Smart Energy Homes Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 09806625 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

SMART ENERGY HOMES LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

Mrs T J Wayman

M I Wayman

B M Wayman

REGISTERED OFFICE:

Suite 6

Brecon House, William Brown Close

Llantarnum Industrial Park

Cwmbran

NP44 3AB

REGISTERED NUMBER:

09806625 (England and Wales)

AUDITORS:

Hayvenhursts Limited

Chartered Accountants & Statutory Auditor

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

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

REVIEW OF BUSINESS

The Company operates across several distinct revenue streams, reflecting a diversified and scalable business model. Within the domestic - able-to-pay - market, the Company continues to deliver high-quality energy efficiency improvements directly to homeowners. Our sub-brand, Smart Energy Business, has experienced strong momentum in providing tailored solutions to commercial customers seeking to decarbonise their operations and lower energy expenditure.

The Company has also expanded its presence within the UK social housing sector, partnering with registered social landlords to assist in the decarbonisation of retained housing stock. Alongside these core activities, the Company participates in government-funded initiatives such as ECO4, which remain an important avenue for delivering energy efficiency improvements to households most in need. While this segment continues to evolve with frequent policy and funding adjustments, the Company has maintained its ability to adapt effectively to regulatory change through robust governance, process efficiency, and technical expertise.

The Company's key financial performance indicators are summarised below:

2024 (£

)

2023 (£

)

Change (%

)

Turnover

21,348,527

15,382,656

38.78%

Gross Profit

9,157,153

6,287,987

45.63%

Profit before Tax

1,409,677

1,200,070

17.47%

Retained Profits

1,982,666

935,817

111.86%

Shareholders' Funds

2,054,216

1,007,367

103.92%

OPERATIONAL EXCELLENCE

Our reputation is built on delivering quality outcomes for our customers. Unlike many industry participants, the Company does not operate as a managing agent. Instead, all key stages of the customer journey - from property selection, surveying, design, and project management, through to installation and final handover - are undertaken in-house by our dedicated workforce. This vertically integrated approach ensures full control over quality, safety, and customer satisfaction, forming a cornerstone of our continued success and growth.

The Company’s infrastructure has been developed to support this end-to-end delivery model, with substantial investment in workforce training, compliance systems, and digital project management tools.

FUTURE DEVELOPMENTS

Looking ahead, the Company is forecasting further growth in the 2026 financial year through the continued strengthening of all operational verticals. Strategic priorities include deepening relationships with social landlords, expanding renewable technology offerings, and enhancing our commercial division’s capabilities to support businesses on their sustainability journey.

The Company remains focused on delivering long-term, sustainable growth by continuing to invest in people, innovation, and operational excellence, ensuring it remains a trusted partner in the UK’s transition to a low-carbon future.

ON BEHALF OF THE BOARD:

B M Wayman - Managing Director

28 October 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 during the year continued to be the improvement of the homes and lives of UK residents through the installation of energy efficiency measures. The business provides a comprehensive range of services designed to reduce energy consumption and carbon emissions, from fabric insulation through to the installation of state-of-the-art renewable technologies including air source heat pumps, solar PV systems, and battery storage solutions.

In addition to residential activity, the Company also supports UK businesses in reducing their operational energy costs and achieving compliance with corporate social responsibility and net zero objectives.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

Mrs T J Wayman

B M Wayman

Other changes in directors holding office are as follows:

M I Wayman - appointed 1 January 2024

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, Hayvenhursts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B M Wayman - Managing Director

28 October 2025

Opinion

We have audited the financial statements of Smart Energy Homes 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 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 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 four, 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:

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain

professional scepticism throughout the audit. We also:

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 purpose 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 related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty

exists relating to events 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 auditor's report to the related disclosures 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.

We communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

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.

