Company registration number 10064022 (England and Wales)
EQUITY ENERGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EQUITY ENERGIES LIMITED
COMPANY INFORMATION
Directors
Mr D Taylor
Mr O Hall
Mr I Trevor
Secretary
Mr A J Leak
Company number
10064022
Registered office
81 Rayns Way
Syston
Leicester
Leicestershire
LE7 1PF
Auditor
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
Business address
Unit 10 Bow Court
Fletchworth Gate
Coventry
CV5 6SP
EQUITY ENERGIES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 31
EQUITY ENERGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025. The comparative figures cover the 9 month period ended 31 March 2024.

Principal activities

Equity Energies Limited ("the Company") is a limited company (registered number 10064022) domiciled in the UK and incorporated on 15 March 2016.

The principal activity of the company continued to be that of the provision of energy contract procurement and management services.

Change of name

The Company changed its name on 5 July 2024 from eEnergy Management Limited to Equity Energies Limited.

The Company changed its name on 2 0 November 2024 from Equity Energies Limited to Equity Energies Carbon Management Limited.

The Company changed its name on 28 March 2025 from Equity Energies Carbon Management Limited to Equity Energies Limited.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. 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 D Taylor
Mr O Hall
Mr I Trevor
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.

Small companies provisions

This report has been prepared in accordance with the provisions applicable to the small companies exemption and the exemption from preparing a strategic report.

EQUITY ENERGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
On behalf of the board
Mr O Hall
Director
18 November 2025
EQUITY ENERGIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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;

- state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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 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.

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.

EQUITY ENERGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EQUITY ENERGIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Equity Energies Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 March 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.

EQUITY ENERGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EQUITY ENERGIES LIMITED (CONTINUED)
- 5 -

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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 identifie d material misstatements in 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;

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.

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.

EQUITY ENERGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EQUITY ENERGIES LIMITED (CONTINUED)
- 6 -

Extent to which the audit was capable of detecting irregularities, including fraud

The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 101 and the Companies Act 2006), and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect all non-compliance with laws and regulations.

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.

EQUITY ENERGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF EQUITY ENERGIES LIMITED (CONTINUED)
- 7 -

Our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Neil Potter FCA (Senior Statutory Auditor)
For and on behalf of TC Group
18 November 2025
Statutory Auditor
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
EQUITY ENERGIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Year
Period
ended
ended
31 March
31 March
2025
2024
as restated
Notes
£'000
£'000
Revenue
4
9,633
6,981
Cost of sales
(5,443)
(3,481)
Gross profit
4,190
3,500
Administrative expenses
(3,199)
(1,420)
Earnings before interest, tax, depreciation and amortisation
991
2,080
Depreciation (including loss on disposal of assets)
(25)
(72)
Amortisation of intangible assets
(29)
(77)
Operating profit
5
937
1,931
Finance costs
6
-
(4)
Profit before taxation
937
1,927
Tax on profit
29
514
Profit and total comprehensive income for the financial year
966
2,441

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 31 form part of these financial statements.

EQUITY ENERGIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
as restated
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets
8
342
94
Property, plant and equipment
9
31
43
373
137
Current assets
Trade and other receivables
10
12,935
12,120
Cash and cash equivalents
11
763
1,143
13,698
13,263
Current liabilities
Trade and other payables
12
6,317
4,717
Current tax liabilities
21
21
Provisions
15
1,123
2,564
Other current financial liabilites
336
790
7,797
8,092
Net current assets
5,901
5,171
Deferred tax liabilities
13
(29)
(29)
Net assets
6,245
5,279
EQUITY ENERGIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
2025
2024
as restated
Notes
£'000
£'000
£'000
£'000
- 10 -
Equity
Called up share capital
14
1
1
Share premium account
3
3
Retained earnings
6,241
5,275
Total equity
6,245
5,279

The notes on pages 12 to 31 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
Mr O Hall
Director
Company registration number 10064022 (England and Wales)
EQUITY ENERGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Retained earnings
Total
£'000
£'000
£'000
£'000
As restated for the period ended 31 March 2024:
Balance at 1 July 2023
1
3
2,326
2,330
Effect of correction of error
-
-
508
508
As restated
1
3
2,834
2,838
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
2,441
2,441
Balance at 31 March 2024
1
3
5,275
5,279
Balance at 1 April 2024
1
3
5,275
5,279
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
966
966
Balance at 31 March 2025
1
3
6,241
6,245

