Company registration number 02028435 (England and Wales)
MEMS POWER GENERATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
MEMS POWER GENERATION LIMITED
COMPANY INFORMATION
Directors
Mr M I Diffey
Mr C A Jarvis
Mr G M Jarvis
Mr I A Maxwell
Secretary
Miss C H Jarvis
Company number
02028435
Registered office
Eastcourt Works
Beechings Way Industrial Estate
Beechings Way
Gillingham
Kent
ME8 6PS
Auditor
Carleys
The Fitted Rigging House
Anchor Wharf
The Historic Dockyard
Chatham, Kent
ME4 4TZ
MEMS POWER GENERATION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
MEMS POWER GENERATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic report for the year ended 31 May 2025.

Review of the business

The principal activity during the year continues to be temporary power solutions and associated equipment. This year, MEMS made significant long-term investments into fleet, facilities, and people, ensuring our world-class team remains industry-leading in every aspect of our service offering.

Despite a challenging end to the financial year, particularly in relation to volatile market conditions and fuel price fluctuations, MEMS has remained resilient and focused on future growth. We are proud to continue driving innovation, reliability, and sustainability across all areas of the business.

Key Financial and Performance Indicators

| 2025 | 2024 | Change
| £’000 | £’000 | %
Turnover | 32,948 | 34,425 | -4.3
Operating Profit | 8,314 | 10,489 | -20.7
Profit after tax | 6,054 | 8,025 | -24.6
Current assets as % of current liabilities | 768% | 618% | +150
Average number of employees | 130 | 127 | +3

Milestones and Investments

This year saw the successful transition into our new state-of-the-art headquarters, now fully operational and providing an unparalleled platform for our 24/7 operations. This facility symbolises MEMS’ long-term commitment to growth, operational excellence, and innovation.

Additionally, we have progressed with the development of the recently acquired neighbouring coach yard, bringing our fleet refurbishment capability fully in-house with a dedicated refurbishment team and paint spraying facilities. With the yard expansion, MEMS now has additional storage for UK’s largest multi-megawatt generator availability, ready for rapid deployment.

Ongoing investments include further expansion of our Stage 5 generator fleet, advanced battery solutions, and increased capacity for HVO (Hydrotreated Vegetable Oil) fuels, ensuring our customers have access to the cleanest, most reliable temporary power options available.

MEMS POWER GENERATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Principal risks and uncertainties

Geopolitical and economic uncertainty, including the global impact of conflicts and fluctuations in fuel prices, present ongoing risks to supply chains and operational costs. MEMS continues to mitigate these risks by increasing fuel stock holdings, securing diverse supplier relationships, and maintaining extensive reserves across both depots.

Credit and Liquidity Risk

MEMS' exposure to credit and liquidity risk remains well within acceptable parameters. Active debtor management, regular cash forecasting, and prudent financial controls ensure we can meet obligations in both normal and stressed conditions without compromising our reputation or operational integrity.

Other information and explanations

Supporting Our Customers

MEMS’ product range continues to evolve in line with market trends and customer expectations. Adoption of Stage 5 generators and battery storage is accelerating, with newer, more reliable models forming an increasing share of our fleet. Our investment in alternative fuels, including HVO, continues to grow, with future R&D exploring the potential of E-fuels to further reduce carbon impact.

Community Engagement

We remain fully engaged with our charitable partners, including Demelza, the Medway 100 Club, and the Medway Hygiene Bank. This year, our teams have supported various initiatives including Demelza’s Bubble Rush and volunteering days, reinforcing our commitment to making a positive difference in the communities we serve.

Our People

Our success is driven by our exceptional team. MEMS continues to lead the industry by investing in our people, offering remuneration above competitors and fostering a culture of excellence, inclusivity, and continuous development.

Looking Ahead

MEMS is focused on delivering sustained growth through enhanced customer relationships, service development, and technological innovation. Plans for the year ahead include:

- Strengthening our market-leading service offering.

- Increasing AI capability within MEMS Connect to deliver predictive insights and improved forecasting for customer sites.

- Continuing to expand sustainability programmes and operational efficiency.

- Preparing for MEMS’ 50th anniversary celebrations, with plans underway to mark this major milestone in the company’s history.

MEMS’ journey is defined by innovation, resilience, and customer focus. As we approach our 50th year, we are proud to lead the temporary power generation industry into a sustainable and prosperous future.

MEMS POWER GENERATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
Sustainability information statement

Sustainability Leadership

MEMS remains committed to environmental responsibility and operational decarbonisation. Key initiatives this year include:

- Installation of 84 solar panels at our HQ, supporting our renewable energy goals.