Gareth R. Williams (Senior Statutory Auditor)

for and on behalf of Hayvenhursts Limited

Chartered Accountants & Statutory Auditor

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

29 October 2025

TURNOVER

21,348,527

15,382,656

Cost of sales

(12,191,374

)

(9,094,669

)

GROSS PROFIT

9,157,153

6,287,987

Administrative expenses

(7,749,019

)

(5,086,069

)

OPERATING PROFIT

5

1,408,134

1,201,918

Interest receivable and similar

income

1,994

-

1,410,128

1,201,918

Interest payable and similar

expenses

6

(451

)

(1,848

)

PROFIT BEFORE TAXATION

1,409,677

1,200,070

Tax on profit

7

(362,828

)

(294,259

)

PROFIT FOR THE FINANCIAL YEAR

1,046,849

905,811

PROFIT FOR THE YEAR

1,046,849

905,811

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,046,849

905,811

FIXED ASSETS

Tangible assets

8

646,128

36,093

Investments

9

565,109

-

1,211,237

36,093

CURRENT ASSETS

Debtors

10

856,228

2,512,207

Cash at bank

2,616,063

762,360

3,472,291

3,274,567

CREDITORS

Amounts falling due within one year

11

(2,067,336

)

(2,288,637

)

NET CURRENT ASSETS

1,404,955

985,930

TOTAL ASSETS LESS CURRENT

LIABILITIES

2,616,192

1,022,023

CREDITORS

Amounts falling due after more than

one year

12

(400,038

)

(14,250

)

PROVISIONS FOR LIABILITIES

15

(161,938

)

(406

)

NET ASSETS

2,054,216

1,007,367

CAPITAL AND RESERVES

Called up share capital

16

1,625

Share premium

17

69,925

Retained earnings

17

1,982,666

935,817

SHAREHOLDERS' FUNDS

2,054,216

1,007,367

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by:

B M Wayman - Managing Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1 January 2023

1,625

30,006

69,925

101,556

Changes in equity

Total comprehensive income

-

905,811

-

905,811

Balance at 31 December 2023

1,625

935,817

69,925

1,007,367

Changes in equity

Total comprehensive income

-

1,046,849

-

1,046,849

Balance at 31 December 2024

1,625

1,982,666

69,925

2,054,216

Cash flows from operating activities

Cash generated from operations

1

3,490,793

531,545

Interest paid

(451

)

(1,848

)

Tax paid

(293,930

)

19,895

Net cash from operating activities

3,196,412

549,592

Cash flows from investing activities

Purchase of tangible fixed assets

(848,257

)

(33,255

)

Purchase of fixed asset investments

(565,109

)

-

Sale of tangible fixed assets

15,185

-

Interest received

1,994

-

Net cash from investing activities

(1,396,187

)

(33,255

)

Cash flows from financing activities

Capital repayments in year

(53,517

)

-

HP Contracts taken out in the year

529,886

-

Amount advanced to associates

(448,000

)

-

Amount introduced by directors

29,380

-

Amount withdrawn by directors

(4,271

)

-

Share issue

-

1,625

Net cash from financing activities

53,478

1,625

Increase in cash and cash equivalents

1,853,703

517,962

Cash and cash equivalents at

beginning of year

2

762,360

244,398

Cash and cash equivalents at end

of year

2

2,616,063

762,360

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

2024

2023

£

Profit before taxation

1,409,677

1,200,070

Depreciation charges

223,037

5,238

Finance costs

451

1,848

Finance income

(1,994

)

-

1,631,171

1,207,156

Decrease/(increase) in trade and other debtors

1,639,650

(2,339,585

)

Increase in trade and other creditors

219,972

1,663,974

Cash generated from operations

3,490,793

531,545

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

2,616,063

762,360

Year ended 31 December 2023

31.12.23

1.1.23

£

Cash and cash equivalents

762,360

244,398

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

Net cash

Cash at bank

762,360

1,853,703

2,616,063

762,360

1,853,703

2,616,063

Debt

Finance leases

-

(529,886

)

(529,886

)

Debts falling due within 1 year

(8,238

)

-

(8,238

)

Debts falling due after 1 year

(14,250

)

8,280

(5,970

)

(22,488

)

(521,606

)

(544,094

)

Total

739,872

1,332,097

2,071,969

1.	STATUTORY INFORMATION

Smart Energy Homes 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

2,369,001

970,405

Social security costs

146,549

96,466

Other pension costs

33,123

134,379

2,548,673

1,201,250

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

2024

2023

Directors

3

Employees

48

14

51

17

2024

2023

£

Directors' remuneration

97,369

205,159

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

Hire of plant and machinery

1,400

9,418

Depreciation - owned assets

32,107

5,032

Depreciation - assets on hire purchase contracts

190,930

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

Bank loan interest

451

707

Interest payable

-

1,141

451

1,848

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

Current tax:

UK corporation tax

201,296

289,139

Deferred tax

161,532

5,120

Tax on profit

362,828

294,259

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

6,941

15,343

19,094

35,176

76,554

Additions

790,388

37,783

-

20,086

848,257

Disposals

-

(15,279

)

-

(15,279

)

At 31 December 2024

797,329

53,126

3,815

55,262

909,532

DEPRECIATION

At 1 January 2024

4,613

15,044

1,604

19,200

40,461

Charge for year

198,621

12,515

-

11,901

223,037

Eliminated on disposal

-

(94

)

-

(94

)

At 31 December 2024

203,234

27,559

1,510

31,101

263,404

NET BOOK VALUE

At 31 December 2024

594,095

25,567

2,305

24,161

646,128

At 31 December 2023

2,328

299

17,490

15,976

36,093

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

744,613

At 31 December 2024

744,613

DEPRECIATION

Charge for year

190,930

At 31 December 2024

190,930

NET BOOK VALUE

At 31 December 2024

553,683

9.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

Additions

565,109

At 31 December 2024

565,109

NET BOOK VALUE

At 31 December 2024

565,109

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

280,028

749,626

Amounts owed by group undertakings

300

Amounts owed by associates

450,000

-

Other debtors

-

593,944

Directors' current accounts

496

25,605

Accrued income

125,404

1,139,615

Prepayments

-

3,117

856,228

2,512,207

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 13)

8,238

Hire purchase contracts (see note 14)

135,818

-

Trade creditors

754,841

1,241,018

Amounts owed to associates

2,000

-

Tax

216,400

309,034

Social security and other taxes

50,635

27,420

Pensions

-

2,928

VAT

113,870

590,073

Other creditors

567,630

106,569

Accrued expenses

217,904

3,357

2,067,336

2,288,637

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR

2024

2023

£

Bank loans (see note 13)

5,970

14,250

Hire purchase contracts (see note 14)

394,068

-

400,038

14,250

13.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

8,238

Amounts falling due between one and two years:

Bank loans - 1-2 years

5,970

14,250

14.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

Net obligations repayable:

Within one year

135,818

-

Between one and five years

394,068

-

529,886

-

15.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

161,938

406

Deferred

tax

£

Balance at 1 January 2024

406

Provided during year

161,532

Balance at 31 December 2024

161,938

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

1,625

Ordinary Shares

1

1,625

17.

RESERVES

Retained

Share

earnings

premium

Totals

£

At 1 January 2024

935,817

69,925

1,005,742

Profit for the year

1,046,849

At 31 December 2024

1,982,666

69,925

2,052,591

18.	AUDITOR LIABILITY LIMITATION AGREEMENT

As prescribed in the audit engagement letter the advice given by our Auditors is for our sole use and does not constitute advice to any third party to whom we may communicate it.

Our Auditor will provide the professional services outlined in that engagement letter with reasonable care and skill. However, they will not be responsible for any losses, penalties, surcharges, interest or additional tax liabilities arising from the supply by ourselves or others of incorrect or incomplete information, or from the failure by ourselves or others to supply any appropriate information or our failure to act on their advice or respond promptly to communications from them or the tax authorities.

We agreed to hold harmless and indemnify our Auditor against any misrepresentation (intentional or unintentional) supplied to our Auditor orally or in writing in connection with this agreement. We have agreed that we will not bring any claim in connection with services provided to the company by the audit firm against any of its employees on a personal basis.

We will not hold our Auditor, or their principles, or their directors or their staff, responsible, to the fullest extent permitted by law, for any loss suffered by us arising from any misrepresentation (intentional or unintentional) supplied to our Auditors orally or in writing in connection with services they provide to the company, against any of their directors or employees personally.

The Auditors' work is not, unless there is a legal or regulatory requirement, to be made available to third parties without their written permission and they will accept no responsibility to third parties for any aspect of their professional services or work that is made available.