The notes on pages 12 to 31 form part of these financial statements.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Equity Energies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 81 Rayns Way, Syston, Leicester, Leicestershire, LE7 1PF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

In the prior accounting period, the Company changed its accounting reference date to 31 March 2024 from 30 June 2024, to align with the financial year end of other members of the group headed by Flogas Britain Limited. Consequently, the comparatives cover a nine-month period from 1 July 2023 to 31 March 2024.

As a result of this change, the current amounts presented in the financial statements (including the related notes) are not entirely comparable. The current figures cover the twelve-month period ended 31 March 2025, whereas the comparative figures cover only nine months. This difference should be taken into account when reviewing the financial performance and position of the Company.

1.2
Accounting convention

The financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the Companies Act 2006.

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

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 £'000.

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

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -

The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:

- Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined).

- IFRS 7, ‘Financial instruments: Disclosures’.

- Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

- Paragraph 38 of IAS 1, 'Presentation of financial statements' – comparative information requirements in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16, 'Property, plant and equipment'; and

- paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).

- The following paragraphs of IAS 1, ‘Presentation of financial statements’:

• 10(d) (statement of cash flows);

• 16 (statement of compliance with all IFRS);

• 38A (requirement for minimum of two primary statements, including cash flow statements);

• 38B-D (additional comparative information);

• 111 (statement of cash flows information); and

• 1 34-136 (capital management disclosures).

- IAS 7, ‘Statement of cash flows’.

- Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

- Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

- The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered into between two or more members of a group.

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 March 2025 that have a material impact on the company’s financial statements.

At year end, the Company was a wholly owned subsidiary of Flogas Britain Limited, which is part of DCC plc. The results of the Company are included in the consolidated financial statements of DCC plc, which are available from DCC House, Leopardstown Rd, Foxrock, Dublin 18, D18 PK00, Ireland.

1.3
Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.true

In reaching this conclusion, the directors have prepared trading forecasts and have also received confirmation of ongoing financial support from group undertakings to ensure the Company has sufficient financial resources available to continue to settle its financial obligations as they fall due.

Based on their assessment, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Revenue

Under IFRS 15, Revenue from Contracts with Customers, five key points to recognise revenue have been assessed:

- Step 1: Identify the contract(s) with a customer;

- Step 2: Identify the performance obligations in the contract;

- Step 3: Determine the transaction price;

- Step 4: Allocate the transaction price to the performance obligations in the contract; and

- Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities, as described below.

The Company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Where the Company makes sales relating to a future financial period, these are deferred and recognised under ‘accrued expenses and deferred income’ on the Statement of Financial Position.

Revenue is comprised of fees received from customers or commissions received from energy suppliers, net of value added tax, for the review, analysis and negotiation of gas and electricity contracts on behalf of clients in the UK.

To the extent that invoices are raised in a different pattern from the revenue recognition policy described below, entries are made to record deferred or accrued revenue to account for the revenue when the performance obligations have been satisfied.

All of the Company’s energy management clients receive Procurement Services and many also receive Risk management, consulting and advisory services (together ‘Management Services’). These services will often be combined into a single contract but the Company separately identifies the relevant procurement obligations and recognises revenue when the relevant performance obligations have been satisfied. Revenue is recognised for each of these as follows:

a) Procurement services

Procurement revenue arises when the Company provides services that lead to the client entering into a contract with an energy supplier. The Company typically receives a commission from the energy supplier based upon the amount of energy consumed by the client over the life of the contract. As the services provided by the Company are completed up to the point that the contract is signed between the client and the energy supplier the performance obligation is considered to be satisfied at that point and the revenue is recognised then. The total amount of revenue recognised is based upon the historical energy consumption of the client. This revenue is then limited by an allowance for actual consumption to be lower than originally estimated and an allowance for the contract term not being completed. The balance of revenue not recognised at the point the energy supply contract is signed is recognised over the life of the contract in line with the client’s actual consumption.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

b) Energy management services

As well as Procurement Services the Company provides clients with a range of risk management, consulting and advisory services which include Bill Validation, Cost recovery, compliance services, ongoing market intelligence, ongoing account management and the development of hedging strategies. These services are typically provided evenly over the term of the contract and are therefore recognised rateably over the contract life.