- Transitioning to 100% certified zero-carbon electricity tariffs by year-end.

- Continued investment in Stage 5 equipment, battery storage, and HVO fuel adoption, significantly reducing emissions for our customers.

- Ongoing R&D into emissions control technologies and exploring future adoption of E-fuels and Hydrogen

We continue to hold ISO 14001 certification and Achilles Carbon Reduce accreditation, ensuring independent verification of our emissions data and alignment with global standards. Further sustainability accreditations will be pursued where they support our environmental objectives.

On behalf of the board

Mr G M Jarvis
Director
10 October 2025
MEMS POWER GENERATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of temporary power solutions and associated equipment.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £4,972,500. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M I Diffey
Mr C A Jarvis
Mr G M Jarvis
Mr I A Maxwell
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G M Jarvis
Director
10 October 2025
MEMS POWER GENERATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 5 -

The directors are responsible for preparing the annual report 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; and

- 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.

MEMS POWER GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEMS POWER GENERATION LIMITED
- 6 -
Opinion

We have audited the financial statements of MEMS Power Generation Limited (the 'company') for the year ended 31 May 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 May 2025 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MEMS POWER GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEMS POWER GENERATION LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit is conducted by a team with the relevant competence and capability who will be alert to indications of fraud throughout the process. We discuss matters including non-compliance with laws and regulations and how fraud might occur. We also discuss what might indicate fraud and recognise the possibility of misstatement, whether intentional or unintentional.

We obtain an understanding of laws and regulations applicable to the company being those having a direct effect on the financial statements and also those that do not have a direct effect but compliance with which may be fundamental to continuing operation of the business. That understanding comes from discussions with management and those charged with governance, f rom independent research and knowledge of the business sector. T he most significant laws and regulations include UK GAAP, the Companies Act 2006 and taxation law. Laws and regulations in relation to employment, health and safety and the environment may also impact. Our procedures are designed to obtain sufficient, appropriate evidence as a basis for our audit opinion.

MEMS POWER GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEMS POWER GENERATION LIMITED (CONTINUED)
- 8 -

We perform tests to identify unusual or unexpected transactions, balances, patterns or trends that may indicate a potential misstatement. We enquire of management, those charged with governance and third parties and we corroborate results to both internal documents and to third party documentation wherever possible. Where documentary evidence is unavailable, the assertions are confirmed in a letter of representation signed on behalf of the Board of Directors.

We consider the company’s internal control environment and ask management for their assessment of the risk of fraud and error. Th is company is owned and managed by a small number of individuals: we can not therefore ignore the risk of management overriding controls which could lead to a misstatement of the financial statements. P rocedures to address this risk include testing journal entries, assessing judgements and accounting estimates to challenge potential bias and evaluating the business rationale for unusual transactions.

An audit does not involve testing all transactions and balances. We use sampling methods incorporating a materiality figure set using our professional judgment. Something is considered immaterial if it could change without causing a reader of the financial statements to change their opinion on the results and financial position. There is risk that we will not detect all i rregularities, including material misstatement in the financial statements or non-compliance with regulation where non-compliance is not measured in financial terms.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout. W e assess the risk of misstatement of the financial statements, whether due to fraud or error, design and perform tests responsive to that risk, and obtain evidence, sufficient and appropriate to support our opinion. The risk of not detecting a misstatement arising from fraud is higher than for one arising from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of controls. We o btain an understanding of control systems to design appropriate tests, not to express an opinion on the system itself. We e valuate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures. We c onclude on the going concern basis: if we conclude that a material uncertainty exists, we are required to draw attention in our report to the disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on evidence obtained to the date of our report. However, subsequent events may cause the company to not be a going concern. We e valuate the overall presentation, structure and content of the financial statements to ensure that they represent the underlying transactions and events in a manner that is fair. 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 work.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

MEMS POWER GENERATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEMS POWER GENERATION LIMITED (CONTINUED)
- 9 -
Claire M Ralph ACA FCCA
(Senior Statutory Auditor)
For and on behalf of Carleys, Statutory Auditor
Chartered Accountants
The Fitted Rigging House
Anchor Wharf
The Historic Dockyard
Chatham, Kent
ME4 4TZ
12 November 2025
MEMS POWER GENERATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
32,948,012
34,425,344
Cost of sales
(14,333,727)
(14,599,717)
Gross profit
18,614,285
19,825,627
Distribution costs
(1,489,107)
(1,453,753)
Administrative expenses
(8,811,676)
(7,882,973)
Operating profit
4
8,313,502
10,488,901
Interest receivable and similar income
8
115,626
211,876
Profit before taxation
8,429,128
10,700,777
Tax on profit
9
(2,375,066)
(2,676,012)
Profit for the financial year
6,054,062
8,024,765

