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REGISTERED NUMBER: 01025224 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

FOR

VANDAPOWER LIMITED

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| VANDAPOWER LIMITED |

COMPANY INFORMATION

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

| DIRECTORS: | D Aelvoet

| S Uitterhaegen

| Vandapower Group NV

| REGISTERED OFFICE: | Unit 4 Spring Business Park

| Stanbridge Road

| Havant

| Hampshire

| PO9 2GJ

| REGISTERED NUMBER: | 01025224 (England and Wales)

| AUDITORS: | Lewis Brownlee (Chichester) Limited

| Statutory Auditors

| Appledram Barns

| Birdham Road

| Chichester

| West Sussex

| PO20 7EQ

| ACCOUNTANTS: | Hughes Spencer

| 12 Acorn Business Park

| Northarbour Road

| Portsmouth

| Hampshire

| PO6 3TH

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

BALANCE SHEET

31 MARCH 2025

2025 | 2023 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 4 | 28,848 |  | 35,469 |  |

CURRENT ASSETS

Stocks | 5 | 988,238 |  | 1,426,980 |  |

Debtors | 6 | 1,184,574 |  | 1,223,714 |  |

Cash at bank | 33,649 |  | 2,276 |  |

2,206,461 |  | 2,652,970 |  |

CREDITORS

Amounts falling due within one year | 7 | 894,714 |  | 1,635,679 |  |

NET CURRENT ASSETS | 1,311,747 |  | 1,017,291 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,340,595 |  | 1,052,760 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (1,745 | ) | (14,783 | ) |

PROVISIONS FOR LIABILITIES | 11 | (7,212 | ) | (6,739 | ) |

NET ASSETS | 1,331,638 |  | 1,031,238 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 1,331,636 |  | 1,031,236 |  |

1,331,638 |  | 1,031,238 |  |

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 4 November 2025 and were signed on its behalf by:

D Aelvoet - Director

S Uitterhaegen - Director

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

1. | STATUTORY INFORMATION

| Vandapower 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 have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

| Extended period

| The financial statements have been prepared for a 15 month period, therefore the prior period balances are not directly comparable.

| Going concern

| The company relies on support from the parent company. Vandapower Group NV has confirmed it intends to continue to provide financial support to enable Vandapower Limited to meet its obligations as they fall due, for at least 12 months from the date of approval of these financial statements. The directors are confident that Vandapower Group NV has sufficient resources to provide a sufficient level of support.

| At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.

| Related party exemption

| 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.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period for.

| The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

| Critical judgement and key estimations

| Despite significant ageing of some items of stock held at the period end, the directors believe that no provision for slow moving or obsolete stocks are required in the financial statements.

| Turnover

| Turnover represents net invoiced sales of goods, excluding value added tax.

| Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are stated at cost less depreciation.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

| life.

| Plant and machinery |  | - |  | 20% on cost |  |

| Fixtures and fittings |  | - |  | 10% on cost |  |

| Computer equipment |  | - |  | 33% on cost |  |

| Stocks

| Stocks are valued at the lower of cost and net realisable value, on an average costing basis incorporating a calculation of some absorption of transport and customs costs, after making due allowance for obsolete and slow moving items.

| Financial instruments

| Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

| Taxation

| Taxation for the period 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 period 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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.

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Employee benefits

| The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employees services are received.

| Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Operating lease commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 7 (2023 - 9 ) .

4. | TANGIBLE FIXED ASSETS

Fixtures |

Plant and | and | Computer |

machinery | fittings | equipment | Totals |

| £ | £ | £ | £

| COST

| At 1 January 2024

| and 31 March 2025 | 22,577 |  | 24,983 |  | 1,916 |  | 49,476 |  |

| DEPRECIATION

| At 1 January 2024 | 9,264 |  | 3,402 |  | 1,341 |  | 14,007 |  |

| Charge for period | 3,716 |  | 2,499 |  | 406 |  | 6,621 |  |

| At 31 March 2025 | 12,980 |  | 5,901 |  | 1,747 |  | 20,628 |  |

| NET BOOK VALUE

| At 31 March 2025 | 9,597 |  | 19,082 |  | 169 |  | 28,848 |  |

| At 31 December 2023 | 13,313 |  | 21,581 |  | 575 |  | 35,469 |  |

5. | STOCKS

2025 | 2023 |

| £ | £

| Stocks | 988,238 |  | 1,426,980 |  |

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

2025 | 2023 |

| £ | £

| Trade debtors | 910,729 |  | 974,331 |  |

| Amounts owed by group undertakings | 133,311 |  | - |  |

| Other debtors | 903 |  | 9,146 |  |

| VAT | 107,148 |  | 187,192 |  |

| Prepayments and accrued income | 32,483 |  | 53,045 |  |

1,184,574 |  | 1,223,714 |  |

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

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

| Included within trade debtors is £573,749 (2023: £672,350) of amounts due from group undertakings from normal trading activities.

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

2025 | 2023 |

| £ | £

| Bank loans and overdrafts (see note 9) | 10,463 |  | 10,141 |  |

| Trade creditors | 762,497 |  | 1,167,478 |  |

| Amounts owed to group undertakings | 22,874 |  | 165,827 |  |

| Corporation Tax | 75,136 |  | 66,420 |  |

| Accrued expenses | 23,744 |  | 225,813 |  |

894,714 |  | 1,635,679 |  |

| Included within trade creditors is £366,778 (2023: £583,803) of amounts due to group undertakings from normal trading activities.

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

2025 | 2023 |

| £ | £

| Bank loans (see note 9) | 1,745 |  | 14,783 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2023 |

| £ | £

| Amounts falling due within one year or on demand:

| Bank loans | 10,463 |  | 10,141 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 1,745 |  | 10,397 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 4,386 |  |

| The bank loan was received under the Bounce Back Loan Scheme. A full guarantee has been provided by the UK Government. Interest is charged on the loan at 2.5% per annum.

10. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases due are £101,135 (2023: £175,235).

11. | PROVISIONS FOR LIABILITIES

2025 | 2023 |

| £ | £

| Deferred tax | 7,212 |  | 6,739 |  |

| VANDAPOWER LIMITED (REGISTERED NUMBER: 01025224) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 31 MARCH 2025

11. | PROVISIONS FOR LIABILITIES - continued

Deferred tax |

| £

| Balance at 1 January 2024 | 6,739 |  |

| Charge to Income Statement during period | 473 |  |

| Balance at 31 March 2025 | 7,212 |  |

12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was qualified on the following basis:

| Basis for qualified 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. We were not appointed as auditor of the company until after the end of the prior period to 31 December 2023 and thus did not observe the counting of physical stock at the end of that year. We were also not able to demonstrate there was appropriate sufficient audit evidence for some unit price valuations and the potential provision of some slow moving categories of certain items of stock. We were unable to satisfy ourselves by alternative means concerning the stock quantities and the valuation of certain stock items held at 31 December 2023 of £1,426,980, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

| Our audit opinion on the financial statements for the year ended 31 December 2023 was modified accordingly. We have obtained sufficient appropriate audit evidence regarding the above matters to conclude stock is not materially misstated as at the current period end, 31 March 2025. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

| Matters required to report by exception

| Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

| for and on behalf of Lewis Brownlee (Chichester) Limited