Client segmentation

The Company’s energy management clients are segmented into three categories based upon the balance of services they contract to receive from the Group. These categories are:

- SME: Small & Medium Enterprise clients who typically only take procurement services, typical usage being <1GW p/annum

- Strategic: Larger clients who take a wider range of management services and tend to be more complex in nature, typical usage being >5GW p/annum

- Mid-Market: Clients who typically take fewer services and are simpler in nature, typical usage being between 1-5GW p/annum

Consistent with IFRS 15, on signing of an energy procurement contract the Company recognises an upfront portion of revenue reflecting the Procurement Services delivered at inception; the percentage recognised differs by customer segment.

Cost of sales

Cost of sales represents internal or external commissions paid in respect of sales made. The cost of sale is matched to the revenue recognised so for Procurement Services is recognised at the time the contract is signed and for Management Services rateably over the contract term. To the extent the pattern of payment for these commissions is different from the costs being recognised accruals or prepayments are recorded in the balance sheet.

1.5
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Computer Software
10% straight line
Other intangible assets
25% straight line
EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 improvements
20% to 33% straight line
Fixtures, fittings and equipment
20% to 33% straight line

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 recognised in the income statement.

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

1.7

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

1.8
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

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.

1.9
Trade and other receivables

Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classiﬁed as current assets. If not, they are presented as non-current assets.

With the exception of digital assets (below), trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

Digital assets, including tokens and cryptocurrency, which do not qualify for recognition as cash and cash equivalents or financial assets, and have an active market which provides pricing information on an ongoing basis. Such assets are initially measured at fair value. Subsequent gains and losses on measurement are recognised in other comprehensive income except for impairment losses which are recognised directly in profit or loss. This treatment is consistent with the revaluation model applied to intangible assets in accordance with IAS 38. Where a digital asset is disposed of, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to other operating income or expense within profit or loss. Digital assets are included in current assets as management expect them to be used within the normal operating cycle or otherwise disposed of.

1.10
Cash and cash equivalents

Cash and cash equivalents 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.

1.11
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognized in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.12
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other receivables, bank balances and cash) are measured at amortised cost using the effective interest method, less any impairment.

Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial.

1.13
Equity instruments

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

1.14
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Provisions

Provisions for legal claims, service warranties and make good obligations are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

1.16
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 inventories or non-current 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.

1.17
Retirement benefits

The Company operates defined contribution pension schemes. A deﬁned contribution scheme is a pension scheme under which the Company pays ﬁxed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufﬁcient assets to pay all employees the beneﬁts relating to employee service in the current and prior periods.

1.18
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.19

Interest-bearing borrowings

Interest-bearing borrowings relate to amounts owed to banks and other financial institutions.

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the statement of profit and loss over the period of the borrowings using the effective interest method.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.20

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2
Critical accounting estimates and judgements

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of certain financial assets, liabilities, income and expenses.

Revenue recognition

The Company's contracts with customers vary in length and may extend over several years. Revenue is recognised in accordance with IFRS 15 based on the transfer of services to the customer.

On signing an energy procurement contract, management attributes an upfront portion of the total contract value to Procurement Services, reflecting activities performed at contract inception, such as contract set-up and initial tendering.

The proportion of revenue recognised upfront differs by customer segment, with the balance of revenue recognised over the contract term.

The Company also assesses whether any provisions are required for expected shortfalls in customer consumption under supply agreements. Such provisions are estimated based on current and forecast usage data and recognised in accordance with IFRS 15.

Estimation is required in assessing the extent to which performance obligations have been satisfied and in determining the allocation of revenue between upfront and ongoing services.

These estimates are updated as more current information on consumption and usage patterns becomes available.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
3
Segment reporting

In the opinion of the Directors, during the year ended 31 March 2025 the Company operated in the single business segment of energy contracts.

4
Revenue
Year
Period
ended
ended
2025
2024
£'000
£'000
As restated
Revenue analysed by geographical market
United Kingdom
9,633
6,981

All revenue in period relates to the provision of energy management and procurement services.