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MEMS POWER GENERATION LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
21,306,571
18,568,161
Current assets
Stocks
12
1,665,731
1,949,514
Debtors
13
14,800,552
14,427,057
Cash at bank and in hand
6,263,934
8,436,958
22,730,217
24,813,529
Creditors: amounts falling due within one year
14
(2,960,157)
(4,016,940)
Net current assets
19,770,060
20,796,589
Total assets less current liabilities
41,076,631
39,364,750
Provisions for liabilities
Deferred tax liability
15
3,378,141
2,747,822
(3,378,141)
(2,747,822)
Net assets
37,698,490
36,616,928
Capital and reserves
Called up share capital
17
9,750
9,750
Profit and loss reserves
37,688,740
36,607,178
Total equity
37,698,490
36,616,928

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 10 October 2025 and are signed on its behalf by:
Mr G M Jarvis
Director
Company registration number 02028435 (England and Wales)
MEMS POWER GENERATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
9,750
33,067,413
33,077,163
Year ended 31 May 2024:
Profit and total comprehensive income
-
8,024,765
8,024,765
Dividends
10
-
(4,485,000)
(4,485,000)
Balance at 31 May 2024
9,750
36,607,178
36,616,928
Year ended 31 May 2025:
Profit and total comprehensive income
-
6,054,062
6,054,062
Dividends
10
-
(4,972,500)
(4,972,500)
Balance at 31 May 2025
9,750
37,688,740
37,698,490
MEMS POWER GENERATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
10,506,507
13,477,916
Interest received
115,626
211,876
Income taxes paid
(2,532,431)
(1,794,999)
Net cash inflow from operating activities
8,089,702
11,894,793
Investing activities
Purchase of tangible fixed assets
(5,360,202)
(5,298,341)
Proceeds from disposal of tangible fixed assets
69,976
103,814
Loans made to other entities
-
0
(10,000,000)
Repayment of loans
-
0
7,000,000
Net cash used in investing activities
(5,290,226)
(8,194,527)
Financing activities
Dividends paid
(4,972,500)
(4,485,000)
Net cash used in financing activities
(4,972,500)
(4,485,000)
Net decrease in cash and cash equivalents
(2,173,024)
(784,734)
Cash and cash equivalents at beginning of year
8,436,958
9,221,692
Cash and cash equivalents at end of year
6,263,934
8,436,958
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
1
Accounting policies
Company information

MEMS Power Generation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eastcourt Works, Beechings Way Industrial Estate, Beechings Way, Gillingham, Kent, ME8 6PS.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

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

MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over the life of the lease
Plant and machinery
6.67% - 100% reducing balance/straight line with residual value
Fixtures, fittings and equipment
up to 50% straight line with residual value
Motor vehicles
up to 50% reducing balance/straight line
Plant hire fleet
up to 33% straight line over 6 years with a 4% - 50% residual value

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.

Cables - see Impairment policy below

1.5
Impairment of fixed assets

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.

The value of cables owned by the company is regularly reviewed for impairment by reference to the market price of the underlying copper. Where the current market price of copper is greater than the price at the date of purchase, a revaluation is reflected in the profit and loss account. Where the current market price of copper is less than the price at the date of purchase, an impairment is recognised.

MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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.

1.8
Financial instruments

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

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

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 paymen ts 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. A m ounts 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.

MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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.

1.10
Taxation

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

Current 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Employee benefits

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
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 periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Hire sales
32,948,012
34,425,344
2025
2024
£
£
Other revenue
Interest income
115,626
211,876

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
2,561,564
1,997,538
Profit on disposal of tangible fixed assets
(9,748)
(29,943)
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,750
16,750
6
Employees

