These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

ACWA Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is ACWA House, Unit 9, Acorn Business Park, Skipton, BD23 2UE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

ACWA Services Limited is a wholly owned subsidiary of Consolidated Contractors International (UK) Ltd and the results of ACWA Services Limited are included in the consolidated financial statements of Consolidated Contractors International (UK) Ltd which are available from CCC House, 11A West Halkin Street, London, SW1X 8JL.

The directors have received assurance from a related company in Consolidated Contractors Group that it will provide adequate funds for the foreseeable future for the company to meet its liabilities as they fall due. Hence, the financial statements have been prepared on the going concern basis.true

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. 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 turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold buildings are revalued with sufficient regularity to ensure that the carrying amount does not differ materially from their fair value. Revaluation gains are recognised in a revaluation reserve within equity, unless they reverse a previous loss recognised in profit or loss. Revaluation losses are charged to profit or loss unless they reverse gains previously recognised in equity.

The difference between depreciation charged on the revalued amount and the depreciation that would have been charged on the asset’s original cost (known as excess depreciation) is transferred annually from the revaluation reserve to retained earnings through equity. This transfer has no impact on profit or loss.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 and subsequently measured at amortised cost using the effective interest method.

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.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs 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 employee’s services are received.

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

Comparatives

Certain amounts have been reclassified to conform with current formats.

Operating lease agreements

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The average monthly number of persons (including directors) employed by the company during the year was:

Freehold land and buildings have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The freehold land and buildings were valued on 25 November 2024 on an open market basis by Eddisons, a firm of independent chartered surveyors.

In director's opinion, the market value of the freehold property on 31 December 2024 is in line with its carrying value stated above.

If the freehold land and buildings were measured using the cost model, the carrying amounts would have been as follows:

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Details of the company's subsidiaries at 31 December 2024 are as follows:

The investment in subsidiaries are all stated at cost.

Details of the company's associates at 31 December 2024 are as follows:

The investment in associates are all stated at cost.

**Investments held indirectly through Aquator Bahrain WLL.

Trade debtors disclosed above are measured at amortised cost.

Included within amounts recoverable on long term contracts is £290,438 (2023: £225,188) which is due after more than one year.

Amounts owed by group undertakings are unsecured, have no fixed date of repayment and are repayable on demand.

Of the total balance owed by group undertakings, £12,812,300 (2023: £12,816,730) is interest free, unsecured and receivable on demand.

.

This loan is un-secured, commercial interest-bearing and is repayable on 31 December 2030.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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 loss 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.

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the ultimate parent company or any of its wholly owned subsidiary undertakings on the grounds that the company is a wholly owned subsidiary of Consolidated Contractors International (UK) Limited and consolidated financial statements are prepared by the ultimate parent company.

The company has dealings with several companies in the Consolidated Contractors Group, whose ownership is common to Sabkhoury Investments Limited. The company has, in the course of normal business, transacted with group undertakings.

Transactions entered into, and trading balances outstanding at 31 December 2024, are as follows:

Related Party     Conversion to Expense paid Fund transfer     Amount owed

equity (for) (from)/to from/(to)

£     £     £     £    

ACWA Emirates LLC        

2024 - - (70,939) 11,376,293

2023 - - 43,194 11,447,232

Consolidated Contractors Group        

2024 17,000,000 (1,299) - (424,745)

2023 - (15,730) - (17,423,446)

All of the above amounts are included within Debtors as amounts owed by group undertakings or within Creditors as amounts owed to group undertakings.

At year end, other creditors included an amount of £300,000 (2023: £300,000) payable to Rosslyn Strategy Limited, a company under common directorship. Interest of £24,000 (2023: £24,000) was charged on this balance during the year.

In addition, trade creditors included an amount of £52,500 (2023: £10,500) payable to Rosslyn Strategy Limited in respect of consultancy services provided during the year, for a fee totalling £150,000 (2023: £nil) .

The company has a long term lease agreement in respect of land, and payments for which extend over a period of up to 99 years. The future cost per annum of this lease is a nominal amount.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the preparation of the financial statements for the year ended 31 December 2024, the directors identified that in prior years, the company had not made the required annual transfers from the revaluation reserve to retained earnings in respect of excess depreciation charged on revalued assets. This error resulted in the overstatement of the revaluation reserve and the understatement of retained earnings in previous periods.

This has been corrected by adjusting the opening balances as at 1 January 2023 to reflect the cumulative excess depreciation not transferred prior to that date. In addition, the comparative figures for the year ended 31 December 2023 have been restated to include the transfer relating to that year.

As a result of the prior year adjustment, the opening balance of the revaluation reserve as at 1 January 2023 has been reduced by £84,886, from £486,814 to £401,927. Correspondingly, the retained earnings have been increased by £84,886, from £(12,391,622) to £(12,306,736).

The company’s immediate parent undertaking is Consolidated Contractors International (UK) Limited. It has included the company in its group financial statements, copies of which are available from its registered office: CCC House, 11A West Halkin Street, London, SW1X 8JL.

In the directors’ opinion, the company’s ultimate parent company is Sabkhoury Investments Limited which is incorporated in Cyprus.

In the directors' opinion, the company is controlled by Consolidated Contractors Group S.A.L. (Holding Company).