5
Operating profit
Year
Period
ended
ended
2025
2024
Operating profit for the year is stated after charging/(crediting):
Notes
£'000
£'000
Staff costs
7
4,365
2,928
Depreciation of property, plant and equipment
25
32
Amortisation on right-of-use assets
-
40
Amortisation of intangible assets
29
77
Payments relating to short-term leases
-
53
Audit fees
45
109
6
Finance costs
Year
Period
ended
ended
2025
2024
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
-
4

All finance income and expense arises on financial assets and liabilities measured at amortised cost.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
7
Employees

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

Year
Period
ended
ended
2025
2024
Number
Number
Admin and Support
67
47

Their aggregate remuneration comprised:

Year
Period
ended
ended
2025
2024
£'000
£'000
Wages and salaries
3,830
2,648
Social security costs
467
245
Pension costs
68
35
4,365
2,928

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
8
Intangible fixed assets
Internally generated software development costs
Other intangible assets
Total
£'000
£'000
£'000
Cost
At 31 March 2024
183
500
683
Additions - internally generated
277
-
0
277
At 31 March 2025
460
500
960
Amortisation and impairment
At 31 March 2024
89
500
589
Charge for the year
29
-
29
At 31 March 2025
118
500
618
Carrying amount
At 31 March 2025
342
-
342
At 31 March 2024
94
-
94
EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
9
Property, plant and equipment
Leasehold improvements
Fixtures, fittings and equipment
Total
£'000
£'000
£'000
Cost
At 1 April 2024
86
194
280
Additions
-
0
13
13
At 31 March 2025
86
207
293
Accumulated depreciation and impairment
At 1 April 2024
78
159
237
Charge for the year
8
17
25
At 31 March 2025
86
176
262
Carrying amount
At 31 March 2025
-
0
31
31
At 31 March 2024
8
35
43
10
Trade and other receivables
2025
2024
£'000
£'000
Trade receivables
684
603
Amounts owed by fellow group undertakings
4,364
5,300
Other receivables
-
22
Accrued income
7,796
6,063
Prepayments
91
132
12,935
12,120
An impairment review has been undertaken at the statement of financial position date to assess whether the carrying amount of financial assets is deemed recoverable. The primary credit risk relates to customers which have amounts due outside of their credit period. A provision for impairment is made when there is objective evidence of impairment which is usually indicated by a delay in the expected cash flows or non-payment from customers.
EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
11
Cash and cash equivalents
2025
2024
£'000
£'000
Cash at bank
427
353
Short-term deposits
336
790
763
1,143
The carrying amount of these asssets equals their fair value.
12
Trade and other payables
2025
2024
£'000
£'000
As restated
Trade payables
813
238
Amounts owed to fellow group undertakings
2,975
671
Accruals and deferred income
1,148
2,557
Outstanding defined contribution pension costs
36
8
Social security and other taxation
555
252
Other payables
790
991
6,317
4,717

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.

13
Deferred taxation
2025
2024
£'000
£'000
Deferred tax liabilities
29
29
EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Deferred taxation
(Continued)
- 27 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£'000
Liability at 1 April 2023
58
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(29)
Liability at 1 April 2024 and 31 March 2025
29
14
Share capital
Allotted, called up and fully paid shares
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
920
920
920
920
Ordinary A share of £1 each
30
30
30
30
Ordinary B share of £1 each
50
50
50
50
1,000
1,000
1,000
1,000

Rights, preferences and restrictions,

Ordinary share have the following rights, preferences and restrictions: The Ordinary shares, Ordinary A shares and Ordinary B shares have full voting rights, dividend distribution and participation and distribution rights.

15
Provisions for liabilities
2025
2024
£'000
£'000
Provisions
1,123
2,564
EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Provisions for liabilities
(Continued)
- 28 -
Movements on provisions:
£'000
At 1 April 2024
2,564
Net credit to income statement
(1,441)
At 31 March 2025
1,123

At the end of each energy contract there is a 'true up' exercise completed whereby actual energy usage across the life of the contract is compared to original estimated usage used to calculate the commission revenue recognised. The provision represents management's best estimate, based on historic data, of the expected clawback of revenue once the 'true up' exercise is completed on contracts in existence at the reporting date.