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

2025
2024
Number
Number
Directors
4
4
Employees
126
123
Total
130
127

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,853,983
6,620,389
Social security costs
805,447
753,842
Pension costs
251,412
235,724
7,910,842
7,609,955
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
966,388
1,100,183
Company pension contributions to defined contribution schemes
38,985
36,914
1,005,373
1,137,097
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
595,157
649,393
Company pension contributions to defined contribution schemes
27,292
28,542
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
113,195
203,406
Other interest income
2,431
8,470
Total income
115,626
211,876
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
113,195
203,406
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,744,747
2,209,775
Deferred tax
Origination and reversal of timing differences
630,319
466,237
Total tax charge
2,375,066
2,676,012
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
8,429,128
10,700,777
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
2,107,282
2,675,194
Tax effect of expenses that are not deductible in determining taxable profit
1,211
874
Permanent capital allowances in excess of depreciation
(363,746)
(467,339)
Deferred tax adjustments in respect of prior years
630,319
466,237
Chargeable gains
-
0
1,046
Taxation charge for the year
2,375,066
2,676,012
10
Dividends
2025
2024
£
£
Interim paid
4,972,500
4,485,000
11
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Plant hire fleet
Total
£
£
£
£
£
£
Cost
At 1 June 2024
1,107,652
1,715,940
1,493,672
5,344,657
30,114,626
39,776,547
Additions
-
0
412,038
10,563
925,196
4,012,405
5,360,202
Disposals
-
0
(243,963)
(106,172)
(212,865)
(128,107)
(691,107)
At 31 May 2025
1,107,652
1,884,015
1,398,063
6,056,988
33,998,924
44,445,642
Depreciation and impairment
At 1 June 2024
41,359
1,227,401
329,209
3,738,623
15,871,794
21,208,386
Depreciation charged in the year
106,629
142,540
121,509
513,806
1,677,080
2,561,564
Eliminated in respect of disposals
-
0
(243,570)
(106,172)
(186,732)
(94,405)
(630,879)
At 31 May 2025
147,988
1,126,371
344,546
4,065,697
17,454,469
23,139,071
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
11
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Plant hire fleet
Total
£
£
£
£
£
£
(Continued)
- 23 -
Carrying amount
At 31 May 2025
959,664
757,644
1,053,517
1,991,291
16,544,455
21,306,571
At 31 May 2024
1,066,293
488,539
1,164,463
1,606,034
14,242,832
18,568,161
12
Stocks
2025
2024
£
£
Raw materials and consumables
2,149,626
2,220,713
Work in progress
(483,895)
(271,199)
1,665,731
1,949,514
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,288,823
4,217,718
Other debtors
10,018,769
10,000,000
Prepayments and accrued income
492,960
209,339
14,800,552
14,427,057
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,635,794
2,163,536
Corporation tax
381,850
1,169,534
Other taxation and social security
854,982
520,188
Other creditors
70,531
155,542
Accruals and deferred income
17,000
8,140
2,960,157
4,016,940
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,378,141
2,747,822
2025
Movements in the year:
£
Liability at 1 June 2024
2,747,822
Charge to profit or loss
630,319
Liability at 31 May 2025
3,378,141

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
251,412
235,724

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,750
9,750
9,750
9,750
18
Operating lease commitments
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
18
Operating lease commitments
(Continued)
- 25 -

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

2025
2024
£
£
Within 1 year
1,447,754
1,184,734
Years 2-5
73,746
34,916
1,521,500
1,219,650
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
2,604,743
5,052,461
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Jarvis Holdings (Medway) Limited
10,000,000
10,000,000
Other information
MEMS POWER GENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
20
Related party transactions
(Continued)
- 26 -

MEMS Power Generation Limited has loaned Jarvis Holdings (Medway) Limited £10,000,000 (2024 - £10,000,000). This loan is interest free, secured and repayable on demand.

A distribution of £400.00 per ordinary £1 share was paid on 5 July 2024, a further £110.00 per ordinary share was paid on 15 April 2025 in relation to the results for the year ended 31 May 2025. Consequently Mr and Mrs C.A. Jarvis received £1,402,500 (2024 - £1,865,000) and Mr G. Jarvis received £2,677,500 (2024 - £2,002,500).

The company's trading premises are owned by Jarvis Holdings (Medway) Limited which is a company owned by Mr and Mrs C.A. Jarvis, Mr G Jarvis and the company secretary, Miss C.H. Jarvis. Jarvis Holdings (Medway) Limited leases the property to the company at market rent. Rent paid for the year ended 31 May 2025 was £1,288,400 (2024 - £848,160). Service charges of £480,000 (2024 - £480,000) were also charged in the year. There was £48,000 (2024 - £48,000) outstanding between the parties at the balance sheet date.

There were no other transactions with the directors, shareholders or their related parties which would require disclosure under FRS102.

21
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
6,054,062
8,024,765
Adjustments for:
Taxation charged
2,375,066
2,676,012
Investment income
(115,626)
(211,876)
Gain on disposal of tangible fixed assets
(9,748)
(29,943)
Depreciation and impairment of tangible fixed assets
2,561,564
1,997,538
Movements in working capital:
Decrease/(increase) in stocks
283,783
(238,552)
(Increase)/decrease in debtors
(373,495)
2,898,766
Decrease in creditors
(269,099)
(1,638,794)
Cash generated from operations
10,506,507
13,477,916
22
Analysis of changes in net funds
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
8,436,958
(2,173,024)
6,263,934
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