in independently

| administered funds. The annual contributions payable are charged to the profit and loss account in

| the period in which they fall due.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are

| measured at amortised cost using the effective interest method, less any impairment.

| 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.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Creditors

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank

| loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method.

| Research and development

| Research and development expenditure is written off as incurred, except development expenditure

| incurred on an individual project which is carried forward when its future recoverability can be

| reasonably be regarded as assured. Any expenditure carried forward is amortized in line with the

| expected future sales.

| Product warranties

| Provision is made for estimated liability costs on products still under warranty, including claims

| already received, and is included in creditors and accrued charges.

| Finance costs

| Finance costs are charged to the Statement of Comprehensive Income over the term of the debt

| using the effective interest method so that the amount charged is at a constant rate on the carrying

| amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are

| recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

| Interest income

| Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

| Operating Leases

| Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 43 (2023 - 45 ) .

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£'000 | £'000 | £'000 | £'000 |

| COST

| At 1 January 2024 | 1,082 |  | 191 |  | 107 |  | 1,380 |  |

| Additions | 20 |  | - |  | - |  | 20 |  |

| Disposals | - |  | - |  | (10 | ) | (10 | ) |

| At 31 December 2024 | 1,102 |  | 191 |  | 97 |  | 1,390 |  |

| DEPRECIATION

| At 1 January 2024 | 992 |  | 191 |  | 46 |  | 1,229 |  |

| Charge for year | 33 |  | - |  | 17 |  | 50 |  |

| Eliminated on disposal | - |  | - |  | (10 | ) | (10 | ) |

| At 31 December 2024 | 1,025 |  | 191 |  | 53 |  | 1,269 |  |

| NET BOOK VALUE

| At 31 December 2024 | 77 |  | - |  | 44 |  | 121 |  |

| At 31 December 2023 | 90 |  | - |  | 61 |  | 151 |  |

5. | STOCKS

2024 | 2023 |

£'000 | £'000 |

| Raw materials | 683 |  | 627 |  |

| Work-in-progress | 165 |  | 71 |  |

| Finished goods | 293 |  | 420 |  |

1,141 |  | 1,118 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Trade debtors | 1,247 |  | 1,281 |  |

| Deferred tax asset | 47 |  | - |  |

| Prepayments and accrued income | 83 |  | 74 |  |

1,377 |  | 1,355 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Trade creditors | 814 |  | 629 |  |

| Amounts owed to group undertakings | 95 |  | 129 |  |

| Tax | (14 | ) | (15 | ) |

| Social security and other taxes | 46 |  | 55 |  |

| VAT | 76 |  | 122 |  |

| Accruals and deferred income | 387 |  | 397 |  |

1,404 |  | 1,317 |  |

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Amounts owed to group undertakings falling due within one year are trading balances that do not bear interest and are settled on normal commercial terms.

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£'000 | £'000 |

| Amounts owed to group undertakings | 100 |  | 200 |  |

| Other loans is an amount owed to the ultimate parent undertaking and is repayable in February 2027. Interest is charged on a quarterly basis based on the applicable IBOR or RFR rate.

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£'000 | £'000 |

| Within one year | 183 |  | 190 |  |

| Between one and five years | 90 |  | 254 |  |

273 |  | 444 |  |

10. | PROVISIONS FOR LIABILITIES

2023 |

£'000 |

| Deferred tax | 8 |  |

| Deferred |

| tax |

£'000 |

| Balance at 1 January 2024 | 8 |  |

| Provided during year | (55 | ) |

| Balance at 31 December 2024 | (47 | ) |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £'000 | £'000 |

| 249,490 | Ordinary shares | 1 | 249 |  | 249 |  |

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

| The audit report was signed on 2 October 2025.

Enertech Limited (Registered number: 00299044)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

13. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £68,885 (2023: £83,322). Contributions totalling £0 (2023: £0) were payable to the fund at the balance sheet date and are included in creditors.

14. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. | ULTIMATE CONTROLLING PARTY

| The immediate controlling party and parent entity is Enertech AB. The ultimate parent entity is NIBE Industrier AB. Both companies are incorporated in Sweden.

| The largest and smallest group for which consolidated accounts for the year ended 31 December 2024 are prepared was NIBE Industrier AB. Consolidated accounts are available from NIBE Industrier AB, Box 14, Jarnvagsgaten 40, 285 21 Markaryd, Sweden or www.nibe.com