16
Retirement benefit schemes
Year
Period
Ended
Ended
30 June
30 June
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
68
35

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.

Contributions totalling £35,799 (202 4 - £7,847) were payable to the scheme at the end of the year and are included in creditors.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
17
Financial Instruments

The company finances its activities through a combination of cash and short-term deposits, borrowings from financial institutions and retained earnings. Other financial assets and liabilities, such as trade receivables and trade payables, arise directly from the company’s operating activities.

Categorisation of financial instruments

All financial assets and liabilities are measured at amortised cost.

Risk management

Financial instruments give rise to liquidity, credit and interest rate risk.

Liquidity risk

Management closely monitors available bank and other credit facilities in comparison to the company’s outstanding commitments on a regular basis to ensure that the company has sufficient funds to meet the obligations of the company as they fall due.

The company has access to group funds which provides short-term flexibility to meet fluctuations in the amount and timing of future cash flows.

Credit risk

The company’s credit risk is primarily attributable to its trade receivables. Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating. The amounts presented in the Statement of Financial Position are net of allowances for doubtful debts, estimated by the company’s management based on prior experience and their assessment of the current economic environment.

Interest rate risk

The company adopts a policy of ensuring that there is an appropriate mix of fixed and floating rates in managing its exposure to changes in interest rates on borrowings.

Capital management

The directors manage capital to ensure the company will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The directors of the company review the capital structure on an ongoing basis. As part of this review the directors consider the cost of capital and risks associated with each class of capital.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
18
Effective interest rates and maturity analysis
31 March 2025
Effective interest rate
Total
One Year of less
1 to 2 years
2 to 5 years
More than five years
%
£'000
£'000
£'000
£'000
£'000
Cash and cash equivalents
0
763
763
-
-
-
763
763
-
-
-
31 March 2024
Effective interest rate
Total
One Year of less
1 to 2 years
2 to 5 years
More than five years
%
£'000
£'000
£'000
£'000
£'000
Cash and cash equivalents
0
1,143
1,143
-
-
-
1,143
1,143
-
-
-
19
Statement of changes in equity

Definitions used:

Share premium

This records the cumulative excess over nominal value of consideration received, net of directly attributable issue costs, for shares issued.

Retained earnings

This records the earnings of the Company and any distributions to shareholders.

Revaluation surplus

This records the u nrealised surplus on assets revalued to fair value.

20
Related party transactions
Other information

The Company has availed itself of the exemptions provided in FRS101 paragraphs 8(j) and 8(k). Accordingly, the Company has not disclosed:

- Key management personnel compensation and amounts incurred for key management personnel services provided by a separate management entity.

- Information about transactions entered into between two or more members of the group, where any subsidiary party to the transactions is wholly owned by a group member.

EQUITY ENERGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
21
Controlling party

The Company is a wholly owned subsidiary of Flogas Britain Limited and the ultimate parent undertaking is DCC plc, a Company registered in the Republic of Ireland. The smallest and largest group of undertakings for which the results of the Company are consolidated and for which consolidated financial statements are prepared is that headed by DCC plc. The results of the Company are included in the consolidated financial statements of DCC plc, which are available from DCC House, Leopardstown Rd, Foxrock, Dublin 18, D18 PK00, Ireland.

In the opinion of the Directors there is no single ultimate controlling party over DCC plc.

22
Prior period adjustment

The directors have reviewed the creditors prior to and during the period ended 30 March 2024, and have determined that there was an overstatement of £455,000. As a result of this error, a prior period adjustment has been processed and the impact of this on the previously reported results is summarised below:

Changes to the statement of financial position
At 31 March 2024
Previously reported
Adjustment
As restated
£'000
£'000
£'000
Creditors due within one year
Other payables
(1,446)
455
(991)
Net assets
4,824
455
5,279
Capital and reserves
Retained earnings
4,820
455
5,275
Total equity
4,824
455
5,279
Changes to the income statement
Period ended 31 March 2024
Previously reported
Adjustment
As restated
£'000
£'000
£'000
Revenue
7,034
(53)
6,981
Profit for the financial period
2,494
(53)
2,441
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